Agenda Packets - 2026/02/09 - Laserfiche WebLink

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4. Landlord Consent to Assignment. Subject to Landlord's timely receipt of a fully executed copy of this Assignment,the Guaranty(as defined below), Assignee's deposit of the New Security Deposit,and Assignor's payment of the Administrative Fee and Landlord's Attorneys' Fees(defined below), Landlord hereby consents to the assignment of the rights, title, and interest in and to the Lease by Assignor to Assignee and the assumption of the rights,title,and interest in and to the Lease by Assignee, including the assumption of the obligations under the Lease. Landlord's consent to the assignment contained herein shall not be deemed a waiver or consent to any further assignment of the Lease, and any further assignment of the Lease shall be subject to Landlord's prior written consent,which consent may be withheld in Landlord's sole discretion. 5. Guaranty. Assignee will deliver to the Landlord along with an executed copy of this Assignment, a fully executed copy of the Lease Guaranty Agreement(the"Guaranty")in form attached hereto as Exhibit A, wherein El Polio Felix, LLC, a Minnesota limited liability company, Corona's Management LLC, a Minnesota limited liability company, Rosa Corona, and Marcelo Corona (collectively, the "Guarantor") shall guaranty certain obligations of Assignee under the Lease, pursuant to the terms and conditions of the Guaranty. It will be an event of default under the Leases if the Assignee does not deliver the fully executed Guaranty along with the executed copy of this Assignment. 6. Existing Guaranties.The Existing Guarantors shall continue to be liable for the obligations of the "Tenant" under the Lease related to the Initial Term; provided, however, if Assignee(or any successor or assign) exercises its right to extend the Lease Term by the Option Term or otherwise extends the Lease Term, then the Existing Guarantors shall not have any liability arising under the Existing Guaranties for any obligations first arising under the Lease during any period after the expiration of the Initial Term. 7. Security Deposit. On or before the Amendment Effective Date, Assignee shall deposit$6,800 as the Security Deposit under the Lease, which, upon receipt by Landlord, shall constitute the "Security Deposit"for all purposes under the Lease(the"New Security Deposit"). Upon Landlord's receipt of such Security Deposit from Assignee,Landlord shall promptly refund to Assignor the$6,800 deposit previously deposited by Assignor pursuant to the terms of the Lease. Notwithstanding the foregoing, at Assignor's election,Assignor may elect to satisfy its payment obligations under Sections 12 and 13 hereof with respect to payment of the Administrative Fee and Landlord's Attorneys' Fees by allowing the amounts due to Landlord under said Sections 12 and 13 to be retained by Landlord from the existing$6,800 deposit from Assignor as payment for said payment obligations,in which event Landlord shall only be obligated to return the remaining balance of said $6,800 deposit to Assignor. 8. Assignor's Personal Property. Assignor hereby represents and warrants to Landlord that all of the personal property remaining within the Premises as of the Assignment Effective Date that was owned by Assignor has been conveyed to Assignee. 9. No Existing Default. Assignor and Assignee each hereby represent and warrant that, as of the Assignment Effective Date, no default by Landlord under the Lease exists or is claimed to exist, and the undersigned have no claims against Landlord or offsets or defenses to payment and other obligations under the Lease. 10. Landlord Notice Address. Effective as of the Assignment Effective Date,the notice address for Landlord under the Lease and the Existing Guaranties shall be as follows: Moundsview Square Associates, LLC 606 Washington Avenue North Suite 400