Lease of City-owned property situated at 1620 Main Street to Marine Chrysler Dodge Jeep Ltd.

THAT Council approve a lease to Marine Chrysler Dodge Jeep Ltd. for the premises situated at 1620 Main Street legally described as Lot 4 to 7, Block 3, District Lot 200A and of Block A2 District Lot 2037, Plan 5703, on the following terms and conditions:

Term: Five (5) years commencing January 1, 2011

Gross Rent: The gross rent, inclusive of an amount in lieu of taxes, is to be set as follows:

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Fixturing Period: Tenant shall be granted rent free period of four (4) months from January 1, 2011 to April 30, 2011.

Option to Renew: Two three (3) year options to renew on the same terms and conditions save and except rent which is to be at the then current market rate.

Cancellation Clause: The Landlord shall have the right to cancel the Lease upon providing one (1) year written notice of cancellation, provided that such right of cancellation shall only be exercised after the expiry of the fourth year of the term. The Landlord shall not pay to the Tenant any compensation due to such cancellation.

Use: The premises are to be used for automobile sales and service location with ancillary business offices.

Other Terms and Conditions: The Lease is to be provided in the City’s Standard Lease Agreement, drawn to the satisfaction of the Directors of Legal and Real Estate Services, it being noted that no legal right or obligation is created and none shall arise until the Lease document is fully executed by both parties.

All rents to be credited to the PEF.

The attached Administrative Report dated November 4, 2010 , refers.

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