Common Contracts
1 similar Lease contracts
LEASE TERMS AND CONDITIONSLease • August 31st, 2024
Landlord: The City of Edmonton ("City") Tenant: Arts Habitat Association of Edmonton ("Arts Habitat") Form of Agreement: Lease Term: Commencement Date: Expiry Date: Five YearsJuly 1, 2024 (pending project completion)June 30, 2029 Extension Term: Three options of five years each Potential total term of 20 years Termination: Both parties have the right to terminate on 90 days' notice.The City can terminate if the tenant fails to abide by the funding agreement. Premises: Ortona Armoury buildingA municipally designated historic resource Basic Rent: $1 per year Operating and Maintenance Costs: Responsibility of the tenant$105,300 per yearReconciled to actual costs annually Capital Repair and Maintenance Costs: Responsibility of the tenant Capital Reserve Account:** Responsibility of the tenant$75,000 per year plus any surplus funds from the operations of the building in any given year Property Taxes:** Responsibility of the tenant Estimated at $175,000 per year. Use: An arts community hub,
