HomeMy WebLinkAbout01727for a period commencing on or about March 16, 1956 and expiring
March 15, 2000, and at the following described rentals:
Subject to the following terms and conditions,
the full rent to be paid by Lessee under the lease
to be entered into for the full 44-year termthereof
shall be $3,627,042.17, payable in the following
amounts at the following times and in the following
manner:
A. First Thirty Years. Subject to the follow-
ing terms and conditions the rent to be paid by Lessee
hereunder during the first thirty years of the term
of said lease shall be $3,395,84o.50, payable as fol-
lows:
(1) Payments. During said first 30-year
period rent payment shall be made either to the City
Treasurer or to an agent or trustee nominated by
the City for this purpose and according to the fol-
lowing schedule and upon the following terms and con-
ditions:
(a)
Initial Payment. Within thirty
(30)
days of said
lease becoming
operative, Lessee
shall
pay the sum
of $189,384.59,
said sum being the
sum
of (i) annual
rental stipulated
hereinbelow
for
the period expiring
March 15,
1957, Plus (ii)
the
stipulated annual
rental for
the thirtieth (30th)
year
of the term,
expiring March
15, 1986, less the
sum
of $36,270.42,
the latter sum
being the amount
deposited
by Lessee
upon the making
of its bid pur-
suant
to Resolution
56-1 and which
amount shall be
thus
credited to Lessee's rental
account.
(b)
Semiannual Payments.
on and
after
March 15, 1957, rents shall
be paid in advance
in
semiannual installments
on or
before March 15
and
September 15 of
each and every
year through
September
15, 1984
as follows:
Consecutive
Annual
Semiannual
Year of Term
Rental
Payment
1.
1956-57
$ 111,158.50
---------
2.
1957-58
111,8o8:50
$ 55,904.25
3.
1958-59
111,398:50
55,699.25
4.
1959-60
111,958.50
55,979.25
5.
196o-61
111,458.50
55,729.25
6.
1961-62
111,928.50
55,964.25
7.
1962-63
111,471.00
55,735.50
8.
1963-64
ill,986.00
55,993.00
9.
1964-65
112,446.00
56,223.00
10.
1965-66
112,851.00
56,425.50
11.
1966-67
113,201.00
56,600.50
12.
1967-68
113,496.00
56,748.00
r; 13.
1968-69
112,736.00
56,368.00
5.