IMPERIAL Pacific International said it is “actively making arrangements” to secure funds to pay rent for the public land its casino-hotel is occupying in Garapan.
Asked about the notice of default issued by Department of Public Lands Secretary Sixto K. Igisomar on Oct. 18, IPI said it will “address the payment notice from DPL.”
IPI also said it doesn’t dispute the amounts indicated in the notice.
In his notice of default to IPI International (CNMI) LLC President Lingli Cai, Igisomar said IPI is in default of the lease agreement for failing to pay rent within 30 days after the due date and for failing to cure the violation in DPL’s Aug. 6, 2021 final notice of violation.
Failure to comply with the notice, Igisomar told Cai, “will result in the immediate termination of the lease agreement” between DPL and IPI.
Igisomar also informed Cai that IPI is in breach of other terms of the lease. He said DPL has already “applied” the $250,000 security deposit to the casino operator’s rent that was due for the period April 29, 2021 through April 28, 2022, but the security deposit and accrued interest were insufficient to account for the amount due. He said $742.21 remained due as of April 28, 2022.
He added that the rent of $250,000 was due April 29, 2022, for the period beginning April 29, 2022 through April 28,2023.
He said IPI has failed to pay this amount. Now with interest, the total amount due is $263,595.61.
Igisomar said IPI must pay the outstanding rent of $263,595.61; submit a revised appraisal report, a copy of valid fire and damage insurance policy with extended coverage endorsements, a valid commercial general liability insurance policy for the premises and operation, a copy of all licenses, certificates, permits and other required authorizations from other government authorities; pay the $250,000 to replenish the required security deposit; and submit a financial statement for the year ending 2021 audited by public accountants certified and licensed in the U.S.
