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Res 1999-203
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Res 1999-203
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Last modified
9/6/2006 1:33:20 PM
Creation date
9/6/2006 1:32:11 PM
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City Clerk
City Clerk - Document
Resolutions
City Clerk - Type
Lease
Number
1999-203
Date
10/11/1999
Volume Book
138
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<br />::;i- .3lJ-1 SS8 8: 53At".; <br /> <br />FROtvj THE BONNER GROUP, H-.lC 2'j 02127111 <br /> <br />EXHIBIT ~~F~~ <br /> <br />EARLY TERMINATION PROVISION <br /> <br />Landlord agrees and understands that Tenant has projected costs for this Lease and that <br />Tenant expects to pay aU obligations of this Lease from projected revenue sources, but all <br />obligations of Tenant are subject to federal ftmding for the City of San Marcos, wrc <br />Division and annual appropriations by the San Marcos City Council. Accordingly, Lease <br />provisions not withstanding, in the event that Tenant shaH fail to obtain sufficient federal <br />or city funds 10 pay all of Tenant"s obligations under this Lease, Tenant shall have the <br />right to terminate this Lease. Tenant may only e}tet'cise this early termination option after <br />the first year of the Leas~ and after giving Landlord ninety (90) days prior written notice <br />of the loss of funding and intent to terminate, Tenant further agrees to pay Landlord an <br />early termination fee which shall be the Landlord's unamortized costs of improving the <br />Leased Premises and l<:asing commissions as stated 011 Exhibit "G", Tenant agrees to pay <br />said early termination fee to Landlord within one hundred and fifty (150) days after <br />Tenant notif'ies Landlord of its intent to exercise this early termil:'..ation provision. Tenant <br />and its officers and directors shall have 110 further obligations under this Lease. <br /> <br />As an example, should the leas.e be terminated by the T e1'\,.a.l1t pursuant to this exhibit with <br />24 months remaining on the lease tefm~ the tennination fee would be calculated as <br />follows: remaining lease term x mont.lUy lease oosts = terminatioo fee (24 x: $66456 = <br />$15,949-44} <br /> <br />TENANT: <br />CITY OF Sr'\N MARCOS <br /> <br />LA..r...TDLORD: <br />SAl~ I\1ARCOS CENTER <br /> <br />eith \Vhittington <br />as Agent for Owner <br />Lynx Property Sen e <br /> <br /> <br />By ~4~ <br />La-iii D. . '1, ey <br />Ciry Manager <br /> <br />By: <br /> <br />.ATTEST: <br /> <br />
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