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JUL-112-96 FRI 09:39 AM THE SCHOENING GROUP FAX NO. 9201369 F "^ <br /> 23 <br /> • <br /> Renewal Option: Provided Tenant is not in default of the Lease and that <br /> Tenant provides written notice 190 days prior to the <br /> expiration date of the Lease,Landlord grants to Tenant an <br /> option to renew this lease for 5 years. Base Rent shall <br /> adjust to market rate to be negotiated within 30 days after <br /> Tenant notifies Landlord of its intent to renew. In no event <br /> shall the Base Rent be less than the last month's rent. <br /> Acceptance: By signing this letter, Tenant agrees to diligently pursue in <br /> good faith the execution of a mutually acceptable lease. <br /> This proposal shall remain in effect until 5:30 p.m. July 15, <br /> 1996 at which time it shall become null and void. <br /> Contingency: Tliis proposal is subject to final Landlord senior <br /> management approval, City Council approval, final site plan <br /> approval, approval of the storm water drainage plan, and <br /> confirmation that the site can accommodate all parking <br /> requirements. The only instrument that shall bind either <br /> party is a fully executed lease. <br /> If the terms of this Letter of Intent are acceptable,please acknowledge by signing where <br /> indicated below and we will proceed to a lease agreement. <br /> Respectfully submitted, Agreed and Accepted: <br /> --- ST. ANTHONY VII.I.AOE <br /> Thomas F. Lund By_ <br /> Vice President Date: <br /> ce Mary Rothchild- Ste. Marie Company <br /> • <br />