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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election, this Lease shall terminate thirty (30) days after Landlord's furnishing Tenant written notice of Landlord's election to terminate. • ARTICLE 18: CASUALTY A. Repairs by Landlord. In the event the Premises or the building of which the Premises are a part are damaged by fire, or other casualty insured under the coverage which Landlord is obligated to carry pursuant to Article 13 Section B hereof, Landlord shall, subject to being able to obtain all necessary permits and approvals within 120 days of such casualty,and provided Landlord has not terminated this Lease pursuant to Article 18 Section C hereof,commence to repair,reconstruct and restore the Premises and/or the building of which the Premises are a part to the condition in which they were immediately prior to the happening of such casualty, except for the items Tenant is responsible to repair or replace pursuant to Article 18 Section B hereof, and prosecute the same diligently to completion. If the Premises are rendered partially or totally untenantable as a result of such casualty,then to the extent the Premises are rendered untenantable,the Rent shall be proportionately abated until Landlord has completed such repair, reconstruction or restoration. B. Tenant's Repairs. In the event Landlord is required or elects to repair, reconstruct or restore the Premises, Tenant shall be responsible for the costs to repair or replace its merchandise, trade fixtures, furnishings,operating equipment and personal property,including wall coverings,carpeting and drapes.Such repair and replacement shall be done as soon as possible after the occurrence of such casualty to at least a condition equal to that prior to its damage or destruction. In no event shall Landlord be liable for interruption to the business of Tenant or for damage to or repair, reconstruction or restoration of any items belonging to Tenant or within the Premises. C. Option to Terminate. (1) Landlord shall have the option to terminate this Lease upon giving written notice to • Tenant of the exercise thereof within sixty(60)days after the occurrence of an event described in Article 18 Section A hereof, if- (a) The event occurs within the last three (3) years of the Term; or (b) Fifty percent (50%) or more of the number of square feet located in the building of which the Premises are a part is rendered untenantable thereby. (2) If the event causing damage to the Premises is not covered by insurance the Landlord is obligated to carry pursuant to Article 13 Section B hereof and the Premises are rendered untenantable, or if Landlord cannot obtain all necessary permits and approvals for the repair, reconstruction and restoration of the Premises within the period set forth in Article 18 Section A hereof, eF if the heldeF 9f any mqFtgage then Landlord shall have the option to terminate this Lease upon giving written notice to Tenant of the exercise thereof within sixty (60) days after the occurrence of such uninsured event or lapse of time or mortgagee's decision, as the case may be. (3) In the event more than ten percent (10%) of the floor area of the Premises are damaged as provided herein, and provided Landlord does not commence to repair, reconstruct and restore the Premises within ninety (90) days and/or has not substantially completed said reconstruction,repair or restoration within one hundred eighty (180) days, Tenant may elect to terminate the Lease by delivery of written notice to Landlord within thirty (30) days after the expiration of said ninety (90) or one hundred eighty (180) day period, as the case may be. • D. Termination. Upon any termination of this Lease under the provisions of this Article,the Rent and all other charges imposed under this Lease shall be adjusted as of the date of such termination and the parties shall be released thereby without further obligation to the other party coincident with the surrender of possession of the Premises to the Landlord,except for items which have been theretofore accrued and are then unpaid, and except for obligations which are designated as surviving termination of this Lease. ARTICLE 19: BANKRUPTCY OR INSOLVENCY A. Non-Bankruptcy Receivers, Etc.. Tenant or Tenant's guarantor, if any, shall not cause or give cause for the appointment of a trustee or a receiver of the assets of Tenant or Tenant's guarantor,if any,and shall not make any assignment for the benefit of creditors, or be adjudicated insolvent. The allowance of any petition under any insolvency law except under the United States Bankruptcy Code (the "Code") or the appointment of a trustee or receiver of Tenant or Tenant's guarantor, if any, or of either of them, shall be conclusive evidence of the petition,unless the appointment of a trustee or receiver is vacated within thirty(30) 326559.9 Redlined V8 to V7 9-27-96 21