04/27/1998 Council Packet - Laserfiche WebLink

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impairment continues, or Lessee may terminate this lease on ten (10) days' notice to Lessor by registered mail. Further, if such an obstruction or impairment is the fault of Lessor or its tenants, agents, employees, or other persons acting on Lessor's behalf, Lessee shall have the right to remove such obstruction or other impairment on ten (10) days' notice to Lessor and set -off against future rental payments to Lessor the cost of such removal or reduce the rent under paragraph 3 to five dollars ($5.00) per year so long as such obstruction or impairment continues. 9. This lease shall inure to the benefit of and be binding upon the personal representatives, successors, and assigns of parties hereto. Upon request, the parties agree to execute a recordable memorandum of this lease and further agree to execute any documents necessary to effectuate this, lease, including any documents necessary for the assignment of this lease. This lease may be assigned by either party without prior notice to or approval of the other party. 10. This lease, including each exhibit and addendum, attached hereto shall constitute the sole agreement of the parties relating to the leased premises. Neither party will be bound by any statements warranties, or promises oral or written, unless such statements warranties, or promises are set forth specifically in this lease. 11. If any provision of this lease is or becomes illegal, invalid or unenforceable because of present or future statutes ordinances, rules or regulations of any governmental authority, or becomes unenforceable for any reason, the intention of the parties hereto is that the remaining provisions of this lease shall not be effected. 12. As used herein, the word "Lessor" shall include Lessors and the word "it(s)" shall also refer to a natural person, 13. All notices and correspondence from Lessor to Lessee are to be sent to the following address unless Lessee notifies Lessor in writing of another address: Universal Outdoor, Inc. 3225 Spring Street Northeast Minneapolis, Minnesota 55413 All rental payments, notices and correspondence from Lessee to Lessor are to be made payable to and sent to the following unless Lessor notifies Lessee in writing of another address. / c %i t-e_20 Fro , LLL' Pa Box 3 a ti o m nl s� 3 r 14. Lessee must complete construction of the advertising structure no later than September 26th, 1999. If Lessee does not complete construction Lessee must start payment on Lease or the Lease is terminated. 15. If the area which the sign structure occupies is developed, the Lessee has the right to move the sign to another location on the Lessor's property to be determined by the Lessee and Lessor. If a new location on the Lessor's property does not exist, the Lessor may terminate this lease 90 days after receipt of the termination letter and copy of the building permit(s) for the area. This option may not be exercised for the purpose of replacing the Lessee's sign structure(s) with the sign structure(s) of a competitor of the Lessee or an attempt by the Lessor to secure an unscheduled increase in the yearly rental. If the lease is terminated, all lease monies paid by the Lessee to the Lessor for that year will be rebated to the lessee on a prorata basis.