2004-047 Ordinance - Laserfiche WebLink

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sufficiency of which are hereby acknowledged, the parties to this Lease Agreement do hereby covenant and agree as follows: SECTION l. THE LEASED PROPERTY. The City, for and in consideration of the covenants and agreements hereinafter sec forth on the part of the Tnistees to be kept and performed, does hereby demise and lease unto the Trustees, and the Trustees do hereby take and lease from the City, upon and subject to the conditions hereinafter expressed, any and all right, title and interest of the Ciry in and to (i) the Site, beinQ the real property described in Exhibit "A" attached hereto, which is made a part of this Lease A?eement, (ii) the New Buildin? constructed on the Site to house the North Olmsted Branch, (iii) any and all additions, replacements, alterations and other improvements to the Site and New Building that have been or may be made to the Site or New Building from time to time, (iv) all furniture, furnishings and equipment provided by the City pursuant to the Construction Contracts, and (v) all fixtures and improvemenu located on the Site or in the New Building, including but not limited to, all electrical, plumbing, heating, ventilating and air conditioning facilities (collectively, the Leased Property). SECTTON 2. COMMENCEMENT AND TERM. The City and the Tnistees hereby agree that notwithstanding the date of execution and delivery of this Lease Agreement, the date of commencement of the term hereof, on and after which date all ri?hts and obligations of the City and the Trustees with respect to the Leased Properiy shall be determined in accordance with the terms of this Lease Agreement, shall be the Effective Date. The term of this Lease Agreement shall be [twenty (20) years] from the Effective Date; provided that this Lease Agreement shall automatically renew thereafter for an additional [twenty (20)-year) term unless one party gives to the other party notice of termination not later than six (6) months prior to the twentieth (20th) anniversary] of the date of this Lease Agreement. After the expiration of the original (twenty (20)-year term), and durin, the renewal term, this Lease Aa eement may be terminated without cause by either party upon written notice to the other party specifying the termination date, which date shall be not less than one (1) year and not more than two (2) years later than the date of such notice. The provisions of this Section shall not affect any rights to terminate provided in Section 17. SECTION 3. CONSTRUCTION OF THE NEW FACILITY. [The City and the Trustees hereby agree that in order to successfully accomplish the objective of this Lease Agreement -- tile construction and operation of a new free public library building in the City of North Olmsted to serve all of its residents -- the City and the Trustees must cooperate. The Trustees specifically acknowledge that the City has been [and will be] required to expend time and funds to accomplish that result. In consideration thereof, the Trustees have provided assistance, and specifically agree to continue to provide cooperation as may be necessary and requested by the City, in connection with the planning for and implementation of tasks and responsibilities set forth hereunder; provided that the Trustees shall not be required to provide direct financial assistance to the City. The Trustees have made personnel available, and agree that they will continue to make personnel available at such times and in such manner as shall be necessary or desirable, to carry out the actions herein contemplated and to assist the City in the administration of contracts and the securing of all necessary permits and approvals required for the New Facility. -?-