Reso 2010-1658 - Laserfiche WebLink

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provided that the first Lease Year shall commence on the date the applicable Term commences and end on December 31 of that calendar year and the Lease Year for the calendar year in which the Term expires shall commence on January 1 of such calendar year and end on the expiration date of the Term. Section 2. Ground Rental Adjustment. Commencing in the first day in the fifth (5th) year of the Lease thereafter every fifth (5th) year, the rent shall be adjusted by the percentage increase in the Consumer price Index all Urban consumers ("CPI") published by the U.S. Department of Labor Statistics over the CPI for the preceding twelve (12) months. If the CPI does not increase from the first year of the Lease to the Base Year and thereafter every fifth (5th) year, the rent shall increase by three percent (3%) of the annual rent. In the event that the CPI should cease to the published, the parties shall use their best good faith efforts to agree upon a substitute index that most closely approximates the CPI gauging changes in the cost of living for urban wage earners. Section 3. Percentage Rent on Gross Sales. Subject to compliance with applicable laws, Tenant may sell food, beverages and miscellaneous goods such as gifts, shirts, caps and souvenir to its customers or rent the banquet facilities. For the grant of the foregoing right and privilege, In addition to base rent, Tenant shall pay Landlord, throughout the term of the Lease an amount equal to Four percent (4%) of the gross receipts of such sales, less the amount of the base rent. Gross Receipts shall mean the total gross dollar amount of sale (including both cash and credit sales) of all merchandise sold, admission tickets, and revenues generated from banquet facilities, less applicable state and local sales taxes paid by Tenant's customers. Tenant shall provide to the Landlord an annual accounting of Gross Receipts and Percentage Rent within Ninety (90) days after the end of each Lease year. Section 4. Sales Tax If at any time during the Term, under the laws of the State of Florida or a political subdivision thereof, a tax or excise on rents or other tax (other than a general income tax), however described, is levied or assessed by said state or a political subdivision thereof against Landlord or on the Basic Rent (as hereinafter defined), unless constituting or in substitution for an income tax of general application, Tenant covenants to pay and discharge such tax or excise on rents or other tax before any fine, penalty, interest, or cost may be added thereto for the nonpayment thereof, provided that Tenant shall not be in default for failing to pay such tax until thirty (30) days shall have expired from the date on which Landlord notified Tenant of the tax or on the date Tenant otherwise learns of the tax, whichever is earlier, and Tenant shall not be responsible for penalties, interests or costs accruing at any time or times prior to the expiration of such period. Without limiting the generality of the foregoing, Tenant shall, to the extent required by law, pay the Florida sales tax on rent payable by subtenants in the Improvements and rent payable under this Lease under Florida Statutes Section 212.031 (or any future statute), unless such sales taxes are not due under the anti-pyramiding provisions of Florida Statutes Section 212.031 (2) (b) (or any future statute). Upon request by Landlord, Tenant covenants to furnish Landlord with original receipts, or photostatic copies or duplicate originals thereof, evidencing payment of such tax or excise on rents, or other tax, before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof~ except as provided above. 4 U:\City Attorney\HANS\2010 Documents\4mlnvestors\GROUND LEASE WORKING DRAFT I I.l6.10.doc