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HomeMy WebLinkAbout1568 ictsufficient to pay in full the amount found to be due, the Lessor shall have the right to require the Lessee to deposit such additional sums as the L~ssor may reasonably request and upon failure of the Lessee to do so wit~:in thirty (30~ days of demand therefore the amount theretofore deposited with the Lessor may be applied to the payment, removal ard discharge of any than pending and contested tax or assessment, and any delinquency shall be treated as unpaid.r~nt. "The Lessor, at the Lessee's sole pxpense, shall join in any such proceedings if any law shall so require. d. The Lessee may, if it shall so desire, endeavcr at any time to contest the validity of any assessment, or to obtain a lowering of the assessed ~*aluation upon the Demised Premises for the purpose of reducing any assessment. In such event the Lessor ~~11 offer no objection and at the request of the Lessee. without expense to the Lessor, will cooperate with the Lessee. If requested by the Lease, and provided he will not in the reasonable judgment of the Lessor incur any expense or liability thereby, the Lessor will execute any doce~ments which may be necessary and proper for any su~h proceedings. Any refunds shall be the property of the Lessee to the extent to which it may be based on a payment of an assessment made by the Lessee. e. The Lessor may at any time require the Lessee to depos- it £unds 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 ~e held in the name of the Lessee, with any interest payable to the Lessee, but the depository shall be prohibited from paying such funds to anyone other than the appropriate taxing authority except upon the written consent of the Lessor. The Lessee shall so deposit one-twelfth (1/12) of the current annual taxes, or those of the preceding tax year if the current taxes have not then been fixed, on the first day of each month in advan~e, except that alI additional funds required for any payment shall also be deposited on the first day of the final month during which or at the end of which a payment is due and payable without interest or peralty, and during which the maximum di~count for early payment is allowable under the law. Notwithstanding the foregoing, at such time as the Lessor may first require the Lessee to make such deposits, the first deposit Tade by the Lessee shall be in an amount sufficient to create a bank balance equal to what it would have been had the Lessor req~lired the first such monthly deposit to have been made on the first day of the month immediately succeeding the month during which the tax could have been paid with the maximum permissible discount for early payment allowed under the law. 8. Insurance Premiums and Utilities. Lessee covenants and agrees that it s all pay premiums or al insurance policies which the Lessee is obli atPd to carry under the terms of this Lease not less than 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 making payment. The Lessee shall ~urther make all necessary depasits in connection with and pay all bills and charges for gas, electricity, light, heat, power, and telephone or other communication service, and for all other utilities used, rendered or supplied on or in connection with the~ Demised Premises, and shall indemnify the Lessor against any lia- b~lity or damages on such account. 9. Association and Mana ement A reement. The Lessee, in its capacity as Condominium Association, as entered into a Management Agreement with RECAP MANAGEMENT CORPORATION as Manager. The Manager has the duty and responsibility to perform all administrative and managerial 3cts required to be performed by ttae Lessee under this Noz-Exclusive Ninety-Nine Year Lease agreement. Due tc the size and extent and the complexities involved in administering the COLONNADES CONDOMINiUM COMPLEX, it is mutually agreed that in the event aforesaid Management Agreement is terminated, the Lessee shall cause to be formed a~danagement Association consisting of the members af all the Con~ominium Associations at Colonnades Condominium Complex. 6C~!(~~~ PAoE~~~L~ -6- ~}X~~ f'1~iE ` . , ~.f ~ ~ . ' ' ~ _ * ' 3 I ~ - . J ~3 j~ ~ : ^e~ ~ ~^~'-3 ' ~+L_. ~`~.~.Y.~, y _ ~_v.. . ._:a44.~;e~.~+: `.vh_'_ii..