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Declaration of Restricitive Covenants
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Declaration of Restricitive Covenants
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Last modified
8/22/2023 4:55:41 PM
Creation date
10/11/2021 11:36:13 AM
Metadata
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x Address Old
House Number
2040
Street Name
Wayzata
Street Type
Boulevard
Street Direction
West
Address
2040 Wayzata Boulevard West
Document Type
Land Use
PIN
3411823210036
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or consented to by Tenant or arising from the failure of Tenant to perform or <br /> observe by its agreements under this Lease, <br /> (5) this Lease shall automatically terminate on closing, <br /> (6) Tenant shall reimburse Landlord for all reasonable out of pocket costs <br /> and expenses incurred by Landlord in connection with the conveyance. <br /> 2.6 Title to Improvements. Title to the Improvements hereafter erected or located <br /> on the Development Property by or on behalf of the Tenant shall remain the property of <br /> Tenant, except that if(1) Tenant does not purchase the Development Property pursuant to <br /> Section 2.5 of this Lease, all Improvements located on the Development Property on the <br /> Termination Date shall become the property of Landlord, or (2) Landlord terminates this <br /> Lease pursuant to Section 9.2(1) hereof, then Landlord may repossess the Development, as <br /> provided in said Section 9.2(1). <br /> ARTICLE 3 <br /> RENT <br /> 3.1 Rent. Tenant shall pay Rent to Landlord on of each calendar year <br /> until the Termination Date in the amount of$1. <br /> 3.2 Net Lease. It is the intention and purpose of Landlord and Tenant that this <br /> Lease shall be a "Net Lease" to Landlord. All costs and expenses of whatever character or <br /> kind, general and special, ordinary and extraordinary, foreseeable or unforeseeable, and of <br /> every kind and nature whatsoever that may be necessary in or about the operation of the <br /> Improvements shall be the responsibility of Tenant. <br /> 3.3 Manner of Payment. Rent payable to Landlord shall be paid to Landlord in <br /> immediately available funds of the United States of America at the office of Landlord set out <br /> in Section 9.1 or at such place and to such party as Landlord may from time to time <br /> designate. Except as otherwise provided, Rent that has accrued prior to the expiration or <br /> earlier termination of this Lease shall be absolutely net to Landlord throughout the Term <br /> without offset or deduction. Tenant's obligation to pay Rent that has accrued prior to the <br /> expiration or earlier termination of this Lease shall survive the expiration or earlier <br /> termination of this Lease. <br /> -4- <br />
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