DEPARTMENT OF PUBLIC LANDS. P.O. Box 500380, Saipan, MP 96950 The DPL and Lessee covenant and agree that in the event the whole property hereby leased shall be taken in condemnation proceedings or by any right of eminent domain, or otherwise, for public purposes, then and on the happening of any such event, the DPL or Lessee, may terminate this Lease and the Term hereby granted and all the rights of the Lessee hereunder, and the rent shall be paid up to the date of such condemnation or termination and any unearned rent paid in advance by the Lessee shall be refunded pro rata. In the event any portion of the property hereby leased is condemned or taken by right of eminent domain or otherwise for public purposes, thereby rendering the leased property unsuitable for the purpose of Xxxxxx as stated in Article 2 above, then and on the happening of such event Lessee may terminate this Lease and the Term hereby granted, and all the rights of the Lessee hereunder and the rent shall be paid up to the date of such termination or condemnation and any unearned rent paid in advance by the Lessee shall be refunded pro rata. If Xxxxxx does not terminate this Lease upon such event, then the rent shall be reduced in proportion to the land taken as such bears to the total area of land leased. The DPL and the Lessee may each independently file separate claims in such proceedings for the purpose of having the value of their respective interests determined, and the award shall be paid accordingly; but if the public or governmental authorities shall object or refuse to permit separate claims to be proved and/or distributed in such manner, the DPL will prosecute all claims for damages to the Premises on behalf of both the DPL and the Lessee (and authority to do so is hereby granted), and after deducting all reasonable expenses incurred by the DPL incident thereto, the balance of said award shall be divided between the DPL and the Lessee as established in that proceeding. In the event the DPL prosecutes the claim on behalf of both parties hereto, all such awards shall be paid to the DPL for the account of the DPL and Xxxxxx as hereinbefore provided.
DEPARTMENT OF PUBLIC LANDS. P.O. Box 500380, Saipan, MP 96950 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 Xxxxxx 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 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 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 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 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. P.O. Box 500380, Saipan, MP 96950 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 Xxxxxx. 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 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. P.O. Box 500380, Saipan, MP 96950
