O-1972-932 - Laserfiche WebLink

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. . . . e e said option(s) by giving LESSOR written notice of his intention to renew not later than sixty (60) days prior to the expiration of the existing lease or renewal thereof. Annual rental for the term of each renewal option period shall be at the then estab- lished current rental rates at the Airport, provided, however, that such rentals shall not be less than the annual rental during the primary term hereof, as provided in Paragraph VII. Upon the expiration date of this lease or any renewal or extension hereof, no notice to quit possession shall be neces- sary, and LESSEE covenants to peaceably surrender possession of the premises to LESSOR on that date. VII. As rent for the use and occupancy of the leased premises, LESSEE hereby agrees, binds and obligates itself to pay unto LESSOR the sum of Fifty-two Thousand Two Hundred Seventy-two Dollars ($52,272.00), which shall be payable in annual installments as follows: The sum of Two Thousand Six Hundred Thirteen Dollars and Sixty Cents ($2,6l3.60) shall be paid in cash, upon execution of this lease; and The further sum of Two Thousand Six Hundred Thirteen Dollars and Sixty Cents ($2,6l3.60) shall be paid annually in advance, on the first day of July, 1973, and thereafter on the 1st day of July of each and every succeeding calendar year, through and including an annual installment which shall be due and payable on or before the 1st day of JUly, 1991, each of which said annual installments shall be in the sum of Two Thousand Six Hundred Thirteen Dollars and Sixty Cents ($2,613.60). In the event of the exercise by LESSEE of the options to extend the terms of this lease, the annual rental shall be payable in the same manner as herein provided. VIII. Failure to pay anyone or more installments of rent when due, or within ten (10) days after the same shall become due, shall terminate this lease, at the option of the LESSOR. -6-