Agenda - Council - 01/10/2006 - Laserfiche WebLink

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another. Each of the parties shall bear the cost of its own Real Estate Representative and, if necessary, the cost of the third Real Estate Representative shall be split equally between the parties. c. Landlord's Notice to Quit. Notwithstanding the Initial Term, or any option to renew, in the event Landlord determines, in its sole discretion, that the Property or any pan thereof is required for the improvement of U.S. Highway 10, upon giving 60 days prior written notification to Tenant, the Landlord may terminate this Lease. 2. BASE RENT: a. Rent. Tenant shall pay Landlord, a total rent payment in advance without offset, deduction or · demand, in one annual installment on the Commencement Date and continuing on the f'trst day of each annual term thereafter until the lease expiration (sometimes called "Base Rent"). Base Rent shall be $22,950.00 for a 12 month term based on 18,360 square feet oflmilding rentable space at $1.25/square foot. Since the fa'st term is 17 months, the rent payable on February 1, 2006 shall be $32,512.50 (17 months x $1912.50/mo). 3. ADDITIONAL RENT: a. Real Estate Taxes. Tenant shall pay a sum equal to one hundred percent (100%) of the Real Estate Taxes atlributable to the Property. The term "Real Estate Taxes" shall mean all real estate taxes, all assessments and any taxes in lieu thereof which may be levied upon or assessed against the Property. Tenant, in addition to all other payments to Landlord by Tenant required hereunder shall pay to Landlord, in each yeas during the term of this Lease and any extension or renewal thereof, the Real Estate Taxes. Any tax year commencing during any lease year shall be deemed to correspond to such lease year. In the event the taxing authorities include in such real estate taxes and assessments the value of any improvements made by Tenant, or of machinery, equipment, fixtures, inventory or other personal property or assets of Tenant, then Tenant shall pay all the taxes attributable to such items in addition to the real estate taxes and assessments. A photostatic copy of the tax statement submitted by Landlord to Tenant shall be sufficient evidence of the amount of taxes and assessments assessed or levied against the Property. b. Operating Expenses. A sum equal to one hundred pement (100%) of the annual aggregate Operating Expense incurred by Landlord in the operation, maintenance and repair of the Property. The term "Operating Expenses" shall include but not be limited to maintenance, repair, operation of utilities and lighting), mechanical rooms, and roof, parking and landscaped areas, signs, snow removal, non-stmctaml repair and maintenance of the exterior of the building in which the cold storage is located, insurance premiums, management fees, wages and fringe benefits of personnel employed for such work, costs of equipment purchased and used for such purposes, and the dost or portion thereof properly allocable to the Property (amortized over such reasonable period as Landlord shall determine together with the .interest at the rote of ten percent (10%) per annum on the unamortized balance) of any capital improvements made to the Property building in which the cold storage is located by Landlord after the Base Year which result in a reduction of Operating Expenses or made to the Property by Landlord after the date of this Lease that are required under any governmental law or regulation that was not applicable to the Property at the time it was conslructed. The payment of the sums set forth in this paragraph 3 shall be in addition to the Base Rent payable pursuant to paragraph 2 of this Lease. All sums due hereunder shall be due and payable within thirty (30) days of delivery of written certification by Landlord setting forth the computation of the amount due fi-om tenant. In the event the lease term shall begin or expire at any time during the calendar year, Tenant shall be responsible for its pro-rata share of Additional Rent under subdivisions a. and b. during the Lease and/or occupancy time. Prior to commencement of this Lease, and prior to the commencement of each calendar year thereafter commencing during the term of this Lease or any renewal or extension thereof, Landlord may estimate for each calendar year (i) the total amount of Real Estate Taxes; (ii) the total amount of Operating Expenses; (iii) the Real Estate Taxes for such calendar year;, (iv) Operating Expenses for such calendar year;, and (v) the computation of the annual and monthly rental payable during such calendar year as a result of increases or decreases of Real Estate Taxes and Operating Expenses. Said estimates will be in writing and will be delivered or mailed to Tenant· 3 -171-