Res19 15814 - Laserfiche WebLink

Browse Search

(b) Options to Extend. Upon the terms and conditions described in the Addendum attached hereto, Tenant will have the right to extend the term of this Lease for up to one (1) period of Five (5) Lease Years (the "Extension Period"). Unless otherwise specifically stated herein, all provisions of this Lease will be applicable during the Term and the Extension Period, as the case may be. (c) Termination Date. The date upon which the Term or the Extension Period(s) expire is referred to hereafter as the "Termination Date." Upon such event, Tenant shall provide to Landlord an appropriate release or quitclaim, sufficient to cause the Memorandum to be deleted as a title exception affecting the Property. 4. Rent. Tenant shall pay to Landlord as rental for the use and occupancy of the YMCA Site, at the times and in the manner described herein, the following sums of money: (a) Rent. Beginning as of the Commencement Date, and continuing until the Termination Date, Tenant shall pay to Landlord a yearly rent payment in the amount of One Dollar ($1.00) ("Rent"). Tenant may prepay the Rent for the entire Term, at its option. (b) Location for Payment. All Rent and all other moneys and charges payable by Tenant to Landlord hereunder shall be paid by Tenant to Landlord in lawful money of the United States of America at Landlord's address for notices hereunder, or to such other person or at such other place as Landlord may from time to time designate by notice in writing to Tenant. S. Community Benefits/Affirmative Covenant for Financial Statements and Reporting. In addition to the payment of Rent, in an effort to maximize community participation in Tenant programs, Tenant will provide certain community benefits associated the New YMCA as more particularly set forth in Exhibit D ("Community Benefits"), which may be amended in writing from time to time as the Parties deem reasonably appropriate. During the Term, beginning on the First (1st) day of November after the Commencement Date and continuing annually thereafter during the Term and any extension thereof, Tenant shall provide an annual operating budget for the New YMCA facility and Tenant's financial statement showing the balance sheet and income and expense statement for the most recent full year of operations and year to date financial statement through September 30 of each year. Such financial statements and operating budget shall demonstrate the ability to cover 100% of the operating expenses for the New YMCA facility for the following calendar year. Landlord understands and agrees that Tenant may provide a financial statement YMCA-SV's operations. Tenant's continuing financial strength shall be an ongoing covenant of the Lease, and Tenant's failure to show same shall trigger a requirement to meet and confer with Landlord to discuss the plan to become financially self- sufficient. 6. Taxes and Assessments. (a) Tenant covenants and agrees to pay and discharge, during the entire Term, before delinquency, all taxes, assessments, water charges, sewer charges, utility rates YMCA Ground Lease -3- 82483.00016\32493585.6