Reso 1996-031 to 035 - Laserfiche WebLink

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provided below. Lessee, at its expense, shall immediately repair any damage occasioned to the premises by reason of the removal of any such trade fixtures, signs, and other personal property, and upon the last day of the lease term or a date of earlier termination of this lease, shall leave the premises in a neat and clean condition, free of debris. All trade fixtures, signs and other personal property installed in or attached to the premises by Lessee must be new or equivalent to new when so installed or attached. 12. RENOVATION AND REPLACEMENTS Lessee shall maintain and submit to the City a rolling five-year plan for renovation and replacements commencing one (1) year after the start of business operations. The plan shall be updated each year (a "Plan Year"). Representatives of the City and Lessee shall conduct a joint maintenance inspection of the Premises not later than one hundred and twenty (120) days before commencement of each Plan Year. The purpose of the inspections shall be to determine items of maintenance, repair and renovation which should be performed by Lessee. Not later than ninety (90) days before commencement of each Plan Year, the City may notify Lessee of items requiring maintenance, repair and renovation. Lessee's five-year plan shall make provision for timely performances of all required work including without limitation work required by the City. The City shall approve or disapprove each of said five-year plans within thirty (30) days after its submission. If the City disapproves said five-year plan or proposed amendment thereto, Lessee within thirty (30) days thereafter shall submit to the City a revised five-year plan and the City shall approve or disapprove said revised five-year plan within fifteen (15) days after its submission. The City's approval of said five- year plan or said five-year revised plan shall not unreasonably be withheld or delayed. Lessee shall comply with each approved five-year plan. Each of said five-year plans shall, among other things, provide for Lessee's expenditure for renovations and replacements each Plan Year of the five-year plan of a minimum of 3% of Gross Receipts during the Plan Year. So long as Lessee maintains the Premises in first-class order, repair and condition, Lessee shall be deemed to have complied with Lessee's five-year plan if lessee has expended the said minimum percentage amount specified above for items covered by said plan; provided, however, that said percentage shall be 1 % for the first Plan Year of the first five-year plan and the first Plan Year after 25th year of the term of this Lease; provided, however, that the City and Lessee each agree that, upon the reasonable request from time to time by the other, it shall negotiate in good faith to adjust the percentage of Gross Receipts being deposited for renovations and replacements under this subsection, based upon prior experience and reasonable forecasts of funds necessary for renovations and replacements hereunder. 15