HomeMy WebLinkAbout01735for a period commencing on or about Mareli i6, 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 termthereo£
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 $3,395,840.50, 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 becomingg operative, Lessee
shall pay the sum of $189,384.58, 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
211,808.50
$ 55,9o4.25
3.
1958-59
111,398.50
55,699.25
4.
1959-6o
111,958.50
55,979.25
5,
196o-6i
111,458.50
55,729.25
6,
1961-62
111,928.50
55,964.25
7.
1962-63
lil,471.00
55,735.50
8.
1963-64
111,986.00
55,993.00
9,
1964-65
112,446.00
56,223.00
l0.
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
13.
1968-69
112,736.00
56,368.00
5.