HomeMy WebLinkAbout0063 i~suffic~er.t to pay in full the amount found to k~e ~~~e, the
Lessor shall have the right to re~:iire the Lessee to deposit
suct~ additxonal sums as the L~ssar may reasonably request
and upan failure of th~ Lessee to do ~o within thirty (30~
days of demand therefore the amount theretofore deposi~e~
witn i:he I:essor may be appli~d to th~.~ payment, r~moval ard
discharge ot any than pend~ng and contested tax or ass~~~ment,
and any delinquency shal? b~ treated as unpaid r`nt. The
Lessor, at the Lessee's soZe expense, shall join in any such
proceedings-if any law ~hal~ so require.
d. The Lessee may, if it shall sc~ desire, endeavor at
any time to contest the valiciity of any assessment, or ±o
obtain ~ lowering of the assessed valuation upon the Demised
Premises for the purpose of reducing any assessment. Iry such
event the Lessor wi].1 offer no oCjection and at the request of
the Lessee, without expen~e to the Lessor, will cooperate with
the Lessee. If requested by the Lease; and provided he will
not in the rcasonable judgment of tha Lessor incur any expense
or liability thereby, the Lessor will execute any d~cuments which
may be necessary and prcper for any such proceedings. Any refunds
shall be the property of the Lessee to the extent to which it
may be bRSed on a payment of an assessment made by the Lessee.
e. The Lessor may at any tir~e require ihe Lessee to depos-
it funds for the payment of current taxes and~assessments on the
Demised Premises in a bank or trust company selected by the
Lessor. 'Such funds shall be held in the name of the Lessee, with
any interest payable to the Lessee, but the depository shall be
prohibite~ from paying such funds to anyone other ti~an the
appropriate taxi~g authority except upon the ;~rritten consent ai
the Lesscr. The Lessee shall so deposit one-twelfth (1j12) of
_ the current annual taxes, or those af the preceding ta~ year if
the current taxes have not then been fixed, on the first day of
each month in advance, except that all additional funds required
for any payment shall a~so be deposited on the first day of the
final r,~onth during which or at the end of which a payment is due
and oayable without interest or penalty, and during whicr. the
maximum discount for early payment is alZowable under the law:
Notwithstanding ~he foregoing, at such time as the Lessor may
first r~quire the Lessee to make such deposits, the first deposit
made by the Lessee shall be in an amount sufficient to create a
bank balance equaZ to what it would have been had the Lessor
required the first such monthly deposit to have been made on the
first day of the month immediately succeeding the month during
~,rhich the tax could have been paid with the maximum permissible
disc~unt for ear?y payment allowed under the law.
8, Insurance Premiums and Utiiities. Lessee covenants and
agrees that it shaii pay premiums for a~l insurance pelicies ~vhich
thc Lessee is obli ated to carry under the terms of this Lease not
2ess tharj fifteen ~15) days prior to the date upon which the same
shall become due, and that it will exhibit to the Lessor proof of
such payment within ten (10) days after maki:~g paytnent. The Lessee
shall further make all necessary deposits in connection wi~h and
pay all bill~ and charges for gas, electricity. light, heat, power,
and telephone or other communication service, and for all other
utilities used, rendered ~r supplied on or in connection with the
~emised Fremises, and sha~l indemnify the Lessor against any lia-
bility or damages on such account.
9. Association and Manac~ement Aqreement. The Lessee, in its
capacity as Condominium As~ociation, has entered into a Management
Agreeraent with RECAP MANAGEMLNT CORPORATION as Manager. The Manager
has the duty and responsibility to perform all administrative and
manageria~ acts required to be perforr.~ed by the Lessee under this
Non-Exclusive Ninety-Nine Year Lease agreement.
Due to the size and extent and the complexztzes involved in
ad:ninistering the COLONNADES CONDOMINIUM COMPLEX, it is mutually
agreed that in the event aforesaid Management agreement is terminated,
the ?essee shall cause to be iormed a Management Association
consisting of the members of all the Condo.ninium Associations at
Colonnades Gondominium Complex.
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