Document:

<PAGE>

                                                                    Exhibit 4(p)

COMMON STOCK                        [ Logo ]                        COMMON STOCK

   NUMBER                                                             SHARES
   SPECIMEN                                                          SPECIMEN
              INCORPORATED UNDER THE LAWS OF THE STATE OF MINNESOTA

                               H.B. FULLER COMPANY       See reverse for certain
                                                               definitions

          This Certifies that    SPECIMEN
                                --------------------------------

              is the owner of    SPECIMEN                        Shares of
                                --------------------------------
                 COMMON STOCK OF THE PAR VALUE OF $1.00 EACH OF
                               H.B. FULLER COMPANY

          transferable only on the books of the Company by the holder hereof, in
          person or by duly authorized attorney, upon surrender of this
          certificate properly endorsed. The shares of the Company of all
          classes are subject to certain rights, preferences and restrictions,
          and the Company will furnish, without charge to each stockholder who
          so requests, a full statement of the designations, relative rights,
          voting power, preferences and restrictions granted to, or imposed
          upon, said shares. This certificate is not valid unless countersigned
          by the Transfer Agent and Registrar.

               IN WITNESS WHEREOF, H.B. FULLER COMPANY has caused this
          certificate to be signed by its duly authorized officers and its
          corporate seal to be hereunto affixed.

          Dated:                                   COUNTERSIGNED AND REGISTERED:

                                                   TRANSFER AGENT AND REGISTRAR

                    SECRETARY       SEAL           AUTHORIZED SIGNATURE

<PAGE>

                               H.B. Fuller Company

         THE COMPANY WILL FURNISH TO ANY SHAREHOLDER, UPON REQUEST AND WITHOUT
CHARGE, A FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES, LIMITATIONS, AND
RELATIVE RIGHTS OF THE SHARES OF EACH CLASS OR SERIES AUTHORIZED TO BE ISSUED BY
THE COMPANY, SO FAR AS THEY HAVE BEEN DETERMINED, AND THE AUTHORITY OF THE BOARD
OF DIRECTORS OF THE COMPANY TO DETERMINE THE RELATIVE RIGHTS AND PREFERENCES OF
SUBSEQUENT CLASSES OR SERIES.

         The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                       <C>
         TEN COM   -as tenants in common                  UNIF TRANSFERS MIN ACT -                Custodian
                                                                                  -----------------------------------------
                                                                                       (Cust)                   (Minor)
         TEN ENT   -as tenants by the entireties                                    Under Uniform Transfers to Minors Act

         JT TEN    -as joint tenants with right                               _____________________________________________
                    of survivorship and not as                                                   (State)
                    tenants in common
</TABLE>

     Additional abbreviations may also be used though not in the above list.

         For value received,  _____________________________________________
hereby sell, assign and transfer unto

<TABLE>
<S>                                                                           <C>
  PLEASE INSERT SOCIAL SECURITY OR OTHER
      IDENTIFYING NUMBER OF ASSIGNEE
------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

___________________________________________________________________________________________________________________________
                                  PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

___________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________ Shares
of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

___________________________________________________________________________________________________________________Attorney
to transfer the said Stock on the books of the within-named Corporation with full power of substitution in the premises.

Dated                                                                           ___________________________________________
                                                                                NOTICE: THE SIGNATURE TO THIS ASSIGNMENT
                                                                                MUST CORRESPOND WITH THE NAME AS WRITTEN
                                                                                UPON THE FACE OF THE CERTIFICATE IN EVERY
                                                                                PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT
                                                                                OR ANY CHANGE WHATEVER.

THIS CERTIFICATE ALSO EVIDENCES AND ENTITLES THE HOLDER HEREOF, TO CERTAIN RIGHTS, AS SET FORTH IN THE RIGHTS AGREEMENT BETWEEN
H.B. FULLER COMPANY AND NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION DATED AS OF JULY 18, 1996 AS AMENDED BY AMENDMENT TO RIGHTS
AGREEMENT DATED AS OF JANUARY 23, 2001 BETWEEN H.B. FULLER COMPANY AND WELLS FARGO BANK MINNESOTA, N.A. (THE "RIGHTS AGREEMENT"),
THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES
OF H.B. FULLER COMPANY. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY
SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS CERTIFICATE. H.B. FULLER COMPANY WILL MAIL TO THE HOLDER OF THIS
CERTIFICATE A COPY OF THE RIGHTS AGREEMENT, WITHOUT CHARGE, PROMPTLY AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER CERTAIN
CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING
PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY SUBSEQUENT HOLDER OF
SUCH RIGHTS, WHETHER CURRENTLY HELD BY, OR ON BEHALF OF, SUCH PERSON OR BY ANY SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.
</TABLE>EXHIBIT 10.5

 

 

 

 

Northern Star Bank

 

(Lessee)

 

 

 

Five Star Properties of St. Cloud,

LLC

 

(Lessor)

 

 

 

 

 

 

 

TABLE OF

CONTENTS

 

	

  ARTICLE

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  1.

  	

   

  	

  Basic

  Lease Information

  	

   

  
	

  2.

  	

   

  	

  Leases Premises

  	

   

  
	

  3.

  	

   

  	

  Lease Term

  	

   

  
	

  4.

  	

   

  	

  Acceptance

  of Premises

  	

   

  
	

  5.

  	

   

  	

  Rent Payment

  	

   

  
	

  6.

