4.5 SR 09-05-2023 - Laserfiche WebLink

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emissions subject to regulation pursuant to the Minnesota Environmental Response and Liability Act, Minnesota Statutes, Chapter 115B (“MERLA”) or the Minnesota Petroleum Tank Release Cleanup Act, Minnesota Statutes, Chapter 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; H. “Improvements” means all improvements, including the Building, parking lots, utilities, landscaping, lighting and all other structures and improvements that are located on the Leasehold Property; I. “Leasehold Property” has the meaning given in the Recitals hereto. ARTICLE 2 DEMISE OF PROPERTY Section 2.1 Demise of Property. The City agrees to and hereby does demise and lease to Lessee, and Lessee agrees to and hereby does lease from the City, the Leasehold Property for the rental and pursuant to the terms of this Lease Agreement. Section 2.2 Term of the Lease. This Lease Agreement shall be dated and shall become effective upon its execution by the City and Lessee (the “Effective Date”). The leasehold estate created in this Lease Agreement shall begin and remain in full force and effect from the Effective Date and, subject to the terms, covenants, agreements, and conditions contained in this Lease Agreement, shall expire on the same date as the Original Lease, March 15, 2030 (the “Term”). At the end of the Term, so long as no Event of Default has occurred and remains uncured pursuant to this Lease Agreement, Lessee shall have the right to extend the Term for two (2) consecutive periods of ten (10) years each (each, a “Renewal Term”). Lessee may exercise its right to so extend the Term by providing to the City written notice of Lessee’s intent so to extend ninety (90) days prior to the expiration of the original Term, and thereafter upon providing the City such written notice within ninety (90) days prior to the expiration of the first Renewal 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 Lease Agreement shall be subject to the terms, covenants, agreements, and conditions of this Lease Agreement. Section 2.3 Rental Payments for Leasehold Property. Unless already paid in advance by the Original Lessee at the commencement of the Original Lease, Lessee shall pay as and for the rental of the Leasehold Property annual rental payments in the sum of One Dollar ($1.00). Lessee shall pay the first rental payment beginning on or before January 1, 2024, and on January 1 of each remaining year of the Term, with the final payment being due on or before January 1, 2029. At Lessee’s option, the full rental amount for the Term may be payable by Lessee for the entire Term, or for any Renewal Term in advance of such Renewal Term in one lump sum. Lessee hereby waives any right to a refund or abatement of the rental payment(s) pursuant to this Lease Agreement, whether pursuant to the City’s default hereunder or termination of this Lease Agreement prior to the expiration of the Term or any Renewal Term. Section 2.4 Rent Abatement. The rental payments to be made by Lessee to the City pursuant to this Lease Agreement shall not be abated, either in whole or in part, by reason of any 3 2067394.0015/184093281.2