Res 2017-167/approving a Lease-Purchase Agreement with the Trust for Public Land providing for the City to lease with an option to purchase approximately 102 acres of land west of the City off of Derby Court, which agreement provides for payment by the C

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4. ADDITIONAL RENT: (a) In addition to Base Rent, Lessee shall pay to Lessor on demand all ad valorem property taxeson the leasehold and upon the Property, and all interest, which may accrue due to Lessee's late payment of Base Rent to Lessor as Additional Rent ("Additional Rent"). (b) In addition to Base Rent, Lessee shall pay to Lessor on the first and second anniversaries of the Commencement Date those reasonable direct and indirect costs incurred by Lessor in the management and holding of the Property, and/or in the procurement of grants, awards, gifts and other such monies restricted to meeting Lessee's Second and Final Base Rent payments, provided, however, such annual costs shall not exceed Ten Thousand and 00/100 Dollars ($10,000.00). (c) The term Additional Rent shall include all payments due to Lessor under this Agreement. 5. QUIET ENJOYMENT: Upon payment by Lessee of the Rents herein provided, and upon the observance and performance of all terms, provisions, covenants and conditions on Lessee's part to be observed and performed (subject to any applicable grace period), Lessee shall, subject to all of the terms, provisions, covenants and conditions of this Lease, peaceably and quietly hold and enjoy the Leased Premises for the Term hereby demised. 6. INSURANCE: (a) The Parties acknowledge that on the effective date hereof there are no buildings or other improvements on the Leased Premises. Any improvements contemplated by Lessee shall be made only with the prior written approval of Lessor. In the event Lessee constructs or relocates any improvements on the leased Premises, Lessee shall insure at Lessee's expense all buildings, equipment and other improvements on or relocated to the property ("Improvements") by securing a standard all -perils or all -hazards insurance policy from an insurer reasonably acceptable to Lessor, in an amount equal to the replacement value of the insured Improvements. The policy shall contain a clause permitting but not requiring Lessor to pay premiums if Lessee fails to do so. All premiums paid by Lessor are deemed Additional Rent and are payable by Lessee upon demand. (b) Lessee shall provide Lessor with a copy of the policy insuring the Improvements, if any, together with a paid receipt for the premium for the first year of the Lease Term at the time of executing this Agreement, and 30 days prior to the commencement of each subsequent year of the Lease Term. (c) Lessee shall obtain a general and premises liability insurance policy, or substitute security acceptable to Lessor, in the amount of $100,000.00 per claimant and $200,000 per claim insuring Lessee, with an insurer reasonably acceptable to Lessor, or substitute security acceptable to Lessor. The policy shall contain a clause permitting but not requiring Lessor to pay any premiums not paid by the due date by Lessee. Any sums paid by Lessor under this section shall be deemed Additional Rent and shall be due and payable by Lessee on demand. (d) Lessee shall provide to Lessor at the time this Agreement is executed and at the commencement of each subsequent year of the Lease Term, a copy of the liability policy referred to above, together with a paid receipt.