  	

   

  	

  Operating Costs

  	

   

  
	

  7.

  	

   

  	

  Usable Area

  	

   

  
	

  8.

  	

   

  	

  Use

  	

   

  
	

  9.

  	

   

  	

  Business Hours

  	

   

  
	

  10.

  	

   

  	

  Repairs by Lessor

  	

   

  
	

  11.

  	

   

  	

  Repairs by Lessee

  	

   

  
	

  12.

  	

   

  	

  Alterations

  	

   

  
	

  13.

  	

   

  	

  Termination

  	

   

  
	

  14.

  	

   

  	

  Signs

  	

   

  
	

  15.

  	

   

  	

  Access

  	

   

  
	

  16.

  	

   

  	

  Utilities

  and Services

  	

   

  
	

  17.

  	

   

  	

  Assignment and Subletting

  	

   

  
	

  18.

  	

   

  	

  Fire and Casualty

  	

   

  
	

  19.

  	

   

  	

  Subrogation

  	

   

  
	

  20.

  	

   

  	

  Liability

  	

   

  
	

  21.

  	

   

  	

  Insurance

  	

   

  
	

  22.

  	

   

  	

  Eminent Domain

  	

   

  
	

  23.

  	

   

  	

  Holding Over

  	

   

  
	

  24.

  	

   

  	

  Quiet Enjoyment

  	

   

  
	

  25.

  	

   

  	

  Events of Default

  	

   

  
	

  26.

  	

   

  	

  Default

  	

   

  
	

  27.

  	

   

  	

  Notification

  in Event of Sale or Transfer

  	

   

  
	

  28.

  	

   

  	

  Notices

  	

   

  
	

  29.

  	

   

  	

  Rules

  and Regulations

  	

   

  
	

  30.

  	

   

  	

  Governmental/Legal Action

  	

   

  
	

  31.

  	

   

  	

  Light and Air

  	

   

  
	

  32.

  	

   

  	

  Brokerage Fees

  	

   

  
	

  33.

  	

   

  	

  Force Majeure

  	

   

  
	

  34.

  	

   

  	

  Estoppel

  Certificate

  	

   

  
	

  35.

  	

   

  	

  Miscellaneous

  	

   

  
	

  36.

  	

   

  	

  Invalidity of

  Particular Provisions

  	

   

  
	

  37.

  	

   

  	

  Governing Law

  	

   

  
	

  38.

  	

   

  	

  Right

  of First Refusal

  	

   

  
	

  39.

  	

   

  	

  Subject

  to Approval

  	

   

  
	

   

  	

   

  	

  Signatures

  	

   

  

 

 

2

 

EXHIBITS

 

 

 

	

  Leased Premises

  	

  A

  
	

  Lessee Improvement

  Agreement

  	

  B

  
	

  Building Rules &

  Regulations

  	

  C

  
	

  Signs

  	

  D

  
	

  Legal Description

  	

  E

  

 

 

ADDENDUM

 

 

 

	

  Option to Extend

  	

  1

  
	

   

  	

   

  
	

  Additional Rent

  	

  2

  
	

   

  	

   

  
	

  Training Room Use

  	

  3

  

 

 

3

 

 

LEASE AGREEMENT (“Lease”)

 

 

This Lease, is made and entered into this 7th

day of March 2001, by and between Lessor and Lessee as described in Article 1.A

and Article 1.B

 

1.                                      BASIC LEASE

INFORMATION:

The following basic lease

information is a part of this Lease, but does not constitute the entire

Lease.  Lessee acknowledges that it has

read all exhibits which are a part hereof and agrees that this Lease, including

the basic lease information and all exhibits reflect the entire understanding

and reasonable expectations of Lessor regarding the Premises.  Lessee also acknowledges that it has had the

opportunity to review this Lease prior to execution with legal counsel and/or

such other advisors as Lessee deems appropriate.

 

In addition to the terms

which are defined elsewhere in this Lease, the following defined terms are used

in this Lease.

 

	

  A.

  	

   

  	

  Lessor:

  	

   

  	

  Five Star Properties of

  St. Cloud, LLC

  
	

   

  	

   

  	

   

  	

   

  	

  300 East St. Germain

  Street

  
	

   

  	

   

  	

   

  	

   

  	

  St. Cloud, MN 56304

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

  B.

  	

   

  	

  Lessee:

  	

   

  	

  Northern Star Bank

  
	

   

  	

   

  	

   

  	

   

  	

  300 East St. Germain

  Street

  
	

   

  	

   

  	

   

  	

   

  	

  St. Cloud, MN 56304

  

 

C.             Leased Premises: The Usable

Area, as defined in Article 7, located within the Building consists of

approximately 3,132 square feet as shown on Exhibit A to this Lease.

 

D.            Building At: The building

which is located at  300 East St.

Germain Street, St. Cloud, MN

 

E.              Lease Term: 10 Years and

0 Months, beginning on the Commencement Date, as defined in Article 1.F, and

ending on the Expiration Date, as defined in Article 1.G.  See Addendum for additional terms.

