Laserfiche WebLink
<br />If the Lease is terminated by the City or EDA prior to the end of the approved <br />economic life of a capital improvement, the YMCA will be reimbursed the value of <br />the remaining economic life of the capital improvement at the time ofthe notice of <br />termination of the Lease. <br /> <br />The YMCA will not be reimbursed for program generated capital improvements if <br />the YMCA elects to terminate the Lease. <br /> <br />The value of the remaining economic life will be calculated based on the approved <br />cost of the capital improvement divided by the total number of months in the <br />approved economic life of the capital improvement multiplied by the number of <br />months remaining in the approved economic life of the capital improvement. <br /> <br />Programming capital improvements to be made after a notice of termination has <br />been given must be approved by the EDA as provided above and will be paid for <br />proportionately by the YMCA and City with the YMCA's share being the number <br />of months remaining in the Lease divided by the number of months in the economic <br />life multiplied by the capital improvement cost. <br /> <br />If the YMCA makes programming capital improvements without the required <br />approval of the EDA, the YMCA will be responsible for payment of 100% of the <br />cost of the capital improvement and will not be entitled to reimbursement in the <br />event of termination. <br /> <br />H. Termination. <br /> <br />1. At End of Initial Term. The Lease may be terminated by either party by <br />providing 10 years written notice to the other party on the first day of the <br />20th anniversary ofthe effective day of the lease and on each anniversary <br />date thereafter. <br /> <br />2. For Cause. The EDA shall have the right to terminate the Lease for cause, <br />upon 90 days' written notice, with the opportunity to cure, if: <br /> <br />a. The YMCA fails to make lease payments; <br /> <br />b. The operation of the YMCA, including the fees charged, is not <br />consistent with the standard YMCA curriculum, practices, <br />guidelines, and fees charged for other YMCAs operated by the <br />YMCA; <br /> <br />c. The YMCA ceases operations; or <br /> <br />6 <br />