Agmt 2007 SL 101 LLC - Laserfiche WebLink

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1. LEASED PREMISES. City does hereby lease to Lessee, and Lessee does hereby lease from City, seventy-five (75) parking spaces in the Estudillo Garage and thirty-three (33) parking spaces in the Hyde Street Parking Lot (the "Leased Parking Spaces"). 2. TERM: OPTION; PAYMENT. 2.1 Term. The term of this Agreement (the "Term") shall commence on the Effective Date and shall expire on the thirtieth (30th) annual anniversary of the Effective Date (the "Expiration Date"). The Lessee shall have the option to extend the Term for three (3) ten (10) year periods upon written consent of the City. 2.2 Exercise of Option. In the event Lessee desires to exercise its option to extend the Term, Lessee shall provide written notice of its desire to extend the Term not less than one hundred twenty (120) days prior to the Expiration Date. City shall notify Lessee, in writing, within forty-five days of receipt of written notice requesting an extension of the Term whether the City consents to the requested extension of the Term. 2.3 Payment of Parkinq Fees. Lessee shall pay City for each parking space provided by City. The monthly parking fee for each reserved parking space shall be Eighty Dollars ($80) (the "Reserved Parking Fee") and the monthly parking fee for each unreserved parking space shall be Fifty-Five Dollars ($55) (the "Unreserved Parking Fee" and together with the Reserved Parking Fee the "Parking Fees"). The Parking Fees for the leased parking spaces shall be due and payable to the City on the first day of January, April, July and October. Lessee shall pay the Parking Fee Payment to the City no later than the twentieth (20th) day of January, April, July and October for that quarter. Late payment fees and insufficient fund charges shall be paid in accordance with City policies. 2.4 Parkinq Fee Adiustment. City may adjust the monthly parking fee annually each July 1st by no more than the change in the annual Consumer Price Index, All Urban Consumers (San Francisco- Oakland-San Jose), however, the Parking Fees charged by the City shall not exceed the monthly parking fee charged to other users of the garage. 3. REQUIRED PARKING. 3.1 Description of Required Parkinq. The San Leandro Zoning Code currently requires Lessee to provide one hundred fifty-nine (159) parking spaces; however, Lessee shall comply with the parking exception approved by the Board of Zoning Adjustments by leasing a minimum of one hundred and eight (108) parking spaces from City. As additional parking spaces become available in either the Estudillo Garage or the Hyde Street Parking Lot, City shall notify Lessee, in writing, of the availability of such additional parking spaces. Upon receipt of written notice of the availability of additional parking spaces, Lessee shall increase the number parking spaces leased under this Agreement within forty-five (45) days of receipt of said written notice. Lessee shall continue to lease additional parking spaces, as they become available, until Lessee has leased the Required Parking Spaces. If the San Leandro Zoning Code is amended to reduce the number of Required Parking Spaces for the Property, Lessee shall only be required to lease that number of parking 926090-4 2 Estudillo Garage Parking Agreement