Laserfiche WebLink
Effective Date of this Lease (the "Commencement Date") and ending on the last day of the <br /> month that is one hundred twenty (120) months after the Commencement Date (the "Initial <br /> Term"). The Initial Term shall automatically renew for up to four(4) additional terms of five <br /> (5) years each (each, a "Renewal Term", and collectively with the Initial Term shall be <br /> referred to as the "Term"). Lessee may, in Lessee's sole and absolute discretion, elect not to <br /> renew this Lease at the end of the then-current Term by giving Lessor a written notice at least <br /> ninety (90) days prior to the expiration of the then-current Term. <br /> 3. RENT; RENT ESCALATOR; RENT DELIVERY ADDRESS; ADMINISTRATIVE <br /> FEE; AND LATE FEE. <br /> a. RENT. Beginning on the Commencement Date, Lessee shall pay Lessor rent for the <br /> Premises in the amount of Three Thousand and 00/100 Dollars ($3,000.00) per month <br /> ("Rent"). The first Rent payment shall be made within twenty (20) business days of the <br /> Commencement Date,with each subsequent Rent payment due and owing on or before the <br /> fifth (5th) calendar day of each month, in advance, without any prior demand, setoff, <br /> deduction or counterclaim for any reason. Rent shall not include electricity. Lessee shall <br /> have a separate meter to measure Lessee's electric consumption and Lessee shall pay <br /> directly to the public utility company for any electricity used by Lessee's Equipment (as <br /> defined in Section 4(a) below). <br /> b. RENT ESCALATOR. Rent shall automatically increase on each annual anniversary of the <br /> Commencement Date during the Term by an amount equal to 3.5 percent (3.5%) of the <br /> Rent in effect for the previous year. <br /> c. RENT DELIVERY ADDRESS. Notwithstanding Section 26 (Notices), Rent payments <br /> shall be delivered Lessor at City of Everett, 2930 Wetmore Avenue, Everett, Washington <br /> 98201, Attn: City Clerk. Lessor may change the delivery address and the addressee upon <br /> thirty(30) day prior written notice to Lessee. <br /> d. ADMINISTRATIVE FEE. In consideration for Lessor's grant of this Lease, Lessee agrees <br /> to pay to Lessor a one-time payment in the amount of Sixteen Thousand and 00/100 <br /> Dollars ($16,000.00), which is not considered Rent or any offset to any monies that may <br /> be due to Lessor, within ninety (90) days of Lessee's receipt of Lessor's fully executed <br /> copy of this Lease. <br /> e. LATE FEE AND INTEREST. If Lessee fails to timely pay any installment of Rent or any <br /> other amounts payable under this Lease, all such amount due and owing will be subject to <br /> a late charge equal to five percent (5%) ("Late Fee"). Any Rent and all other amounts <br /> payable to Lessor under this Lease will bear interest at the greater of(i) ten percent(10%) <br /> per annum or (ii) the highest rate permitted by Applicable Law. <br /> 4. LESSEE'S PERMITTED USE. <br /> a. PERMITTED USE. Lessee may use the Premises for the purpose of the installation, use, <br /> Page 2 of 31 <br /> CWI--t 4.19.24 <br />