RES 126 Draft 01 2012-2014 - Laserfiche WebLink

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LEASE THIS LEASE, made this day of 2013, by and between the COUNTY OF HAWAII, a municipal corporation, 25 Aupuni Street, Hilo, Hawai ' i hereinafter referred to as the "Lessor, " and LAU RANCH, whose address is P.O. Box 1695, Kamuela, HI 96743 , hereinafter referred to as the "Lessee . " WITNESSETH: The Lessor, pursuant to Resolution 38-11, for and in consideration of the rent to be paid and of the terms, covenants and conditions herein contained, all on the part of the Lessee to be kept, observed and performed, does lease unto the Lessee, and the Lessee does lease from the Lessor the premises situate at _ Hamakua Hawaii, and identified as " TMK(s) (3) 4-3-009 : 024 & (3) 4-3-009 : 053 , 054 , 061 & 4-3-011 : 001, 002 , 061, 062, 064 , " containing an area of 527 . 095 acres , as shown on the map marked Exhibit "A" attached hereto and made parts hereof . NOTICE: THE PREMISES SHALL NOT BE UTILIZED IN ANY MANNER FOR RESEARCH, DEVELOPEMENT PRODUCTION OR CULTIVATION OF GENETICALLY MODIFIED ORGANISM (GMO) PRODUCTS. TO HAVE AND TO HOLD the leased premises unto the Lessee for the term of Ten ( 10 ) years, commencing on the day of , 20 , up to and including the day of , unless sooner terminated as hereinafter provided, the Lessor reserving and the Lessee yielding and paying to the Lessor at the Department of Finance, County of Hawai ' i, an annual rental as provided herein below, payable in advance, without notice or demand, in equal quarterly installments on of each and every year during the term as follows : A. For the first ten (10) years, the sum of thirty one thousand nine hundred fifteen 00/100 DOLLARS ($ 31, 915 . 00) per annum with an option of two additional ten (10) year terms . B. The annual rental reserved shall be reopened and redetermined on or before sixty (60) days prior to the expiration of the lease. C. Determination of rent upon reopening. The rental for any ensuing period shall be the fair market rental negotiated at the time of reopening. RESERVING UNTO THE LESSOR THE FOLLOWING: 1