DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 The Lessee, its successors and assigns may, subject to the express prior written approval of the DPL, mortgage this Lease and the Lessee's interest hereunder, provided that no holder of any mortgage of this Lease or the Lessee's interest hereunder, or any one claiming by, through or under any such mortgage shall, by virtue thereof, except as provided herein, acquire any greater rights hereunder than the Lessee, and no mortgage of this Lease or the Lessee's interest hereunder, in whole or in part, by the Lessee or the Lessee's successors or assigns shall be valid, unless: (i) at the time of the making of such mortgage, there shall be no default under any of the agreements, terms, covenants and conditions to be performed by the Lessee under this lease; (ii) such mortgage shall be subject to all the agreements, terms, covenants and conditions of this Lease, (iii) any such mortgage shall reserve to the DPL prior right, in the event of Lessee's default under the same and after notice of the same character and duration as required to be given to Lessee, to correct the default or to purchase the same and terminate this Lease; and (iv) such mortgage shall contain the following provisions: This instrument is executed upon condition that (unless this condition be released or waived by the DPL or its successors in interest by an instrument in writing), no purchaser or transferee of said Lease at any foreclosure sale hereunder, or other transfer authorized by law by reason of a default hereunder where no foreclosure sale is required, shall, as a result of such sale or transfer, acquire any right, title or interest in or to said Lease or the leasehold estate hereby mortgaged unless (i) the DPL shall receive written notice of such sale or transfer of said Lease within fifteen (15) days after the effective date of such sale or transfer and (ii) a duplicate original copy of the instrument or instruments used to effect such sale or transfer shall be delivered to the DPL within thirty
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 No payment by Lessee or receipt by the DPL of a lesser amount than the annual rent herein stipulated shall be deemed to be other than on account of rents due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment of rent be deemed an accord and satisfaction, and the DPL may accept such check or payment without prejudice to the DPL's right to recover the balance of such rent or pursue any other remedy provided in this lease. In the event that the rent or any other monies which are due hereunder by Lessee are delinquent, the DPL may, upon the receipt of any payments, apply them to any account or period it shall determine in its discretion.
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 The Lessee, in consideration of the foregoing, shall pay to the DPL, in the manner prescribed herein, in lawful money of the United States, Base Rent and Additional Rent for the Premises as follows: BASE RENT - Shall be 5.0% of the fee simple value of the Premises per year payable in advance. ADDITIONAL RENT – Shall be based on the following scale: Business Gross Receipt Payment Schedule Annual BGR Amounts Minimum Tier From To % of BGR Per Tier 1 $ 0 $ 50,000.49 3.00% 2 50,000.50 100,000.49 2.89% $ 1,500 3 100,000.50 200,000.49 2.78% 2,889 4 200,000.50 400,000.49 2.67% 5,556 5 400,000.50 800,000.49 2.56% 10,667 6 800,000.50 1,600,000.49 2.44% 20,445 7 1,600,000.50 3,200,000.49 2.33% 39,112 8 3,200,000.50 6,400,000.49 2.22% 74,669 9 6,400,000.50 $12,800,000.49 2.11% 142,227 10 $12,800,000.50 and Over 2.00% $270,234 A. Base Rent. Lessee shall pay Base Rent as set forth above in advance on an annual basis on each anniversary of the Commencement Date without invoice, notice, or other demand upon or to Lessee.
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 Within thirty (30) calendar days of the Commencement Date, the Lessee shall deposit the sum reflected on the Lease Data Sheet as a Security Deposit with the DPL. The Security Deposit will be held in an interest bearing account of the DPL. This Security Deposit is security that the Lessee will comply with all the terms of this Lease and indicates Lessee's good faith commitment to undertake and complete the construction, development and operation the proposed development. This Security Deposit shall also be security to ensure performance of Lessee’s obligations upon the expiration or termination of the Lease. If the Lessee defaults on this Lease prior to the expiration of this Lease, the DPL shall be able to keep all or part of this Security Deposit to cover unpaid rent, administrative costs, appraisal reports, attorneys' fees, damage to the property, remediation, and/or other expenses. At the expiration of this Lease, the DPL will inspect and fully document the condition of the Premises. Within thirty (30) days of the expiration of this Lease, if the Lessee has supplied the DPL with a forwarding address and the Lessee has complied with all terms of this Lease, the DPL will return the Security Deposit plus any interest earned, or the DPL will provide the Lessee with a written notice including an itemized list as to why the full Security Deposit amount is not being returned and a check for any remaining Security Deposit owed to the Lessee after such deductions have been made. The DPL may retain and apply as much of the Security Deposit as necessary as compensation or reimbursement for unpaid rent, administrative costs, attorneys' fees, damages, or other expenses resulting from Lessee's use of the Premises or from any default of the Lease by the Lessee. During the Term the DPL applies all or part of the Security Deposit for the reasons set forth above, Lessee shall replace such sum. In addition to the Security Deposit, Lessee shall within thirty (30) days after the Commencement Date deliver to the DPL a Completion Bond, Stand by Letter of Credit, or a combination thereof covering 100% of the cost of Lessee’s proposed development.
