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Res 2011-100
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Res 2011-100
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Last modified
9/28/2011 4:13:17 PM
Creation date
8/23/2011 9:46:03 AM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
2011-100
Date
8/16/2011
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6) Securitv Deposit: $ shall be paid by Tenant to Landlord upon the execution of <br />this Agreement as additional security for Tenant's obligations to Landlord ( "Security Deposit "). <br />Such Security Deposit shall be equal to one monthly installment of rent. If at any time during this <br />Agreement an existing security deposit then being held by Landlord is less than one monthly <br />installment of rent, Tenant will be required to make an additional payment to Landlord so that <br />the Security Deposit being held by Landlord is equal to one monthly installment of rent. No <br />interest shall be paid on the Security Deposit. Landlord shall not be required to keep the <br />Security Deposit separate from its other accounts and no trust relationship is created with <br />respect to the Security Deposit. Any interest from the Security Deposit shall be retained by <br />Landlord. The Security Deposit is not an advance payment of rent or a measure of liquidated <br />damages in case of default by Tenant. Upon the occurrence of any event of default, Landlord <br />may, from time to time, without prejudice to any other remedy provided herein or provided by <br />law, use the Security Deposit to the extent necessary to make good any arrearages of rent and <br />any other damage, injury, expense or liability caused to Landlord by such event of default, or to <br />satisfy Tenant's other obligations hereunder. Following any such application of the Security <br />Deposit, Tenant shall pay to Landlord, on demand, the amount so applied in order to fully <br />restore the Security Deposit. If Tenant is not then in default, and no condition exists, which, with <br />the passage of time or both, would constitute a default when this Agreement expires or <br />terminates, except as otherwise provided for in this Agreement, Landlord will return any unused <br />portion of the Security Deposit to Tenant within 30 days after the last to occur of: (i) the <br />Expiration Date, (ii) payment of all rent and any damages, (iii) Tenant's surrender of the <br />Premises in accordance with this Lease, and (iv) Landlord's receipt of Tenant's forwarding <br />address. Tenant's actual or attempted assignment, transfer, or encumbrance of the Security <br />Deposit will not bind Landlord. <br />7) Permitted Use of Premises: The Premises may be used only for the purpose of storing the <br />herein described Aircraft and the temporary storage of Tenant's motor vehicle (ie, car, truck, <br />motorcycle) while Tenant is using the Aircraft. If the Premises is a fully enclosed hangar, such <br />equipment and parts reasonably necessary for the operation of such Aircraft may also be stored <br />in the Premises (provided such equipment and parts comply with all other provisions of this <br />Agreement), but may be used for no other purposes without the prior written consent of <br />Landlord. Without limiting the foregoing or any other provision of this Agreement: <br />a) Tenant shall not keep anything on or within the Premises or use the Premises for any <br />purpose in violation of any applicable law, rule, regulation, standard, or policy, or which <br />increases the insurance premium costs or invalidates any insurance policies carried on the <br />Premises or other parts of the Airport without Landlord's prior written consent. <br />b) Except as otherwise provided for herein, all property kept, stored or maintained on or <br />within the Premises by Tenant shall be kept, stored, or maintained only with Landlord's prior <br />written consent. <br />
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