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2005-074-RES GROUND LEASE WITH OPTION TO CONSTRUCT IMPROVEMENTS KNOX AERIAL SPRAYING
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2005-074-RES GROUND LEASE WITH OPTION TO CONSTRUCT IMPROVEMENTS KNOX AERIAL SPRAYING
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Last modified
8/18/2006 4:26:58 PM
Creation date
6/30/2005 9:35:15 AM
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CITY CLERK
Doc Name
2005
Doc Type
Resolution
CITY CLERK - Date
6/27/2005
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<br />itself that the leased premises may be used as LESSEE intends by independently investigating all <br /> <br />matters related to the use of the leased premises, LESSEE agrees that it is not relying on any <br /> <br />warranty or representation made by LESSOR concerning the use of the leased premises. <br /> <br />LESSOR shall deliver possession of the leased premises to LESSEE as of the effective date <br />hereof. <br /> <br />LESSEE shall be responsible for maintenance and insurance of the leased premises upon <br /> <br />delivery of possession to LESSEE. <br /> <br /> <br />The term of this Lease is for five (5) years, beginning on the 1st day of July, 2005, and ending <br /> <br /> <br />on the 30th day of June, 2020, In the event LESSEE, during the term of this Lease, desires to <br /> <br /> <br />construct a hangar in accordance with the provisions hereof, the term of this lease shall, from the <br /> <br /> <br />date of the commencement of construction of the hangar, be extended to a term of fifteen (15) years. <br /> <br /> <br />The rent established herein shall be subject to increase every five (5) years, in July of each <br /> <br /> <br />sixth year, in the percentage amount of increase in the Consumer Price Index for All Urban <br /> <br /> <br />Consumers (CPI-U United States City Average [1982-84=100%]) above the rate for January 2000, <br /> <br /> <br />which shall be determined to equal 168,7. <br /> <br /> <br />In determining the rate increase, the LESSOR shall, by or before March I of each fifth year, <br /> <br /> <br />or as soon thereafter as reasonably possible, provide written notice to the LESSEE of the amount of <br /> <br /> <br />the cpr increase (including appropriate documentation thereof) and the LESSOR's calculation of <br /> <br /> <br />the new montWy rental based on said increase. Beginning with the montWy payment due the first <br /> <br /> <br />of the month following receipt of LESSOR's notice, LESSEE shall pay the adjusted monthly rate <br /> <br /> <br />as determined herein. If, for any reason, the CPI adjustment would result in a decrease in the <br /> <br /> <br />monthly rental due, the previous rental shall remain in effect. In no event shall the monthly rental <br /> <br />rate be decreased. <br /> <br />Ground Lease A2reement - page 2 <br />
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