Laserfiche WebLink
C. Termination. <br />1. If the Tenant entity is dissolved by mutual agreement of all the Tenant entity's <br />members, this Lease shall automatically terminate on the effective date of the dissolution. <br />2. At any time that either the City of Long Lake or the City of Orono unilaterally <br />withdraws as a member of the Tenant entity, this Lease shall terminate at the end of the Initial <br />Term or Renewal Term during which the unilateral withdrawal occurs; provided, that if less <br />than one (1) year remains in the then -existing term at the time of the unilateral withdrawal, <br />then this Lease may be automatically renewed for a Renewal Term as provided in paragraph <br />B.3. of this Article 2, and this Lease shall terminate at the end of that Renewal Term. <br />a. The period of time from the unilateral withdrawal of either the City of Long Lake <br />or the City of Orono until the termination date as provided under this Article 2, <br />paragraph C.2 shall be referred to as a "Remnant Period." <br />b. Notwithstanding the provisions of Articles 13 and 25.E. of this Lease, during the <br />Remnant Period, the non -withdrawing Tenant entity member (the "Remnant <br />Landlord") shall have the authority (but not the obligation) to act alone in <br />exercising the Landlord rights and obligations of this Lease, except that the <br />Remnant Landlord shall have no authority to amend any provision of this Lease <br />in the absence of an assignment by the withdrawing Tenant entity member in <br />accordance with Article 13.13. In Addition, the Remnant Landlord shall be <br />obligated to charge Rent for any subsequent Renewal Term at a market rate, <br />comparable to rents charged for properties and buildings of similar size, <br />geographic location, and use. <br />c. At any time after a unilateral withdrawal of either the City of Long Lake or City <br />of Orono, the Tenant's interest under this Lease shall be assigned to the non - <br />withdrawing member or members of the Tenant entity. <br />d. During the Remnant Period and the first Renewal Period following the unilateral <br />withdrawal of the withdrawing member (the "Purchase Option Period"), the non - <br />withdrawing member of the Tenant entity (whether City of Long Lake or City of <br />Orono), shall have an option to purchase the withdrawing member's ownership <br />interest in the Property, at a market rate to be determined as provided in this <br />paragraph. If the City of Long Lake and the City of Orono are unable to agree <br />upon the market rate for the withdrawing member's interest, each party shall <br />select an appraiser to estimate the value of the withdrawing member's interest, <br />and the two appraisers shall select a third appraiser to review the two appraisals <br />and determine the amount to be paid. The option to purchase must be exercised <br />by written notice to the withdrawing member, given within the Purchase Option <br />Period. <br />2 <br />235577v14 <br />68 <br />