Agmt 2007 San Leandro Sailing Club Inc

Home

On or before the first day of January 2011, and continuing thereafter on the first day of each succeeding month throughout the term of the lease, Contractor shall pay a flat rental fee of THREE HUNDRED FIFTY DOLLARS ($350.00) per month. In view of the fluctuating power of the dollar, the parties hereto agree that the following minimum rental adjustments shall be made on dates as herein provided. The parties hereto adopt as the standard for measuring such fluctuations the revised Consumer Price Index for All Urban Consumers -San Francisco, Oakland, San Jose -issued by the Bureau of Labor Statistics of the U.S. Department of Labor, All Items (1982-84 = 100), hereinafter referred to as the "CPI Index". For this agreement, the CPI Index Baseline shall be October, 2011. The first rental adjustment shall be made on January 1, 2012, and annually on each January 1 thereafter. Ili no event shall the monthly rent for a lease year be less than the monthly rent for the prior lease year. In the event that Contractor is delinquent for a period of sixty (60) days or more in paying to City a rental or other sum payable to City pursuant to this lease, Contractor shall pay to City interest on such delinquent amount at the rate of one percent (1%) per month from the date such sum was due and payable until paid. C. TERMINATION BY CITY. City may terminate this lease between January 1, 2011 and December 31, 2015 upon providing the Contractor with written notice one (1) year in advance. In the event City exercises its right to terminate this lease, City shall compensate Contractor for the property improvements constructed in fiscal year 2007-08 ("Construction Reimbursement"). The Construction Reimbursement shall be calculated by amortizing the actual construction costs, up to FIFTEEN THOUSAND DOLLARS ($15,000), over 8 years. Upon City's termination of this lease, payment of the Construction Reimbursement shall be prorated over the remaining teen of the lease. Page 2 of 3