O-2007-2970 lease agreement/Economic Alliance tenant at 908 W Main

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Lease Agreement This Lease Agreement ("Lease") is made and effective April 1 ,2007, by and between the City of La Porte, Texas (herein known as "Landlord") and Economic Alliance Houston Port Region (Tenant"). Landlord is the owner of land and improvements situated thereon commonly known and numbered as 908 West Main Street, La Porte, Texas 77571 and legally described as follows: Block 52, Lots 20 and 21, town of La Porte. Landlord desires to lease the Leased Premises to Tenant, and Tenant desires to lease the Leased Premises from Landlord for the term, at the rental and upon the covenants, conditions and provisions herein set forth. THEREFORE, in consideration of the mutual promises herein, contained and other good and valuable consideration, it is agreed: 1. Term. A. Landlord hereby leases the Leased Premises to Tenant, and Tenant hereby leases the same from Landlord, for an "Initial Term" beginning April 1, 2007 and ending March 31, 2017. Landlord shall use its best efforts to give Tenant possession as nearly as possible at the beginning of the Lease term. If Landlord is unable to timely provide the Leased Premises, rent shall abate for the period of delay, provided that Landlord shall not be liable or responsible for any claims, damages, or liabilities in connection therewith or by reason thereof. B. After review by the Landlord, the Tenant shall have the option to renew the Lease Agreement for and additional ten (10) year term, upon the expiration of the Initial Term, provided that Tenant provides Landlord with ninety (90) days prior written notice thereof. The failure to furnish said ninety (90) days written notice shall cause this Lease Agreement to automatically expire at the end of the Initial Term. C. Tenant shall have the right to terminate and exit the Lease Agreement after the first three (3) years of the Initial Term, by providing ninety (90) days prior written notice to Landlord. Tenant's right to terminate the Lease Agreement after the first three years of the Initial Terms is subject to Landlord's ability to relet the Leased Premises with a replacement tenant, agreeable to both Landlord and Tenant. 2. Rental. A. Tenant shall pay without demand to Landlord during the Initial Term rental of $20,000 per year, prorated at $1,667.00 per month provided however, that Landlord shall not collect monthly rental as provided herein, but will provide the Leased Premises in consideration of, and in lieu of the $20,000.00 annual fee, for membership in the Economic Alliance Houston Port region. Membership privileges shall continue on a reoccurring annual basis, coterminous with the lease term established in this section, so long as the Lease Agreement is in effect. However, in the event that the Economic Alliance Houston Port Region should adjust its yearly city membership fee, the yearly rental established herein shall be adjusted accordingly, to equal the amount of the revised membership fee. This Agreement terminates and supersedes all prior understandings or agreements or contracts on the membership subject matter hereof. B. The rental for any renewal lease term, if created as permitted under this Lease, shall be in the amounts established by the Parties, pursuant to Section 2 A of this Agreement. C:\Documents and Settings\FeazelleD\Local Settings\Temporary Internet Files\OLK6A\Lease Agreement v6.doc Page 1 of 6