MAGNOLIA SPACES Sample Clauses
MAGNOLIA SPACES. The CITY hereby authorizes DPC’s use of Thirty (30) on-street parking spaces currently located within the right of way for Magnolia Avenue, south of ▇▇▇▇▇▇▇▇ Street, (“Magnolia Spaces”). DPC shall be entitled to use the Magnolia Spaces from 4:00 p.m. to 12 midnight, Monday through Friday, and from 11:00 a.m. to 12 midnight, Saturday and Sunday, (“Magnolia Use Term”). DPC personnel, or its authorized valet representative are authorized to bag the meters during the Magnolia Use Term or any portion thereof, utilizing procedures and equipment approved by CITY. Use of the Magnolia Spaces for valet parking is conditioned upon DPC’s maintenance of a discounted rate for valet service for accessible parking during performances at the Center.
MAGNOLIA SPACES. DPC shall pay Five Hundred Dollars ($500.00) per space, per year for the 30 Magnolia Spaces, which equals Fifteen Thousand Dollars ($15,000.00), annually. (“Magnolia Rent).” The Magnolia Rent shall be due and payable in advance of each year's use of the Magnolia Spaces. The first Magnolia Rent payment shall be due on or before October 1, 2014. Thereafter, Magnolia Rent shall be due and payable, 1) on the first (1st) business day of October each year, 2) for the full term of this Agreement and 3) without demand by CITY. DPC shall also pay to CITY any applicable sales or use tax that may be required to be collected by any governmental agency, on or before each monthly Magnolia Rent due date and as a part of each monthly payment as detailed in this Section. Rental charges for both the Administration Garage Spaces and the Magnolia Spaces are subject to change at the CITY's sole discretion, provided that any parking rate change must be approved by City Council, with the exception of the increases set forth in Section III. B, above. In the event rental charges are increased, with the exception of the increases set forth in Section III. B, above, DPC may terminate this Agreement and its obligation to pay such Rent, Performance Staff Rent or Magnolia Rent upon thirty (30) days prior written notice to the CITY. A ten percent (10%) late charge shall be payable to CITY for any and all lease fees not timely paid that may be due and owing under the terms of this Agreement.