DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000
DEPARTMENT OF PUBLIC LANDS. O. Box 500380, Saipan, MP 96950
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000, Xxxxxx, XX 00000 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: 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 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.
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 All proposed Annual Operating Budgets shall be subject to approval of the Owner. Any proposed amendments submitted by Operator after final approval by both the Owner and Operator shall be submitted in writing to Owner, along with a narrative management summary detailing the necessity of the amendment. The Owner shall have the sole discretion to approve any amendment to the respective budget based upon available revenues, necessity of the amendment, and business judgment, and such Annual Operating Budget shall be subject to Owner’s budget approved by public law for the relevant fiscal year. Accordingly, while the parties shall use commercially reasonable efforts to agree upon the Annual Operating Budget, and any amendments thereto, in the event the parties cannot agree upon the Annual Operating Budget, or any amendments thereto, Owner shall make the final determination on any dispute, without recourse by Operator.
DEPARTMENT OF PUBLIC LANDS. Saipan, MP 96950 Operator agrees to procure by no later than ten (10) days after the execution of this Agreement, and to maintain in force (on an occurrence basis) during the entire term of this Agreement or any extension thereof, at its sole expense, commercial general liability insurance (all risk) for the Property and operation conducted thereon, with Owner and the CNMI Government named as co-insured, in a company or companies authorized to do business in the Northern Mariana Islands, with a minimum coverage of $5,000,000 combined single limit, or such higher amounts as Owner may reasonably require. Copies of such policies shall be delivered to Owner within thirty (30) days of their issuance and shall contain a clause stating that at least thirty (30) days written notice shall be given to Owner prior to cancellation or refusal to renew any such policies. All insurance obtained by the Operator in compliance with this Agreement shall be obtained from reputable companies acceptable to Owner.
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 500380
DEPARTMENT OF PUBLIC LANDS. Saipan, MP 96950 Within 15 days after the end of each calendar quarter, the Operator shall deliver to the Owner an aged receivable listing as of the end of such calendar quarter and management prepared unaudited financial statements, including a balance sheet, cashflow statement, a statement of income, a statement of capital and a statement of change in financial position, which: (1) shows the results of the Operation of the Property and the calculation of the Total Revenues, management fees for such calendar quarter, and (2) shall be certified by the Operator as having been prepared in accordance with generally accepted accounting principles. Within 45 days after the end of each fiscal year, the Operator shall deliver to the Owner annual audited financial statements, including a balance sheet, cashflow statement, a statement of income, a statement of capital and a statement of changes in financial position, which shows the results of the Operation of the Property and the calculation of the Total Revenues, and Management Fees for such fiscal year.
DEPARTMENT OF PUBLIC LANDS. X.X. Xxx 000000 Xxxxxx, XX 00000 No payment by Operator or receipt by Owner of a lesser amount than the actual fees or payments herein stipulated shall be deemed to be other than on account of monies due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Owner may accept such check or payment without prejudice to Owner’s right to recover the balance of such fees or payments or pursue any other remedy provided in this Agreement. In the event that the fees, payments or any other monies which are due hereunder by Operator are delinquent, Owner may, upon the receipt of any payments, apply them to any account or period it shall determine in its discretion.
