Reso 2010-1593 - Laserfiche WebLink

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c) In addition to Base Rent, the Lessee shall pay the Lessor Percentage Rent equal to 4% of the gross sales from the Aquarium, less the amount of the Base Rent. d) All rent shall be paid in quarter annual installments. 5. Real Estate Taxes. The Lease shall provide that the Lessee shall not be responsible for the payment of any real estate taxes for the Property or any improvements thereon, unless required by the law of the State of Florida. The Lessor shall cooperate with the Lessee in any negotiations or request or application to exempt the Property and any improvements thereon from the payment of real estate taxes. 6. Parking. The Lessor shall build an adjacent parking structure at Lessor's sole cost and expense and provide adequate parking for the Aquarium. The Lessor may charge visitors to the Aquarium a reasonable charge for parking which is consistent with parking charges in the City of Sunny Isles Beach. 7. Subleases Concession. The Lessee shall be permitted to sublease and/or grant concessions for the use of portions of the improvements for uses related to the Aquarium and all income derived therefrom shall be retained by the Lessee. 8. Modifications to Improvements. The Lessee shall be permitted to modify and renovate any improvements so long as such improvements or modifications do not impair the value of the Aquarium and such modifications and improvements are consistent with the principal use of an aquarium. 9. Approval of Sale. Any sale of the Aquarium by the Lessee shall require the approval of the buyer by the Lessor, which approval shall not be unreasonably withheld. This letter of intent is merely an expression of the parties' intent and nothing herein shall be binding upon the parties unless and until a formal lease agreement is executed between the parties. We look forward with great enthusiasm to this wonderful project. y ~71rs truly ~ #frtl) ~rt~ur Hertz 9096504.1