Note: Both the Lease Agreement and the Amendment to the Lease are for sample purposes only
THIS INDENTURE, made in quadruplicate this day of in the
year of our Lord, One Thousand Nine Hundred and Ninety Three.
BETWEEN:
WASAUSINK LANDS INC., a Company incorporated under the laws
of the Province of Ontario, having its Head Office at the Parry Island
Indian Reserve No. 16, in the District of Parry Sound,
hereinafter called "Wasausink" or the LESSOR
OF THE FIRST PART;
AND
hereinafter called the LESSEES
OF THE SECOND PART;
THEREFORE, pursuant to the above noted lease dated
The parties have agreed to amend the above noted lease by insertion
of the following terms;
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A) The effective date for this lease amendment shall be .
All references to the annual rental rates, and to dates,
shall therefore be adjusted accordingly. The annual rental
for the period , 200 ending , 200 is as
follows;
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Commencing Date Rental Rates May 1, 1991 $ 1, 500.00 May 1, 1992 $ 1, 725.00 May 1, 1993 $ 1, 984.00 May 1, 1994 $ 2, 281.00 May 1, 1995 $ 2, 624.00 May 1, 1996 $ 3, 132.00 May 1, 1997 $ 3, 132.00 May 1, 1998 $ 3, 132.00 May 1, 1999 $ 3, 132.00 May 1, 2000 $ 3, 132.00 |
B) The following clause shall be inserted at the bottom of page
two (2) following paragraph three (3) which begins with the
two words "yielding and paying" and ends with the word
"determination" and forms a part of this amendment.
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B (i) Notwithstanding the aforesaid, the existing lease term which
expires on the last day of 20 , shall be extended by
this lease amendment, to the day of , 20 . A
further extension beyond this new expiry date will be
considered and may be granted at the option of the Chief and
Council of Wasauksing/Parry Island First Nation and/or
Directors of Wasausink Lands Inc., no later than , 20 .
During this term, annual rental adjustments for the five (5)
year rent period commencing in the years 20 , 20 , 20 ,
20 , 20 , and 20 , shall be subject to the following
indexing formula;
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B (ii) The annual rental for each five (5) year rental period
commencing on and after , 20 shall be determined by
adding to the annual rental payable during the immediately
preceding rental period a percentage increase, which
percentage shall be the average of the Bank Rate published by
the Bank of Canada (also known as the rate at which the Bank
of Canada will lend funds to Canadian Chartered Banks) as of
the day of in each of the five (5) years immediately
preceding the commencement of the five (5) year rental period
in question and shall remain unchanged throughout such five
(5) year rental periods.
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B (iii) Existing lease Clause #5 (v) shall be amended to read Five
Hundred ($500.00) Dollars , replacing the existing One
Hundred ($100.00) Dollars.
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