 

F.              Commencement Date: July 1, 2001 - additional daily rent for

failure to open on July 1, 2001 - 137.00 per day

 

G.             Expiration Date:                          June 30, 2011

 

H.            Monthly Rent:

 

Year 1 - the sum of $3,132 per mo., which equates to $12.00 per usable

sf per year

Year 2 - the sum of $3,393 per mo., which equates to $13.00 per usable

sf per year

Year 3 - the sum of $3,654 per mo., which equates to $14.00 per usable

sf per year

Year 4 - the sum of $3,915 per mo., which equates to $15.00 per usable

sf per year

Year 5 - the sum of $4,176 per mo., which equates to $16.00 per usable

sf per year

Year 6-10 - the sum of $5,220 per mo., which equates to $20.00 per usable

sf per year

Option 5 yr term - the sum of $5,742 per mo., which equates to $22.00

per usable sf per year

 

plus a Pro Rata Share of any increase of real estate taxes on the

Property over and above the New Base Year real estate taxes as defined below.

 

4

 

 

I.                 Lease Payment Address:

300 East St. Germain Street

St. Cloud, MN 56304

 

J.                Use: For use as

bank and general office.

 

K.            Building Power Standards: Electrical

distribution systems for power and lighting for the Leases Premises and special

electrical systems are to be at least the same watts per square foot as of the

date this Lease is executed.

 

L.              Property: That certain

parcel of land on which the Building is located situated in the County of

Benton State of MN, and legally described as follows: See Exhibit E - Legal

Description 

 

M.         Lessor Notification Address:

300 East St. Germain Street

St. Cloud, MN 56304

 

If any other provisions of this Lease contradicts any definition of

this Article, the other provision will prevail.

 

The following exhibits are attached to this Lease and are made parts of

this Lease:

 

Exhibit A - Leased Premises

Exhibit B - Lessee Improvement Agreement

Exhibit C - Building Rules and Regulations

Exhibit D - Signs

Exhibit E - Legal Description

Addendum

 

N.            New Base Year: Is the year

real estate taxes payable reflecting the assessed value of the Property

as of January 2, 2001.

 

O.            Pro Rata Share: The

percentage obtained when the Usable Area of the Leased Premises is divided by

the total Usable Area of the Building. 

At the Commencement Date the Pro Rata Share is: 3,132 / 18,529 = 16.9%.

 

P.              Parking:  Lessor will provide seven designated

customer parking spots and up to six designated employee parking spots at no

charge.

 

 

5

 

 

2.                                      LEASED

PREMISES:

In consideration of the obligation of Lessee to pay rent as herein

provided, and in consideration of the other terms, provisions and covenants

hereof, Lessor hereby demises and leases to Lessee, and Lessee hereby takes

from Lessor, the Leased Premises as described in Article 1.C, which is located

in the Building as described in Article 1.D, and on the Property described in

Article 1.L, together with all rights, privileges, easements, appurtenances and

immunities belonging to or in any way pertaining to the Leased Premises, and

together with the right to use in common with Lessor and other lessees in the

Building, and its and their employees, agents, representatives and invitees,

any common areas and facilities of the Building.

 

 

3.                                      LEASE TERM:

The Lease Term shall be as described in Article 1.E.

 

 

4.                                      ACCEPTANCE

OF PREMISES:

Lessee acknowledges that it has inspected the Leased Premises and

accepts it in its present condition as suitable for the purpose for which it is

leased, and further acknowledges that no representations as to the repair of

the Leased Premises nor

promises to alter, remodel or improve the Leased Premises have been

made by Lessor, except as may be provided on Exhibit B attached hereto and

incorporated herein.  In the event there

are leasehold improvements which are to be completed by Lessor, and Lessor does

not complete leasehold improvements and deliver possession of the Leased

Premises on or before said Commencement Date, or if Lessor is unable for

reasons beyond Lessor’s control to deliver possession of the Leased Premises by

such date, Lessor shall not thereby be deemed to be in default hereunder, and

shall not thereby be liable to Lessee for any loss, damage, cost and expense suffered

or incurred by Lessee, nor shall the Commencement Date of the Lease or the

Lease Term of the Lease be affected or changed thereby, and Lessee agrees to

accept possession of the Leased Premises at such time as Lessor is able to

tender the same; provided, however, that Lessor hereby waives payment of

Monthly Rent, as defined in Article 5, covering any period prior to the

tendering of possession to Lessee hereunder, except as otherwise provided on

Exhibit B attached hereto.

 

If thirty (30) days after the Commencement Date the Lessor has not

delivered possession of the Leased Premises to the Lessee, the Lessee may, by

giving seven (7) days Notice, as defined in Article 28, cancel this Lease and

all payments made by Lessee to Lessor will be refunded to the Lessee within

five (5) days.

 

 

5.                                      RENT

PAYMENT:

Lessee shall pay to Lessor during the Lease Term a Monthly Rent as

described in Article 1.H, plus any Additional Rent as herein defined (sometimes

collectively referred to as “Rent”) and as adjusted from time to time in

accordance with the provisions of this Lease, payable in advance on the first

day of each month during the Lease Term in lawful money of the United States to

Lessor at the Lease Payment Address as described in Article 1.I.  Additional Rent is hereby defined as, but

not limited to, charges for services above building standards and late

charges.  Appropriate adjustment of

Lessee’s Additional Rent shall be made on the basis of actual cost, without

markup, for disproportionate services (whether greater or lesser than standard

services) to Lessee or to other Lessees.

 

 

6

 

 

6.                                      OPERATING

COST:

Subject to Article 16, operating costs are included as part of Monthly

Rent and will not be treated in any other fashion.

