08-27-2003 Council Agenda - Laserfiche WebLink

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next following month. In the event the Community is no longer operated as a manufactured home community for a period of one (1) year or longer, this Lease shall automatically terminate and the deed referenced in Section 17 below will automatically be released from escrow and recorded and Landlord shall have no further rights hereunder or to the Property. 4. Rent. From the Commencement Date and thereafter, through the expiration date of this Lease, the yearly rent, which has been paid in full for the entire term of this Lease simultaneously upon execution hereof and Landlord hereby acknowledges receipt of same, shall be One and 00 /100 ($1.00) Dollar per year. In the event Tenant fails to comply with the use and occupancy of the storm shelter and the maintenance thereof, Landlord shall be entitled to receive a yearly rental amount equaling Fifteen Thousand and 00 /100 ($15,000.00) Dollars after providing Tenant with thirty (30) days prior written notice to Tenant of any such failure and provided Tenant does not cure any such failure within said thirty (30) days, unless the failure is not of the sort which could typically be repaired within thirty (30) days. In such event, provided Tenant continues to pursue such repair, Landlord shall not be entitled to seek any increase in the rental amount. 5. Tenant's Rights. During the term of this Lease, and except as otherwise provided herein, Tenant shall have all rights associated with the ownership of real property, as if Tenant held title to the Property in fee. The only limitation on such rights shall be as set forth in this Agreement, including limitations on use and transfers. 6. Landlord's Rights. Except as specifically provided herein, Landlord shall have none of the rights typically associated with ownership of real property, including any right of possession or self -help. 7. Insurance. Tenant shall keep and maintain insurance on the Property either as part of the insurance policy in effect for the Community or under a separate policy. Tenant shall include Landlord as an additional insured on the policy covering the Property. The policy shall be for amounts as required under the terms of the Mortgage encumbering the Community. Tenant shall provide a copy of the relevant certificate of insurance to the Landlord. If Landlord desires coverage in amounts above requirements contained in the Mortgage, Landlord shall purchase such policy and shall be solely responsible for any premium or cost associated therewith. In the event Landlord does obtain additional coverage, any such policy shall name Tenant as an additional insured and Landlord shall provide Tenant with a copy of the certificate of insurance. 8. Real Estate Taxes. Tenant shall be responsible for payment of real.property taxes and assessments against the Property. 9. Utilities. Tenant shall be responsible for all charges for any utilities used upon or furn ished to the Property, including, without limitation, electrical services. 10. Right to Mortgage or Encumber. The Landlord shall not encumber, with a mortgage or otherwise, the Property and shall not enter into any easement agreements affecting the Property nor shall Landlord enter into any agreement, assignment or execute any document purporting to create an interest or encumbrance on the Property. 11. Tenant Indemnifies Landlord. Tenant hereby indemnifies and holds Landlord harmless from and against any and all claims, demands, liabilities and expenses, including reasonable attorneys fees, arising from Tenant's use of the Property or from any act permitted, or any omission -2- (NSE Storm Shelter Lease_v I .DOC from Mathie (78342).DOC](08/22/03/13LM1