|
8/15/18
<br />1.2. Term. The term of this LEASE shall become effective upon its execution by both parties hereto.
<br />Recognizing the need of PROJECT to invest and reinvest in the leased facilities, and to consider long-term
<br />professional services agreements and programming for the promotion of the Theater, this Agreement shall
<br />remain in full force and effect for a period of thirty (30) years, unless earlier terminated in accordance with
<br />the provisions of this LEASE, or is extended as provided herein below.
<br />1.3. Definitions. The following terms shall have the meaning set forth.
<br />Mageure. Any unforeseeable causes beyond a Party's control and without such Party's fault or
<br />negligence, including, but not limited to, acts of God, acts of the public enemy, acts of the federal
<br />Government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, lockouts,
<br />freight embargoes, and unusually severe weather or unforeseen environmental or archaeological
<br />conditions requiring investigation/mitigation by federal, state or local laws.
<br />Irppq„ itions. Taxes and assessments against the Leased Premises or PROJECT's interest therein that
<br />accrue during and are applicable to the Term.
<br />Imlgo,yements. All buildings, structures, equipment, improvements, fixtures and related infrastructure
<br />from time to time connected, installed, or situated on the Leased Premises, including landscaping.
<br />Lease -Year. Each successive 12 -month period during the term from and including the Operational Date.
<br />Leased Premises. The Grand Theater, Improvements and Related Infrastructure, together with all other
<br />rights, privileges, easements and appurtenances benefiting, belonging to or in any way appertaining
<br />thereto, including, without limitation: (a) any and all rights, privileges, easements and appurtenances of
<br />CITY as the owner of fee simple title to the Land now or hereafter existing, (b) subsurface rights
<br />below the surface of the Land, (c) reversions which may hereafter accrue to CITY as owner of title to
<br />the land by reason of the closing of any adjacent street, sidewalk or alley or the abandonment of any
<br />rights by any governmental authority, (d) and any and all strips and gores relating to the land.
<br />Related _Infrastructure. Any motor vehicle parking areas, road, street, water or sewer facility, plaza,
<br />pedestrian circulation area or other on-site or off-site improvement that relates to and enhances the
<br />use, value, or appeal of the Theater, including, without limitation, areas adjacent to the Theater and
<br />any items reasonably necessary to reconstruct, improve, renovate or expand the Theater, excluding
<br />environmental remediation.
<br />ARTICLE 2. Impositions and Utilities
<br />2.1. Payment ofImpositions. Except as provided elsewhere in this Article, PROJECT shall pay all
<br />Impositions, if any, before the same become delinquent, and PROJECT, at the request of CITY, shall
<br />furnish to CITY receipts or copies thereof showing payment of such Impositions. PROJECT shall be
<br />entitled to pay any Impositions in installments as and to the extent the same may be permitted by the
<br />applicable taxing authority or claimant. CITY agrees to cooperate with PROJECT in seeking the
<br />delivery of all notices of Impositions to PROJECT directly from the applicable taxing authorities. CITY
<br />shall promptly deliver all notices of Impositions to PROJECT which are delivered to CITY. In no event
<br />2
<br />
|