70-093 Ordinance - Laserfiche WebLink

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~:, ,, ~~ t _3_ Section 2. Rental. For the use and enjoyment of the Premises and the Project in accordance with the provisions of this Lease, the City agrees to pay to CRC as rental for the Premises and the Project the follow- ing rentals at the following times: $8,375 payable quarterly beginning on the first day of the second month following the delivery of possession of the Project to the City by CRC and continuing quarterly thereafter on the first day of the month of each such quarterly period until forty quarterly payments have been made. It is the finding and determination of the City, as set forth in Section 2 of Ordinance No. referred to in the preambles hereto, that the aforesaid quarterly rental payments, together with such additional payments as rentals as hereinafter in this section pro- vided for, represent and constitute fair and reasonable compensation and rental for the use, occupancy and enjoyment of the Project to be paid by the City to CRC as a current operating expense on a quarterly basis as afore- said during the term of this Lease. In addition to the foregoing sums, and as a part of the rental hereunder, the City agrees to pay an amount equivalent to any a,nd all ad valorem taxes and special assessments and other similar impositions levied or assessed or imposed by any taxing authority against the Premises or the Project or the interests of CRC therein. Payment of such amounts shall be made by the City to CRC within ten days of presentation by CRC to the City of the bills for such taxes, assessments or other impositions or upon the furnishing of proof satisfactory to the City that such taxes, assessments or other impositions are due and owing. In the event the City should fail to make any of the payments required in this Section, the item or installment so in default shall continue as an obligation of the City until. the amount in default shall have been paid, and the City agrees to pay the sums with interest thereon at the rate of eight per centum (8~~0) per annum until paid.