2026-005 Resolution - Laserfiche WebLink

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comprising the Site, (ii) the Facility, and (iii) any and all additions, replacements, alterations and other improvements to the Facility and/or the Site from time to time (collectively, the "Leased Property"). SECTION 2. COMMENCEMENT AND TERM. The City and the Trustees 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 rights and obligations of the City and the Trustees with respect to the Leased Property 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 up to eight (8) additional five (5)-year terms unless one party gives to the other party notice of termination not later than twelve (12) months prior to then -scheduled expiration date. After the expiration of the original twenty (20)-year term, and during any renewal term, this Lease Agreement may be terminated without cause or penalty 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 19. SECTION 3. RENT. For such period as the Trustees have possession of the Leased Property and during the continuance of this Lease Agreement, the rental fee to be paid by the Trustees to the City shall be the operation of a free public library under Rules and Regulations promulgated generally by the Trustees for libraries within its jurisdiction (the "Rules and Regulations"). The entire cost of such library operation, including staff payroll, purchase of library materials, payment of utilities and taxes, and other costs shall be borne by the Trustees, and the City shall not have any obligation, at law or in equity, to underwrite, absorb or in any other way pay for the operation of the Leased Property as a free public library. It is the purpose and intent of the City and the Trustees that, as between the City and the Trustees, all costs, expenses, liabilities and obligations that may arise or become due during the term hereof with respect to the interests in the Leased Property that are leased and assigned by the City to the Trustees hereunder, whether ordinary or extraordinary, foreseen or unforeseen, including any and all federal, state and local income or other taxes on or measured by the rentals paid to the City, shall be paid by the Trustees, except any costs specifically imposed upon the City hereunder. The Trustees, as tenants in possession, shall be responsible for any charge, claim, or demand arising out of the operation of the Leased Property by the Trustees. SECTION 4. USE. During the term of this Lease Agreement, the Trustees shall have the exclusive right to use the Leased Property as a free public library, except as specifically set out to the contrary in other sections of this Lease Agreement. The Leased Property shall be open to free use by residents of the City of North Olmsted and Cuyahoga County, subject to the Rules and Regulations of the Trustees, including penalty charges for late return of circulating books and other library materials,