HomeMy WebLinkAbout026-Sanford Housing AuthorityWARREN E. KNOWLES
CITY MANAGER
o� Sanford, Flo
32771 ���(�
Commission - Manager Plan
January 16, 1980
30513223161
P. O. BOX 1778
300 NORTH PARK AVENUE
r Mr. Tom Wilson, III
Executive Director
Sanford Housing Authority
1100 East First Street
Post Office Box 2035
Sanford, Florida 32771
Re: Rental Space in City Hall
Dear Tom:
This is to notify you that the contractor commenced
work today on the partitioning on the first floor of the
City Hall. This will be on the space that will house
your future offices.
In order to assist you in planning, I want you to
know that the contractor has committed the work to be
done by March 15th. It is possible that the work may
be completed sooner but I would hate to have you count
on it.
In light of this, you ma
an actual move -in at the'first
and it is available you can do
lease on that period. In the
the lease so as to commence on
agreeable with you.
WEK /mjh
cc: Public Works Director
City Engineer
Building Official
Finance Director(---
y want to make plans for
of April but if you wish
so without regards to a
meantime, I will reshape
April lst, if this is
Very truly yours,
CITY OF SANFORD
W. E.
City Manager
"The Friendly City"
LEAS E AG R E E M E N T
This lease agreement is made and entered into this 25th
day of October , 1_979, at Sanford, Florida, by and
between the City of Sanford, hereinafter called "Lessor ", and the
Sanford Housing Authority, hereinafter called "Lessee ".
ARTICLE 1. DEMISE, DESCRIPTION, USE, TEP11
A'ND RENT
Lessor hereby leases to Lessee, and Lessee hereby leases
from Lessor, that certain property, hereinafter called the "leased
premises ", situated in Sanford, Seminole County, Florida, and
described in that certain Addendum "A" attached hereto and in-
corporated herein by reference; to be used only as administrative
office space and for no other purposes, for the term of one (1)
year, commencing March 1, 1980, and ending on February 28, 1981;
with the minimum annual rental for the first year being $14,852.50,
payable as specifi�al in Article 2 and subject to the provisions
otherwise contained herein.
ARTICLE 2. REIN
Minimum Rent
Lessee shall pay Lessor at the City Fall, Sanford, Florida,
32771 or at such other place as the Lessor shall designate from
time to time in writing, as rent for the leased premises, the
annual sum for the first year's rent of $14,852.50, payable without
demand and without setoff or deduction, except as expressly provided
herein, in equal monthly installments of one thousand two hundred
thirty seven dollars and seventy cents ($1,237.70), each in advance
on the twenty -fifth day of each calendar month.
Advance Rental
Lessee shall, on execution of this lease, pay to Lessor the
sum of $1,237.70, receipt of which is hereby acknowledged, as payment
of the rental due hereunder for the first month and the sum of
$1,237.70, receipt of which is hereby acknowledged, as the security
deposit under this lease, to be held pursuant to the provisions
of Article 10 hereof.
Additional Rental
Lessee agrees to pay as rent, without demand, setoff, or
deduction, in addition to the minimum rental hereinabove provided, the
following:
Garbage Collection
All garbage and /or trash collection charges for the removal
of garbage, trash, rubbish, or debris, for the benefit of the leased
premises and for the benefit of Lessee for the term of this lease,
shall be paid by the Lessee and the Lessor shall be held harmless
from any duty to pay same. There shall be no dumpsters or similar
garbage and /or trash collection equipment placed in the parking lot,
in front of the building.
Fire Insurance Premiums
All increases in fire insurance premiums on the leased
premises due to an increase in the rate of fire insurance in excess
of the rate on the leased premises at the time of making this lease,
is said increase is caused by any act or neglect of the Lessee or the
nature of the Lessee's business.
Sewage Charges
The Lessee shall pay any and all charges for water, water
meters, water connections or hook -ups to available water systems,
and shall further pay any and all sewer rental or charges for use
of sewers, sewage system and sewage treatment works which may
presently service the leased premises or will service the leased
premises in the future. Lessor's determination of the Lessee's
charges shall be final and not exceed Lessor's expenses.
Additional Real Estate Taxes
As Rent Adjustment
If the real estate taxes attributable to the premises and
applicable to the calendar year beginning January 1, 1980, or to
any calendar year thereafter during which the premises shall have
been fully assessed, shall exceed the real estate taxes attributable
to the premises, such additional rent shall be paid in twelve equal
monthly installments commencing February 1, 1980; provided, however
that any such additional rent shall not be due and payable beyond
the term of this lease or renewal period thereof.
