Res 1986-114 - Laserfiche WebLink

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-2- fur the r iden ti fied thereon as .. Exhibi t A" which is incorporated by reference herein. Lessor agrees to cause an exact survey to be made of said premises and both parties agree that these surveys will be made a part of this agreement. It is further agreed that the Lessee will assume the firs t fifty-five dollars ($55.00) of the cost. The Lessor agrees to assume the balance of the cost. 3. Consideration. As consideration and rental for the demised premises, Lessee agrees to pay to Le ssor the sum of five cents ($.05) per square foot per year, payment to be made in advance and on each anniversary date of this lease. In addition, the Lessee will pay to the Lessor a one percent ( 1%) gross receipt fee on all commercial and private rentals adjusted to exclude revenues derived from federal, state or local government agencies and other tax exempt organizations. The consideration to be paid by Lessee shall be reviewed by Lessor at or near the end of each five (5) year period, and Lessor shall have the right to increase such consideration for each year of the nex t period, however, that the amount of such consideration to be paid Lessor shall be comparable to other similar rentals charged at the Ai rpor t. As additional consideration for this lease, Lessee agrees to construct or have constructed or place or have placed upon said premises a hangar and other improvements with due diligence for Lessee IS uses as described hereunder, said improvements to become the property of Lessor as provided in Paragraph 15. Said improvements shall be in accordance with the specifications contained in Exhibit B which is attached hereto and incorporated by re ference herein. Lessee shall provide Lessor any business records reasonably necessary, as deemed by Lessor, to veri fy the amount of said annual gross receipts fee.