06-B Knox Ground Lease - Laserfiche WebLink

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.. itself that the leased premises may be used as LESSEE intends by independently investigating all matters related to the use of the leased premises. LESSEE agrees that it is not relying on any warranty or representation made by LESSOR concerning the use of the leased premises. LESSOR shall deliver possession of the leased premises to LESSEE as of the effective date hereof. LESSEE shall be responsible for maintenance and insurance of the leased premises upon delivery of possession to LESSEE. The term of this Lease is for five (5) years, beginning on the 1 st day of July, 2005, and ending on the 30th day of June, 2020. In the event LESSEE, during the term of this Lease, desires to construct a hangar in accordance with the provisions hereof, the term of this lease shall, from the date of the commencement of construction of the hangar, be extended to a term of fifteen (15) years. The rent established herein shall be subject to increase every five (5) years, in July of each sixth year, in the percentage amount of increase in the Consumer Price Index for All Urban Consumers (CPI-U United States City Average [1982-84=100%]) above the rate for January 2000, which shall be determined to equal 168.7. In determining the rate increase, the LESSOR shall, by or before March 1 of each fifth year, or as soon thereafter as reasonably possible, provide written notice to the LESSEE of the amount of the CPI increase (including appropriate documentation thereof) and the LESSOR's calculation of the new monthly rental based on said increase. Beginning with the monthly payment due the first of the month following receipt of LESSOR's notice, LESSEE shall pay the adjusted monthly rate as determined herein. If, for any reason, the CPI adjustment would result in a decrease in the monthly rental due, the previous rental shall remain in effect. In no event shall the monthly rental rate be decreased. Ground Lease Åe:reement - page 2