Res 2008-139 - Laserfiche WebLink

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VI. TERM OF THE LEASE This Lease shall commence effective on October 1, 2008 and continue until September 30, 2011 (the "Initial Term"). The term of this Lease may be extended by mutual agreement for one additional three year period ending on September 30, 2014 (the "Renewal Term") provided all remaining terms and conditions shall remain in full force and effect. Such mutual agreement to extend the term of the Lease for one additional three year period, is to be executed in the form of a letter of agreement, to be issued no sooner than 90 days prior to expiration of this Lease, nor later than the final day of the Initial Term. This option to extend the term of the Lease requires the mutual agreement of both parties. Refusal by either party to enter into an agreement to extend the Lease term shall cause this Lease to expire at the end of the Initial Term. VII. RENT The rental fee (the "Rent") for the Initial Term is $15,000.00 per year. The Rent for the Renewal Term is $17,250.00 per year. The total yearly Rent is to be paid in advance and shall be immediately due and payable in full for the first year upon execution of this Lease by both parties and, thereafter, be due and payable on or before October 1 of each subsequent year. If the total land area of the Leased Premises is reduced by reason of the sale, transfer of title, development or other event stated or permitted under this Lease preventing the continued use of any portion of the Leased Premises, then the Rent shall be reduced in proportion to the total reduction in land area at the rate of $21.00 per acre during the Initial Term and $24.15 per acre during the Renewal Term by which the total land area is reduced. VIII. SUB-LEASE OR LEASE TRANSFER It is expressly understood and agreed that the Lessee may not sub-lease any part of the Leased Premises nor may the Lessee transfer this Lease to another party without the prior written consent of the Lessor. Consent to such sub-lease or transfer may be given by Lessor only if the third party agrees, in writing, to accept and abide by all of the provisions of this Lease. IX. DEFAULT AND/OR RECAPTURE A. LEASE SUBJECT TO RIGHTS OF UNITED STATES GOVERNMENT. It is understood and agreed that the United States Government has certain rights with respect to the Leased Premises, under which, through no fault of either party, it may be necessary that this Lease be terminated or temporarily suspended or the area of the Leased Premises be reduced. In such event, Lessor shall refund to Lessee the prorata share of any prepaid Rent at the same rate per acre provided in Section VII. In any such event, Lessor shall make reasonable efforts on behalf of Lessee to secure payment for the unrealized value of investments and/or of growing crops from the United States Government. B. LEASE SUBJECT TO OTHER INSTRUMENTS. This Lease and all provisions shall be subject and subordinate to all the terms and conditions of any instruments, agreements and documents under which the Lessor acquired said Leased Premises from the United States of America, or under which the Lessor receives or received funding from the Texas Department of Transportation and shall be given such effect and construction as will not conflict or be inconsistent with such terms or conditions. C. DEFAULT. In the event either party should violate any term or provision of this Lease, the party not in default shall give the defaulting party notice, and if such default complained of shall, in fact, constitute default, and unless the same is not corrected within 15 days after the date of receipt of such written notice, then the party not in default shall have the option to terminate this Lease, and in the event of such termination, Lessee shall return the Leased Premises to Lessor in as good a condition as it was at the beginning of this Lease except for any changes brought about by weather conditions, harvesting of crops and other conditions beyond Lessee's control. In the event Lessor terminates this Lease under the provisions