Res 2002-071 - Laserfiche WebLink

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,VOL 300p~Ct 519 15.11. 2.02. The Lessee agrees to pay to the Lessor a fixed rental in the sum of $.20 per square foot per year for the entire area of the Leased Premises. The annual amount for the fixed rental shall be paid in equal monthly installments in the amount of $545.40, which shall be due and payable on the last day of each month for the succeeding month. The Lessee, at its option, may make advance payments of up to one year's fixed rentals, but there will be no discount for these payments. 2.03. Lessee shall construct two enclosed metal T-hangar buildings on each of the two tracts comprising the Leased Premises. In addition, the Lessee shall construct one executive hangar for rental purposes. The two T-hangars and the executive hangar are referred to collectively in this Lease as the "Hangars". The Lessee warrants that it will invest a minimum of $200,000.00 in the construction of the Hangars. 2.04. The Lessee is authorized to claim a credit against the fixed rental fees, and these fixed fees only, for the cost of site preparation on the Leased Premises. Under no circumstances will the Lessor be responsible for a credit for the cost of any improvements made by the Lessee that exceed the fixed rental fees due and payable during the term of this Lease. 2.05. As further consideration, the Lessee agrees to pay to the Lessor a monthly fee equal to one percent (1 %) of the Lessee's gross income from all of the Lessee's rentals and other commercial activity at the Leased Premises, excluding rentals, sales or services to federal, state or local governments or other tax exempt organizations or agencies. Payment, without deduction for facility improvements or any other capital outlay, is to be made within ten days of the last day of the previous month and shall be based on the Lessee's income during the previous month. 2.06. The Lessee agrees to pay to the Lessor a monthly fee for the use of tie-down or any other Airport facilities for aircraft, motor vehicles or any other equipment or items which are outside of the Leased Premises and under the custody and control of the Lessee or its employees, agents or customers. The facilities shall be charged at the then-established standard rental or use fee prescribed by the Lessor. 2.07. The Lessee shall provide access to the Lessor, upon reasonable notice, to all business records necessary to verify the amount of fees and/or percentage rental due under this Lease. If this Lease commences or terminates on a day other than the first day of a month, all monthly rents and fees payable by the Lessee for the first month under this Lease shall be prorated accordingly. 2.08. The Lessor agrees that the revenue derived from this Lease will be allocated toward maintenance and improvement of the Airport. This requirement is not mandatory, however, unless it is required by existing indenture or agreement with the United States government. 2