Res 1977-049 - Laserfiche WebLink

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153b I. This lease shall be for a term of 50 years beginning on October 17,=1977 and ending on October 16, 2027, with an option to r.enew for an additional 50 year term. II. As rental for the leased premises, Chamber will pay annually to City the sum of eight hundred, forty-three dollars and fifty- eight cents ($843.58), which is equivalent to two times the amount of taxes assessed on said property as of the effective date of this lease, with such payments commencing on January 1, 1978 and due annually thereafter for the ter.m of this agreement. Commencing with I the twenty-fifth year of this agreement, the rental amount will be reassessed and the annual amounts due will become equivalent to two times the amount of taxes assessed on said property as of the due date of the twenty-sixth payment. Additional rental shall consist of reversion to City of any and all improvements placed on said property during the life of this agreement. III. Chamber shall use and occupy the said premises during the term of this lease (ahddany extension thereof) for the sole purpose of operating a Chamber of Commerce office. Chamber shall not use said premises, and shall not permit them to be used for any other pur- pose, without first obtaining the written consent of City. Chamber shall promptly and continuously comply w~th all laws, orders, and regulations of the Federal, State, County, and City Governments affecting the use, occupation, safety and cleanliness of the pre- mises. IV. It is expressly stipulated and agreed by and between the parties hereto, that during the life of this agreement Chamber shall pay all taxes levied against personal property and improvements located on the premises; and shall p~y all utility company charges assessed against the said premises, and shall neither remove nor destroy any improvements on said property, or damage or alter the same without first obtaining the written consent of City. Chamber agrees to be solely responsible for the payment of any and all utility company charges. It is further expressly agreed and understood that no authorization exists in Chamber to subject said property, or any part thereof, to mechanic's and/or materialmen's liens. Written con- sent of the City for any needed alterations or changes in the inter- ior of the demised premises (once completed) shall not be unreason- ably withheld. I V. Neither this lease, nor any interest therein, nor any estate hereby created~ shall pass to any trustee or receiver in bank- ruptcy or to any other receiver or assignee for the benefit of creditors or b~herwise by operation of law, but that in any of these events said lease may be cancelled at the option of City by giving ten (10) days notice in writing to Chamber of such cancellation. VI. Chamber shall not assign or transfer this lease or any in- I terest therein nor sublet said premises or any part thereof with- out the written consent of City.