Res 1976-049 - Laserfiche WebLink

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-3- VI. Term of the Lease This lease agreement shall commence on January 1, 1977 and continue until January 1, 1982, a term of five (5) calendar years. If all parts of this agreement have been met, the Lessee, at his option, may extend this lease for an additional five (5) calendar years to January 1, 1987. Notification to Lessor of Lessee's inten- tion to extend lease must be made in writing ,and received by Lessor by July 1, 1981. 1 VII. Rent Applicants for lease may bid a separate price on each of the three (3) tracts listed and described above, with the limitations as to use and care specified above by writing their bid in the spaces below. Applicants must bid a price for each and every tract to be considered. Annual cash rent bid on Tract A is $ 10 4O.d~ $ ~ per acre. Annual cash rent bid on Tract B is $ ~ 1~/~ $ ID per acre. Annual cash rent bid on Tract C is $ Lfq 1 o.'~ $ fO per acre. The total sum of $ ~1~o. ,. is due and payable upon the fil)~ day of the year for which the ent is paid. ~ P,O % Orb ~ &wM.j"'5()OllO.vo, Annual rent on the five (5) year optional extension of this lease will be the annual rent on the first five (5) years adjusted by the percent change in a price index of major commodity prices (hay, milo, cotton, wheat, oats) at the closest market weighted with the total acreage of these crops harvested in Caldwell County in 1980. 1 VIII. Sub-Lease or Lease Transfer It is expressly understood and agreed that the Lessee may not sublease any part of the demised property nor may he transfer the lease agreement to another party without the prior consent of Lessor. Consent to such sublease or transfer will be given by Lessor only if the third party agrees, in writing, to accept and abide by all the provisions of this lease. IX. Default and/or Recapture It is understood and agreed that the united States Government has certain rights with respect to the property hereby leased, and that it is possible a situation may arise in which, through no fault of either party hereto, it may be necessary that this lease be terminated. In such event, Lessor shall refund to Lessee the pro rata share of any prepaid lease money on the property involved. I without regard to any provision of this lease, it is understood that the United States Government has an interest in the property hereby leased, and that a national emergency or some other unforeseen condition may require that the possession of said property be surren- ded to the United States Government or to an agency thereof, prior to the end of the term of this lease. In such termination, Lessor shall reimburse Lessee for any fencing or other improvements placed on the property by Lessee. This lease and all provisions thereof shall be subject and sub- ordinate to all the terms and conditions of the instruments and doc- uments under which the Lessor acquired said property from the United States of America, and shall be given such effect and construction as will not conflict or be inconsistent with such terms or conditions.