Res 2007-183 - Laserfiche WebLink

Home Browse Search

AR~r1CLE 2 Lease Payment 2.1 Base Rent. Subject to adjustment pursuant to Section 7.1(b} of this Lease, base rent ("Base Rent") shall be payable by Lessee semi-annually on each January 15~' and July 15~' of the Term, commencing on July 15, 2008, with subsequent payments being due on each January 15~' and July 15~' of every calendar year during the Term thereafter. Each rent payment shall be in the amount shown for same on the schedule attached hereto as "Schedule "1". Base Rent shall be paid without notice, demand,. setoff or abatement. In addition to the Base Rent, Lessee shall pay, as additional rent, an amount equal to the total of all payments the City has made on the Taxable Bond Debt between the time the Taxable Bond Debt is first issued to, but not including, the Operational Date, which amount must be paid by Lessee on the Operational Date. In the event that the Operational Date has not occurred as of July 15, 2008, then the first payment of Base Rent owed hereunder shall be paid on the first January 15~` or July 15`h following the Operational Date. 2.2 Late Payment Charge. Other remedies for nonpayment notwithstanding, if any installment of Base Rent or additional rent, as the case may be, is not received by Lessor on or before the #ifth (5`h) day after the date on which such payment is due, Lessee agrees to pay Lessor a late payment charge in the amount of five percent (5%) of such past due amount in addition to all other amounts owed under this Lease. 2.3 Holding Over. If Lessee fails to surrender the Leased Premises at the expiration or termination of the Term, occupancy of the Leased Premises after the termination or expiration shall be that of a tenancy at sufferance. Lessee's occupancy of the Leased Premises during the holdover shall be subject to all the terms and provisions of this Lease and Lessee shall pay to Lessor an amount {on a per month basis without reduction for partial months during the holdover) equal to one-twelfth of two hundred percent (200%) of the sum of the annual. Base Rent for the period immediately preceding the holdover. No holdover by Lessee or payment by Lessee after the expiration or early termination of this Lease shall be construed to extend the Term or prevent Lessor from immediate recovery of possession of the Leased Premises by summary proceedings or otherwise. In addition to the payment of the amounts provided above, if Lessor is unable to deliver possession of the Leased Premises to a new tenant, or to perform improvements for a new tenant, as a result of Lessee's holdover and Lessee fails to vacate the Leased Premises within fifteen (15} days after Lessor notifies Lessee of Lessor's inability to deliver possession, or perform improvements, Lessee shall be liable to Lessor for all damages, including, without limitation, consequential damages, that Lessor suffers from the holdover. Notwithstanding anything herein to the contrary, Lessor and Lessee specifically agree that no notice to terminate Lessee's tenancy hereunder will be required from and after the expiration of the Term under Section 91.001 or Section 24.005 of the Texas Property Code before Lessor files a forcible detainer suit on grounds that the Lessee is holding over beyond the end of the rental Term hereof. 4 Zozs9oa.i