DNR H-1 Lease Agenda Staff Report

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2.8 The word, “Premises,” shall mean the real property described hereinabove in Paragraph 1. 3. TERM and POSSESSION. 3.1. Effective Date. The lease shall commence on _________________________________(date). 3.2. Lease Term. The Lease Term shall be twenty (20) years. 3.2.1. Possession. The LESSEE’s possession of the Premises (the “Possession Date”) shall be on the Effective Date. 3.2.3. Rent Commencement Date. Rent shall commence and be paid pursuant to Section 4 below. 3.2.4. Lease Termination Date. This Lease shall terminate at midnight on ________________ (hereinafter referred to as the “Termination Date”), which is a period that is thirty (20) years from the Effective Date. 4. RENT: 4.1 Rent Generally: During the Term hereof, Rent will be calculated on a per square foot basis of the real property leased. LESSOR and LESSEE agree the property consists of approximately 8.35 Acres or 363,726 Sq. Ft. of property 4.2 Payment of Rent: Rent will be $0.20 multiplied by the rent square footage for an annual rent of $72,745.20 to be paid annually pursuant to this Section. 4.2.1 Annual rent payments shall be payable in advance and due on or before _______________, each year during the TERM of this LEASE. LESSOR will prepare and send an invoice to LESSEE annually, payment due upon receipt of the invoice. LESSEE remains responsible for annual rent payment in the event an invoice is not sent. 4.2.2 All rent payments as hereinafter set forth shall be paid by LESSEE to LESSOR without notice or demand, in advance, except as otherwise specifically provided herein, on or before the 1st day of each and every successive calendar year during the Term hereof commencing on the Rent Commencement Date, and shall be considered delinquent if not