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6C(5)
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04-24-14 Redevelopment Commission Meeting
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6C(5)
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AGREEMENT <br /> NOW THEREFORE, in consideration of the foregoing, the mutual covenants and <br /> agreements set forth in this Lease and other good and valuable consideration, the receipt and <br /> sufficiency of which are hereby acknowledged, Lessor and Lessee agree as follows: <br /> 1. Lease of Equipment. Subject to the terms and conditions of this Lease, Lessor <br /> agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the equipment described on the <br /> attached Schedule A (collectively, the "Equipment"). As used in this Lease, the term <br /> "Equipment" refers to all items and/or units of Equipment collectively and to each item or unit <br /> of Equipment individually, as the context requires, and includes any and all Additions (as <br /> defined below) and any amendments, modifications and additions to Schedule A to which the <br /> parties may agree from time to time. <br /> 2. Term. The term of this Lease (the "Initial Term") shall commence on <br /> November 22, 2012 (the "Commencement Date"). The Initial Term shall end on the date that is <br /> seven (7) years after the Commencement Date. The parties may, but are not obligated to, renew <br /> this Lease beyond the Initial Term (each a "Renewal Term"). Any such renewal shall be <br /> evidenced in a writing signed by both parties at least one hundred eighty (180) days before the <br /> expiration of the Initial Term. The Initial Term together with any Renewal Term(s) shall <br /> hereinafter be referred to as the "Term". <br /> 3. Inspection and Acceptance. Lessee shall have a period of seven (7) calendar <br /> days from the date of delivery of the Equipment (the "Inspection Period") to (i) inspect the <br /> Equipment to ensure it is in good condition and repair and (ii)notify Lessor, in writing, that the <br /> Equipment is not in good condition and repair, in which case Lessor shall have a period of <br /> twenty-one (21) days from the date of such notice to cure the same or otherwise provide (or <br /> cause the manufacturer to provide) Lessee with Equipment that is in good condition and repair. <br /> If Lessee does not notify Lessor in writing during the Inspection Period that any of the <br /> Equipment is not in good condition and repair,then Lessee shall be deemed to have inspected,be <br /> satisfied with and accepted the Equipment in such good condition and repair. <br /> 4. Rental Payments and Other Lease Charges. <br /> (a) Rental Payments. Lessee agrees to pay to Lessor, during the Initial <br /> Term, as rent for the Equipment, the total sum of Seven Dollars ($7), payable on <br /> the Commencement Date (the "Rental Payment"). The Rental Payment and any <br /> other amounts due under this Lease by Lessee to Lessor shall be paid without <br /> relief from valuation and appraisement laws. <br /> (b) Late Payments. If the Rental Payment or any other amount owed <br /> under this Lease is not paid to and received by Lessor within three (3) business <br /> days after the date such payment is due, then in addition to all amounts payable by <br /> Lessee as a result of Lessor's exercise of any remedies provides in this Lease, <br /> Lessee shall immediately pay to Lessor a late payment charge equal to the greater <br /> of one and one-half percent (1.5%) of all outstanding amounts due or the <br /> maximum amount allowed by applicable law ("Late Payment Charge"). The <br /> -2 - <br />
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