(2)
Effect or Default in Rent and Other Payments
If Lessee defaults in the payment of any installment of rent
hereunder, such installment shall bear interest at the rate of ten
(10) percent per annum from the date it is due until actually paid.
In like manner, all other obligations, benefits, and moneys which may
become due to Lessor from Lessee under the terms hereof, or which
are paid by Lessor because of Lessee's default hereunder, shall bear
interest at the rate of ten (10) percent per annum from the due date
until paid, or, in the case of sums paid by Lessor, because of Lessee's
default hereunder, from the date such payments are made by Lessor
until the date Lessor is reimbursed by Lessee therefor.
ARTICLE 4. INSURANCE
Lessor's Obligation
Lessor agrees to and shall immediately upon the execution of
this lease, secure from a good and responsible company or companies
doing insurance business in the State of Florida, and maintain
during the entire term of this lease, fire and extended coveraqe
insurance in an amount not less than seventy -five (75) percent of
the value of the leased premises, provided that insurance in such
percentage can be obtained, and, if not, then to the highest
percentage that can be obtained less than the said seventy -five (75)
percent.
Lessee's Obligation
Lessee agrees to and shall immediately upon the execution of
this lease, secure from a good and responsible company or companies
doing insurance business in the State of Florida and maintain during
the entire term of this lease, the following insurance coverage:
(1) Public liability insurance in the minimum amount
of $300,000.00 for loss from an accident resulting in bodily
injury to or death of persons, and $100,000.00 for loss from an
accident resulting in damage to or destruction of property.
(2) Fire and extended coverage insurance on Lessee's
fixtures, goods, wares, and merchandise in or on the leased premises,
with coverage in an amount or not less than its full insurable value.
(3)
Proof of Coverage
On securing the foregoing coverages, the parties shall give
the other written notice thereof together with a certified copy of
the appropriate policies.
Protection Against Cancellation
Proof must also be given by each party to the other, pursuant
to Paragraph above, that each of the policies provided for in this
article expressly provides that the policy shall not be cancelled
or altered without fifteen (15) days prior written notice to the
other party.
Failure to Secure
If either party at any time during the term hereof should
fail to secure or maintain the foregoing insurance, the other
party shall be permitted to obtain such insurance in the defaulting
party's name or as the agent of the defaulting party and shall be
compensated by the defaulting party for the cost of the insurance
premiums. The defaulting party shall pay the other interest on
paid insurance premiums at the rate of ten (10) percent per annum
computed from the date written notice is received that the premiums
have been paid.
Proceeds
Proceeds from any such policy or policies shall be payable to
Lessor, who shall use such proceeds to make repairs as provided below.
Fire and Casualty Damage
If the building or other improvements on the leased premises
should be damaged or destroyed by fire, flood, or other casualty,
Lessee shall give immediate written notice thereof to Lessor.
Total Destruction
If the building on the leased premises should be totally
destroyed by fire, flood, or other casualty, or if it should be
so damaged that rebuilding or repairs cannot reasonably be completed
within 180 working days from the date of written notification by
Lessee to Lessor of the occurrence of the damage, this lease shall
terminate and rent shall be abated for the unexpired portion of
this lease, effective as of the date of said written notification.
(4)
Partial Da gage
If the building, or other improvements on the leased premises
should be damaged by fire, flood, or other casualty, but not to such
an extent that rebuilding or repairs cannot reasonably be completed
within 120 working days from the date of written notification by
Lessee to Lessor of the occurrence of the damage, this lease shall
not terminate, but Lessor shall, if the casualty has occurred prior
to the final four (4) months of the lease term, at his sole cost and
risk proceed forthwith to rebuild or repair such building; and other
improvements to substantially the same condition in which they
existed prior to such damage. If the casualty occurs during the
final four (4) months of the lease term, Lessor shall not be required
to rebuild or repair such damage. If the building and other i^i-
provements are to be rebuilt or repaire:i and are untenantable in
whole or in part following such damage, the rent payable hereunder
during the period in which they are untenantable shall be adjusted
equitably. In the event that Lessor should fail to complete such
rebuilding or repairs within 130 working days from the date of
written notification by Lessee to Lessor of the occurrence of the
damage, Lessee may at its option terminate this lease by written
notification at such time to Lessor, whereon all rights and
obligations hereunder shall cease.
