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23 <br /> • Mary Rothchild <br /> April 26, 1996 <br /> Page 2 <br /> Renewal Option: Provided Tenant is not in default of this Lease and that <br /> Tenant provides written notice 180 days prior to the <br /> expiration date of the Lease Term or Extended Term, <br /> Landlord grants to Tenant an Option to Renew this Lease <br /> for two 5 year periods. Rent shall increase 5% over the <br /> previous year's rent at the beginning of each five year <br /> renewal. <br /> Signage: Tenant shall have the right to install exterior building <br /> signage at Tenant's sole expense, subject to municipal <br /> approval. <br /> Operating Costs: Tenant shall be responsible for its prorata share of <br /> operating expenses, real estate taxes and insurance. <br /> Utilities: Tenant shall be responsible for utilities related to the <br /> • Premises. <br /> Apache Wells: In the event Landlord and Tenant enter into a mutually <br /> agreeable lease, Landlord shall terminate the existing <br /> Apache Wells lease at not cost to Tenant effective June 1, <br /> 1996. <br /> Contingency: This proposal is subject to final City of St. Anthony City <br /> Council approval. The only instrument that shall bind <br /> either party is a fully executed lease. <br /> If we do not reach an agreement on the liquor store, we will need to consider closing the <br /> liquor store as well. Please call with any questions or comments. I look forward to finalizing <br /> an agreement in the next week. <br /> Sincerely <br /> 00, <br /> Michael Morrison <br /> City Manager <br /> • <br />