CC RES 96-054 RESOLUTION APPROVING A LEASE BETWEEN THE CIFT OF ST. ANTHONY AND THE STE. MARIE COMPANY AND AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE SAID LEASE ON BEHALF OF THE CITY OF ST. ANTHONY

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i (1) Annual Minimum Rent. Tenant shall pay annually during the Term of this Lease the sum specified on the Data Sheet as Annual Minimum Rent,which sum shall be • payable in twelve(12) equal monthly installments,on or before the first day of each month,in advance. Should the Term of this Lease commence or terminate on a day other than the first day of a calendar month, then the rental for such partial month shall be equal to the product obtained by multiplying the number of days of the Term included in the partial month by a fraction, the numerator of which is the Annual Minimum'Rent then in effect and the denominator of which is 360. (2) Other Charges. Tenant shall pay all other charges, sums or amounts permitted to be imposed against it under any other Article of this Lease concurrently with the next succeeding installment of Annual Minimum Rent, unless a different time for such payment is specified in this Lease. B. Rent Definition. For purposes of this Lease, "Rent" shall include Annual Minimum Rent and Tenant's Proportionate Share of Taxes (Article 9),costs and expenses of the Common Areas (Article 10) and insurance premiums (Article 13). C. Late Payments, Landlord's Rights. If.. (a) Tenant fails to pay Rent when such payment is due and such failure continues for ten (10) days after written notice is given by Landlord to Tenant, or (b) Tenant is more than ten (10) days late in the payment of any Rent and Landlord has within the twelve month period immediately preceding such due date given Tenant at least one written notice of failure to pay Rent, Tenant shall pay concurrently with the late payment five percent (5%) of the delinquent amount to • compensate Landlord for the administrative costs associated with such late payment. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly Rent herein stipulated shall be deemed to be other than on account of the earliest stipulated Rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as Rent be deemed an accord and satisfaction,and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such Rent or pursue any other remedy in this Lease provided. D. Adjustment for Construction. The parties acknowledge that the Annual Minimum Rent has been calculated based upon (1) the rental rate per square foot as specified in Section 10 of the Data Sheet,and (2) the square footage of the Premises as specified in Section 2 of the Data Sheet. In the event Landlord's Work in the Premises is not substantially completed on the date of signing this Lease Agreement, then upon such completion, Landlord's architect shall measure the Premises to confirm the actual square footage. Such measurements shall be to the outside face of all exterior walls and to the center of all common demising walls, and shall include all interior trash storage areas. In the event said measurement results in a number which is greater or lesser than the square footage described in Section 2 of the Data Sheet,the actual square footage of the Premises, pursuant to said measurement,shall govern this Lease, in which case the Annual Minimum Rent shall be adjusted as follows: (a) the Annual Minimum Rent specified in Section 10 of the Data Sheet shall be recalculated by multiplying the actual square footage of the Premises as so determined by Landlord's architect by the rental rate per square foot for each of the respective periods as shown in Section 10 of the i Data Sheet, and each such adjusted Annual Minimum Rent shall be payable monthly in installments of the one-twelfth of the amount of such adjusted Annual Minimum Rent. ARTICLE 7: INTENTIONALLY OMITTED ARTICLE 8: INTENTIONALLY OMITTED eARTICLE 9: TAXES A. Real Estate Taxes. Tenant shall pay to Landlord its"Proportionate Share"of all real estate taxes and special assessments (including interest thereon, but excluding any special assessments for work performed within the boundaries of the Shopping Center at the request of Landlord, which work and resulting assessments are performed and levied because of Landlord's development work within the Shopping Center) and charges against the land, buildings or improvements comprising the Subject Parcel that are levied or assessed by any lawful authority and which are payable during each calendar year during the term of this Lease (such taxes, special assessments (and interest thereon) and charges being herein called "Taxes"). For the calendar years in which this Lease commences and terminates, the provisions of this Article shall apply, and Tenant's liability for Taxes for such years shall be subject to a pFerata _pro rata adjustment based on the number of days of said calendar year during which the Term of this Lease is in effect. Should the United i States government, the State of Minnesota or any political subdivision thereof or any other authority possessing such jurisdiction and authority to impose a tax,assessment,excise and/or surcharge of any kind or nature upon, against or with respect to (1) all or any part of the rent (as such term is defined by such 326559.8 Redlined V8 to V7 9-27-6 9