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 If the Lessee fails to vacate the Premises upon the expiration, termination or cancellation of this Lease, Lessee shall be deemed a holdover Lessee. Such holdover Lessee shall be obligated to pay the DPL a holdover fee during the holdover period of not less than 150% of the monthly-prorated Base Rent and Additional Rent for the Five Year Period immediately preceding the holder period as provided in Article 5A. Payment of such liquidated damages shall in no way constitute a limitation upon any other rights or remedies the DPL may be entitled to pursue for violation of the Lease, for trespass or illegal possession or for any other cause of action arising out of holdover Lessee’s failure to vacate the Premises including the right to evict the Lessee without court action, and the cost thereof to be paid by the Lessee.
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 In the event of a use other than the permitted use set forth on the Lease Data Sheet, or utilization of the Premises that fails to comport with the conceptual design upon which this Lease was based, DPL may recapture all or portions of properties under lease when such lands may have a higher and better use than as actually being used or developed by Lessee. In such case Lessor shall give notice to Lessee and an opportunity to cure or within sixty (60) days reach agreement with the DPL on a proposed course of action to cure or such non-conforming or underutilized portions of the premises shall revert to the DPL.
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 This Lease is subject to l CMC § 7845. The Lessee shall provide, upon request of the Public Auditor of the Commonwealth all records and reports, and shall allow audit, inspection, access and the right to copy her books, records, documents, correspondence, and any other data and material relating to this Lease, to the Public Auditor, and do any other acts required under 1 CMC § 7845. This right of access, inspections, and copying shall continue until the expiration of three (3) years after the final payment under the Lease is made, or such other time as set forth in 1 CMC § 7845.
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 The Lessee shall, not later than forty-five (45) days after the end of each calendar year of this Lease, submit to the DPL financial statements certified by a CNMI licensed Certified Public Accountant, which shall include a schedule of gross receipts indicating sources and deductions in support of the gross receipts rental requirement under Article 0X. XXX shall have access to and the right to examine and audit any or all pertinent books, documents, papers and records of the Lessee and its sublessees and concessionaires relating to this Lease during the normal business hours of any working day. Lessee shall insert a similar provision in all subleases, consession and similar agreements pertaining to this right of access, examination, and audit, and shall make available to said representative(s) or agent(s) all books and records of the Lessee or its sublessees and concessionaires which may be requested or may be necessary for completion of a special audit of any or all activities or enterprises conducted on the Premises. The Lessee shall keep and maintain its accounting and bookkeeping system in accordance with generally accepted accounting principles. The Lessee shall keep its accounting books and records at all times in the English language.
DEPARTMENT OF PUBLIC LANDS. Saipan, MP 96950 This Agreement and the covenants, conditions and restrictions hereof shall extend to and be binding upon the parties hereto, their heirs, successors and assigns and to any other person claiming to hold or to exercise any interest by, under or through any of the parties hereto. Any modifications or alteration in any manner whatsoever shall be properly executed by written amendment of this Agreement.
DEPARTMENT OF PUBLIC LANDS. Saipan, MP 96950 During the term of this Agreement and any renewal thereof, the Operator shall use, manage, and operate the Resort to a three-star standards in a reasonably prudent manner, so as to not cause nuisance or hazards to the public, and to not allow or suffer, any waste or unlawful, improper or offensive activities within the Resort premises. This agreement gives Operator no rights in or to the land upon which the Resort resides and Owner reserves the right to enter the Resort premises at any time for any purpose (in which case Owner will conduct itself in a manner reasonably calculated so as to not disturb Resort guests). It is the intent of the parties that the Resort be managed and operated by Operator for the account and benefit of Owner. P.O. Box 000000
