Reso 2015-2370 - Laserfiche WebLink

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and interior walls for the restaurant facility, utility connections, and roof structure. Upon completion,all interior Improvements and fixtures shall be the property of the Lessor. 2.5 Time of Payment of Lessor's Contribution. Lessor agrees to provide Lessee with Lessor's Contribution within thirty (30) days of the following conditions being satisfied: (i) issuance of Certificate of Occupancy for the restaurant facility; (ii) submittal to Lessor of releases of liens from Lessee's contractors and sub-contractors; (iii) issuance of all appropriate licenses to operate a restaurant facility in Sunny Isles Beach; and (iv) submittal of written proof to Lessor that Lessee has made Lessee's Contribution. 3. Term. The term of this Lease (the "Initial Term") shall be for a period of Twenty (20) years commencing on the Effective Date (as hereinafter defined) and shall terminate on the Effective Date in the Twentieth (20th) year, unless earlier terminated in accordance with the terms of this Lease or applicable law. As used herein, the "Effective Date" means the date on which this Lease is executed by the last of the parties hereto. Lessee shall have the right to renew or extend the Term for Two (2) additional terms of five (5) years (a "Renewal Term" and collectively with the "Initial Term", the "Lease Term"), provided that Lessee is not in default at the time of the renewal of the applicable term. If Lessee is not in default, Lessee shall have the right to extend the Lease by giving Lessor written notice of its election to extend the term of this Lease not less than one hundred fifty (150) days prior to the expiration of the Initial Term or Renewal Term. All of the terms and conditions of this Lease shall remain in full force and effect during each Renewal Term,if exercised. Each period of one year commencing on the.Effective Date shall constitute a"Lease Year". 4. Rent. 4.1 Base Rent. Lessee shall pay directly to Lessor, in lawful United States currency,a guaranteed monthly payment of Twenty Thousand and No/100 Dollars ($20,000.00) (the "Base Rent") plus all applicable sales tax. Rent is due no later than the Fifteenth (15th) day of each month. Rent shall be payable to the City of Sunny Isles Beach C/O the City's Finance Department located at 18070 Collins Avenue, Sunny Isles Beach, FL 33160. Rent shall commence upon the "Rent Commencement Date", as hereinafter defined. 4.2 Rent Commencement Date. The "Rent Commencement Date" shall be one hundred eighty (180) days from the date of issuance of a Temporary Certificate of Occupancy or a Certified of Occupancy for the Leased Premises. 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. 4.3 Percentage Rent. In addition to the payment of Base Rent, Lessee shall pay to Lessor as additional rent, the amount,if any(the"Percentage Rent"), by which (a) the product of (i) Gross Sales, as hereinafter defined, for a particular calendar quarter of a full or partial Lease Year, multiplied by (ii) eight percent (8%), exceeds (b) the Base Rent for a calendar quarter as