5.2. SR 12-07-1998 - Laserfiche WebLink

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a claim or cause of action under the Resource Conservation and Recovery Act of 1976, 42 U.S.C. Sec. 6901 et seq., as amended from time to time ("RCRA"), or any similar federal, state or local law, regulation or ordinance; pollutants, effluents or emissions subject to regulation pursuant the Federal Water Pollution Control Act, 33 U.S.C. Sec. 1251 et seq., or the Clean Air Act, 42 U.S.C. Sec. 7401 et ~eq., or any similar federal, state or local law, regulation or ordinance, or any substances or conditions, pollutants, effluents or emissions subject to regulation pursuant to the Minnesota Environmental Response and Liability Act, Minn. Stat. 115B ("MERLA") or the Minnesota Petroleum Tank Release Cleanup Act, Minn. Stat. 115C; or any other state, federal or local environmental statutes, regulations, ordinances or other environmental regulatory requirements that are now or may in the future be enacted. (07) "Improvements" means all improvements, including the Building, parking lots, utilities, landscaping, lighting and all other structures and improvements to be located on the Leasehold Property as described in the Construction Plans. (08) "Leasehold Property" means the real property described in Exhibit A of this Lease Agreement. (09) "Substantial Completion" or "Substantially Complete" shall mean completion of construction of the Improvements by Lessee in accordance with the Construction Plans, as verified by an inspection of the Improvements by Lessor or its designee, together with an as- built appraisal by an appraiser acceptable to Lessor, provided at Lessee's sole expense, certifying that the completed value of the Improvements (excluding the value of the Leasehold Property) is no less than One Million Dollars ($1,000,000.00). ARTICLE 2. DEMISE OF PROPERTY 2.1) Demise of Property - Lessor agrees to and hereby does demise and lease to Lessee, and Lessee agrees to and hereby does lease from Lessor, the Leasehold Property for the rental and pursuant to the terms of this Lease Agreement. 2.2) Term of the Lease - This Lease Agreement shall be dated and shall become effective upon its execution by Lessor and Lessee. The leasehold estate created in this Lease Agreement shall begin and remain in full force and effect from the date of this Lease Agreement and, subject to the terms, covenants, agreements and conditions contained in this Lease Agreement, shall expire thirty (30) calendar years from the date of this Lease Agreement (the "Term"); provided, however, that so long as no Event of Default has occurred and remains uncured pursuant to this Lease Agreement, the Lessee shall have the right to extend the Term for two (2) consecutive periods of ten (10) years each. Lessee may exercise its right to so extend the Term by providing to Lessor written notice of Lessee's intent so to extend ninety (90) days prior to the expiration of the original Term, and thereafter upon providing Lessor such written notice within ninety (90) days prior to the expiration of the first extension of the Term. As long as this Lease Agreement and the leasehold estate created in this Lease Agreement have not expired or have not been terminated, the leasehold estate created in this BURNIS 566679.3 2 of 22