4 - SAFA - TMOBILE LEASE AGMT - Laserfiche WebLink

Home Browse Search

5. ANNUAL RENTAL INCREASES. The rent payments shall be subject to an annual rental increase of four percent (4%) per year, to be increased on each anniversary of the Commencement Date. 6. INITIAL PAYMENT. LESSEE hereby agrees to pay to LESSOR a one-time, non-recurring, non-refundable payment equal to ten thousand dollars ($10,000.00), within thirty (30) days after the Commencement Date. Notwithstanding the above, LESSOR shall refund LESSEE the initial $10,000.00 payment in the event LESSEE is unable, due to the sole fault and unreasonable delay of LESSOR, to obtain all Approvals necessary to construct LESSEE's Facilities, within six (6) months after the full execution of this Agreement. A portion of LESSEE's initial payment obligation will reimburse LESSOR for amounts due to Assured Guaranty Municipal Corp. (formerly known as Financial Security Assurance Inc.) (hereinafter "AGM") as a condition to granting consent to this Agreement, as set forth in Section 18, below. 7. EXTENSIONS. The Lease Agreement may be extended for up to three (3) additional five (5)-year terms (each a "Renewal Term"). Each Renewal Term shall be on the terms and conditions as set forth herein as follows: (i) Six (6) months prior to the expiration of the initial term, if LESSOR, in its reasonable discretion determines that LESSEE's continued tenancy is not in conformity with LESSOR's intended use of the Properly, 'LESSOR shall provide written notice to LESSEE that the Lease will not be extended. (ii) Thereafter, each subsequent renewal shall be subject to the following procedure: If LESSEE determines that it desires to extend the term LESSEE shall provide written notice six (6) months prior to the end of the then-current term. Within sixty (60) days of receipt of LESSEE's notice, LESSOR shall determine whether such extension is in LESSOR's best interest and, if not in LESSOR's interest, LESSOR shall deny such extension request. If LESSOR does not respond within sixty (60) days, the lease is deemed renewed for an additional Renewal Term. If neither party provides notice as set forth above, the lease shall continue on a month-to-month basis. 8. GOVERNMENTAL APPROVALS. It is understood and agreed that LESSEE's ability to use the Premises is contingent upon its obtaining all of the certificates, permits and other approvals (collectively the "Governmental Approvals") that may be required by any Federal, State or local authorities as well as satisfactory soil boring tests which will permit LESSEE's use of the Premises as set forth herein. LESSOR shall cooperate with LESSEE in its effort to obtain such approvals and shall take no action, which would adversely affect the status of the Property with respect to the proposed use by LESSEE. Prior to the Commencement Date, LESSEE shall have the right (but not the obligation) to enter the Premises for the purpose of making necessary inspecti6ns and engineering surveys (and soil tests where applicable) and other reasonably necessary tests (collectively "Tests") to determine the suitability of the Premises for LESSEE's Facilities (defined below) and for the purpose of preparing for the construction of LESSEE's Facilities. In the event that any of such applications for such Governmental Approvals should be finally rejected or any Governmental Approval issued to LESSEE is canceled, expires, lapses, or is otherwise withdrawn or terminated by the governmental authority or soil boring tests are found to be unsatisfactory so that LESSEE Site #: LA33826B 2 Site Name: City Yard Date: 09/23/2010 4-11