Ensuring Security and Safety of Premises
The building, its contents, other improvements or persons on
the leased premises must be made secure by devices such as locks,
electric device, safety device or lighting by the Lessee. The
Lessee, but not the Lessor, shall be responsible or liable for losses
to same due to a breach of security or safety.
ARTICLE 5. FURTHER TERr1S RELATIVE TO UTILITIES
Lessee shall during the tern: hereof pay all charges for
electricity, sewage, and water used in or on the leased premises,
and for the removal of rubbish therefrom immediately on becoming due
and shall hold Lessor harmless from any liability therefor. Such
payments shall be made immediately on becoming due. This shall be
computed at $1.32 per square foot or equal monthly payments of $357.50
to the City of Sanford; payable with the rental.
(5)
ARTICLE 6. WASTE AND NUISANCE
Lessee shall not commit, or suffer to be committed, any waste
on the leased premises, nor shall he maintain, commit or permit the
maintenance or commission of any nuisance on the leased premises or
use the leased premises for any unlawful purpose.
ARTICLE 7. REPAIRS AND *"AINTENANCE
Lessee's Duty to Repair and Maintain
Lessee agrees to keep the leased premises in good order and
repair. Lessee further agrees to keep the leased premises clean,
and to repair or replace all broken or damaged doors, locks, door
closers, windows, plumbing, heating or air conditioning fixtures and
pipes, floors, electrical, stairways, railings, septic, or other
portions of the leased premises whatever the cause.
Lessee shall keep the said pavements and appurtenances free of
debris and trash and expressly agrees to assume sole liability for
accidents alleged to have been caused by their defective condition.
Lessee agrees to use reasonable care to avoid improper use of the
sewer system or the introduction of inappropriate objects or
materials into said system. Lessee shall provide adequate
extermination services to leased premises during the term of this
lease and provide evidence of same to Lessor upon demand.
The Lessee shall procure and maintain a suitable floor
covering, wall coverings, lighting fixtures, security devices, but
any such items or materials which become permanently attached to
the building shall become part of the leased premises and shall not
be removed by the Lessee upon termination or expiration of this lease.
Lessor's Duty
More specifically, Lessor shall repair and maintain the leased
premises so that the premises will have at the time of commencement
of the lease:
(1) Effective waterproofing and weather protection of roof.
(2) A water supply approved under applicable law which is
under the control of Lessee, capable of producing cold running water,
furnished to appropriate fixtures and connected to a sewage disposal
system under applicable law.
(6)
(3) Heating facilities which conform with applicable law
at the time of installation.
(4) Building, grounds, and appurtenances at the time of
the commencement of the lease in every part clean, sanitary, and
free from all accumulations of debris, filth, rubbish, garbage, and
rodents.
Lessee's Duties Correlative to Lessor's Obligations
However, no duty on the part of the Lessor shall arise with
respect to maintenance or repairs under the above Paragraphs in
Article 7 of this lease if Lessee is in substantial violation of any
one or more of the following affirmative obligations:
(1) To keep that portion of the leased premises which
Lessee occupies and uses as clean and sanitary as the condition of
the premises permits.
(2) To dispose from the leased premises all rubbish, garbage,
and other waste, in a clean and sanitary manner.
(3) To use and operate properly all electrical, gas, and
plumbing fixtures and keep them as clean and sanitary as their
condition permits.
(4) Not to permit any person on the premises with Lessee's
permission willfully or wantonly to destroy, deface, damage, impair,
or remove any part of the leased premises of the facilities,
equipment, or appurtenances thereto.
Lessee's Rights to Repair for Lessor or Vacate
(1) If, within a reasonable time after Lessee's notice to
Lessor of repairs or maintenance which Lessor has a duty to repair,
Lessor neglects to make such repairs, Lessee may repair the same
himself, where the cost of the repairs does not require an
expenditure greater than one month's rent, and deduct the expenses
of such repairs from the rent; or Lessee may vacate the premises in
which case he will be discharged from further payment of rent, or
performance of other conditions.
(2) For the purposes of this paragraph, if Lessee makes
repairs at least thirty (30) days following the giving of notice
to Lessor, he will be presumed to have acted after a reasonable time.
