Res 2012-003 - Laserfiche WebLink

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City of San Marcos Airport the sale or disposition of the Aircraft. LESSEE is obligated to the terms and conditions of this Agreement, including the payment of rent, for the entire Primary Term, from the Commencement Date through the Expiration Date, and for each month thereafter (if any) until this Agreement is terminated. d. Security Deposit: The City agrees to waive the Security Deposit as additional security for LESSEE's obligations to LESSOR ( "Security Deposit ") on condition that LESSEE timely pays the monthly rent and the LESSEE is not in default of this Agreement. Such Security Deposit shall be equal to one monthly installment of rent. If at any time during this Agreement the LESSEE fails to pay rent when due or is in default of any term or condition of this agreement then LESSEE will be required to immediately post a Security Deposit with LESSOR so that the Security Deposit being held by LESSOR is equal to one monthly installment of rent. No interest shall be paid on the Security Deposit. LESSOR shall not be required to keep the Security Deposit separate from its other accounts and no trust relationship is created with respect to the Security Deposit. Any interest from the Security Deposit shall be retained by LESSOR. The Security Deposit is not an advance payment of rent or a measure of liquidated damages in case of default by LESSEE. Upon the occurrence of any event of default, LESSOR may, from time to time, without prejudice to any other remedy provided herein or provided by law, use the Security Deposit to the extent necessary to make good any arrearages of rent and any other damage, injury, expense or liability caused to LESSOR by such event of default, or to satisfy LESSEE's other obligations hereunder. Following any such application of the Security Deposit, LESSEE shall pay to LESSOR, on demand, the amount so applied in order to fully restore the Security Deposit. If LESSEE is not then in default, and no condition exists, which, with the passage of time or both, would constitute a default when this Agreement expires or terminates, except as otherwise provided for in this Agreement, LESSOR will return any unused portion of the Security Deposit to LESSEE within thirty (30) days after the last to occur o£ (i) the Expiration Date, (ii) payment of all rent and any damages, (iii) LESSEE's surrender of the Premises in accordance with this Lease, and (iv) LESSOR's receipt of LESSEE's forwarding address. LESSEE's actual or attempted assignment, transfer, or encumbrance of the Security Deposit will not bind LESSOR. 2.03. As further consideration, the LESSEE agrees to pay to the LESSOR one percent (1 %) of the gross receipts from LESSEE's sale of goods and services conducted at the San Marcos Municipal Airport. This payment shall be made on or before the tenth (10th) day of the month following the end of each calendar year quarter during the term of this Lease. 2.04. 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 AIRPORT FACILITIES will be charged at the then - established standard rental or use fee prescribed by the LESSOR. Initials: Lessor Lessee