HomeMy WebLinkAbout0484 5. FENCYNG PROFERTY. It is egreed among the partiea-
that no fence shall be erected to delineste between the boundaries
of the property herein leased to each other. The existing fence
running through the parking lot shall be removed,
6. TERMINATION OR RENEWAL OPTION. This lease will teraninate
at the expiration of the fiftieth year unless both parties notify
each other of the desire to continue said lease arrangement for
an additional fifty (50) pears. Said notice shall be given six
(6) months prior to the expiration of said lease~of the desire
to continue the lease for an additional fifty (50) year period
under the same terms and conditions.
7. TAXES. All property'taxes on the respective premises
shall be paid by the respective owner. - ;
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8. OTHER LEASES. FIRST FEDERAL acknowledges Chat OUTDOOR
RESORTS has leased the premises own~d by it to OUTDOOR RESORTS
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AT NETTLES ISLAND, INC. for a period of fifty (50) years and OUTDOOR
RESORTS represents to FIRST FEDERAL that they have the right to ;
enter into this parking lease arrangement with FIRST FEDERAL and
thaC the lease with OUTDOOR_RESORTS AT NETTLES ISLAND~ INC. is ~
not an exclusive lease granted by OUTDOOR RESORTS. ~
~9. SUCCESSORS AND ASSIGNS. This lease and the terms
and conditions hereof apply to and are binding on the heirs, successors,
and assigns of the parties hereto. s
10. EMINENT DOMAIN. Eminent domain proceedings resulting
-~n the condemnation of_a part of the premises that leaves the rest ~
unusable by the Lessor for the purposes of this lease will not
terminate the lease, unless each party, at its option, terminates
it by given written notice thereof to the other party. The effect
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of such condemnation, should such option not be exercised, will
be to terminate the lease as to the portion of the premises condemned, ~
and leave it in effect as to the remainder thereof. All compensation
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awarded in eminent domain proceedings as a result of.such condemnation
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