(7)
ARTICLE 8. ALTERATIONS, IMPROVEMENTS, AND FIXTURES
LESSEE SHALL NOT ALTER OR IMPROVE THE LEASED PREMISES WITHOUT
THE PRIOR WRITTEN CONSENT OF LESSOR TO DO SO, and any and all alter-
ations, additions, improvements, and fixtures, which Lessee shall
be permitted to remove from the leased premises at any time during
the term hereof or sooner termination of this lease and not otherwise
if such removal can be effected without injury to the leased premises
and if any such fixtures shall not have become, by the manner in which
it is affixed, an integral part of the leased premises, made or
placed in or on said premises shall on expiration, or sooner termina-
tion of this lease, belong to Lessor without compensation to Lessee;
provided, however, that Lessor shall have the option, to be exercised
on expiration or sooner termination of this lease, to require Lessee
to remove any or all of such additions, improvements, or fixtures.
Before installing any fixtures in or on the leased premises, Lessee
shall submit plans and designs therefor to Lessor for his approval,
and in the event that the plants and designs are disapproved by
Lessor, such fixtures shall not be installed until any changes
required by Lessor are made. In the event Lessor does not elect
to exercise its option to require Lessee's removal of additions,
improvements or fixtures, all such improvements, including fixtures
and any additions, alterations or repair to the premises placed on
or made to the premises by Lessee during the term of this lease shall
revert to and become the absolute property of Lessor, free and clear
of any and all claims against them by Lessee or any third person,
and Lessee hereby agrees to hold Lessor harmless from any claims
that may be made against such improvements by any third persons.
ARTICLE 9. QUIET POSSESSION
Covenant of Quiet Possession
Lessor shall, on the commencement date of the term of this
lease as hereinabove set forth, place Lessee in quiet possession
thereof against all persons lawfully claiming the same during the
entire lease term and each extension thereof.
Covenant Regarding Encumbrances
Lessor convenants that the leased premises are not subject to
any lien, claim, or encumbrance, except as hereinafter set forth,
(8)
and that he is not in default or arrears in the making of any payment
or the performance of any obligation relating to the leased premises.
ARTICLE 10. SECURITY DEPOSIT
Receipt of Deposit
Lessee has this day deposited with Lessor the additional sum
of $1,142.50, receipt of which is hereby acknowledged by Lessor, as
security for the full and faithful performance of Lessee of the
aforementioned terms, conditions, and covenants of this lease on
Lessee's part to be performed and kept and for the cost of any trash
removal, housecleaning, and repair or correction of damage in excess
of normal wear and tear.
Return of Deposit
The security deposit or any balance thereof shall be returned
without interest after the Lessee has vacated and left the premises
in an acceptable condition (following a personal inspection by Lessor)
and surrendered all keys. If Lessor determines that any loss,
damage, or injury chargeable to the Lessee hereunder exceeds the
security deposit, the Lessor, at his option, may retain the said
sum as liquidated damages or may apply the sum against any actual loss,
damage, or injury and the balance thereof will be the responsibility
of Lessee. Lessor's determination of the amount, if any, to be
returned to the Lessee shall be final. It is further understood
and agreed that the said security deposit is not be considered as the
last payment under the lease.
ARTICLE 11. DELIVERY OF POSSESSION
If Lessor shall be unable for any reason whatsoever to deliver
possession of the leased premises on the commencement date of the
term hereof, he shall not be liable to Lessee for any damage caused
thereby, nor shall this lease thereby become void or voidable nor
shall the term hereof in any way be extended, but in such event
Lessee shall not be liable for any rent herein reserved until such
time as Lessor can and does deliver possession.
ARTICLE 12. TERMINATION OR EXTENSION
Lessee is hereby granted and shall, if not at the time in
default under this lease, have an option to renew this lease for an
additional period of one (1) year only from the termination date
hereof but otherwise on the same terms, covenants, and conditions
(9)
and subject to the same exceptions and reservations herein contained,
except that the rental may, at Lessor's option be increased to the
rental as determined under Article 18 of this lease.
How Exercised
This option shall be exercised only by Lessee's delivery to
Lessor in person or by United States registered or certified mail
on or before August 1, 1980, a written notice of his election to
renew the term of this lease as herein provided.
Effect of Holding Over
In the event Lessee does not renew this lease as herein
provided, and holds over beyond the expiration of the term hereof,
such holding over shall be deemed a month -to -month tenancy only, at
the rental of $1,500.00 per month, payable on the 1st day of each
and every month thereafter until the tenancy is terminated in a
manner provided by law. In the event Lessee does hold over against
the wishes of and without consent of, Lessor, Lessee shall be liable
for any and all damages sustained by Lessor as a result, directly
or indirectly, of Lessee's failure to vacate the premises in a
timely manner (such damages to specifically include the loss of a
new tenant), together with a reasonably attorney's fee, court costs,
and expenses of such lawsuit.
