HomeMy WebLinkAbout2691 best afforts in obtaininq such buildinq permits and mortqaqe
com~aitments. In the svent that Las~ses, although proceedinq ~
promptly, and usinq th sir best afforts, ars unable to sscura build-
inq permits or construction and psr~aanent mortqaqe financing within
one year from the date of execution hereof, they ahall hava the op-
tion to forthwith terminate this lease without furthsr obliqation
to Leasors, upon qivinq Leasors written notica of their election
to so ter~ainate, whereupon this Lease shall becoma null and vofd,
but with Lassors havinq ths riqht to retain the firat year's
rental of $5,516.00 paid hereunder.
3. Thia lease is for the full term of forty (40) yeara,
commencinq the firat day of September, 1972, and shall tes~ainate on
the firet day of Septembsr 2012. The aqgregate rental heraunder
shall be the sum of Two Hundrad Seventy Five Thouaand Dollare
($275,000.00); receipt of Five ?housand F_ive Hundred Sixteen Do2lars
(~dS,516.00) of said aqgreqate rental is hereby ackna+ledged by
I.essors ~°~r? full payment of rentals for the f irst year of the lease
' term, com~aencinq September l, 1972, and terminating September 1,
~ 1973; rentala re~nnaininq to be paid ehall be pafd in monthly install-
~ menta as shown on the schedule below, on the first day of each
I
month, coimencing September 1, 1973s
T~ 1~ip~1THI,y A~f~~~ AC ~
TBD ACCQ$
~TED
gPiY1~RT P
9-1-1972 to 9-1-1973 - $5,516 $5,516 1
9-1-1973 to 9-1-1977 $458 5,496 27,500 5
9-1-1977 to 9-1-1982 491 5,892 56,960 10
~ 9-1-1982 to 9-1-1987 524 6,288 88,400 15
~
~ 9-1-1987 to 9-1-I992 557 6,684 I21,820 20
9-1-1992 to 9-1-1997 589 7,068 157,160 25
9-1-1997 to 9-1-2002 622 7,464 194,480 30
9-1-2002 to 9-1-2007 655 7,860 233,780 35
9-1-2007 to 9-1-2012 687 8,244 275,000 40
-2- aooK~~ Pac~~~
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