 

 

7.                                      USABLE

AREA:

Usable Area shall be determined by Building Owners and Managers

Association (“BOMA”) standards for measuring floor area in office buildings as

follows:

 

A.           The Usable Area

of an office shall be computed by measuring to the finished surface of the

office side of corridor and other permanent walls, to the center of partitions

that separate the office from adjoining Usable Areas, and to the inside

finished surface of the dominant portion of the permanent outer building walls.  No deductions shall be made for columns and

projections necessary to the building. 

The Usable Area of a floor shall be equal to the sum of all Usable Areas

on that floor.

 

 

8.                                      USE:

The Leased Premises shall be used for the purpose as described in

Article 1.J.  No part of the Leased

Premises shall be used for any purpose which constitutes a nuisance or which is

illegal, offensive, termed hazardous by insurance companies or which may make

void or voidable any insurance on the Building or which may increase the premiums

therefor, of which will interfere with the general safety, comfort and

convenience of the Lessor for other lessees of the Building.  There shall be no sale of food or beverages

by any means, except vending machines, without the prior written consent of

Lessor, which shall not be unreasonably withheld.  Lessee shall not permit intoxicating liquors to be used, kept or

sold in the Leased Premises.  It is

understood that Lessor may occupy portions of the Building in the conduct of

the Lessor’s business.  In such event,

all references herein to other lessees of the Building shall be deemed to

include Lessor as an occupant or lessee.

 

 

9.                                      BUSINESS

HOURS:

Business Hours used herein shall mean the hours the Lessee is

customarily open for business, Traditional Holidays, as herein defined,

excepted.  The following dates shall

constitute “Traditional Holidays” as said term is used in this Lease:

 

(1)   New Year’s Day

(2)   Memorial Day

(3)   Independence Day

 

 

7

 

 

(4)   Labor Day

(5)   Thanksgiving Day

(6)   Christmas Day

 

If in the case a different day shall be observed other than the

respective day above-described, then that day which constitutes the day

generally observed by national banks in the city in which the Leased Premises

is located, shall constitute the Traditional Holiday under this Lease.

 

 

10.                               REPAIRS BY

LESSOR:

Lessor shall at its expense maintain in good repair, reasonable wear

and tear excepted, only the roof, foundation and the structural soundness of

the exterior walls of the Building and those portions of the plumbing, heating,

air conditioning, and electrical systems located within, but not serving

exclusively, the Leased Premises. 

Lessee shall repair and pay for any damage caused by the act or

negligence of Lessee or Lessee’s employees, agents, representatives, customers

or invitees, or caused by Lessee’s default hereunder.  Lessee shall immediately give Lessor written notice of defect or

need for repairs, after which Lessor shall have reasonable opportunity to

repair same or cure such defect. 

Lessor’s liability hereunder shall be limited to the cost of such

repairs or curing of such defects.

 

If the defect or need for repair causes the Leased Premises to be

untenable and the Lessor has not cured the defect or made the necessary repairs

within forty eight (48) hours after receiving Notice, as defined herein,

Monthly Rent will abate until the Leased Premises becomes tenable and the

Lessee shall have the right, but not the obligation, to cure the default or make

the necessary repairs and to deduct all reasonable costs associated with such

cure from future Monthly Rent obligation.

 

If the defect or need for repair does not cause the Leased Premises to

become untenable and the Lessor has not cured the defect or made the necessary

repairs within five (5) days, or other such time as may be deemed reasonable,

the Lessee shall have the right, but not the obligation to cure the default or

make the necessary repairs and to deduct all reasonable costs associated with

such cure from future Monthly Rent obligations.

 

 

11.                               REPAIRS BY

LESSEE:

Lessee shall at its own cost and expense maintain all other parts of

the Leased Premises in good repair, reasonable wear and tear excepted, and

shall take good care of the Leased Premises and its fixtures and permit no

waste of any kind.  Lessee will keep the

whole of the Leased Premises in a safe, clean, and sanitary condition, and will

at the expiration of the Lease Term, or other termination of this Lease,

surrender the same to Lessor in the same order and condition as said Leased

Premises was in at the time Lessee took occupancy, reasonable wear and tear

excepted.

 

 

12.                               ALTERATIONS:

Lessee shall not make any alterations of, or additions to, the Leased

Premises, which effect the Building’s mechanical systems or structural

soundness, without the prior written consent of Lessor, which shall not be

unreasonably withheld.  Lessee will not

permit any mechanics’, laborers’ or material men’s liens to stand against the

Leased Premises, Building or the Property for any labor or material furnished

to or for the account of Lessee, or claimed to have been so furnished in

connection with any work performed or claimed to have been performed in, or

about the Leased Premises, unless Lessee has a good faith dispute as to such

lien in which case Lessee may contest such lien by appropriate proceedings so

long as Lessee deposits with Lessor a bond 

 

 

8

 

 

or other security in an amount reasonably acceptable to Lessor which

may be used by Lessor to release such lien if Lessee shall fail to pay

immediately any judgment against it as a result of such contest.

 

Notwithstanding anything to the contrary contained in this Lease,

Lessor shall in all events have the right to prescribe the weight and position

of any safes and other heavy equipment placed in or on the Leased Premises by

Lessee.  Any and all damage or injury to

the Leased Premises or the Building caused by moving the property of Lessee in

or out of the Leased Premises, or due to the same being in or on the Leased

Premises, shall be repaired by Lessee at its sole cost and expense.  No equipment, fixtures, furniture or other

bulky matter will be received into or carried in the Building, except in or at

such places and in such manner as approved by Lessor, and all moving of

Lessee’s property in or out of the Leased Premises shall be done only after

Lessee has received Lessor’s consent and then under the direct control and

supervision of Lessee.

