Reso 2013-2096 - Laserfiche WebLink

Home Browse Search

(b) LESSOR has constructed the foundation, building shell and roof of the restaurant facility and bait shop and delivered the restaurant facility and bait shop to LESSEE for finish out, such finish out to be solely at LESSEE's cost. SECTION 3. TERM OF LEASE AGREEMENT (a) Term. The term ("Initial Term") of the Lease shall be for a period of Twenty (20) years beginning on the Effective Date and shall terminate on the same date as the Effective Date in the Twentieth(20th) year unless sooner terminated or extended as provided in this Lease. (b) Renewal Terms. The LESSEE shall have the option to renew this Lease for three (3) additional Twenty (20) year periods and an additional Ten (10) year term, provided that LESSEE is not in default at the time of renewal of the terms. If LESSEE is not in default, LESSEE shall have the option to extend by giving LESSOR written notice of its election to extend the term of this Lease not less than ninety (90) days prior to expiration of the Initial Term or the then running Renewal Term. If the LESSEE fails after notice, to timely exercise a renewal in the period or in the manner provided in this Lease, such renewal shall be deemed to have lapsed and terminated, and shall be of no further force or effect without any action or notice required on the part of the LESSEE. All of the terms and conditions of this Lease, other than the amount of Rent, as discussed below, shall remain in full force and effect during each Renewal Term. SECTION 4. RENT (a) Base Monthly Rent. For the right to lease the Premises, the LESSEE shall pay to the LESSOR a guaranteed monthly payment of Ten Thousand Dollars ($10,000.00). (the "Base Monthly Rent"). Base Monthly Rent shall be subject to annual increases in the Consumer Price Index ("CPI") on the first day of the month of every fifth (5th) year anniversary of the Lease Term and such revised amount shall be referred to herein as the Base Monthly Rent. Rent is due no later than the Fifteenth (15th) day of each month. Rent shall be made payable to the City of Sunny Isles Beach CIO the City's Finance Department located at 18070 Collins Avenue, Sunny Isles Beach, FL 33160. Rent shall commence upon the Rent Commencement Date as discussed below. If outdoor dining is permitted on the Premises or the Pier, the parties shall negotiate an additional rent for the use of the outdoor dining areas. (b) CPI Increases. Commencing with the Base Monthly Rent due for the first month of the fifth (5th) year anniversary of the Initial Term, and continuing every 5th anniversary thereof for the Term of the Lease (a "Rent Adjustment Period"), the Base Monthly Rent shall increase and shall be determined as follows: the Base Monthly Rent payable for the first month of the Initial Term shall be multiplied by a fraction, the numerator of which shall be the CPI, as defined below, for the month of the Initial Rent Adjustment Period (and continuing thereafter for every Rent Adjustment Period, as the case may be), and the denominator of which shall be the CPI for the Month of the Rent Commencement Date (and the CPI for the first month of the prior Rent Adjustment Period, as the case may be. The sum so calculated shall constitute the new monthly Base Monthly Rent until the following Rent Adjustment Period, but in no event shall such new monthly Base Monthly Rent be less than the Base Monthly Rent for the prior Rent Adjustment Period or represent an increase of more than fifteen percent (15%) from the Base 4