Res 2007-099 - Laserfiche WebLink

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2.02. The Lessee agrees to pay to the City a fixed rental in the sum of $0.20 per square foot per year for the entire area of the Leased Premises. The annual amoW2! for the fixed rental shall be paid in equal quarterly installments in the amount of $~hich shall be due and payable on the last day of the last month for the current quarter. The Lessee, at jJ ~RT' '\S its option, may make advance payments of up to one year's fixed rentals, but there will be If' no discount for these payments. I 2.03 As further consideration, the Lessee agrees to pay to the City a percentage rental in the form of a monthly fee equal to one percent of the Lessee's gross income from all of the Lessee's commercial activity at the Leased Premises, excluding sales or services to federal, state or local governments or other tax exempt organizations or agencies. Payment 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. 2.04 The Lessee agrees to pay to the City 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 will be charged at the then-established standard rental or use fee prescribed by the City. 2.05 The Lessee shall provide access to the City, upon reasonable notice, to all business records necessary to verify the amount of fees and/or percentage rental due under this I 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. 2.06. The City 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. 2.07. If the Lessee fails to pay any rent or any other sum payable to the City under the terms of this Lease when due, then interest at the maximum legal rate in the State of Texas shall accrue from the date on which the sum became due and payable. 2.08. The term of this Lease will commence on July 1,2007, or upon execution by both parties whichever is later, and will extend for a period of 20 years. If the Lessee is not in default under the terms of this Lease at the time of expiration, the Lessee will have the right of first refusal for continuing occupancy under a revised lease at the expiration of this term. The term of the revised lease may not exceed ten years. The terms of the revised lease will be similar to the same terms and conditions as herein. Article 3. Use and Care of Premises I COSM form 1/99