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later than six months before the expiration of the current Term, and the extended <br />term is approved by the City Council. <br />F. The parties desire to extend the term for a five (5) year period. <br />NOW THEREFORE, in consideration of the respective and mutual covenants <br />and promises hereinafter contained and made, and subject to all terms and conditions <br />hereof, the parties agree as follows: <br />1. Use of Facilities. City hereby licenses the Facilities to Operator on all of <br />the terms and conditions set forth in this Agreement. Operator will have the use of the <br />first and third floor of the Twist-Basler House and the City (or a tenant of its choosing) <br />will have sole access to the second floor. <br />2. Term of Agreement. The Term this Agreement (the "Term") shall be <br />five (5) years. The Term shall commence on July 1, 2013 and shall expire on the fifth <br />(5th) anniversary thereof, if not terminated earlier pursuant to the terms of this <br />Agreement. This Agreement may be extended for up to three (3) more five-year terms <br />upon City Council approval. Earlier termination of this Agreement shall be in <br />conformance with Section 17 and 18, below. <br />3. Consideration. <br />A. As consideration for this Agreement, Operator shall pay to City as <br />compensation for use of and right to operate the Facilities the amount <br />of Four Thousand Dollars ($4000.00) per month. <br />B. Additional consideration for this Agreement shall be provided by <br />Operator's sponsorship of students and installation of improvements to <br />the Facilities as described herein. <br />C. Compensation will be due upon execution of this Agreement and <br />thereafter on or before the 10th day of each succeeding month, payable <br />to "The City of Santa Ana" and remitted to: The City of Santa Ana, <br />Finance and Management Services, Attention: Francisco Gutierrez, 20 <br />Civic Center Plaza, City Hall, First Floor, Santa Ana, CA 92702. A <br />late charge of ten percent (10%) shall be applied after any payment <br />hereunder is due but unpaid. In addition, one and a half percent (1 <br />th%) interest per month shall be added for each month that payment <br />hereunder is due but unpaid. <br />4. Commencement Date. This Agreement shall commence and become <br />effective on July 1, 2013. This Agreement shall supersede all prior agreements <br />between the Parties. <br />2 <br />25G-4