Agenda - Council Work Session - 05/14/2024

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I , a. Significant Damages, If the Leased Space is damaged by fire or any other.cause to such extent that the cost of restoration, as reasonably estimated by LANDLORD, will.equal or exceed thirty percent, (30%) of the replacement value of the Leased Space (exclusive of foundations)just prior to the occurrence of the damage, the` LANDLORD may, no later than the sixtieth. (6Otl); day following the damage, give TENANT written notice of LANDLORD's election to terminate this Lease. . E be. Bate of Termination. In the event LANDLORD elects to terminate this Lease it shall be.deemed to terminate on the date of the occurrence of damage or destruction and all rentals shall be paid up to that date. TENANT shall have no claim against LANDLORD for the value'of;any unexpired term of this Lease except for prepaid rent. Notwithstanding anything contained in this paragraph 15, to the contrary, LANDLORD shall only be;obligated to restore the Leased Space to the extent of the insurance proceeds actually received,'but if the insurance proceeds actually received do not permit LANDLORD,to restore I the Leased,Space, LANDLORD shall so notify TENANT and either LANDLORD or TENANT may terminate this Lease by written notice given within 60 days after.LANDLORD's notice. If LANDLORD restores the Leased Space in accordance with the provisions of this Section, then TENANT shall not have any right to terminate this Lease because of such damage pursuant to any common haw rights, �ii) Minnesota Statutes. 504.131 as now in effect or as it may be hereafter amended or supplemented, or(iii)any comparable right established b a similar statute. I 4 15. CASUALTY INSURANCE: = a. LANDLORD and TENANT obligations. LANDLORD shall at all times during the term of this Lease, at its expense, maintain a policy or policies of insurance with -premiums paid in advance issued by an insurance company licensed to do business in the State of Minnesota insuring the Leased Space against loss or damage by fire, explosion or other insurable hazards and contingencies for the full insurance value, provided that LANDLORD shall not-be obligated to insure any furniture, equipment, machinery, goods or supplies not covered by this Lease which TENANT may bring upon the Leased Space or any additional improvements which TENANT may construct or install on the Leased Space., TENANT shall at all times during the terra of this,Lease, at its expense, maintain a policy or policies of insurance with premiums paid Is in advance ,issued by an insurance company licensed to do business In the State of Minnesota insuring its property of whatever nature against loss or'damage by fire, expulsion or other r insurable hazards and'contingencies for the full insurable value of said- TENANT's property,. including TENANT's improvements to the Leased Space and TENANT's personal Property. b,. TENANT Restriction. TENANT shall not carry any stock of goods or do I anything in or about the Leased Space which will in any way impair or invalidate the obligation of the insurer under any policy of insurance required by this Lease. I c. waiver of Liability. LANDLORD hereby waives and releases 'all claims, liabilities and causes of action against TENANT and its agents, servants and employees for loss or damage to, or destruction of, the Leased Space or any portion thereof, including the buildings and other improvements situated thereon,resulting from fire, explosion and other perils included in standard' extended coverage insurance, whether caused by the negligence of any of said persons or otherwise. Likewise, TENANT hereby waives and releases all claims, liabilities and 4 8 F i r 1 k