ARTICLE 13. SURRENDER OF PREMISES
Lessee shall, at least 120 days prior to expiration of the
term, or any extended term, hereof, give to Lessor a written notice
of his intention to surrender the leased premises on that date, or
forfeit his security deposit, but nothing contained herein shall be
construed as an extension of the terms hereof or as a consent of
Lessor to any holding over by Lessee.
Removal of Property
Lessee shall, without demand therefor and at his own cost and
expense prior to expiration or sooner termination of the term hereof
or of any extended term hereof remove all property belonging to him
and all alterations, additions, or improvements, and fixtures which
by the terms hereof he is permitted to remove; repair all damage to
the leased premises caused by such removal; and restore the leased
premises to the condition they were in prior to the installation of
(10)
the property so removed. Any property not so removed shall be
deemed to have been abandoned by Lessee and may be retained or disposed
of by Lessor.
Surrender
Lessee agrees to and shall on expiration or sooner termination
of the term hereof or of any extended term hereof, promptly surrender
and deliver the leased premises to Lessor without demand therefor in
good condition, ordinary wear and tear and damage by the elements,
fire, or act of God, or by other cause beyond the reasonable control
of Lessee excepted.
ARTICLE 14. DEFAULTS AND REMEDIES
Default by Lessee
If Lessee shall allow the rent to be in arrears more than
three (3) days after written notice of such delinquency, or shall
remain in default under any other condition of this lease for a
period of ten (10) days after written notice from Lessor, or should
any other person than Lessee secure possession of the premises, or
any part thereof, by reason of any receivership, bankruptcy
proceedings, or other operation of law in any manner whatsoever,
Lessor may at his option, without notice to Lessee, terminate this
lease, or in the alternative, Lessor may re -enter and take possession
of said premises and remove all persons and property therefrom,
without being deemed guilty of any manner of trespass, and relet the
premises or any part thereof, for all or any part of the remainder
of said term, to a party satisfactory to Lessor, and at such monthly
rental as Lessor may with reasonable diligence be able to secure.
Should Lessor be unable to relet after reasonable efforts to do so,
or should such monthly rental be less than the rental Lessee was
obligated to pay under this lease, or any renewal thereof, plus the
expense of reletting, then Lessee shall pay the amount of such
deficiency to Lessor.
It is expressly agreed that in the event of default by Lessee
hereunder, Lessor shall have a lien upon all goods, chattels, or
personal property of any description belonging to Lessee which are
placed in, or become a part of, the leased premises, as security
for rent due and to become due for the remainder of the current
(11)
lease term, which lien shall not be in lieu of or in any way affect
any statutory Lessor's lien given by law, but shall be cumulative
thereto; and Lessee hereby grants to Lessor a security interest in
all such personal property placed in said leased premises for such
purposes. This shall not prevent the sale by Lessee of any
merchandise in the ordinary course of business free of such lien to
Lessor. In the event Lessor exercises the option to terminate the
leasehold, and to re -enter and relet the premises as provided in the
preceding paragraph, then Lessor may take possession of all of
Lessee's property on the premises and sell the same at public or
private sale after giving Lessee reasonable notice of the time and
place of any public sale or of the time after which any private sale
is to be made, for cash or on credit, or for such prices and terms
as Lessor deems best, with or without having the property present at
such sale. The proceeds of such sale shall be applied first to the
necessary and proper expense of removing, storing, and selling such
property, then to the payment of any rent due or to become due under
this lease, with the balance, if any, to be paid to Lessee.
All rights and remedies of Lessor under this lease shall be
cumulative, and none shall exclude any other right or remedy at law.
Such rights and remedies may be exercised and enforced concurrently
and whenever and as often as occasion therefor arises.
Default by Lessor
If Lessor defaults in the performance of any term, covenant,
or condition required to be performed by him under this agreement,
Lessee may elect either one of the following:
(1) After not less than thirty (30) days notice to Lessor,
Lessee may remedy such default by any necessary action, and in
connection with such remedy may pay expenses and employ counsel; all
(reasonable) sums expended or obligations incurred by Lessee in
connection therewith shall be paid by Lessor to Lessee on demand,
and on failure of such reimbursement, Lessee may, in addition to any
other right or remedy that Lessee may have, deduct the costs and
expenses thereof from rent subsequently becoming due hereunder; or
(2) Elect to terminate this agreement on giving at least
thirty (30) days notice to Lessor of such intention, thereby
(12)
terminating this agreement on the date designated in such notice,
unless Lessor shall have cured such default prior to expiration of
the thirty (30) day period.
