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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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Legislation-Meeting Minutes
Document Type
Ordinance
Number
021
Date
6/7/1996
Year
1996
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(i) Upon calculation of the total Base Rent <br />for each successive five (5) year period, Tenant shall pay the <br />Base Rent in five (5) equal annual installments, each installment <br />being due and payable on the successive annual anniversary of the <br />Commencement Date of this Lease. <br />(i) Notwithstanding anything contained herein to <br />the contrary, in the event that the Tower Lease by and between <br />Tenant and Ameritech should terminate, expire, extinguish or be <br />canceled for any reason whatsoever, ("Cancellation"), the rental <br />due and owing by Tenant to Landlord shall be as follows: <br />(i) In the event said Cancellation occurs <br />during the first five (5) years of the initial thirty-five (35) <br />year Term of this Lease, the yearly installment of rent shall <br />revert to Twelve Thousand Dollars ($12,000.00), which annual <br />installment of rent shall be due and payable on the successive <br />annual anniversaries of the Commencement Date hereof. <br />(ii) In the event said Cancellation occurs <br />during the second five (5) years of the Term of this Lease, the <br />yearly installment of rent shall revert to Fourteen Thousand Four <br />Hundred Dollars ($14,400.00), which annual installment of rent <br />shall be due and payable on the successive annual anniversaries <br />of the Commencement Date hereof. <br />(iii) In the event said Cancellation occurs <br />during the third five (5) years of the Term of this Lease, the <br />yearly installment of rent shall revert to Seventeen Thousand Two <br />Hundred Eighty Dollars ($17,280.00), which annual installment of <br />rent shall be due and payable on the'"successive annual anniversa- <br />ries of the Commencement Date hereof. <br />(iv) In the event said Cancellation occurs <br />during the fourth five (5) years of the Term of this Lease, the <br />yearly installment of rent shall revert to Twenty Thousand Seven <br />Hundred Thirty-Six Dollars ($20,736.00), which annual installment <br />of rent shall be due and payable on the successive annual anni- <br />versaries of the Commencement Date hereof. <br />(v) In the event said Cancellation occurs <br />during the fifth five (5) years of the Term of this Lease, the <br />yearly installment of rent shall revert to Twenty-Four Thousand -- <br />Eight Hundred Eighty Dollars ($24,880.00), which annual install- <br />ment of rent shall be due and payable on the successive annual <br />anniversaries of the Commencement Date hereof. <br />9.
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