Agenda - Council - 06/10/1997 - Laserfiche WebLink

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JUN-02-199? 18:06 LEAGUE OF MN CITIES ~.l~×i~ 17. eliminated, Tenant shall have the right to terminate this Lease or seek injunctive relief. against the interfering occupant, at Tenant's expense. 19. ,~2l~. This Lease, or rights thereunder, may not be sold, assigned, or transferred at any time by Tenant except to Tenant's affiliates or subsidiaries. As to other parties, this Lease may not be sold, assigned, or transf~d without the written consent of the Landlord, such consent not to be unreasonably withheld. For purposes ofth/s paragraph, an "affiliate" or "subsidiary" means an entity in which Tenam owns greater than a 50% interest. Landlord hereby consents to the assignment by Tenant of its rights under this Lease as collateral to any entity which provides fir~ncing for the purchase of, the equipment to be installed at the Leased Premises2 ~1~1~i9~. In the event th~ whole of the Leased Premises is taken by eminent domain, this Lease shall t~te as of the date title to the Leased Premises vests in the condemning authority. In event a portion of.thc Leased Premises is taken by eminent domain, either parry shah have the right to terminate this Lease as of said date of title transfer, by giving thirty (30) days' written notice to the other party. In the event of any taking under the power em/nent domain, Tenant shall not be entitled to any portion of the reward paid for the taking and the Landlord shall receive full amount of such award. Tenant hereby expressly waives any right or claim to any portion thereof. Although all damages, whether awarded as compensation for diminution in value of the lcasehoJd or to the f,ee of the Leased Premises: shall belong to Landlord, Tenant shall have the right to claim and recover from the condemning authority, but not from Landlord, such compensation as may be separately awarded or recoverable by Tenant on account of any and all damage to Tenant's business and any costs or expenses incurred by Tenant in moving/removing its equipment, persona] property, Antenna Facilities, and leasehold improvements. ~. Any claim, controversy or dispute arising out of this Lease not resolved within ten (10) days f,ollowing notice of the dispute, shall be submiued first and promptly to mediation, Each party shall bear its own costs of mediation. If mediation does not result in settlement within forty-five (45) days after the matter was submitted to mediation, either part)' may file a claim in arbitration in accordance w/th the applicable rules of the American Arbitration Association. The award rendered by the arbitrator may be entered as a judgment in any court having jurisdiction thereof. The arbitration shall be conducted in the count), where the Leased Premises is located. Arbitration shall be the exclusive remedy of the parties.' 3The industry, ma), strongly object to this language as an interference with their power to reorganize as business conditions m~-y demand. You ma)' choose to negotiate this term away if the City Council feels that one company is '~bout as good a tenam as another. ~Some comps, les in the industry strongly object to arbitration. Some cities do not like it either. Tiffs is certain.ly a subjec~ fo." negotiation. II