ARTICLE 15. ENTRY OF LESSOR
Lessee shall permit Lessor and his agents to enter into and
upon the leased premises at all times for the purposes of inspecting
or exhibiting the same or for the purpose of maintaining or making
repairs or alterations to the building.
ARTICLE 16. ASSIGNMENT AND SUBLEASE
Lessee shall not assign this lease nor sublet all or any
portion of the leased premises.
ARTICLE 17. MISCELLANEOUS
Notices and Addresses
All notices provided to be given under this agreement shall be
given by certified mail or registered mail, addressed to the proper
party, at the following address:
Lessor: City of Sanford
Post Office Box 1778
Sanford, Florida 32771
Lessee: Sanford Housing Authority
Post Office Box 2035
Sanford, Florida 32771
This agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, executors,
administrators, legal representatives, successors, and assigns when
permitted by this agreement.
Applicable Law
This agreement shall be construed under and in accordance with
the laws of the State of Florida.
Legal Construction
In case any one or more of the provisions contained in this
lease shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision thereof and
this lease shall be construed as if such invalid, illegal, or
unenforceable provision had never been contained herein.
Sole Agreement of the Parties
This lease constitutes the sole and only agreement of the
(13)
parties hereto and supersedes any prior understandings or written
or oral agreements between the parties respecting the subject matter
within it.
Amendment
No amendment, modification, or alteration of the terms hereof
shall be binding unless the same be in writing, dated subsequent to
the date hereof, and duly executed by the parties hereto.
Rights and Remedies Cumulative
The rights and remedies provided by this lease are cumulative
and the use of any one right or remedy by either party shall not
preclude or waive its right to use any or all other remedies. Said
rights and remedies are given in addition to any other rights the
parties may have by law, statute, ordinance, or otherwise.
Waiver of Default
No waiver by the parties hereto of any default or breach of
any term, condition, or covenant of this lease shall be deemed
to be a waiver of any other breach of the same or any other term,
condition, or covenant contained herein.
Attorney's Fees
In the event Lessee breaches any of the terms of this
agreement whereby the Lessor employs attorneys to protect or enforce
its rights hereunder and prevails, then the Lessee agrees to pay the
Lessor's reasonable attorney's fees so incurred by the Lessor.
Excuse
Neither Lessor nor Lessee shall be required to perform any
term, condition, or covenant in this lease so long as such
performance is delayed or prevented by any acts of God, strikes,
lockouts, material or labor restrictions by any governmental
authority, civil riot, floods, and any other cause not reasonably
within the control of the Lessor or Lessee and which by the
exercise of due diligence Lessor or Lessee is unable, wholly or in
part, to prevent or overcome.
Time of Essence
Time is of the essence of this agreement.
Exculpation of Lessor
If Lessor shall convey title to the demised premises pursuant
(14)
to a sale or exchange of property, the Lessor shall not be liable to
Lessee or any immediate or remote assignee or successor of Lessee as
to any act or omission from and after such conveyance.
ARTICLE 18. RENT ADJUSTMENT
On the first day of the second year of this lease under any
renewal period resulting from the exercise of an option to renew,
the basic monthly rental set forth in this lease shall be increased
for the ensuing one (1) year period in the same proportion that the
United States City Average: All Items - Series A, for the last
month of the just expired three (3) year period shall have increased
over the said index figure for the first month of the leased term.
Substitute Indicator
If at any time prior to the first day of the second year of
this lease the said index shall cease to be published, there shall
be substituted therefor the most similar economic indicator then
published, if any. If Lessor and Lessee cannot agree as to such
substitute or if none shall be published, then the monthly rental
applicable to the new one (1) year period of this lease shall be
determined by the status of the said index at the time it ceased
to be published increasingly prorated to the first day of the second
year by its then monthly average increase from the first month of
the lease term.
IN WITNESS WHEREOF, the undersigned Lessor and Lessee hereto
execute this agreement as of the day and year first above written.
Signed and acknowledged
in the presence of:
LESSOR:
cting P� , City of . anfor
LESSEE:
A lzze4 A4-A�Z�
Chairman, Sanford sousing Authori y
(15)