12-15-2014 Council Agenda - Laserfiche WebLink

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3. TERM; RENTAL. A. This Agreement shall be effective as of the date of execution by both Parties, provided, however, the initial terns shall be for five (5) years and shall commence on the Commencement Date (as hereinafter defined) at which time rental payments shall commence and be due at a total annual rental of Fifteen Thousand and No/100 Dollars ($15,000.00) to be paid in equal monthly installments on the first day of the month, in advance, to the City of Little Canada or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 22 below. The Agreement shall commence based upon the date LESSEE commences installation of the equipment on the Premises or September 1, 2015, whichever occurs earliest. In the event the date of commencing installation of equipment is determinative and such date falls between the Ist and 15th of the month, the Agreement shall commence on the ls` of that month and if such date falls between the 1611) and 31st of the month, then the Agreement shall commence on the lst day of the following month (either of the foregoing or September I, 2015, if applicable, being the "Commencement Date"). LESSOR and LESSEE agree that they shall acknowledge in writing the Commencement Date in the event the Commencement Date is based upon the date LESSEE commences installation of the equipment on the Premises. In the event the Commencement Date is the fixed date set forth above, there shall be no written acknowledgement required. LESSOR and LESSEE acknowledge and agree that initial rental payment(s) shall not actually be sent by LESSEE until thirty (30) days after the Commencement Date or after a written acknowledgement confirming the Commencement Date, if such an acknowledgement is required. 13y way of illustration of the preceding sentence, if the Commencement Date is January I and no written acknowledgement confirming the Commencement Date is required, LESSEE shall send to the LESSOR the rental payments for January 1 and February I by February 1, and if the Commencement Date is January 1 and a required written acknowledgement confirming the Commencement Date is dated January 14, LESSEE shall send to the LESSOR the rental payments for January 1 and February 1 by February 13. 13. Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, LESSOR agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. C. LESSOR agrees to provide to LESSEE certain documentation (the "Rental Documentation")(i) a complete and fully executed Internal Revenue Service Form W-9, or equivalent, in a form acceptable to LESSEE, for any party to whom rental payments are to be made pursuant to this Agreetnent; and (ii) other reasonable documentation requested by LESSEE. D. Within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE Rental Documentation in the manner set forth in the preceding paragraph. From time to time during the Term of this Agreement and within thirty (30) days of a written request from LESSEE, any assignee(s) or transferee(s) of LESSOR agrees to provide MINC Craig's List Land Lease Agrcemcnt260477GvI 2 3