HOU, JOHN & TAO-JAN 1-2007 - Laserfiche WebLink

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J 5. Rent. City agrees to pay Owner a rental fee of Twelve Hundred and NO/IOO Dollars ($1,200.00) per month for the term of this Agreement, which the Parties agree is the reasonable amount of potential rental income loss by Owner due to the relocation of Owner's current tenants as a result of the acquisition of the Property by City. Monthly rental shall be paid in advance on or before the first day of each calendar month during the term of this Agreement. If the commencement date of this Agreement is other than the first day of a calendar month, the monthly rental amount payable hereunder shall be prorated and the rent for the partial month following the Commencement Date shall be payable on the first day of the first full calendar month of the term, together with the regular monthly rental payment then due, in accordance with Exhibit "B" attached hereto. 5a. Rents shall be prorated from the date of vacation of premises by Owner's current tenants until the date of close of escrow or until title to the property vests in City, but in any event, shall not accrue after September 30,2007. Any prorated rents due to Owner by City shall be paid on a monthly basis with the last month paid to Owner as soon after the close of the acquisition escrow as possible. All subsequent monthly rental payments shall be paid in advance on the first day of each calendar month. 5b. In the event City takes possession of the Property under an Order ofImmediate Possession issued by a court of competent jurisdiction in a condemnation proceeding, the rents shall be pro-rated from the date of vacation of the premises by Owner's current tenants to the effective date of the Order ofImmediate Possession. Said sum representing the prorated rents shall be paid to the Owner by City on a monthly basis through and until the effective date ofthe Order ofImmediate Possession. Any and all prorations shall be made on the basis of a 360-day year/30-day month. 5c. Notwithstanding the provisions of paragraphs 5a and 5b above, City reserves the right to terminate this Agreement upon thirty (30) days written notice to Owner if either of the following occurs: (i) In the event the City's escrow for the acquisition of the Property from Owner is unable to close in a timely fashion due to any fault of the Owner; (ii) In the event of City's acquisition of the Property by condemnation, Owner takes legal or other action preventing the City from obtaining possession by Order of Immediate Possession. 6. Maintenance. City shall maintain the interior of the improvements on the Property at City's sole cost and expense, in a manner consistent with community standards which will uphold the value of the Property, in accordance with this Agreement, the Santa Ana Municipal Code and any other applicable State or Federal statutes and/or local rules, regulations, ordinances and community standards. Owner shall maintain the exterior of the improvements on the Property at Owner's sole cost and expense, in a manner consistent with community standards which will uphold the value of the Property, in accordance with this Agreement, the Santa Ana Municipal Code and any other applicable State or Federal statutes, and/or local rules, regulations, ordinances and community standards. The Owner shall maintain all landscaping in, on, or surrounding the Property. 7. Utilities. City shall be responsible for the payment of all charges in connection with utility services provided to the Property. For the purposes ofthis Agreement, "utility services" include natural gas, electricity and sewer. Owner shall be responsible for payment of water and trash collection service fees. Page 2 of5