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-2- <br /> <br />3. Ter____~m. To have and to hold unto Lessee for a term of ten <br />years, commencing on the 1st day of October, 1963, and ending on <br />the 30th day of September, 1973, upon the covenants and agreements <br />herein set forth. Provided that; this agreement is conditioned <br />'upon the carrying out of the con%mercial building improvements a.s <br />now proposed to the City by the Lessee herein, said development <br />to front ~n both or either of Detroit and St. Charles Avenues. <br />This agreement, is subject to termination at the option of the CITY <br />should the spec. if led development not be commenced within a period <br />of six months from the effective date of this ordinance. <br /> <br />4. Rent. Lessee hereby covenants and agrees to pay to Lessor, <br />without demand, at its office or such other place as Lessor may <br />from time to time designate, as rent for the premises during the <br />continuance of this Lease, the sum of Four Thousand One Hundred <br />Dollars ($4,100.00) per year in equal quarterly installments of. <br />One Thousand Twenty-Five Dollars ($1,025.00), payable in advance <br />on the 1st day of October 1963, and on the 1st day of each succeed. <br />ing calendar quarter. . <br /> <br />5. Rene~val O~tion. Lessee is hereby granted the option to renew <br />this Lease for two (2) additional terms of ten (10) years each on <br />the same terms and conditions as during the original term except <br />as to further right of renewal; provided, however, that Lessee <br />shall notify Lessor not less than six (6) months prior to the <br />commencement of any such renewal term, the option for which Lessee <br />shall then exercise, of Lessee's intention to exercise such'option. <br />and, provided further, that Lessee has at all times prior thereto <br />fully complied with the terms and conditions hereof and that this <br />Lease is then in full force and effect. <br /> <br />6. Rene~al Rental. If the renewal option above indicated is <br />exercised, the base annual renewal rental shall be as indicated <br />hereinbefore, except that at the time of such renewal, reference <br />shall be made to the last annual Consumer Price Index published by <br />the United States Department of Labor. Should such Index reflect <br />a percentage increase in the cost of living as compared with the <br />cost of living reflected in 1962.Consumer Price Index, then the <br />base annual rental indicated hereunder shall be increased by a <br />corresponding percentage. <br /> <br />7. Taxes. The Lessor shall pay all real estate taxes and <br />assessments, if any, levied against the Premises to the extent <br />that the same are levied against the land only as improved solely <br />for parking purposes. The Lessee shall assume and pay any such <br />real estate taxes and assessments, levied with respect to improve- <br />ments to the Premises other than said improvements for parking <br />purposes. <br /> <br />~. "Public Liability. Lessee will indemnify Lessor and hold Lessor <br />harmless against all claims, demands and judgments for loss, <br />damage or injury to property or person, resulting or occurring by <br />reason of the use and occupancy of the Premises by Lessee. Lessee <br />agrees to carry and pay £or public liability insurance in limits <br />of $100,000 and ~300,000 and $5,000 on account of damage to pro- <br />perty, naming the Lessor as an insured, and to deposit memorandum <br /> <br /> <br />