Laserfiche WebLink
2. TERM <br /> 2.1 Initial Term. The term of this Lease shall be twenty (20) years, <br /> commencingJune 1, 1997(hereinafter referred to as the "Lease Commencement <br /> Date "), and ending on June 1, 2017 unless extended or sooner terminated as provided <br /> for in this Lease. <br /> 2.2 Extension. No later than ninety (90) days prior to the termination of the <br /> initial term of this Lease, the parties shall commence negotiations in good faith to <br /> • extend the term of the Lease for an additional ten (10) year period, or such other <br /> term as agreed upon by the parties, by written agreement. The parties agree that any <br /> such extension may provide for an annual payment of rent equal to ten percent <br /> (10 %) of the land value of the Premises, which value shall reflect the unique value of <br /> the Premises as the site of a reader board sign for retail purposes. Such land value <br /> shall be determined by an appraiser who is a Member of the Appraisal Institute • <br /> (MAI), or economic consultant, and such appraiser or consultant shall be selected <br /> upon the mutual agreement of Landlord and Tenant. <br /> 3. RENT ■ <br /> 3.1 Rent. For the first twenty (20) years of this Lease, Tenant shall not be <br /> required to pay any rent to Landlord. • <br /> 3.2 Taxes and Assessments. <br /> 3.2.1 Obligation to Pay. To the extent applicable, Tenant is fully <br /> responsible for and agrees to pay, all real and personal property taxes (including any <br /> tax levied on a possessory interest, as defined in California Revenue and Taxation <br /> Code Section 107 or successor statute, if applicable) levied on or assessed by any <br /> governmental agency against Tenant's interest in personal property located on or in <br /> the land or improvements. <br /> • <br /> 4. USES, PURPOSES <br /> 4.1 Use of Premises. Tenant shall use and permit the use of the Premises only <br /> for the construction, maintenance, and operation of a reader board sign for . • <br /> advertising Tenant's adjacent automobile dealerships. Such reader board sign may <br /> also be used by other automobile dealerships located on Marina Boulevard, upon the <br /> reasonable approval of Tenant and subject to: (i) payment by each such dealership of <br /> Automall Read Board Sign - Ground Lease <br /> Final 5/07/97 Page 2 of 22 <br />