Reso 2010-1658 - Laserfiche WebLink

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Section 5. Late Payment Penalty. If any payment required hereunder by Tenant is not made within five (5) days of the due date, Tenant shall pay monthly finance charges on the unpaid amount at the rate of three percent (3%) from the payment due date until paid in full. If any check tendered by tenant in payment of fees or charges under this Lease is not paid upon presentment by Tenant's bank, the Landlord may, upon written notice to Tenant, require all future payment to be made by certified check, money order, or other means to ensure payment of good funds. Section 6. Term. Rent abatement. Tenant shall pay no Rent during the first four (4) years of the Section 7. Security Deposit. Upon execution of the Lease, Tenant shall deposit with Landlord the sum equal to two (2) years of rent or $648,000 to be held by the Landlord as security for Tenant's full, faithful and timely performance of its obligations under this Lease (the "Security Deposit"). The Security Deposit shall be in the form of cash, irrevocable credit or retainage from the construction of the Improvements on Landlord's Property performed by Tenant. If the Security Deposit is in the form of cash, Landlord shall not be required to earn or pay interest to Tenant on the Security Deposit, or to keep the Security Deposit in a separate fund apart from other Landlord's funds. If the Security Deposit is in the form of a letter of credit, the credit must be in a form, and drawn on a bank, reasonably acceptable to Landlord, and must remain in effect throughout the term of the Lease and for a period of sixty (60) days thereafter. If the letter of credit expires at a date certain, Tenant must provide a replacement letter of credit to Landlord at least thirty (30) days before its expiration date. ARTICLE III Net Lease Section 1. Net Lease. This Lease is a net lease and the Basic Rent and Additional Rent and all other sums payable hereunder to or on behalf of Landlord shall be paid without notice or demand, and without set-off, counterclaim, abatement, suspension, deduction or defense. Landlord shall not be required to make any expenditure, incur any obligation, cost, expense, or liability of any kind in connection with this Lease or the financing ownership, development, construction, maintenance, operation, or repair of the Premises or its Improvements. ARTICLE IV Taxes and Other Charges Section 1. Taxes/Impositions. Subject to Section 4 of this Article IV, commencing upon the date the possession of the Premises have been delivered to Tenant, Tenant covenants to pay, before delinquency and before any fine, penalty or interest may be added thereto for the nonpayment thereof, all real estate taxes, personal property taxes, assessments, water rates and charges, and other governmental charges, general and special, ordinary and extraordinary, unforeseen as well as foreseen, of any kind and nature whatsoever, including but not limited to 5 U:\City Attorney\HANS\201 0 Documents\4m Investors\GROUND LEASE WORKING DRAFT I I.l6.1 O.doc