O-1992-1877 - Laserfiche WebLink

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. e annual rental rate of Twelve Hundred Fifteen and 32/100 Dollars ($1,215.32) per acre for the lease year beginning January 1, 1993. This rate results in a total 1993 lease year ground rental for the Leased Premises of Thirty- six Hundred Forty-five and 97/100 Dollars ($3,645.97). B. The actual rental rate shall be determined prior to January 1st of each lease year and shall be effective for that lease year. C. In the event that the united states Department of Labor discontinues publication of the above index or data from which the index can be directly computed, or if the method for the determination of such index is substantially different than that existing at the time this Agreement and Lease is executed, the basis for the rental rate adjustment shall be the most closely comparable index published by the u.s. Government. 2. The parties recognize that Lessee shall lease to tenants, facilities for the storage and/or tie-down of aircraft within leased properties described as "Designated Use Area" on Exhibit "A". The Lessee shall have the right to provide additional T- Hangar or tie-down facilities on the property leased herein, but any such additional facility shall only be provided after specific written authorization from the Lessor. Additional facilities shall be provided only in areas specifically authorized by the Lessor and shall be hardsurfaced rather than grass areas. The parties further agree that no aircraft will be tied-down on grass surface areas within Lessee's leased premises after the year 1994. 3. The rental above provided for during the term of this Agreement and Lease shall be paid monthly, in sum equal to 1/12 of the annual rental due hereunder, in advance on the first day of each and every month. In the event that this Agreement and Lease commences or terminates other than on the first or last day of the month, pro-rata payments shall be made for the fractional part of a month involved. 4. The Lessor is entitled to collect and the Lessee agrees to pay, all rentals due under this Agreement and Lease to the City of La Porte, La Porte Municipal Airport, La Porte, Texas, without notice to the Lessee. Rentals more than thirty (30) days past due may be subject to a service charge of one percent (1%) per month, based on an annual rate of 'twelve percent (12%). 5. Without prejudice to any other remedy which otherwise might be used for arrears of rent or other breach of this Agreement, if the Lessor is required or it elects to pay any sum or incurs any obligations or expense, by reason of a failure, neglect or refusal of the Lessee to perform anyone or more of the terms, conditions or covenants of this Agreement and Lease or as the result of any 3