Laserfiche WebLink
• • ,.,__ r,.? <br />s <br />constructed thereon for Lessee's intended purposes as set <br />forth in this lease. All of the aforesaid shall hereinafter <br />sometimes be referred to as the "demised real estate." <br />2. A. Term. To have and to hold the above demised <br />real estate with all existing improvements thereon, if any, <br />and appurtenance thereto belonging unto Lessee, for the term <br />of fourteen (14) years and ( ) months <br />, <br />commencing on the day of , 1981, <br />and expiring on the 31st day of July, 1995, unless the term <br />hereby demised shall be sooner terminated or extended as <br />hereinafter provided. <br />B. Option to Renew. The Lessee or Lessee's mortgagee <br />shall have the option to extend the term of this lease for <br />one additional term of ten (10) years, provided that Lessee <br />is not in default of any and all of the terms, covenants and <br />conditions of this lease either on the date that notice of <br />extension is given or on the commencement date of the <br />extended term, and further provided that the cable <br />television franchise for the City of North Olmsted granted <br />Lessee is renewed by the City of North Olmsted in accordance <br />with Enabling Ordinance No. 80-29 adopted by the City of <br />North Olmsted on July 1, 1980. Such option to extend shall <br />be exercised by giving written notice to the Lessor not less <br />than 30 days after Lessor determines that the franchise <br />granted Lessee shall be renewed. The extension of this <br />lease shall be upon the same terms, covenants and conditions <br />as are contained in this lease, except that the basic rental <br />shall be Twenty-two Thousand Dollars per,year, payable in <br />equal monthly installments of One Thousand Eight Hundred <br />Thirty-three and 33/100 Dollars ($1,833.33) each. During <br />the renewal term only, consistent with the reversion of <br /> <br />- 2 - <br />.