Agenda - Council Work Session - 04/26/2011

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7,7 Amendment to Lease and Other Documents. Provided that all of the provisions of this Section have been complied with, Landlord and Tenant agree to execute amendments to this Lease, the recorded Memorandum of Lease and the Drainage Easement to address operation, maintenance and any other issues raised by the redevelopment and will also revise the legal description of the Property subject to the Lease and the Memorandum of Lease if necessary to accommodate the redevelopment. 8. LIABILITY OF PARTIES. Each party shall be responsible for any loss or claim arising out of its own actions or inactions. No party shall be deemed to limit or waive any municipal liability limitations applicable to such party contained in Minnesota Statutes, particularly chapter 466. 9. DAMAGE AND DESTRUCTION. 9.1 Damage to Property. In the event of damage or destruction to the Property or any portion thereof, at any time during the Term, this Lease shall continue in full force and effect and Tenant shall continue to pay all Rent and other charges payable hereunder by Tenant. If such damage or destruction impairs Tenant's ability to operate the Improvements or reduces the number of spaces in the Improvements, Landlord shall proceed as soon as practicable after the loss is adjusted to repair, replace and restore the Property to its condition prior to such damage or destruction and complete the repair and reconstruction with proper diligence. Should T.,andlord fail to complete the restoration of the Property within two hundred seventy (270) days following the date of the casualty, Tenant shall have the right to: (i) repair the Property at its own expense and recover such cost from Landlord, or (ii) terminate this Lease by delivering written notice of such termination to Landlord at any time after the expiration of such two hundred seventy (270) -day period and prior to the date on which Landlord substantially completes its restoration obligations hereunder. 9.2 Damage to Improvements. In the event of damage or destruction to the Improvements or any portion thereof, at any time during the Term, this Lease shall continue in full force and effect and Tenant shall continue to pay all Rent and other charges payable hereunder by Tenant. Subject to any obligation of Landlord to repair the Property as set forth in the previous Section, Tenant shall proceed as soon as practicable after the loss is adjusted to repair, replace and restore the Improvements to their condition prior to such damage or destruction and complete the repair and reconstruction with proper diligence. Except as set forth in the following sentence, should Tenant fail to complete the restoration of the Improvements within two hundred seventy (270) days following the date of the casualty, Landlord shall have the right to: (i) repair the Improvements at its own expense and recover such cost from Tenant, or (ii) terminate this Lease by delivering written notice of such termination to Tenant at any time after the expiration of such two hundred seventy (270) -day period and prior to the date on which Tenant substantially completes its restoration obligations hereunder. If all or a portion of Tenant's work to repair the Improvements cannot be completed until Landlord completes all or a portion of work to repair the Property pursuant to Section 9.1, then the 270 -day deadline imposed by this Section on Tenant for that portion of its work shall be toiled by the same number of days that it takes Landlord to complete the necessary portion of its work pursuant to Section 9.1. 6