Laserfiche WebLink
installation of LESSEE'S Facilities on the Premises, whichever occurs first <br />("Commencement Date"). If rent is not paid within fifteen (15) days after the due date <br />and provided LESSOR has complied with all applicable notice and cure provisions <br />herein, LESSEE agrees to pay a late charge equal to six percent (6%) of the then-current <br />monthly rent. Rental amounts attributable to partial months shall be prorated on a daily <br />basis. <br />5. ANNUAL RENTAL INCREASES. The rent payments shall be subject to <br />an annual rental increase of four percent (4%) per year, to be increased on each <br />anniversary of the Commencement Date. <br />6. INITIAL PAYMENT. LESSEE hereby agrees to pay to LESSOR a one- <br />time, non-recurring, non-refundable payment equal to one month's rent, within thirty (30) <br />days after the Commencement Date. Notwithstanding the above, Lessor shall refund <br />Lessee the initial payment in the event Lessee is unable, due to the sole fault and <br />unreasonable delay of Lessor, to obtain all Approvals necessary to construct Lessee's <br />facilities, within 6 months after the full execution of this agreement. <br />7. EXTENSIONS. The Lease Agreement may be extended for up to three <br />(3) additional five-year (5) terms (each a "Renewal Term"). Each Renewal Term shall be <br />on the terms and conditions as set forth herein as follows: <br />(i) Six months prior to the expiration of the initial term, if LESSOR, in its <br />reasonable discretion determines that LESSEE's continued tenancy is not in conformity <br />with LESSOR's intended use of the Property, LESSOR shall provide written notice to <br />LESSEE that the Lease will not be extended. <br />(ii) Thereafter, each subsequent renewal shall be subject to the following <br />procedure: If LESSEE determines that it desires to extend the term LESSEE shall provide <br />written notice six (6) months prior to the end of the then current term. Within sixty (60) <br />days of receipt of LESSEE's notice, LESSOR shall determine whether such extension is <br />in LESSOR's best interest and, if not in LESSOR's interest, LESSOR shall deny such <br />extension request. <br />If LESSOR does not respond within sixty (60) days, the lease is deemed renewed <br />for an additional Renewal Term. If neither party provides notice as set forth above, the <br />lease shall continue on a month-to-month basis. <br />8. GOVERNMENTAL APPROVALS. It is understood and agreed that <br />LESSEE's ability to use the Premises is contingent upon its obtaining all of the <br />certificates, permits and other approvals (collectively the "Governmental Approvals") <br />that may be required by any Federal, State or local authorities as well as satisfactory soil <br />boring tests which will permit LESSEE's use of the Premises as set forth herein. <br />LESSOR shall cooperate with LESSEE in its effort to obtain such approvals and shall <br />take no action, which would adversely affect the status of the Property with respect to the <br />proposed use by LESSEE. <br />Prior to the Commencement Date, LESSEE shall have the right (but not the <br />obligation) to enter the Premises for the purpose of making necessary inspections and <br />25C-6 <br />