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March 3, 1989 <br /> LEASE RENEWAL PROPOSAL <br /> NATIONWIDE SEWING CENTER <br /> Project: St. Anthony Shopping Center <br /> Site: 2922 Pentagon Drive NE <br /> Size: 3 , 000 store area <br /> C-9Z4–sterage–area <br /> -Term: 5 years <br /> Base Rent: Year 1 $4 .25 <br /> store area only Year 2 $4 .50 <br /> Year 3 $4 .50 <br /> Year 4 $5:00 <br /> Year 5 $5.00 <br /> Operating <br /> Expenses: Full pass through of Operating Expenses. <br /> Fiscal 1989 estimate $1. 62/sq. ft. <br /> _; - r t <br /> _y2 aT . e*Landlord to to have a service company examine the existing heating and <br /> cooling system. System shall be in good working order at the signing <br /> of Lease by Tenant. Tenant shall then accept the system .in its <br /> condition at signing. Tenant shall keep and maintain the <br /> heating/cooling system in good order, condition, and repair. Landlord <br /> §hall_ be re'sronsible for "major" repairs/replacements. "Major" is <br /> defined as any repair costing over $300. 00 or where repair of item is <br /> 70% of its replacement cost. Tenant's contributions to maintenance, <br /> repair, and/or replacement of parts on the systems shall not exceed <br /> $2 , 500 in any lease year. <br /> *Landlord -will "write off" the $1, 238 .95 of delinquent rent currently <br /> existing on Tenant's Account Receivable. <br /> *Landlord to contribute $500. 00 towards the purchase of new tenant <br /> sign as required by new sign criteria. <br /> This proposal is to outline how a new lease might be structured. The <br /> only document which will bind both parties to such an agreement is a <br /> mutually executed lease. <br /> Eberhardt, <br />