Common use of Traffic Signal Clause in Contracts

Traffic Signal. Landlord and Tenant agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx and SW 150xx Xxenue shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord shall furnish to Tenant a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration and, upon request from Tenant, shall furnish copies of invoices received and paid by Landlord in connection with the installation of the Signal. Tenant agrees to reimburse Landlord for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant shall reimburse Landlord for such cost by paying Landlord in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant shall pay to Landlord interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing of such purchase Tenant shall pay to Landlord the outstanding balance of the Signal Cost allocated to the Property. If Tenant does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the (i) Tenant shall pay to Landlord within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates, and (ii) Tenant's obligation to reimburse Landlord for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of Tenant, Landlord may recover from Tenant the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant under this Lease."

Appears in 2 contracts

Samples: Lease (Sequent Computer Systems Inc /Or/), Lease (Sequent Computer Systems Inc /Or/)

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Traffic Signal. Landlord and Tenant agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx Xxxx and SW 150xx Xxenue 100xx Xvenue shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord shall furnish to Tenant a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration and, upon request from Tenant, shall furnish copies of invoices received and paid by Landlord in connection with the installation of the Signal. Tenant agrees to reimburse Landlord for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant shall reimburse Landlord for such cost by paying Landlord in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant shall pay to Landlord interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing of such purchase Tenant shall pay to Landlord the outstanding balance of the Signal Cost allocated to the Property. If Tenant does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the (i) Tenant shall pay to Landlord within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates, and (ii) Tenant's obligation to reimburse Landlord for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of Tenant, Landlord may recover from Tenant the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant under this Lease."

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

Traffic Signal. Landlord Lessor and Tenant Lessee agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx Waxxxx Road and SW 150xx Xxenue 150th Xxxxxx shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord Lessor shall furnish to Tenant Lessee a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration and, upon request from TenantLessee, shall furnish copies of invoices received and paid by Landlord Lessor in connection with the installation of the Signal. Tenant Lessee agrees to reimburse Landlord Lessor for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant Lessee shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant Lessee shall reimburse Landlord Lessor for such cost by paying Landlord Lessor in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant Lessee shall pay to Landlord Lessor interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant Lessee shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant Lessee purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing of such purchase Tenant Lessee shall pay to Landlord Lessor the outstanding balance of the Signal Cost allocated to the Property. If Tenant Lessee does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the (i) Tenant Lessee shall pay to Landlord Lessor within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates, and (ii) TenantLessee's obligation to reimburse Landlord Lessor for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of TenantLessee, Landlord Lessor may recover from Tenant Lessee the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant Lessee that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant Lessee under this Lease."

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

Traffic Signal. Landlord and Tenant agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx and Road xxx SW 150xx Xxenue 150th Xxxxxx shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord shall furnish to Tenant a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration and, upon request from Tenant, shall furnish copies of invoices received and paid by Landlord in connection with the installation of the Signal. Tenant agrees to reimburse Landlord for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant shall reimburse Landlord for such cost by paying Landlord in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant shall pay to Landlord interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing of such purchase Tenant shall pay to Landlord the outstanding balance of the Signal Cost allocated to the Property. If Tenant does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the (i) Tenant shall pay to Landlord within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates, and (ii) Tenant's obligation to reimburse Landlord for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of Tenant, Landlord may recover from Tenant the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant under this Lease."

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

Traffic Signal. Landlord Lessor and Tenant Lessee agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx Walxxx Road and SW 150xx Xxenue 150th Xxxxxx shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Second Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord Lessor shall furnish to Tenant Lessee a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration Declaration, and, upon request from TenantLessee, shall furnish copies of invoices received and paid by Landlord Lessor in connection with the installation of the Signal. Tenant Lessee agrees to reimburse Landlord Lessor for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant Lessee shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant Lessee shall reimburse Landlord Lessor for such cost by paying Landlord Lessor in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant Lessee shall pay to Landlord Lessor interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant Lessee shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant Lessee purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing Closing of such purchase Tenant Lessee shall pay to Landlord Lessor the outstanding balance of the Signal Cost allocated to the Property. If Tenant Lessee does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the then (iI) Tenant Lessee shall pay to Landlord Lessor within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates through the date the Lease expires or otherwise terminates, and (ii) TenantLessee's obligation to reimburse Landlord Lessor for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease with respect to any portion of the Signal Cost that is attributable to any period from and after the expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of TenantLessee, Landlord Lessor may recover from Tenant Lessee the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant Lessee that the cost of any other traffic signal(ssignal()s) installed near the Property in the future should be passed through to Tenant Lessee under this Lease."" 1.6 The following is added at the end of Section 6.8.1.2 of the Lease and is made a part of such Section:

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

Traffic Signal. Landlord Lessor and Tenant Lessee agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx Wxxxxr Road and SW 150xx Xxenue 150tx Xxxxue shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Second Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord Lessor shall furnish to Tenant Lessee a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration Declaration, and, upon request from TenantLessee, shall furnish copies of invoices received and paid by Landlord Lessor in connection with the installation of the Signal. Tenant Lessee agrees to reimburse Landlord Lessor for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant Lessee shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant Lessee shall reimburse Landlord Lessor for such cost by paying Landlord Lessor in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant Lessee shall pay to Landlord Lessor interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant Lessee shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant Lessee purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing Closing of such purchase Tenant Lessee shall pay to Landlord Lessor the outstanding balance of the Signal Cost allocated to the Property. If Tenant Lessee does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the then (iI) Tenant Lessee shall pay to Landlord Lessor within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates through the date the Lease expires or otherwise terminates, and (ii) TenantLessee's obligation to reimburse Landlord Lessor for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease with respect to any portion of the Signal Cost that is attributable to any period from and after the expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of TenantLessee, Landlord Lessor may recover from Tenant Lessee the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant Lessee that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant Lessee under this Lease."