 

 

13.                               TERMINATION:

All movable office furnishings and trade fixtures installed by Lessee

may be removed by Lessee at the termination of this Lease if Lessee so elects,

and shall be removed if required by Lessor. 

All such removal and restoration shall be accomplished in a good and

workmanlike manner so as not to damage the primary structure or structural

qualities of the Leased Premises and Building. 

Unless otherwise agreed to, personal property remaining in the Leased

Premises at the expiration of the Lease Term or other termination of the Lease

shall be deemed abandoned and Lessor may dispose of the same in a manner Lessor

deems most expedient.

 

Lessee shall promptly surrender all keys for the Leased Premises to

Lessor at the place then fixed for the payment of rent and shall inform Lessor

of combinations on any vaults, locks and safes on the Leased Premises.

 

 

14.                               SIGNS:

Lessee shall not display, inscribe, print, maintain, or affix any signs

or other advertising matter or material on the Property, or on the exterior of

the Building or on the interior of the Building, or in any window of the

Building, without the prior written consent of the Lessor which shall not be

unreasonably withheld.  The signage

described in Exhibit D is deemed approved by the Lessor.  The Lessor shall have the right to install

and maintain a sign or signs on the Property, or on the exterior or interior of

the Building.  The Lessor shall have the

right to change the name or street address of the Building.  At no time prior to the termination of this

Lease shall Lessor display a sign on the Property indicating that the Leased

Premises is available.

 

 

15.                               ACCESS:

Lessor, its agents and representatives shall be entitled to keep pass

keys to the Leased Premises and shall have the right upon twenty-four (24) hours

prior notification, in the case of emergency at anytime, to enter and inspect

the Leased Premises for the purpose of ascertaining the condition thereof or in

order to make such repairs as may be required to be made by Lessor under the

terms of this Lease or as Lessor may deem necessary.  During the period that is six (6) months prior to the end of the

Lease Term hereof, unless notified by Lessee of it’s intent to extend said

Lease, Lessor and Lessor’s agents and representatives shall have the right to enter

the Leased Premises at reasonable times for the purpose of showing the Leased

Premises.  Any such entry by Lessor

shall never be deemed an eviction or disturbance of Lessee’s possession of the

Leased Premises, or render Lessor liable to Lessee for damages, or relieve

Lessee from performance of Lessee’s 

 

 

9

 

 

obligations under this Lease. 

If in the event Lessor enters the Leased Premises in the case of an

emergency, Lessor will advise Lessee on the next business day of it’s entry.

 

The right of entry reserved shall not be deemed to impose any greater

obligation on Lessor to clean, maintain, repair or change the Leased Premises

than is specifically provided in this Lease. 

The Lessor, its agents and representatives may at any time in case of

emergency enter the Leased Premises and do such acts as Lessor may deem proper

in order to protect the Leased Premises, the Property, the Building, or any

occupants of the Building.

 

All rights to enter by Lessor and it’s agents and representatives shall

be subject to such security restrictions as may be reasonably imposed by Lessee

consistent with the nature

of the Lessee’s use of the Leased Premises.

 

 

16.                               UTILITIES

AND SERVICES:

 

A.           AIR CONDITIONING AND HEAT: Lessor shall

furnish air conditioning and heat to the Leased Premises for normal purposes

only during Business Hours.  Lessee

agrees not to use any apparatus or device, in or upon or about the Leased

Premises, which in any way may increase the amount of such services usually

furnished or supplied to the Leased Premises, and Lessee further agrees not to

connect any apparatus or device with the conduits or pipes, or other means, by

which such services are supplied, for the purpose of using additional or

unusual amounts of such services, without the prior written consent of Lessor,

which shall not be unreasonably withheld. 

Should Lessee use such services to excess or request the use of such

services at other than Business Hours, Lessor reserves the right to charge the

Lessee for such services, which shall be payable as Additional Rent.

 

B.             ELECTRICAL SERVICE:  Lessor shall maintain

electrical facilities to provide sufficient power for typewriters, personal

computers, and other office machines of similar low electrical consumption, but

not including electricity required for electronic data processing equipment or

special lighting which is in excess of Building Power Standards as described in

Article 1.K.

 

Lessee will obtain prior written approval from Lessor before installing

electrical equipment including but not limited to electrical heating,

refrigeration equipment, electronic data processing machines, or machines or

equipment using current which will in any way increase the amount of

electricity normally furnished for use in a general office space.

 

The Lessor shall replace building standard light bulbs in the Leased

Premises.  The Lessor’s cost of such

replacement shall be passed back to the Lessee as Additional Rent.

 

C.             KEYS: Lessor shall

furnish Lessee with two (2) keys for each door entering the Leased

Premises.  Additional keys ordered by

Lessee will be at the expense of Lessee. 

All such keys shall remain the property of the Lessor.  No additional locks shall be allowed on any

door of the Leased Premises without Lessor’s written permission, which shall

not be unreasonably withheld, and Lessee shall not make, or permit to be made,

any duplicate keys, except those approved or furnished by Lessor.  Upon termination of this Lease, Lessee shall

surrender to Lessor all keys to the Leased Premises, and give to Lessor the

combination of 

 

10

 

 

all locks for safes, safe cabinets and vault doors, if any, which will

remain in the Leased Premises.

