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2. During the Term, City will pay to Owner on the first of each month following the <br />Commencement Date, the monthly rental rate shown below as each unit is vacated, plus <br />any utilities, services, operating expenses, taxes and rental adjustments as provided in the <br />existing leases (the "Substitute Rent"), in consideration for Owner's agreement not to <br />rent the vacant unit to any other person or entity and for performance of Owner's other <br />obligations under this Agreement. City will pay a 10% late fee on the Substitute Rent if it <br />is received after the tenth of each month. <br />Unit Identification Rental hate Vacation Date <br />1725 N. Bristol Street (Studio) $550.00 per month 01/07/2015 <br />1727 N. Bristol Street $1,600.00 per month Currently Occupied <br />3. In addition to the amounts set forth in section 2, within thirty business days following the <br />full execution of this Agreement, City will pay the following amounts to Owner: <br />a. An amount determined by dividing $550.00 by thirty (3 0) days to calculate a daily <br />rental rate and multiplying the daily rate by the actual number of days in each <br />partial month that 1725 N. Bristol Street (Studio) was vacant prior to the <br />execution of this Agreement. <br />b. The payment provided to Owner pursuant to this Section 3 is intended to <br />compensate Owner for the Owner's lost rents beginning on the Vacation Dates <br />stated in Section 2 above and ending on the Commencement Date. <br />4. Owner will promptly notify the City, in writing if any tenants occupying the Property <br />provide notice to Owner of such tenant's intent to tenninate its rental agreement and/or <br />vacate the Property and/or if such tenant actually vacates the Property. The City agrees to <br />pay Owner the Substitute Rent defined in Section 2 above for vacant units. The written <br />notification to City of any additional vacancy shall constitute a mutually acceptable <br />addendum to this Agreement. <br />5. In consideration for the payments to be made under this Agreement, Owner shall not rent <br />or allow any re -occupancy of a vacated unit by any persons or business entities, unless <br />Owner receives notice from City under paragraph 1 (c) above that it will not seek <br />acquisition of the Property for purposes of the Bristol Street Widening Phase III -B <br />project. <br />6. Should Owner, in violation of Section 5 herein, re -rent or allow any occupancy of <br />Property, Owner shall be liable to the City and shall indemnify the City and hold the City <br />harmless for and against any and all costs, damages, liabilities and/or expenses, including <br />attorneys' fees and expert witness fees, incurred by the City in enforcing the terms of this <br />Agreement, including any and all Relocation Costs incurred by the City as a result of <br />