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Agenda Packets - 1999/01/11
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Agenda Packets - 1999/01/11
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Last modified
1/28/2025 4:45:54 PM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Agenda Packets
MEETINGDATE
1/11/1999
Supplemental fields
City Council Document Type
City Council Packets
Date
1/11/1999
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by the Landlord necessary or commercially reasonable. Notwithstanding any action of <br /> possession or re-entry into the Leased Premises by the Landlord as permitted in this Article, or <br /> termination of this Lease as permitted under Article XIII,it is stipulated and agreed that Tenant <br /> shall remain liable to landlord for damages for breach of this Lease and of Tenant's covenants <br /> hereunder in an amount equal to the total of the following: <br /> (a) All fixed minimum rent, additional rent, late charges, additional rent payable and <br /> otherwise, and any and all other charges payable by Tenant hereunder or under <br /> other agreements with the Landlord due for the period prior to the date of <br /> termination of this Lease or re-entry but unpaid, together with additional late <br /> charges from due date until paid; PLUS <br /> (b) All costs and expenses incurred by Landlord in connection with re-entry and <br /> repossession of the Leased Premises,the repair, renovation,remodeling, or <br /> redecoration thereof to the state required by this Lease upon termination or as may <br /> be necessary for reletting, and any broker's commissions, attorneys' fees, and <br /> other charges incurred in connection therewith or in connection with reletting <br /> the Leased Premises, including attorneys' fees, expended in the collection of <br /> Rents; PLUS <br /> (c) A sum equal to the present value of all Rents which would have been payable <br /> hereunder after the date of termination or re-entry for the balance of the term <br /> of the Lease had the Lease not been terminated or re-entry made,together with <br /> interest thereon at the rate of two percent(2%) per annum in excess of the prime <br /> rate as quoted by First Bank Minneapolis,N.A., to its best customers, or the <br /> highest rate permitted by law, whichever is less from due date until paid, <br /> PROVIDED THAT, in the event the Demised Premises are relet(which reletting <br /> shall in no event relieve or release Tenant of or from liability for damages <br /> hereunder) for all or any part of the balance of the original term hereof then, for <br /> each month during such reletting for which landlord receives net avails of such <br /> reletting, Tenant shall be entitled to a credit against its liability to Landlord for <br /> Such month in an amount equal to such net avails, and PROVIDED FURTHER <br /> that, in lieu of damages as set forth in the foregoing provisions of this Section, <br /> Landlord may waive such foregoing provisions and elect, by written notice to <br /> Tenant within ninety (90)days after termination or re-entry,to receive forthwith <br /> as liquidated damages for such breach, in addition to the amounts specified above, <br /> a sum equal to fifteen percent(15%)of the Rents which would have been due and <br /> payable for the portion of the balance of the term of the Lease from the date of the <br /> early termination or re-entry through the final lease year. <br /> °y r€un Kqu`p .tel AFAJWI ` $off Tess 6,4:15A0, et dl c <br /> Page 12 DRAFT-- 12/15/98--CHS Lease agreement <br />
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