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CC RES 92-043 RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE THE LEASE TERMINATION AND MUTUAL RELEASE AGREEMENT AND AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE LEASE AGREEMENT WITH REGARD TO CITY PROPERTY LOCATED AT 2700 HIGHWAY 88 IN THE CITY OF S
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CC RES 92-043 RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE THE LEASE TERMINATION AND MUTUAL RELEASE AGREEMENT AND AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE LEASE AGREEMENT WITH REGARD TO CITY PROPERTY LOCATED AT 2700 HIGHWAY 88 IN THE CITY OF S
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RES 1992
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CC RES 92-043 RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE THE LEASE TERMINATION AND MUTUAL RELEASE AGREEMENT AND AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE LEASE AGREEMENT WITH REGARD TO CITY PROPERTY LOCATED AT 2700 HIGHWAY 88 IN THE CITY OF S
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Lessee from time to time, collect from Lessee any balance remaining due from time <br /> to time on the rent reserved under this Lease, charging to Lessee such reasonable <br /> expenses as Lessor may expend in putting the Leased Premises in tenantable <br /> condition; or Lessor may at its election and upon written notice to Lessee declare <br /> this Lease forfeited and void, and may thereupon re-enter and take full and absolute <br /> possession of the Leased Premises as the owner thereof, and free from any right or <br /> claim of Lessee, or any person or persons claiming through or under Lessee; and <br /> such election and re-entry last mentioned shall be and constitute an absolute bar to <br /> any right to enter by Lessee upon the payment of all arrearages of rent and costs after <br /> a dispossession under any suit or process for breach of any of the covenants of this <br /> Lease, Lessee hereby waiving any and all redemption rights under Minnesota <br /> Statutes, Section 504.02, and the commencement by Lessor of any action to recover <br /> possession of the Leased Premises shall be deemed a sufficient notice of election of <br /> said Lessor to treat this Lease as void and terminated, unless Lessor shall in writing, <br /> before beginning such proceeding, notify the Lessee that after obtaining such <br /> possession Lessor will continue to look to Lessee for the performance of this Lease <br /> and will submit the Leased Premises on Lessee's account, in the manner as above <br /> provided. <br /> 15. REAL ESTATE TAXES. <br /> Lessee covenants and agrees that it is responsible for any and all real <br /> • estate taxes or any payments in lieu of real estate taxes due to Hennepin County on <br /> the Leased Premises during the term of this Lease and any extensions thereof; <br /> provided that if any such taxes or payments in lieu are assessed against the Building <br /> or the Leased Premises, Lessee shall not be obligated for any such taxes or payments <br /> if Lessee elects to terminate this Lease, which election shall be made, if at all, by <br /> giving written notice to Lessor (the "Termination Notice") within 15 days from the <br /> date that Lessee receives notice from Lessor of any such assessment. If Lessee <br /> delivers a Termination Notice to Lessor in accordance with the immediately <br /> foregoing proviso, the Lease shall terminate on the date which is 60 days after the <br /> date that Lessor receives the Termination Notice, without any further action of the <br /> parties hereto, and Lessee shall vacate the Leased Premises on said termination date <br /> in accordance with Section 23 herein, and thereafter neither party shall have any <br /> further obligation under this Lease, except with respect to any accrued obligation <br /> thereto unpaid or unperformed. <br /> 16. PERCENTAGE RENTAL AGAINST MINIMUM RENTAL. <br /> In addition to the base rent provided for in this Lease, Lessee shall pay <br /> to Lessor, as additional rent for each lease month (as defined hereinafter), an <br /> amount equal to the amount by which six (6) percent of gross sales (as defined <br /> hereinafter) for each such lease month exceeds the sum of One Thousand Two <br /> Hundred and No/100ths Dollars ($1,200.00). The term "lease month" shall mean <br /> • -8- <br />
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