Approving a Lease for the St Joseph/Wayne Parking Facility

Home Browse Search

• Section 5. Abatement of Rent. In the event the Garage to be erected on the premises shall be damaged or destroyed so as to render the same unfit for use as a parking garage facility, it shall then be the obligation of the Authority to restore and rebuild the Facility as promptly as may be done, unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an independent registered architect, registered engineer, construction manager or contractor selected by the Lessee and acceptable to the Trustee, (i) the cost of such restoration or rebuilding does not exceed the amount of the proceeds received by the Authority from the insurance provided for in Section 9 hereof plus other moneys available therefor and (ii) such restoration or rebuilding can be completed within the period of time covered by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. If there is in force on the date of such damage or destruction insurance on the Facility and the rental value thereof, in accordance with the provisions of Section 9 hereof, the rental shall be abated for the period during which the Facility is unfit for use as a parking garage facility. If the rental value insurance required by the provisions of Section 9 is not in force on the date of such damage or destruction, rent shall not be abated. Section 6. Net Lease. It is expressly understood and agreed that this Lease shall be what is known as a net lease (i.e. , the rent being absolutely net to the Authority and that all other expenses in connection with the Facility of any nature whatsoever shall be those of the Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses without reimbursement from the Authority all costs of taxes and assessments, if any, and maintenance and use in connection with or relating to the Facility, including but not limited to, all costs and expenses of decoration, maintenance, utility, janitorial and all other services, repair or replacement of all parts of the Facility or improvements of the Facility. Section 7. Nonliability of Authority. The Authority shall not be liable for damage caused by hidden defects or failure to keep the premises in repair and shall not be liable for any • damage done or occasioned by or from plumbing, gas, water, boilers, steam or other pipes or sewage or the bursting or leaking of plumbing or heating fixtures or waste or soil pipe in connection with said premises, nor for damage occasioned by water, snow or ice being upon sidewalks or coming through the roof, skylight, trapdoor or otherwise. The Authority shall not be liable for any injury to the Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the Facility howsoever arising. The Authority shall not be -4-