 

D.            ELEVATORS: If the

Building has a passenger elevator which provides service to the Leased

Premises, Lessor shall furnish passenger elevator service whenever the Building

is open.  Lessor shall have the right to

stop the operation of said elevators whenever alterations, improvements or

repairs shall be necessary or desirable and shall not be liable for damages for

any such stoppage of service except as stated in Article 10.

 

E.              JANITORIAL: Lessor shall

furnish such janitor service, as is customary in a “Class A” building in the

community where the Building is located, except on Saturdays, Sundays and

Traditional Holidays.  All janitorial

services shall be performed in accordance with work schedules established by

the Lessor subject to Lessee’s reasonable approval, and the Lessor’s cost of

providing such service shall be passed back to the Lessee as Additional

Rent.  Providing that the amount of

trash (paper waste) does not exceed what would be customary for a general

office of the size of the Leased Premises and the use described in Article 1.J,

trash removal shall be furnished by the Lessor.  If Lessee has a 

 

 

11

 

significant increase in paper waste or periodically disposes of large

containers, additional costs incurred by the Lessor for the Lessee’s actions

may be passed back to the Lessee as Additional Rent.

 

F.              WATER: Lessor shall

provide water for drinking, lavatory and toilet purposes only.

 

G.             WASTE: Lessee shall

not waste electricity, water, heat or air conditioning or any other utility,

and shall cooperate fully with Lessor to insure the most effective operation of

the Building’s heating and air conditioning, which shall include closing

Venetian blinds and drapes and keeping all windows closed when air conditioning

is in use, and shall refrain from attempting to adjust any controls other than

room thermostats, if any, installed for Lessee’s use.

 

H.            INTERRUPTION OF SERVICES: Lessor shall

not be liable to Lessee, its agents, employees, representatives, customers or

invitees for any inconvenience, loss or damage or for any injury to any person

or property caused by or resulting from temporary variation, interruption or

failure to provide services or utilities, nor shall such temporary violation,

interruption or failure to provide service or utilities be deemed an eviction

of Lessee or relieve Lessee from any of Lessee’s obligations hereunder.

 

If a variation, interruption or failure to provide services or

utilities cause the Leased Premises to be untenantable and Lessor has not cured

such variation, interruption, or failure to provide services or utilities

within forty-eight (48) hours after receiving Notice, as defined herein,

monthly Rent will abate until the Leased Premises becomes tenantable and the

Lessee shall have the right, but not the obligation, to cure the variation,

interruption or failure to provide services or utilities and to deduct all

reasonable cost associated with such cure from future monthly Rent obligations.

 

 

17.                               ASSIGNMENT AND SUBLETTING:

Lessee shall have the right to assign this Lease, or to sublet the

whole or any part of the Leased Premises with the prior written consent of

Lessor, which shall not be unreasonably withheld.  Lessor hereby approves any and all assignments or sublets to any

affiliate of Lessee or it’s parent company and affiliates of the parent

company. Lessee can assign or sublet to any affiliate without prior written

approval.  Notwithstanding any permitted

assignment or subletting, Lessee shall at all times remain fully responsible

and liable for the payment of the Rent herein specified and for compliance with

all of its other obligations under the terms, provisions and covenants of this

Lease.  Lessor shall have the right to

assign any of its rights under this Lease, and upon any such assignment, and

provided that the assignee assumes all of Lessor’s obligations hereunder,

Lessor shall be relieved of any and all such obligations.

 

 

18.                               FIRE AND

CASUALTY:

If the Building or any part thereof is damaged or destroyed by fire or

other casualty, the Lessee shall have the right to terminate this Lease,

provided it gives written notice thereof to the Lessor within ninety (90) days

after such damage or destruction.  Such

termination shall be effective as of the date of the fire or other

casualty.  If a portion of the Leased

Premises is damaged by fire or other casualty and this Lease is not thereby

terminated, the Lessor shall, at its expense, restore the Leased Premises

exclusive of any

 

 

12

 

 

improvements or other changes made to the Leased Premises by Lessee, to

as near the condition which existed immediately prior to such damage or

destruction as reasonably possible, and Monthly Rent shall abate during such

period of time as the Leased Premises are untenable in the proportion that the

untenable portion of the Leased Premises bears to the entire Leased

Premises.  The Lessor shall not be

responsible to the Lessee for damage to, or destruction of, any furniture,

equipment, improvements or other changes made by the Lessee in, on or about the

Leased Premises regardless of cause of damage or destruction.

 

 

19.                               SUBROGATION:

Lessor and Lessee each hereby release the other from any and all

liability or responsibility to the other or anyone claiming through or under them

by way of subrogation or otherwise for any loss or damage to property caused by

fire or any of the extended coverage casua lties covered by the insurance

maintained hereunder even if such loss or damage shall have been caused by the

fault or negligence of the other party, provided, however, that this release

shall be applicable and in force and effect only with respect to loss or damage

occurring during such times as the releaser’s insurance policies shall contain

a clause or endorsement to the effect that any release shall not adversely

affect or impair said policies or prejudice the right of the releaser to

recover thereunder.  Lessor and Lessee

each agree that it will request its insurance carrier to include in its

policies such a clause or endorsement.

