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Consent To Structural Alteration
AGREEMENT made on [Date] by and between [Name] of [Address], hereinafter referred to as "Landlord", and [Name] of [Address], hereinafter referred to as "Tenant", do hereby agree as follows:
Tenant is leasing certain property from the Landlord, described as [see attached exhibit marked "A"], pursuant to a lease agreement dated [Date], and pursuant to the lease, the prior consent of Landlord is required for the Tenant to make any structural changes in the property.
Landlord herewith consents to the following structural changes to be made to the leased premises: [Enumerate]
provided that the Tenant shall:
obtain and pay for all licenses and permits; submit all proposed contracts for the construction to the Landlord for prior approval; utilize contractors and workmen who have been approved by Landlord; require that the general contractor post a surety bond with a surety company acceptable to the Landlord for payment of all mechanics, material and other lienors with Landlord and Tenant named as Obligors; conduct the construction so that first class work is performed in a diligent fashion.
This agreement shall not effect or alter the lease described herein, except that at the conclusion of the lease and any renewals thereof, the Landlord shall become the absolute owner of the structural improvements authorized herein;
In the event that the value of the property is reassessed for purposes of property taxation, after the construction permitted herein by the Landlord, Tenant shall pay as additional rent, an amount equal to the increase in taxes.
"Increase in taxes" shall be defined as:
the amount of tax increase calculated as follows:
multiply the millage rate for the year in question by the value of the property prior to the construction (Value 1);
multiply the millage rate for the year in question by the value of the property after the construction (Value 2);
subtract value 1 from value 2. The remainder is the increase in tax.
In the event that this calculation results in a negative amount, Tenant shall not be entitled to a reduction in rent.
Other than those provisions specifically referenced herein, the lease agreement between the parties shall remain in full force and effect.
Entire Agreement. This Agreement including any attachments is the entire agreement between the parties and there are no other promises or conditions in any other agreement whether oral or written.
This Agreement supersedes any prior written or oral agreements between the parties.
Agreement Binding. This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
Applicable Law. This Agreement shall be governed by the laws of the State of [State].
Time of The Essence. Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]