Res 1996-036 - Laserfiche WebLink

Home Browse Search

qìff -2- ARTICLE 2. Rent/Term 2.1 Rental shall accrue hereunder from the commencement date of this Lease as provided below, and shall be payable at the place designated for the delivery of notices to Lessor at the time of payment. 2.2 Lessee shall pay to Lessor a fixed rental in the sum of ten cents ($0.10) per square foot per year for the Leased Premises. The annual paymentfor the fixed rental shall be paid in equal monthly installments in the amount of $22.67 and shall be due and payable on the last day of the month for the succeeding month. The parties agree that the first installment , for the fixed rental shall be abated, but all other fees due under this Lease shall be paid as required herein. 2.3 Lessor agrees that all airport revenue derived from Lessee and any other user of the property should be allocated toward the maintenance of the Airport and improvements thereof; provided, however, that this requirement shall not be considered mandatory upon the Lessor unless it is so required by existing indenture or agreement with the Federal Government or any amended or substitute indentures and agreements hereinafter entered into with the Federal Government. 2.4 Should Lessee fail to pay when due any rent or any other sum payable to the Lessor under the terms of this Lease, then interest at the maximum legal rate in the State of Texas shall accrue from and after the date on which any sum shall become due and payable, and interest shall be paid by Lessee to Lessor at the time of payment of the sum upon which the interest shall have accrued. f 2.5 The term of this Lease shall commence on March 1, 1996 and I -- shall extend for a period of twenty (20) years with the Lessee having the right of first refusal for continuing occupancy under a revised contract at the termination of this Lease contract provided Lessee is not in default under the terms hereof at the time of said termination. The revised contract