HomeMy WebLinkAbout0847 insufficient to pay in full the ~rnaunt f~und to b~ due, the.~
Lessor st~all have thc~ right to rc.~quire the Lessee to deposit
such additional sums as thN L~~SSOr may reasonably request
and upon failure af the Lr~S~e to do so within thirty (30~
days of demdnd therefore the am~unt theretofore deposited
with Lhe Lc:ssar may be appli~d t~ thc: payment. removal a~~d
- discharye ot any than pending and contested tax or assessment.
and any delii~qucncy ;t~alt ba treated as unpaid rant. "I'he
Lessor. at thz Lessee's sol~ ~xpc:nse, shall join in any such
proceeding~ ii ~ny law s}~all so require.
d. Thc: L~ sst~ ~nay, if i t shall su .iesire, endeavor at
any time t~ ccntest thc: v~lidity~af any assessment, or to ~
obtain a lowering of the assessed valuation upon the Demised
Premises for ttie purpose of reducing any assessment. In such
event the Lessor will offer no objection and at the request of
the Lessee~ without expense to the Lessor, will cooperate with
the Lessee. Ir requested by the L~ase, and provided he will
not in the reasonabla judgment of the Lessor in.cur any expense
or liability thereby~ the Lessor will execute any documents which
may be necessary and proper for any such proceedings. Any refunds
shall be the property of the Lessee to the extent to which it
may be besed on a payment of an ~ssessment made by thE Lessee.
e, The L~:ssor may at any time require the Lessee to depos-
it funds ror the payment of current taxes and assessments on the
Demised Prerniszs in a bank or trust company selected by the
Lessor. ~uct~ f~nc~s shall be hcld in the name of the Lessee, with
any interest payable to the Lessee, but the depusitory shall be
prohibited from paying such funds to anyone other than the
appropriata taxing authority except upon the written consent of
the Lessor. Th~ Lessee shall so deposit one-twelfth (1/12) of
the curren± annual taxes, or those ~f the preceding tax year if
the current taxes have not then been fixed, on the first day of
each month in advance, exce~t that all additional funds required
for any payment shall also be dE~posited on the first day of the
; final month duriny which or at the end of which a payment is due '
~ and payable without interest or penalty, and during which the
' maximum discount for early payment is allowable under the law.
Notwithstandiny the foregoing~ at such time as the Lessor may
first requir~ the Lessee to rnake such deposits, the first deposit
made by the L~ssee shall be in an amount sufficient to create a
bank balanc~ ~qual to what it would have been had the Lessor
required thc~ first such monthly ~eposit to have been made on the
first day of the month immediately succeeding the month during
vrtiich the tax could have be~n paid with the maximum permissible
discount for early payment allowed under the law.
8. Insurance Premiums and Utilities. Lessee covenants ar,d
agrees that zt s a pay premiums or aI insurance policies which
the Lessee is obli attd to carry under the terms of this Lease not
less than fifteen ~15) days prior to the date upon which the same
shall become d~e, and that it will exhibit to the Lessor proof of .
sucr? payment within ten (10) days after making payment. The Lt~ssee
shall further mak~~ all necessary deposits in connection with and
pay alZ bills and charges for g~s, electricity. light, heat, power, '
and telephone or other communication service, and for all other
utilities used, rendered^ur supplied on or in connection with the
Demised ~remises, and shall indemnify the Lessor ayainst any lia-
' bility or damages on such account.
9. Association and Mana ement A reement. The Lessee, in its
capacity as ~ondorninium ssociation, as entered into a Management
Agreement with kECAP MANAGEl~tENT COkPORATION as Manager. The Manager
has the duty and responsibility to per£orm all administrative and
managerial acts required to be performed by the Lessee under this ~
Non-Exclusive Ninety-Nine Year Lease agreement.
Due to th~ ~~ize and extent and the complexities involved in
administt~ring t.h~~ ~OL('I.tJA~ES ~:nNC~MINIUM c'C,l.tF~I.EX, it is mutually
agreed tt~:~t in tht event afoiesaid Man~~~~~•;:,E~n: f:gre~rnent is tezrninated,
the Lessee shall cause to be fcrined a Mar;~gement Association
consisting o: the i~e;n~e:s af all Lhe C~n~ominium Associations at
Colonnades Condcminium C~.~pl~x. ,
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