 

 

20.                               LIABILITY:

With the exception of those claims arising out of Lessor’s negligence

or willful misconduct, Lessor shall not be liable to Lessee, or those claiming

through or under Lessee, for injury, death or property damage occurring in, on

or about the Property, the Building, the Leased Premises and appurtenances

thereto, and Lessee shall indemnify Lessor and hold it harmless from any claim

or damage arising out of any injury, death or property damage occurring in, on

or about the Leased Premises to Lessee or an employee, customer or invitee of

Lessee except to the extent such injury, death, or property damage is caused by

acts of the Lessor, its agents or employees.

 

With the exception of those claims arising out of Lessee’s negligence

or willful misconduct, Lessee shall not be liable to Lessor, or those claiming

through or under Lessor, for injury, death or property damage occurring in, on

or about the Property, the Building, the Leased Premises and appurtenances

thereto, and Lessor shall indemnify Lessee and hold it harmless from any claim

or damage arising out of any injury, death or property damage occurring in, on

or about the Leased Premises to Lessor or an employee, customer or invitee of

Lessor.

 

21.                               INSURANCE:

 

A.    Lessor agrees to purchase in advance, and to

carry in full force and effect the following insurance:

 

1)              “All risk” property

insurance coverage on the Building, exclusive 

of Lessee’s leasehold improvements, in such amount as Lessor deems

prudent.

 

2)              Comprehensive general public

liability insurance covering the

Property, in a combined single limit amount of not less than

$2,000,000.00, and written on an “occurrence” basis.

 

B.    Lessee

agrees to purchase in advance, and to carry in full force and effect the

following 

 

13

 

insurance:

 

	

  1)

  	

   

  	

  “All risk” property

  insurance covering the full replacement value of all

  
	

   

  	

   

  	

  of Lessee’s leasehold

  improvements, trade fixtures and personal

  
	

   

  	

   

  	

  property within the Leased

  Premises.

  
	

   

  	

   

  	

   

  
	

  2)

  	

   

  	

  Comprehensive general

  public liability insurance covering all acts of

  
	

   

  	

   

  	

  Lessee, its employees,

  agents, representatives and guests on or about

  
	

   

  	

   

  	

  the Leased Premises,

  containing a contractual liability endorsement, in

  
	

   

  	

   

  	

  a combined single limit

  amount of not less than $2,000,000.00 and

  
	

   

  	

   

  	

  written on an “occurrence”

  basis.

  

 

C.    In addition, if at any time

Lessee allows said insurance to lapse, Lessor, upon notification, can place

said insurance on behalf of Lessee and immediately bill Lessee for the amount

of the insurance premium.  Any such

premium will become a part of the Additional Rent owing at the time the premium

is billed and will qualify for all rights of collection as afforded by this

Lease.

 

 

22.                               EMINENT

DOMAIN:

If the entire Building is taken by eminent domain, this Lease shall

automatically terminate as of the date of taking.  If a portion of the Building is taken by eminent domain, Lessee

shall have the right to terminate this Lease by giving written notice thereof

to Lessor within ninety (90) days after the date of taking.  Such termination shall be effective as of

the date of taking.

 

If a portion of the Leased Premises is taken by eminent domain and this

Lease is not thereby terminated, Lessor shall, at its expense, restore the

Leased Premises, exclusive of any improvements or other changes made to the

Leased Premises by Lessee, to as near the condition which existed immediately

prior to the date of taking as reasonably possible, and Rent shall abate during

such period of time as the Leased Premises are untenable, in the proportion

that the untenable portion of the Leased Premises bears to the entire Leased

Premises.

 

All damages awarded for a taking under the power of eminent domain,

whether for the whole or a part of the Leased Premises, shall belong to, and be

the property of, Lessor, whether such damages shall be awarded as compensation

for diminution in value to the leasehold estate hereby created or to the fee of

the Leased Premises provided, however, that Lessor shall not be entitled to any

award made to Lessee for loss of business, fair value of, and cost of removal

of stock and fixtures.

 

The term “eminent domain” shall include the exercise of any similar

governmental power and any purchase or other acquisition in lieu of

condemnation.

 

 

23.                               HOLDING

OVER:

Should Lessee, or any of its successors in interest, hold over the

Leased Premises or any part thereof, after the expiration of the Lease Term,

such holding over shall constitute and be construed as a tenancy from

month-to-month only.  The inclusion of the

preceding sentence shall not be construed as Lessor’s permission for Lessee to

hold over.  The monthly rent during such

month-to-month tenancy shall be at one and one half (1 1/2) times the amount of

said monthly Rent for the last month of the Lease term or any extension term.

 

 

14

 

 

24.                               QUIET

ENJOYMENT:

Lessor represents and warrants that it has full right and authority to

enter into this Lease and that Lessee, upon paying the Monthly Rent and

Additional Rent herein set forth and performing its other covenants and

agreements herein set forth, shall peaceably and quietly have, hold and enjoy

the Leased Premises for the Lease Term without hindrance or molestation from

the Lessor, subject to the term and provisions of this Lease.

 

 

25.                               EVENTS OF

DEFAULT:

The following events shall be deemed to be events of default by Lessee

under this Lease:

 

A.                       Lessee shall

fail to make any payment of the Rent as herein provided within five (5) days of

the date that Notice is received by the Lessee indicating that the Rent was not

received by Lessor.

 

B.                         Lessee shall

become insolvent, or shall make a transfer in fraud of creditors, or shall make

an assignment for the benefit of creditors.

 

C.                         Lessee shall

file or have filed against it a petition under any section or chapter of the

United States Bankruptcy Code, as amended, or under any similar law or statute

of the United States or any state thereof, or Lessee shall be adjudged bankrupt

or insolvent in proceedings filed against Lessee thereunder.

