Agenda - Council - 05/27/2014 - Laserfiche WebLink

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City Council Approval: May 27, 2014 H:Drive>pbrama>leases to the Tenant and Tenant fails to cure the default within thirty (30) days of its receipt of said notification. If the Tenant fails to cure the default within the thirty (30) day period, Tenant shall vacate the Subject Property by the end of the 40th day following its receipt of the written notice. 5. RENT Tenant shall pay Landlord monthly rent due on the first day of each month, beginning on July 1, 2014, through the Term of this Lease Agreement. Tenant shall pay monthly rent installments as follows: July 2014-June 2015 July 2015-June 2016 $475 per month $510 per month Rent shall include the cost of heat, electricity, water and administrative fees. Landlord shall retain full discretion to adjust rent to cover any costs borne by the Tenant. An adjustment to rent shall require a 30 day written notice by the Landlord. 6. LATE FEES The nonpayment of rent specified in Paragraph 5 shall constitute a default for purposes of the Landlord's ability to terminate the lease under Paragraph 4. If Tenant defaults by failing to pay the full amount of rent by the time it is due, Tenant shall pay Landlord a late fee in the amount $50.00 for each such event of default. Unless this late fee is included with a late payment, such payment does not cure an event of default due to the nonpayment of rent by the first day of each month. 7 DEPOSIT Tenant shall pay Landlord a deposit in the amount of $1,000 on the 1st day of July, 2014. This deposit shall be held by Landlord, without obligation or liability for payment of interest thereon, as security for the faithful performance by Tenant of all of the terms of this Lease Agreement to be observed and performed by the Tenant. Landlord shall not be required to keep this deposit separate from its general funds. If Tenant at any time during the Term of this Lease Agreement is in default of any provision of this Lease Agreement, Landlord may, at its sole option and without prejudice to any other remedy that Landlord may have at law or equity, appropriate the deposit, or the portion thereof as may be deemed necessary, and apply the same toward the payment of rent or loss or damage sustained by the Landlord due to the default on the part of the Tenant. Unless appropriated by the Landlord pursuant to this Paragraph, Landlord shall return deposit to Tenant upon termination of the Lease Agreement. 8. OTHER FEES The payment of rent described in this Lease Agreement does not encompass other costs associated with the Subject Property including, but not limited to garbage disposal, refuse removal, telephone, light bulb replacement, janitorial services, all other utilities, all other routine maintenance and wages and fringe benefits for personnel employed for such work. Tenant is solely responsible for all such costs. Tenant is responsible for snow Lease Agreement: Northern Starz Children's Theatre and City of Ramsey Page 2 of 8