HomeMy WebLinkAbout0919 insuffici~nt to pay in-f~,ll the amount found to be due~ the
Lessor st~all h:~v~ thc~ riyht to require the Lessee to deposit
such additional suins as thc: L~ssor may r~:asonably raquest
and upon failure of the L~ssee to do so within thirty (30~
days of dem~nd therefore the am~unt theretofore deposited
wi Lh Lhc.~ L~: 5 saz may be apE~2 z~~d t~ thc.~ p.,ymen L- , removal ar.d
discharye ot any than pending and contested tax or a~ses~ment~
and dny deli~~~qui-n~:y ~.~alt b~ tr~~ated as unpaid rant. ~Che
Lessor~ dt the L~;ssee's s~lt= ~:xp~nse. sh~ll join in any such
procee:dings if ~ny law shall so require.
d. Thc: L~s~~:~ may, if it shall su :iesire~ endeavor at
any time to contest the vslidity of any assessment~ c~r to
obtain a law~ring of the assessed valuation upon the Demised
Premises ior the purpose of reducing any assessment. In such
event the Lessor will offEr no objection and at the request of
the Lessee~ withaut expens~.~ to tha Lessor, will cooperate with
the Lessee. If requested by the Lease, ~nd provided he will
not in the reasonable judgment of the Lessor incur any expense
or liability thereby, the Lessor ~~ill execute any documents which
may be necessary dnd proper for any such proceedings. Any refunds
shall be the property of the Lessec to the Extent to which it
may be besed on a p~yment of ~n assessment made by the Lessee.
e. The Lzssor may at any time require the Lessee to depos-
it funds for th~~ ~~ayment of current taxes and assessments on the
• DEmised Prernises in a bank or trust company selected by the
Lessor. Such funds shall be held in the name of ihe Lessee, with
any interest payable to tht Les~~e~ but the depository shall be
prohibited from paying such funds to anyone other than the
; appropriata taxing authority except upon the written consent of ~
~ the Lessor. Tfia Lessee shall so deposit one-twelfth (1/12) of
~ the cuxr~nt annual t~xes, or those of the preceding tax year if
~ the current tax~s hav? not then been fixed, on the first day of
j each month in ~dvance, except that all additional funds required
; for any paymc~nt shall also b~ deposited on the first day of the
4 final month during which or at the end of which a payment is due
E and payable without ir~terc~st or penalty~ and during which the -
~ maxim~rn discount for early payment is allowable under the law.
f Notwithstanding the foregoing, at such time as the Lessor may
first requir~ the Lessee to make such deposits, the first deposit
made by the Lessee shall be in an amount sufficient to create a
bank balance Nyual to what it would have been had the Lessor
required th` first such monthly deposit to have been made on the
first day of th~ month immediately succeeding the month during
::hich thc t~x cc~uld have baen paid with the maximum permissible !
discount for early payment allowed under the law.
8. Insur~ncc PrE~rri~~ms and Utilitic,s. Lessee covenants ar.d
agrees th~t it sl?a y p~y prem~.ums or al insurance policies which
the Lessee is abli at~d to carry under the terms of this Lease not
less than firte~,n ~15) days priar to the date upon which the same
shall becorne due, ~nd th~t it vri11 exhibit to the Lessor proof of .
such payment wit}~in ten (10) days after making payment. The L~.~ssce
shall further make all necessary deposits in connection with and
pay all bills and chary~s for gas~ electricity. light, heat, power, '
and telephone or other communicatioA service. and for all other
utilities used, rendered or supplied on ot in connection with the
Demised Frerr~ises, and shall ind~mnify the Lessor ayainst any lia-
bility or damages on such account.
9. Associatian and ~dana c-m~~nt A recment. The Lessee, in its
capacity as ~on o~~inium ysociation, ~as entered into a Management
Agreernent viith RECAP MANAGEMENT C;OkPORATION as Manager. The Manager
has the duty and respar~sibility to perform all administrative and
managerial acts r~=quired to be perforrned by the Lessee under this
Non-Exclusive Ninety-Nine Year Lease agreement.
Uue to the sizP and extent and the complexities involved in
ac3minist~~ririg th ~QI_(~4:tJADES ':~N[K)MINIl1M ~'C;1.1F~Lf=X, it is mutually
agreed t1.st in tt?~ ~:vent afoi~~saici Man.a~~- :~~:~nt f•.gr~r-in~nt is t~zlninated,
the Les~,c:~: shall cause to be fcr:~ied a Mar~agement Association
consis*_'~.:~r~ o: th~ rae•T~e: s of ~11 the C~ndominium Associations at
Colonnades Condcminium ~~c:.^,plex.
- Ba~K 223 PA6E 919