Reso 2013-2162 - Laserfiche WebLink

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provide the $40,000.00 contribution as a rent credit. 2. Maintain the insurance required under the Prime Lease. 3. Responsible for cleaning, repair and maintenance of the Pier exclusive of the restaurant Building, as well as structural components of the Pier and restaurant Building, 4. Provide separate water and electric meters for the Building. 5. Comply with the requirements of the Americans with Disabilities Act ( "ADA ") of 1990, and related state and local laws. 6. Responsible for maintaining existing Turtle Light. 7. Provide directional signage to the restaurant on Collins Avenue. General obligations of the Parties: 1. The initial term of the sublease shall be a ten (10) year term. Quarterdeck shall have the right to renew this initial term for four (4) additional terms of five (5) years. 2. Quarterdeck shall pay directly to City base monthly rent of Fifteen Thousand Dollars ($15,000.00) plus all applicable sales tax. The base rent shall be subject to increase in the consumer price index ( "CPI ") as defined in the Prime Lease. 3. In addition to base monthly rent, Quarterdeck shall pay to American Federated for each year of the sublease term, as percentage rent, an amount equal to the amount by which ten percent (10 %) times all gross sales, resulting from business conducted by Quarterdeck in the Prime Lease Premises for each month exceeds the base rent, plus applicable sales tax. 4. American Federated and the City shall have the right to examine Quarterdeck's and all concessionaires' accounting and sales records in order to verify the amount of gross sales in the Sublease Premises, 5. Quarterdeck shall be entitled to use five (5) dedicated parking spaces in the public parking area at Gateway Park, i.e. 151 Sunny Isles Blvd. or the public parking area adjacent to the Walgreens store located at 175 th Street and Collins Avenue or any public parking area selected by the City. The customers of Quarterdeck may use the twenty nine (29) public parking spaces located at Pier Park in the same manner as the general public. 6. Quarterdeck agrees to be bound by all duties and obligations of American Federated under the Prime Lease, which is incorporated and made part of the sublease. However, notwithstanding anything contained in the sublease, the Agenda Item No. IOR Date 10/17/2013 267