1998-01-26 Workshop and Regular Meeting of City Council

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B. Rental for the 24 tie -downs shall be paid monthly, in a sum equal to 1/12th of the annual rental due, in advance, on the 1st day of each and every month. Cost of living indexing shall not apply to the rental and charges for the tie -down areas. 1 .b In the event -that Lessor and Lessee reach agreement in the future, for possible future construction by Lessee in the designated use area for T-Hangars, such additional lease shall be subject to all of the terms and provisions of this lease, with a rental rate of $0.14 per square foot, based on the CPI-U in effect on July 1, 1995, based on the Consumer Price Index for All Urban Consumers (1982-84 = 100) . 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. 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 (la) per month, based on an annual rate of twelve percent (12U . S. 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 any one or more of the terms, conditions or covenants of this Agreement and Lease or as the result of any act or omission of Lessee contrary to said terms, conditions and covenants, the sum or sums so paid or the expense so incurred, including all interest, costs, damages and penalties may be added to any installment of -rent thereafter due hereunder and each and every part of the same shall be and become additional rent recoverable by the Lessor in the same manner and with like remedies as if it were originally a part of -the rent as set forth hereinabove. T