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

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Traffic Signal. Landlord Lessor and Tenant Lessee agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx Wxxxxr Road and SW 150xx Xxenue 150tx Xxxxue shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord Lessor shall furnish to Tenant Lessee a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration and, upon request from TenantLessee, shall furnish copies of invoices received and paid by Landlord Lessor in connection with the installation of the Signal. Tenant Lessee agrees to reimburse Landlord Lessor for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant Lessee shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant Lessee shall reimburse Landlord Lessor for such cost by paying Landlord Lessor in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant Lessee shall pay to Landlord Lessor interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant Lessee shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant Lessee purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing of such purchase Tenant Lessee shall pay to Landlord Lessor the outstanding balance of the Signal Cost allocated to the Property. If Tenant Lessee does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the (i) Tenant Lessee shall pay to Landlord Lessor within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates, and (ii) TenantLessee's obligation to reimburse Landlord Lessor for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of TenantLessee, Landlord Lessor may recover from Tenant Lessee the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant Lessee that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant Lessee under this Lease."

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

Traffic Signal. Landlord Lessor and Tenant Lessee agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx and Road xxx SW 150xx Xxenue 150th Xxxxxx shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord Lessor shall furnish to Tenant Lessee a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration and, upon request from TenantLessee, shall furnish copies of invoices received and paid by Landlord Lessor in connection with the installation of the Signal. Tenant Lessee agrees to reimburse Landlord Lessor for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant Lessee shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant Lessee shall reimburse Landlord Lessor for such cost by paying Landlord Lessor in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant Lessee shall pay to Landlord Lessor interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant Lessee shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant Lessee purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing of such purchase Tenant Lessee shall pay to Landlord Lessor the outstanding balance of the Signal Cost allocated to the Property. If Tenant Lessee does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the (i) Tenant Lessee shall pay to Landlord Lessor within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates, and (ii) TenantLessee's obligation to reimburse Landlord Lessor for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of TenantLessee, Landlord Lessor may recover from Tenant Lessee the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant Lessee that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant Lessee under this Lease."

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

Traffic Signal. Landlord and Tenant agree that the cost to install a traffic signal (the "Signal") at the intersection of Koll Parkway, Walker Rxxx Roxx and SW 150xx Xxenue Xxxnue shall be treated as a Special Common Area Assessment pursuant to the Declaration of Covenants, Conditions and Restrictions dated March 12, 1986, as amended by First Amendment thereto dated October 28, 1996 and Section Amendment thereto dated March 13, 1998 (collectively, the "Declaration"), which Declaration encumbers the Property and other property. Once the Signal has been installed and is operational (the "Signal Completion Date"), Landlord shall furnish to Tenant a statement in commercially reasonable detail showing the portion of the cost to install such Signal (the "Signal Cost") that is allocated to the Property as a Special Common Area Assessment pursuant to the Declaration and, upon request from Tenant, shall furnish copies of invoices received and paid by Landlord in connection with the installation of the Signal. Tenant agrees to reimburse Landlord for the portion of the Signal Cost allocated to the Property, provided, however, that, except as provided herein, Tenant shall not be required to pay such cost in a lump sum, but rather such cost, together with a financing charge of ten percent (10%) per annum, shall be amortized over an estimated useful life of ten (10) years and Tenant shall reimburse Landlord for such cost by paying Landlord in equal monthly installments beginning on the first day of the second calendar month following the Signal Completion Date (or on the first day of the next calendar month if the Signal Completion Date is the first day of a calendar month) and on the first day of each month thereafter during the remaining term of this Lease that portion of such cost attributable to the month preceding such payment based on such amortization plan. If the Signal Completion Date is a day other than the first day of a calendar month, then on the first day of the calendar month following the Signal Completion Date, Tenant shall pay to Landlord interest at the rate provided herein from the Signal Completion Date through the last day of the month in which the Signal Completion Date occurs. In the alternative, Tenant shall have the right to prepay all or any portion of the outstanding balance of such cost at any time without any prepayment charge. If Tenant purchases the Property pursuant to the Option to Purchase in this Lease and the Signal has been installed and is operational, upon the closing of such purchase Tenant shall pay to Landlord the outstanding balance of the Signal Cost allocated to the Property. If Tenant does not purchase the Property pursuant to the Option to Purchase in this Lease and this Lease expires or otherwise terminates, the (i) Tenant shall pay to Landlord within ten (10) days of such expiration or termination that portion of the Signal Cost allocated to the Property that is attributable to the period commencing with the first day of the month in which this Lease expires or otherwise terminates, and (ii) Tenant's obligation to reimburse Landlord for the remaining balance of the Signal Cost allocated to the Property shall cease upon such expiration or termination of this Lease, provided, however, that if this Lease terminates due to the default of Tenant, Landlord may recover from Tenant the unpaid portion of the Signal Cost allocated to the Property, if any, in addition to other amounts allowed under Section 20.2 of this Lease. Nothing herein shall be deemed an agreement by Tenant that the cost of any other traffic signal(s) installed near the Property in the future should be passed through to Tenant under this Lease."

Appears in 1 contract

Samples: Lease (Sequent Computer Systems Inc /Or/)

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