CC RES 92-028 RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE LEASE AGREEMENT FOR 2800 KENZIE TERRACE N.E.

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City of St. Anthony Lease Agreement for 2800 Kenzie Terrace Page 8 depositing and maintaining with Landlord a sum reasonably satisfactory to Landlord to protect Landlord's interest in the leased premises from such lien, contest such lien, but if such lien is reduced to final judgement or process thereon is not stayed, or if stayed and said stay expires, then and each such event Tenant shall forthwith pay and discharge said judgement. Landlord shall have the right to post and maintain on the leased premises, notices of non-responsibility under the laws of Minnesota. ARTICLE 17. SUBORDINATION. Tenant agrees that this Lease shall be subordinate to any mortgages or trust deeds now on or hereafter placed upon said premises and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements, and extensions thereof. ARTICLE 18. GENERAL. This Lease does not create the relationship of principal and agent or of partnership or of joint venture or of any association between Landlord and Tenant, the sole relationship between Landlord and Tenant being that of landlord and tenant. No waiver of any default of Tenant hereunder shall be implied from any omission by Landlord to take any action on account of such default if such default persists or is repeated, and no express waiver shall affect any default other than the default specified in the express waiver and that only for the time and to the extent therein stated. Each term and each provision of this Lease performable by Tenant shall be construed to be both a covenant and a condition. All preliminary negotiations are merged into and incorporated in this Lease. This Lease can only be modified or amended by an Agreement in writing, signed by the parties hereto. All provisions hereof shall be binding upon the heirs, successors and assigns of each party hereto. Any notice required to be served in writing hereunder shall be mailed to the parties at the addresses set out after their respective signatures. Any and all indebtedness owing by the Tenant to the Landlord pursuant to the terms of this Lease which remains unpaid for a period of thirty (30) days after it first becomes due and payable shall bear interest from and after the lapse of such thirty (30) day period at the rate of eight percent (8%) per annum. This Lease shall not be effective until executed by all parties hereto.