Res 1985-006 - Laserfiche WebLink

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-2- have been exhausted. Lessee agrees to provide Lessor documentation, as requested by the City Attorney, of the cost of paving actually paid by Lessee. 3. Term of the Lease. The term of this lease shall be for an initial fixed term of five (5) years. At any time prior to the expiration of the initial term, Lessee may elect to renew this lease for a second five-year period upon the same terms and conditions as herein provided, save and except upon the expiration of the initial five-year term, the lease payment shall be adjusted to reflect any increase or decrease in the consumer price index as compared to said consumer price index on the date of this agreement. At any time prior to the expiration of the second five-year period, Lessee may elect to renew this lease for a third five-year period upon the same terms and conditions as herein provided, save and except on the expiration of the second five-year period the lease payment shall be adjusted to reflect any increase or decrease in the consumer price index as compared to said consumer price index on the date of this agreement. If the City sells the property during the third five-year period, this lease terminates l50 days after the sale. If the City sells the property before the beginning of the third five-year period, then this lease will terminate at the end of the second five-year period. 4. Payment of Rent. Payment of the rent amounts, if and when such become payable after exhaustion of credits as above provided, shall be made to the City of San Marcos at City Hall no later than ten (10) days after the first of the month in which any of said rental shall become due. No rental payment shall be required, however, to the extent that Lessee elects to credit sums expended for paving and striping as above provided against the rental accruing. Lessee agrees to complete the paving and striping within six (6) months of the execution of this lease. 5. Assignability of Lease. It is agreed and understood between the parties that Lessee's interest in this lease may transfer to a third party only should said party be a successor to Lessee's interest in the building, or Lessee's administrators or heirs, or their successors in interest to said building. It is hereby intended that the parking spaces hereby involved shall be for the use and benefit of the owner of said building and shall not be assigned except with regard to and in conjunction with the ownership of said building. 6. Notices and Addresses. All notices provided for in this agreement shall be given by certified mail or registered mail addressed to the proper party, at the following address: Lessor: Lessee: City of San Marcos Indifree Investments, Inc. San Marcos City Hall 140 East San Antonio Street 630 East Hopkins Suite 1 San Marcos, TX 78666 San Marcos, TX 78666 Any party to this agreement may change the above address only in writing to the other party at the last official address as provided herein. 7. Parties Bound. This agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors, and assigns where permitted by this agreement.