Laserfiche WebLink
<br />"The term of this lease is for forty-five (45) years, beginning on the 1st day <br /> <br /> <br />of August, 1983, and ending on the 31st day of July, 2027. <br /> <br /> <br />"It is further agreed to by LESSOR and LESSEE that LESSEE shall have <br /> <br /> <br />an option to renew such Lease for a period of TEN (10) years, the rental for the <br /> <br /> <br />renewal to be based on either $.06 per square foot or the fair market value at the <br /> <br /> <br />time of the exercising of such option, whichever is greater, payable to the City of <br /> <br /> <br />Paris, a municipal corporation, as follows: The amount determined at the time of <br /> <br /> <br />the exercising of the option is payable on or before the 1 st day of August, 2027, <br /> <br /> <br />with a like payment on or before the 1st day of each month thereafter during the <br /> <br /> <br />remainder of the term of the option, which ends July 31,2037. The granting of <br /> <br /> <br />said option is subject to the requirements set forth in paragraph 16." <br /> <br /> <br />2. By adding paragraph 16 to read as follows: <br /> <br /> <br />"16. In the event LESSEE shall keep each and every agreement contained herein and do <br /> <br /> <br />and perform all the obligations required of him hereunder during the primary term of this <br /> <br /> <br />Lease, an option is hereby given and granted to LESSEE to renew and extend this Lease <br /> <br />for a period ofTEN (10) years from and after the expiration hereof, which option may be <br /> <br />exercised by LESSEE giving notice, in writing, of his intention to renew said Lease ninety <br /> <br />(90) days prior to the expiration of the primary term hereof, and shall be under such terms <br />as previously provided." <br /> <br />-2- <br />