02-09-11 Council Agenda - Laserfiche WebLink

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Law Department Approved 08 -36053 TERM 6. This License shall commence on the Effective Date and shall continue for a period of twenty -five (25) years, subject to prior termination as hereinafter described. COMPENSATION 7. (a) Licensee shall pay Licensor, prior to the Effective Date, the sum of Seven Thousand and No /100 Dollars ($7,000) as compensation for the use of the Premises. (b) Licensee agrees to reimburse Minnesota Commercial Railway the sum of Six Thousand Eighty Six and 92/100 Dollars ($6,086.92) (within thirty (30) days after receipt of bills therefor) for all costs and expenses incurred by Licensor in connection with Licensee's use of the Premises, or the presence, construction or maintenance of the Walkway including but not limited to the furnishing of Licensor's Flagman and any vehicle rental costs incurred. The cost of flagger services provided by the Railway, when deemed necessary by the Railway's representative, will be borne by the Licensee. The estimated cost for one (1) flagger is $800.00 for an eight (8) hour basic day with time and one -half or double time for overtime, rest days and holidays. The estimated cost for each flagger includes vacation allowance, paid holidays, Railway and unemployment insurance, public liability and property damage insurance, health and welfare benefits, transportation, meals, lodging and supervision. Negotiations for Railway labor or collective bargaining agreements and rate changes authorized by appropriate Federal authorities may increase actual or estimated flagging rates. The flagging rate in effect at the time of performance by the Contractor hereunder will be used to calculate the actual costs of flagging pursuant to this paragraph. (0) All invoices are due thirty (30) days after the date of invoice. In the event that Licensee shall fail to pay any monies due to Licensor within thirty (30) days after the invoice date, then Licensee shall pay interest on such unpaid sum from thirty (30) days after its invoice date to the date of payment by Licensee at an annual rate equal to (1) the greater of (a) for the period January 1 through June 30, the prime rate last published in The Wall Street Journal in the preceding December plus two and one -half percent (2 1/2 and for the period July 1 through December 31, the prime rate last published in The Wall Street Journal in the preceding June plus two and one -half percent (2 1/2 or (b) twelve percent (12 or (ii) the maximum rate permitted by law, whichever is less. COMPLIANCE WITH LAWS 8. (a) Licensee shall observe and comply with any and all laws, statutes, regulations, ordinances, orders, covenants, restrictions, or decisions of any court of competent jurisdiction "Legal Requirements relating to the use of the Premises or the presence, construction or maintenance of the Walkway [or the Path]. 4 Form 419; Rev. 04/26/05