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AgdaPkt 2011-07-11
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AgdaPkt 2011-07-11
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Last modified
7/11/2011 9:40:02 AM
Creation date
7/11/2011 9:34:40 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Redevelopment Agency
Date
7/11/2011
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Att6.3.B. - Page 17 <br />event of any discrepancy between such survey and the description of the boundary of the Leased Premises <br />contained herein. <br />2. PERM The term of this Lease (the " Initial Term ") shall be five (5) years <br />commencing as of the date that this Lease is approved by Lessor (the "Commencement Date ") and <br />terminating on the fifth anniversary of the Commencement Date, unless earlier terminated as provided in <br />this Lease. By written notice given to Lessor no later than sixty (60) days prior to the expiration of each <br />term, Lessee shall have the option to renew this Lease for two successive optional extension tams of five <br />(5) years each (separately referred to as the "Extended Terms" and collectively referred to as the <br />"Extended Terms "), with the understanding that all terms, conditions and requirements of this Lease shall <br />continue in effect during the Extended Terms (except the number of remaining Extended Terms and the <br />amount of annual rent). Unless otherwise expressly provided, as used in this Lease, the word "Term" <br />shall mean the initial Tenn and the Extended Terms. <br />3. RENTAL. <br />(a) Lessee shall pay to the Lessor as annual tent during the Term and the Extended <br />Tams for the Leased Premises without deduction, offset, prior notice or demand, in lawful money of the <br />United States, the sum of Nineteen Thousand Nine Hundred Ninety Nine Dollars and 92/100 <br />($19,999.92.00), which shall be due and payable in monthly installments of One Thousand <br />Six Hundred Sixty Six Dollars and 66/100 ($1,666.66) each on the first day of each month in advance <br />beginning on the Commencement Date. In the event that this Lease is terminated prior to the expiration of <br />any Term or Extended Term herein, Lessee shall be reimbursed for any prepaid rent, less any amount due <br />to Lessor by Lessee. <br />(b) Annual rent_ahall be subject to adjustment at the commencement of each <br />Extended Term (separately referred to as the "Adjustment Date" and collectively referred to as "Adjustment <br />Dates ") as follows: The basis for computing the adjustment, as to each respective Extended Term, is the <br />Consumer price Index published by the United States Department of Labor; specifically the Consumer <br />Price Index U.S. City Average For All Urban Consumers All Items 1982 -1984 -100 for the San <br />Francisco - Oakland - San Jose - CMSA, published by the United States Department of Labor, Bureau of <br />Labor Statistics (the "Index "). The difference between the Index that is in effect on the date of the <br />commencement of the immediately preceding Initial Term or Extended Term, as the case may be (the <br />"Beginning Index') and the Index published most immediately preceding the Adjustment Date in question . <br />(the "Extension index ") is to be used in determining the amount of the adjustment. As to each respective <br />Extended Term, if the Extension Index has increased over the Beginning Index, the minimum monthly <br />rental for the following Extended Term shall be set by multiplying the rental in effect during the month <br />preceding the Adjustment Date by a fraction, the numerator of which is the Extension Index and the <br />2. <br />
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