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1996 021 Ordinance
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1996 021 Ordinance
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Last modified
11/19/2018 4:04:26 PM
Creation date
9/4/2018 8:13:06 AM
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Template:
Legislation-Meeting Minutes
Document Type
Ordinance
Number
021
Date
6/7/1996
Year
1996
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($30,067.20) each. Tenant's obligation to pay the yearly in- <br />stallment of rent shall commence on the fifteenth (15th) anniver- <br />sary date of the Commencement Date of this Lease, and the annual <br />rent shall be due and payable thereafter on each of the succes- <br />sive four (4) anniversaries thereof. <br />(e) For the fifth five (5) years of the Term of <br />this Lease, the total rent shall be One Hundred Eighty Thousand <br />Four Hundred Three Dollars and Twenty Cents ($180,403.20), which <br />sum shall be paid by Tenant to Landlord in five (5) equal yearly <br />installments of Thirty-Six Thousand Eighty Dollars and Sixty-Four <br />Cents ($36,080.64) each. Tenant's obligation to pay the yearly <br />installment of rent shall commence on the twentieth (20th) <br />anniversary date of the Commencement Date of this Lease, and the <br />annual rent shall be due and payable thereafter on each of the <br />successive four (4) anniversaries thereof. <br />(f) For the sixth five (5) years of the Term of <br />this Lease, the total rent shall be Two Hundred Sixteen Thousand <br />Four Hundred Eighty-Four pollars ($216,484.00), which sum shall <br />be paid by Tenant to Landlord in five (5) equal yearly install- <br />ments of Forty-Three Thousand Two Hundred Ninety-Six Dollars and <br />Eighty Cents ($43,296.80) each. Tenant's obligation to pay the <br />yearly installment of rent shall commence on the twenty-fifth <br />(25th) anniversary date of the Commencement Date of this Lease, <br />and the annual rent shall be due and payable thereafter on each <br />of the successive four (4) anniversaries thereof. <br />(g) For the seventh five (5) years of the Term of <br />this Lease, the total rent shall be Two Hundred Fifty-Nine <br />Thousand Seven Hundred Eighty Dollars and Eighty Cents <br />($259,780.80), (hereinafter referred to as "Base Rent"), which <br />sum shall be paid by Tenant to Landlord in five (5) equal yearly <br />installments of Fifty-One Thousand Nine Hundred Fifty-Six Dollars <br />and Sixteen Cents ($51,956.16) each. Tenant's obligation to pay <br />the yearly installment of rent shall commence on the thirtieth <br />(30th) anniversary date of the Commencement Date of this Lease, <br />and the annual rent shall be due and payable thereafter on each <br />of the successive four (4) anniversaries thereof. <br />` (h) The total Base Rent for each successive five <br />(5) year renewal period of this Lease, if any, shall be increased <br />for each period by a percentage increase equal to twenty percent -- <br />(20%) over and above the Base Rent being paid during the prior <br />five (5) year period. <br />8.
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