Agenda - Council - 07/10/2007 - Laserfiche WebLink

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Option by written notice to Landlord, whereupon the Option shall terminate. If Tenant fails to rescind its exercise of the Option, Landlord and Tenant shall each engage the services of a commercial real estate broker agent, or appraiser with at least five (5) years of experience in the leasing of commercial real estate in the Minneapolis -St. Paul metropolitan area (collective, the "Real Estate Representative ") licensed in Minnesota each of whom shall, within thirty (30) days after such engagement, render a written opinion as to then - current fair rental value of the Property. If the respective opinions of the two Real Estate Representatives are within ten percent (10 %) of one another, the then- current fair rental value of the Property shall be deemed to be the average of the two such opinions. If they are not within ten percent (10 %) of one another, such Real Estate Representatives shall agree upon a third Real Estate Representative licensed in Minnesota who shall, as soon as reasonably possible thereafter, issue a third opinion as to the then - current fair rental value of the Property. The then- current fair rental value of the Property shall then be the average of the two Real Estate Representative opinions which are closest to one another. Each of the parties shall 'bear the cost of its own Real Estate Representative and, if necessary, the cost of the third Real Estate Representative shall be split equally between the parties. C. Landlord's Notice to Quit. Notwithstanding the Initial Term, or any Option, in the event Landlord determines, in its sole discretion, that the Property or any part thereof is required for the improvement of U.S. Highway 10, upon giving one years's prior written notification to Tenant, the Landlord may terminate this Lease. Landlord is not obligated to provide this one year notice to quit in the event of any default by Tenant of the terms of this Lease. 2. BASE RENT: a. Tenant shall pay Landlord, a total rent payment in advance without offset, deduction or demand, in equal monthly installments commencing on the Commencement Date and continuing on the first day of each and every month thereafter for the next succeeding twenty four months, during the balance of the term the sum of $2,400.00 /month (sometimes called "Base Rent).. In the event an Option is properly exercised, the Base Rent shall be adjusted in accordance with paragraph Lb. above. b. Notwithstanding paragraph 3. below, during the Initial Term (April 24, 2006 through April 30, 2008), the Base Rent of $2,400.00 /month DOES include the Real Estate Taxes levied against the property during said Initial Term. 3. - ADDITIONAL RENT: a. Real Estate Taxes. Tenant shall pay a sum equal to one hundred percent (100 %) of the Real Estate Taxes EXCEPT during the Initial Term, as described in paragraph 2.b. above. The term "Real Estate Taxes" shall mean all real estate taxes, all assessments and any taxes in lieu thereof which may be levied upon or assessed against the Property. Tenant, in addition to all other payments to Landlord by Tenant required hereunder shall pay to Landlord, in each year during the term of this Lease and any extension or renewal thereof, the Real Estate Taxes. Any tax year commencing during any lease year shall be deemed to correspond to such lease year. In 2 _92_