2010/05/26 Council Agenda Packet

i Lease No. SRL 10-0034 April 26, 2010 Page 9 of 12 REMOVAL OF PROPERTY 27. Regardless .of any other provisions in this Lease, 'Lessee shall remove all of its trade fixtures fixtures, and personal property without damage to the Premises at the expiration or sooner termination of this Lease and shall pay Lessor any damages to the Premises or building resulting from such removal. If Lessee fails to remove any of its moveable property, trade fixtures, or fixtures upon expiration or sooner termination of this Lease it shall become the property of the Lessor. OVERDUE PAYMENTS 28. Any rent or other sums payable by Lessee to Lessor under this Lease that remain unpaid after Lessee has had an opportunity to cure non-payment, shall bear interest at a rate equal to twelve percent (12%) per annum. CANCELLATION/SUPERSESSION 29. This Lease cancels, supersedes, or replaces SRL 08-0137 dated February 23, 2009 SRA 10-0009 and SRA 10-0010 dated January 25, 2010 and all modifications thereto effective June 1, 2010. WITHHOLDING OF RENT PAYMENTS 30. If the Lessor fails to maintain, repair and/or improve the premises as set forth herein, the Lessee may, if authorized by -the Department of General Administration, withhold ten percent (10%) of rent payments until such time as Lessor completes deficient maintenance, repair and/or improvements. Upon receipt of documentation of Lessor's noncompliance with maintenance, repair and/or improvement provisions and a written request to withhold rent payments from the Lessee, the Department of General Administration shall provide Lessor with a list of deficient maintenance, repair and/or improvement items and notify Lessor that Lessee has been authorized to withhold rent payment until deficient maintenance, repair and/or improvements have been completed. Lessee shall place all withheld rent payments in an interest bearing account. Withheld rent payments plus accrued interest will be remitted to Lessor after the Department of General Administration verifies that Lessor has satisfactorily completed all maintenance, repair and/or improvements and authorizes Lessee to remit the withheld rent. Nothing in this provision shall limit other remedies which may be available to Lessee under this Lease. MONTH TO MONTH TENANCY 31. If Lessee remains in possession of the premises after the expiration or termination of the Lease term, or any extension thereof, such possession by Lessee shall be .deemed to be a month-to-month tenancy, terminable as provided by law. During such month-to-month tenancy, Lessee shall pay all rent provided in this Lease or such other rent as the parties mutually agree in writing and all provisions of this Lease shall apply to the month-to-month tenancy, except those pertaining to term and option to extend. SUBORDINATION 32. So long as Lessor has fully performed under the terms of this Lease, Lessee agrees to execute, within ten (10) days of written request by Lessor, the state's standard Lessee Estoppel and Subordination Agreements which have been approved as to form by the Office of the Attorney General. A $400.00 processing fee will be assessed for processing these documents. CAPTIONS 33. The captions and paragraph headings hereof are inserted for convenience purposes only and shall not be deemed to limit or expand the meaning of any paragraph. I 56