Resolution 2015-69 - Laserfiche WebLink

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delinquent ten (10) days or more if Tenant fails to pay any amount due to the LANDLORD within ten (10) days after such amount is due on more than one (1) occasion in any 12-month period. In addition, all rent in arrears and all amounts collectible as provided for in this Lease shall accrue interest at the rate of one and one-half percent (1-1/2%) per month from the date due until paid. If the Initial Term commences or terminates on a day other than the first or last day of a calendar month respectively, then the rent for such month or months shall be prorated and the prorated amount shall be paid in advance. 1.4 RENEWAL _OPTION. LANDLORD hereby grants to TENANT an option to renew this Lease for three (3) successive five (5) year periods, each a "Renewal Term" subject to the parties' rights of termination herein. The Renewal Term shall be upon the same terms, covenants and conditions as set forth in this Lease as they exist at the time of such renewal, except that the rent for the initial year of each Renewal Term shall be set at the then -current market rate for industrial/flex space within the Colorado Technology Center and each successive year of the Renewal Term shall be increased by three percent (3%) over the rent for the prior year. The Initial Term and Renewal Term are collectively referred to herein as the "term" and are subject to parties' rights of termination as set forth herein. If TENANT wishes to exercise its option to renew this Lease for any Renewal Term, it shall give written notice with its intent to LANDLORD no less than one hundred and eighty (180) days prior to the expiration date of the Lease. Should LANDLORD exercise its rights to terminate this Lease as provided in Section 6.3, any future renewal options afforded under this Section will not be allowed. 1.5 TAXES & OTHER CHARGES. TENANT shall be responsible for the payment of all taxes attributable to the Premises, including but not limited to all ad valorem property taxes and special assessments imposed upon the Premises; all sales, excise, rental, and use taxes imposed by law on the rent due hereunder; and all sales, use or excise taxes due as a result of any work or operations performed by TENANT in or upon the Premises. 1.6 SECURITY_ DEPOSIT . TENANT shall place and maintain on deposit with LANDLORD at all times during the terms of this Lease, the sum of thirteen thousand four hundred four dollars ($13,400) for the purposes hereinafter set forth. If at any time TENANT shall be in default in the performance of any of the terms, provisions, covenants and conditions of this Lease on the part of TENANT to be done and performed, LANDLORD shall have the right to apply the said deposit, or so much thereof as may be necessary, toward the reimbursement of LANDLORD for any expense incurred by it by reason such default in performance, and toward the payment of any damage suffered by LANDLORD by reason of such default including collection and reasonable attorney's fees; and in the event such deposit shall be diminished or depleted by any such payment from or application of the same, TENANT shall and will forthwith pay to LANDLORD such sum as shall be necessary to restore said deposit to the original amount thereof above mentioned. If the amount of said discharge shall exceed such expenses and damages, TENANT shall be and remain liable for the balance thereof remaining unpaid and forthwith shall pay the amount of such balance and deficiency to LANDLORD. The said deposit shall not bear any interest to TENANT, and LANDLORD shall return to TENANT such part or portion of said deposit as shall not be required to pay, discharge and reimburse the said expenses and damages. 2