10-27-2025 - Agenda Packet City Council - Regular Meeting

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period of sixty (60) days after written notice from Landlord of such violation or default; then it shall be optional for Landlord, without further notice or demand, to cure such default (if applicable) or to declare this Lease forfeited and the Term hereof ended and Landlord shall be entitled to sue Tenant for all sums due under this Lease or which become due prior to judgment, but such suit shall not bar subsequent suits for any further sums coming due thereafter. Excepting amounts deemed delinquent at the time of termination, Tenant's obligation to pay Rent or Additional Rent shall permanently cease upon termination of this Lease. Tenant shall be responsible for, in addition to any then delinquent Rent or Additional Rent due and other sums agreed to be paid hereunder, the cost of any necessary maintenance, repair, restoration, (including related cost of removal or modification of Tenant Improvements) or cure, as well as reasonable attorneys' fees incurred or awarded in any suit or action instituted by Landlord to enforce the provisions of this Lease, regain possession of the Leased Premises, or the collection of the Rents due Landlord hereunder. Tenant agrees to pay interest at the highest permissible rate of interest allowed under the usury statutes of the State of Minnesota, or in case no such maximum rate of interest is provided, at the rate of nine percent (9%) per annum, on all Rents and other sums due Landlord hereunder not paid within ten (10) days from the date same become due and payable. Each right or remedy of Landlord provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease now or hereafter existing at law or in equity or by statute or otherwise. ARTICLE 19 - LANDLORD'S DEFAULT Landlord shall not be deemed to be in default under this Lease until Tenant has given Landlord written notice specifying the nature of the default and Landlord does not cure such default within sixty (60) days after receipt of such notice or within such reasonable time thereafter as may be necessary to cure such default where such default is of such a character as to reasonably require more than sixty (60) days to cure. ARTICLE 20 - HOLDING OVER Tenant will, at the expiration of this Lease, whether by lapse of time or termination, give up immediate possession to Landlord. If Tenant fails to give up possession the Landlord may, at its option, serve written notice upon Tenant that such holdover constitutes any one of the following (i) renewal of this Lease for one year, and from year to year thereafter, or (ii) creation of a month -to - month tenancy, or (iii) creation of a tenancy at sufferance. If Landlord does not give said notice, Tenant's holdover shall create a tenancy at sufferance. In any such event the tenancy shall be upon the terms and conditions of this Lease, except that the Rent shall be Ten Thousand Dollars ($10,000) per month (in the case of tenancy at sufferance such Rent shall be prorated on the basis of a 365 day year for each day Tenant remains in possession); excepting further that in the case of a tenancy at sufferance, no notices shall be required prior to commencement of any legal action to gain repossession of the Leased Premises. In the case of a tenancy at sufferance, Tenant shall also pay to Landlord all damages sustained by Landlord resulting from retention of possession by Tenant. The provisions of this paragraph shall not constitute a waiver by Landlord of any right of reentry as otherwise available to Landlord; nor shall receipt of any rent or any other act in apparent affirmance of the tenancy operate as a waiver of the right to terminate this Lease for a breach by Tenant hereof. 0 235577v14 75