Laserfiche WebLink
area for similar facilities, or at such other rate that shall be mutually agreed upon. In determining <br />the annual rate increase, if any, LESSEE shall, by or before sixty (60) days before the <br />anniversary date, provide written notice to LESSOR of the amount of the CPI increase (including <br />appropriate documentation thereof) and LESSEE's calculation of the new monthly rental based <br />on said increase. If LESSOR does not object to LESSEE's calculation of the rate adjustment as <br />provided herein, the rate adjustment provided by LESSEE shall be deemed approved. However, <br />if LESSOR disagrees with LESSEE's determination of said adjustment, LESSOR shall, within <br />thirty (30) days of receiving LESSEE's calculations, recalculate the rate increase appropriately <br />and notify LESSEE in writing, of the appropriate adjusted monthly rental rate. In any event, <br />LESSEE shall pay the adjusted monthly rate effective on the anniversary date. If, for any reason, <br />the CPI adjustment would result in a decrease in the monthly rental due, the previous year's <br />rental shall remain in effect. In no event shall the monthly rental rate be decreased. <br />3. LESSEE shall pay to LESSOR at the City Hall in the City of Paris, the agreed rental in <br />advance, promptly and without neglect, default, or delay. Should LESSEE fail to make payments <br />in a timely manner, a late penalty of 10% shall be assessed beginning on the tenth calendar day <br />after the due date. Should payments remain past due for more than thirty (30) days, Lease is in <br />default and may be terminated, as provided herein below. <br />4. The term of this lease shall be seven (7) years. This lease may be extended by LESSEE for <br />an additional three (3) year period, provided all requirements of this Lease have been met; <br />LESSEE owes no taxes, fees, or penalties to the City of Paris; and LESSEE makes known its <br />desire to extend the lease no later than six months before expiration of the Lease. <br />MAINTENANCE & USE <br />5. LESSEE shall, at its own cost and expense at all times during the term of Lease: 1) Keep <br />and maintain property and facilities in good condition and repair, and make good to LESSOR <br />any and all injuries and damages to the same caused by LESSEE or those under him and will <br />deliver same to LESSOR at the expiration or termination of this Lease in as good condition as <br />when rented, usual wear and tear alone excepted; 2) Comply with all fire, building, and property <br />maintenance codes and zoning regulations now in force, or that may be hereafter enacted with <br />regard to the use of the airport premises; 3) Maintain roofs and walls free from leaks and <br />damage, painting as necessary to prevent and retard rusting and to enhance appearance as the <br />original finishes deteriorate; and 4) Maintain property clear of clutter, junk, weeds and high <br />grass. <br />6. LESSEE will, upon the expiration of this Lease, peaceably yield up to LESSOR all and <br />singular the premises and all future erections, additions, or repairs to or upon same, if any, in <br />3 <br />