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is $900,000 (Lessor agrees that the current approved line of credit is satisfactory); and(2) <br /> Lessor shall have obtained a bid or bids for the construction of the Shell Improvements <br /> satisfactory to the Lessor and not exceeding$1,500,000 including taxes. In the event <br /> that the foregoing condition 1 is not satisfied, Lessor may at Lessor's sole discretion <br /> terminate this Lease on written notice thereof to Lessee, in which case Lessee shall have <br /> no claim against the Lessor for any costs incurred by Lessee prior to such termination or <br /> for any loss, damage or liability that may result from such termination; in the event <br /> condition 2 is not satisfied and Lessor terminates the Lease, Lessor will reimburse <br /> Lessee for all costs incurred after the date the Lease is signed, not to exceed $50,000. <br /> D. Tenant Improvements. Lessee shall construct tenant improvements on the <br /> Premises ("Tenant Improvements")as described on Exhibit B hereto. The Tenant <br /> Improvements shall be subject to Section 5 of this Lease. Lessee shall also obtain <br /> Lessor's written approval prior to construction of the Tenant Improvements of(1) any <br /> contractors to be used in the construction of the Tenant Improvements and the insurance <br /> carried by such contractors and(2) the plans and specifications of the Tenant <br /> Improvements. In the event that the Tenant Improvements are not substantially <br /> completed on or before the date that is six months after the substantial completion of the <br /> Shell Improvements, Lessor may at Lessor's sole discretion terminate this Lease on <br /> written notice to Lessee, in which case Lessee shall have no claim against Lessor for any <br /> costs incurred by Lessee prior to such termination or for any loss, damage or liability that <br /> may result from such termination. <br /> 3. CONSIDERATION. Lessee leases said Premises for said term and agrees to <br /> pay the monthly rental amount for the Premises (which amount is set forth below in this <br /> Section 3)within 10 days after the first day of each month during the term of this Lease <br /> and any extensions thereof to: <br /> Treasurer <br /> City of Everett <br /> 2930 Wetmore <br /> Everett,WA 98201 <br /> or such other place as the Lessor may from time to time designate in writing. If any rent <br /> is, at any time, ten (10) or more days past due,Lessee will be charged a late charge equal <br /> to ten(10)percent of the past due rental amount. All rent payments must be made <br /> without deduction or offset. <br /> During the first year of the Lease, the monthly rental amount for the Premises <br /> shall be$4000.00. Throughout the Lease term and any extensions thereof, the monthly <br /> rental amount for the Premises shall increase on each anniversary of the commencement <br /> of the Lease. Such annual increase shall be an amount equal to the monthly rental <br /> amount for the Premises in effect for the year preceding such anniversary multiplied by <br /> the percentage change in the Consumer Price Index(CPI-U) for the Seattle-Tacoma area <br /> from the beginning to the end of such preceding year. In the event there is no CPI <br /> increase,rent shall remain the same as the previous year. <br /> As additional consideration to Lessor, Lessee agrees to the following: a) Lessee <br /> will provide space on commercially reasonable terms by sublease or otherwise as <br /> approved by the Lessor for food and beverage dispensation with an opening to the area <br /> planned for development by the Lessor between the Everett Performing Arts Center and <br /> 19 <br />