Reso 2011-1735 - Laserfiche WebLink

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Section 2. Early Termination. This Lease can be terminated without financial costs to either the Landlord or Tenant by providing thirty (30) days notice to either party if Tenant is not able to hire an "Acceptable Vendor" as defined in Article VIII to operate the retail restaurant facilities as described in Exhibit "C", and/or if Tenant fails to obtain the appropriate funding on its construction financing for the construction of the retail restaurant facilities. Tenant shall have retained an Acceptable Vendor and obtain financing for the retail restaurant space within six (6) months from the date of approval of this Lease by the City Commission. Section 3. Access to Premises. Subject to Tenant performing its obligations under this Lease, including payment of Rent hereunder, Landlord grants Tenant the non-exclusive right of reasonable ingress to egress from the Premises over Landlord's Property for itself and its officers, employees, agents, subtenants, invitees, vendors, and contractors. Tenant's right of access is subject to rules and regulations adopted by the City or other Governmental Authority. Tenant shall not interfere with or impair the use of the park and parking garage by the general public. Any other use by Tenant of Landlord's Property must be approved by the Landlord in writing. Section 4. Use of Premises. Tenant, at Tenant's sole expense, is authorized to develop, finance, construct, manage, maintain and operate retail restaurants and associated amenities on leased premises. Tenant may not use the Premises for any other purpose without prior written consent of the Landlord, which Landlord may grant or withhold in its sole and absolute discretion. ARTICLE II Rent Section 1. Rent. Commencing one year from date of execution of any subleases with any Acceptable Vendor, the Tenant covenants with respect to the Premises to pay Landlord an annual rental each "Lease Year" (as hereinafter defined), over and above the other additional payments to be made by Tenant as hereinafter provided, in an amount equal to thirty percent (30%) of annual Gross Rent ("Rent") derives from the subleases entered between Tenant and Acceptable V endors. Rent payment shall be made to Landlord thirty (30) days after the end of each respective Lease Year. Tenant shall make rent payment during the Term hereof to Landlord, Attn: Finance Director, at 18070 Collins Avenue, Sunny Isles Beach, FI 33160 or at such other place as Landlord may from time to time direct by written notice to Tenant. For purposes of this section, Lease Year means twelve (12) consecutive months. The first Lease Year shall begin on date of execution of sublease or lease. Each succeeding Lease Year shall commence upon the anniversary date of the first Lease Year. Notwithstanding the foregoing, no Rent is due to Landlord if the premises are not leased to Acceptable Vendors. For purposes of this section, Gross Rent shall mean the amount of contract rent paid by Acceptable Vendors to Tenant, inclusive of any interior or exterior space and comparable to the market rate of rents charged in northeast Miami-Dade County. 3