25C - AGMT FIFTH ST PARKING LEASE

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Section 1.04 Compensation/Consideration (a) Except during the initial six (6) months of the Term, Tenant shall pay to Landlord monthly compensation in the amount of $60 per space or the then current market rate as amended by the City from time to time ("Compensation") for the purchase of parking passes pursuant to Section 1.02(a) enabling use of the Lease Area. (b) For the initial six (6) months, compensation shall be $1,620 per month. (c) Compensation will be due on or before the 10' of each month, payable to "The City of Santa Ana" and remitted to: Finance and Management Services; City of Santa Ana, 20 Civic Center Plaza (M-17), P.O. Box 1988, Santa Ana, CA 92702. A late charge of ten percent (10%) shall be applied if any payment hereunder remains unpaid. In addition, one and a half percent (1 %2%) interest per month shall be added for each month that payment hereunder remains unpaid following such written notice. (d) During the Term of this Agreement, Landlord reserves the right to adjust the monthly rates in the event of an increase in rates foi:the general public at the Parking Structure as determined by the City. (e) Any holding over after the expiration of the Term or Renewed Term, with the consent of Landlord, shall be construed to be an extension from month-to-month at two (2) times the compensation herein specified and shall otherwise be consistent with the conditions herein specified, so far as applicable. City will grant to Tenant a 30 -day grace period after the expiration of the Agreement for Tenant to remove any remaining residents or parking pass holders. If the holdover term continues past the 30 -day period; Tenant will be responsible for payments to the City for the grace period. / (f) Upon Tenant paying the Compensation provided hereunder, and observing and performing all of the covenants, conditions and obligations on Tenant's part to be observed and performed hereunder, Tenant shall have the quiet right of exercise of its exclusive reserved use rights for the entire term hereof, subject to all the provisions of this Agreement. (g) Upon the expiration or termination of this Agreement, Tenant shall surrender the Lease Area in good and clean condition, ordinary wear and tear excepted. Section 1.05 Reserved Use Rights; Non -Possessory Interest Subject Tenant's exclusive reserved use rights as to the Lease Area, Landlord retains full ownership of the Lease Area and Tenant will not acquire any interest, whether temporary, permanent, irrevocable, possessory or otherwise, by reason of this Agreement or by the exercise of the exclusive reserved use rights given herein. Tenant will make no claim to any such interest. Any violation of this provision will immediately void and terminate this Agreement. 25C-9