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HomeMy WebLinkAbout2072 r to pay in full the amottnt found to be due, the Lessor shall have the right to require the Lessee to deposit sucl~ additional sums as the Lessor may reasonably request, and upon failure of the Lessee to do so within thirty (30) days of demand therefore the amount theretofore deposited with the Lessor may be applied to the payment, removal and discharge of any then pendi.ng and contested ~,ax or assess- ment, and any delinquency shall be treated as unpaid rent. The Lessor, at the Lessee's sole expense, shall 3oin in any such pro- ceedings if any law shall so require. d. The Lessee may, if it shall so desire, endeavor at any time to contest the validity of any assessment, or to obtain a lowering of the assessed valuation upon the Demised Premises for the purpose of reducing any assessmenfi. In such event the Lessor will offer 4 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 judg~nent of the Lessor in- ,,,,r oY.,a„~p nr liabilitv thereby, the Lessor will execute any documents which may be necessary and proper for any such proceed- - ' ings. 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 deposit 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 tv the Lessee, but the depository shall be prohibited from paying such funds to anyone other fihan the appropriate taxing authority except upon tl~e 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 advance, except that all additional funds required ; for a1y 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 i and payable without interest or penalty, and during which the ~ maximum discount 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 ~ made by the Lessee shall be in an amount sufficient to create a ~ bank balance equal to what it would have been had the Lessor re- i _ quired the first such monthly deposit to have been made on the g first day of the month imQnediately succeeding the month during ~ - which the tax could have been paid with the maximum permissible ~ discount for early payment allowed under the law. ~ ~ 8. In&urance Premiums and Utilities. Lessee covenants and agrees ~ that it shall pay premiums for all insurance policies which the Lessee ~ is obligated to carry under the terms of this Lease not less t an ~ 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 further .,,r, ~ make all necessary deposits in connection with and pay all bills and $ charges for gas, electricity, light, heat, power, and telephone or r other comnunication service, and for all other utilities used, rendered or supplied on or in connection with the Demised Premises, and shall indemmify the Lessor against any liability or damages on such account. 9. Association and Management A~reement. The Lessee, in its ~ capacity as Condominium Association, has entered into a Management ~ Agreement with RECAP MANAGEMENT CORPORATION as Manager. The Manager ' has the duty and responsibility to perform all administrative and managerial acts required to be performed by the Lessee under this Non- - Exclusive Ninety-Nine Year Lease agreement. ~ ~ - ~ BaoK237 PAGF2070 - ~_x, - ~r - ~ ~ i r- i , -s L ~ . ' : ~ ~~r~., . ..e . . . . . . :3 ~ 2-' , ..e . ~ _r~c.~ sr