Reso 2013-2096 - Laserfiche WebLink

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Monthly Rent of the prior Rent Adjustment Period. The following hypothetical is to be used solely for illustrative purposed: $10,000 (Base Monthly X 230.280 (CPI in January 2013/ 5th Year Index) = $10,900 (Rent on Effective Date) 211.080 (CPI in January 2008Base Index) new Base Monthly Rent "CPI", as used herein, shall mean the Consumer Price Index for All urban Customers, U.S. City Average (1982-84=100) published by the United States Department of Labor, Bureau of Labor Statistics, or such equivalent index as may hereafter be published. If the Consumer Price Index is discontinued or revised during the Lease year immediately preceding an adjustment date, such other government index or computation with which it is replaced shall be used to obtain substantially the same results as would be obtained if the Consumer Price Index had not been so discontinued or revised. For purposes of computing the percentage increase in the CPI for any applicable period, the CPI for the month nearest the commencement and expiration dates of the applicable Term shall be used. (c) Rent Commencement Date. The Rent Commencement Date shall be one hundred eighty (180) days from the date the restaurant facility is opened for business or April 1, 2014, whichever occurs first. Commencing on the Effective Date, LESSEE is obligated to use its best possible efforts to diligently pursue and obtain on the earliest possible date all necessary building permits and licenses at LESSEE's sole cost and expense to construct LESSEE's Improvements. LESSEE's performance of this Lease shall not be excused under any circumstances if the failure or inability to obtain such licenses or permits is due to the neglect or omission of LESSEE. LESSOR shall provide LESSEE with all reasonable cooperation in obtaining such building permits and licenses. (d) Late Charge. If any installment of the Base Monthly Rent, any Imposition or any other payment provided for under this Lease which is payable by LESSEE is not received by LESSOR within fifteen (15) days after notice, LESSEE shall immediately pay LESSOR the amount of Five Hundred ($500) Dollars as a late charge (the "Late Charge"). LESSOR and LESSEE agree that the Late Charge represents a fair and reasonable estimate of the costs that LESSOR will incur by reason of any such late payment by LESSEE. Acceptance of the Late Charge by LESSOR shall not constitute a waiver of LESSEE's default with respect to the overdue amount, not prevent LESSOR from exercising any other rights and remedies available to LESSOR under this Lease. (e) Interest on Overdue Amounts. The Base Monthly Rent and all other amounts due LESSOR under this Lease which are not paid when due shall bear interest at a per annum rate equal to the "Prime Rate" (or substantial equivalent) announced from time to time (as adjusted monthly) plus 10 %, from the date due until paid; provided, however, that if such rate shall exceed the lawful rate of interest which LESSOR is entitled to charge under applicable law, then the per annum rate of interest on any such overdue amounts shall be the maximum rate permitted by applicable law. (1) Net Lease. Other than the Lessor's obligations set forth in this Lease, this Lease is what is commonly called a "net lease", it being understood that LESSOR shall receive the Base 5