Reso 2010-1658 - Laserfiche WebLink

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(10) days after such notice has been given, each party shall designate a third arbitrator. All arbitrators on said panel shall be technically competent in fields relevant to the dispute, and the panel shall conduct its deliberations in accordance with procedures and standards established by the American Arbitration Association. The Landlord and the Tenant shall divide equally all expenses of arbitration. Section 15. Tenant's Overall Responsibilities. With respect to construction of the Improvements or Major Alterations, the Tenant shall be responsible for the following activities (as the same may be reasonably required): (i) Obtaining adequate financing; (ii) Except as otherwise determined by the Landlord in accordance with its authority under applicable laws and this Lease, obtaining required governmental approvals, permits, certificates, rulings and other actions necessary for the Improvements; (iii) Ascertaining that the Landlord's continued fee simple title to the Land is satisfactory to the Tenant and any mortgagee; (iv) Obtaining necessary contracts with the Architect and Contractor and all other necessary agreements for the construction and operation of the Improvements; (v) Marketing and leasing the Aquatic Entertainment Center to prospective users of the facilities.. The purpose of this Section is to facilitate the implementation of cooperative efforts between the Landlord and the Tenant and, except for the cooperation obligation set forth in this Lease, nothing in this Lease shall be deemed to impose upon the Tenant any separate obligations beyond those created by the other provisions of this Lease. Section 16. Cooperation. Each party hereby pledges to provide the other party with such information and other support and cooperation as may be reasonably required by the other party (i) to carry out the responsibilities set forth in this Lease hereof, (ii) to keep the other party fully informed of its activities pursuant to Article VI, and (iii) to take such other steps as may reasonably be required for the accomplishment of the Improvements. Section 17. Tenant's Financial Commitment. Tenant agrees to expend at least Fifty Million and Noll 00 Dollars ($50,000,000.00) for the Aquatic Entertainment Complex, as described in Exhibit "C". 15 U:\City Attorney\HANS\20 I 0 Documellts\4m Investors\GROUND LEASE WORKING DRAFT I I.l6.1 O.doc