Res 1991-084 - Laserfiche WebLink

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ARTICLE II. 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 overall Leased Premises as described in Exhibit "A" and an additional eighty-five cents ($0.85) per square foot per year for the metal building (Building 10-357), as described in Exhibit "A." The annual payment for the fixed rental shall be paid in equal monthly installments in the amount of $ 1,208.21 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 moneys due under this Lease shall be paid as required herein. For the first five (5) years, the Lessee is authorized to claim a credit against these annual fixed rental fees, and these annual fixed fees only, the cost of completed permanent capital improvements to the Leased Premises that are specifically approved and authorized in advance by the Lessor as stated in Article V of this Lease. Under no circumstances will the Lessor be responsible for the cost of any improvements made by the Lessee that exceed the fixed rental fees due and payable during the terms of this Lease. 2.3. As further consideration, Lessee agrees to pay to Lessor a percentage rental in the form of a monthly fee equal to one percent (1%) of the Lessee's gross income from all commercial activity at the Airport, excluding sales or services to federal, state or local governments or other tax exempt organizations or agencies. Payment, without deduction for facility improvements or any other capital outlay, is to be made within ten (10) days of the last day of the previous month and shall be based on Lessor's income during the previous month. -2-