02-09-2000 Council Agenda - Laserfiche WebLink

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Demised Premises and to hold and retain the same fully and absolutely without such re -entry working for a forfeiture of the rents to be paid and the covenants to be performed by the Lessee during the full term of this Lease. IT IS FURTHER MUTUALLY AGREED between the parties as follows: 1. Security Deposit. On execution of this Lease, Lessee shall deposit with Lessor Eight Hundred Seventy -three Dollars and 19/100 ($873.19), receipt of which is acknowledged by Lessor as security for the faithful performance by Lessee of the terms herein, which shall bear interest at the statutory rate as set forth in M.S.A. 504.20, Subd. 3, computed from the first day of the next month following the full payment of such deposit to the last day of the month of termination of the tenancy. In compliance with M.S.A. 504.20, Subd. 3, Lessor shall, within three weeks after termination of the tenancy and receipt of the Lessee's mailing address or delivery instructions, return such deposit to the Lessee, with interest thereon as above provided, or furnish to the Lessee a written statement showing the specific reason for the withholding of the deposit or any portion thereof. Lessor may withhold from such deposit only such amounts as are reasonably necessary to remedy Lessee's default in the payment of rent or of other funds due to the Lessor pursuant to an agreement or to restore the Demised Premises to their condition at the commencement of the tenancy, ordinary wear and tear excepted. 2. Quiet Enjoyment. Lessor covenants that on paying the rent and performing the covenants herein contained, Lessee shall peacefully and quietly have, hold and enjoy the Demised Premises for the agreed term. 3. Use of Demised Premises. Neither the Demised Premises nor any part thereof shall be used at any time during the term of this Lease by Lessee for the purpose of carrying on any Page 38