Laserfiche WebLink
<br />such option, (a) the Landlord shall provide the Tenant with six <br />months written notice of its intention to reduce the area of the <br />Leased Premises, and (b) the area of the Leased Premises shall be <br />reduced as shown on Exhibit "A-1" attached to said Lease Agreement, <br />and the rental thereunder shall be reduced on a pro rata square <br />foot or acreage basis, and City, as Landlord, agrees to reimburse <br />the Tenant for the remaining undepreciated value of Tenant' s <br />improvements on that portion of the Leased Premises, based on a 15 <br />year level amortization from the Commencement Date of said Lease <br />Agreement, which was January 1, 1997. <br />3. Owners own substantially all the real property which <br />abuts the right-of-way of North "H" street in the City of La Porte, <br />extending from the west right-of-way line of North Broadway street, <br />to the east right-of-way line of North 8th street, in the City of <br />La Porte. Owners desire to have the City of La Porte exercise the <br />rail spur option, described in Paragraph 2, above. Owners request <br />City to grant Owners a Rail Easement in form attached hereto as <br />Exhibit "B", incorporated by reference herein, and made a part <br />hereof for all purposes. <br />WHEREFORE, in consideration of the paYment by Owners to City, <br />of a cash sum, which shall be calculated by multiplying (i) that <br />portion of the Railroad Easement located on the property described <br />on Exhibit "A", attached hereto, and (ii) that portion of the <br />Railroad Easement located on the right-of-way of North "H" Street; <br />multiplied by $4.50 per square foot, payable as follows, to-wit: <br />A. Owners shall, upon the execution hereof, make an initial <br />deposit of Two Hundred Thousand Dollars ($200,000.00), to <br /> <br />2 <br />