Res 2007-183 - Laserfiche WebLink

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of exercise of such Renewal Option and/or at the time the Renewal Term is to commence and (ii) Lessee has fully performed all the material conditions of this Lease prior to such exercise, including, but without limitation, Lessee's obligation to continuously operate the Leased Premises in accordance with the terms of Section 5.1(a) hereof. Written notice of Lessee's election to exercise the Renewal Option must be given to Lessor at least two {2) years, but not more than three (3) years, prior to the Cxpiration Date. If Lessee does not give such notice timely, then Lessee's right to renew this Lease shall expire and be of no further force and effect, and Lessor shall have no obligation whatsoever to notify Lessee of its failure to exercise such renewal rights. Furthermore, notwithstanding anything contained herein to the contrary, the renewal rights contained in this Section 12.24 shall be personal to Lessee and shall not inure to the benefit of any assignee of Lessee, other than the assignee under an assignment permitted under Section 7.1(d) of this Lease. For purposes hereof, "CPI Adjustment Factor" shall mean the amount derived by dividing the CPI (as herein defined) most recently published as of the Expiration Datc by the CPI most recently published as of the Operational Date. For purposes hereof "CPI" means the National Consumer Price Index for All Urban Consumers, U.S. City Average (all items 1982 - 1984 - 100), published by the United States Department of Labor, Bureau of Labor Statistics (the "Bureau"). If the CPI should ever cease to be published by the Bureau during the lease term, the CPI Adjustment Factor shall be computed by using an economic index reasonably selected by Lessor, of generally recognized standing, that reflects the increase or decrease of the purchasing power of the dollar. iN WITNESS WHERF,OF, the Parties hereto have executed and delivered this Lease as of the date first set forth above. LESSEE: JQH -SAN MARCOS DEVELOPMENT, LLC, a Missouri limited liability company By: John Q. Hammons Hotels Development, LLC, Its Sole Member hn Q. Hammons, President LESSOR: CITY OF SAN MARCOS, TEXAS, a Texas municipal c ~rpor~tion By: ~ ~ L\J/ Dan O'Leary, Ci Manager ATTEST: By: ~ ~ ~' Shelley G odwin, Interim City Cle ~ A I` 26 2025904.1