 

D.                        A receiver or

trustee shall be appointed for all or substantially all of the assets of

Lessee.

 

E.                          Lessee shall

abandon the Leased Premises.

 

 

F.                          Lessee shall

fail to comply with any term, provision or covenant of this Lease (other than

the foregoing in this Article 25) and shall not cure such failure within thirty

(30) days of receiving written notice of failure thereof to Lessee; provided

however, if such failure is capable of being cured, but cannot be cured within

such thirty (30) day period, if Lessee shall promptly commence to cure the same

and shall thereafter prosecute the curing thereof with diligence, the period

within which such failure may be cured shall be extended for such further

period as shall be necessary for the curing thereof with diligence.

 

 

26.                               DEFAULT:

Lessee hereby agrees that if an Event of Default occurs, then, in

addition to all other rights and remedies available to Lessor by law or by

other provisions hereof, at Lessor’s option, Lessor may annul and cancel this

Lease as to all future rights of Lessee. 

Lessee further agrees that in case of any such termination Lessee will

indemnify the Lessor against all loss of Rent and other damage which Lessor may

incur by reason of such termination, including, but not limited to, costs of

restoring and repairing the Leased Premises and putting the same in rentable

condition, costs of renting the Leased Premises to another tenant, loss or

diminution of rents and other damage which Lessor may incur by reason of such

termination and all reasonable attorneys fees and expenses incurred in

enforcing any of the terms of this Lease. 

Neither acceptance of Rent by Lessor, with or without knowledge of

breach, nor failure of Lessor to take action on account of any breach thereof,

or to enforce its rights hereunder shall be deemed a waiver of any breach, and

absent written notice or consent, said breach shall be a continuing one.

 

 

15

 

 

In the event Lessee fails to pay any installment of Rent hereunder as

and when such installment is due, or any other charge payable hereunder as and

when such charge is due, Lessee, if permitted by law, shall pay to Lessor on

demand a late charge in an amount equal to five percent (5%) of such installment

or other charge, or $25.00, whichever is greater, and failure to pay such late

charge within ten (10) days after demand therefore shall be an Event of Default

hereunder.  The provision for such late

charge shall be in addition to all Lessor’s other rights and remedies hereunder

or at law and shall not be construed as liquidated damages or as limiting

Lessor’s remedies in any manner.

 

 

27.                               NOTIFICATION IN EVENT OF SALE OR TRANSFER:

In the event of the sale of the Property or the Building or the

transfer of the title thereto, upon notification to Lessee, Lessor shall be

relieved of all of the covenants and obligations created by this Lease, except

as to breaches thereof occurring prior to such sale or transfer, and such sale

or transfer shall automatically result in the purchaser or transferee assuming

and agreeing to carry out all of the covenants and obligations of Lessor herein

from and after such sale or transfer.

 

28.                               NOTICES:

Each provision of this Lease or of any applicable governmental laws,

ordinances, regulations and other requirements with referenced to the sending,

mailing or delivery of any notice or the making of any payment by Lessor to

Lessee or by Lessee to Lessor shall be deemed to be complied with, when and if,

the following steps are taken:

 

A.                       All payments

required to be made by Lessee to Lessor hereunder shall be payable to Lessor at

the address set forth in Article 1.I or at such other addresses Lessor may

specify from time to time by written notice delivered in accordance herewith.

 

B.                         Any notice or

document required or permitted to be delivered hereunder shall be deemed to be

delivered, whether actually received or not, when deposited in the United

States mail, postage prepaid, certified or registered mail, addressed to the

parties hereto at the respective addresses set out opposite their names as

shown in Article 1.M for Lessor, and 1.B for Lessee, or at such other address

as they have theretofore specified by written notice delivered in accordance

herewith.

 

C.                         In the case of

a Notice being given to the Lessee, a copy of said Notice must be delivered in

a like manner to:

Northern Star Bank

300 East St. Germain Street

St. Cloud, MN 56304

 

29.                               RULES AND

REGULATIONS:

Lessee shall observe such rules and regulations as set forth in Exhibit

C and other rules and regulations which from time to time, and upon reasonable

Notice, may be put in effect by Lessor for the general safety, comfort and

convenience of Lessor, occupants and tenants of the Building.

 

30.                               GOVERNMENTAL/LEGAL ACTIONS:

Wherever in this Lease any terms, covenants or conditions are required

to be kept or performed by the Lessor, the Lessor shall be deemed to have kept

and performed such terms, covenants and conditions notwithstanding any action

taken by the Lessor, if such action is pursuant to any 

 

 

16

 

 

governmental regulations, requirements, directives or requests, so long

as such action is taken in regard to the entire Building.

 

Throughout the Term of this Lease, Lessor shall observe and comply with

all governmental codes, laws, requirements, rules, orders, ordinances and

regulations, and orders applicable to the Property.

 

 

31.                               LIGHT AND

AIR:

Lessee has not right to light or air over the Property or any premises

adjoining the Building.

 

 

32.                               BROKERAGE

FEES:

Lessee represents and warrants that it has dealt with no broker, agent

or other person in connection with this Lease and Lessee hereby indemnifies and

holds harmless from and against any claims by any broker, agent or other person

claiming a commission or other form of compensation by virtue of having dealt

with Lessee with regard to this Lease. 

The provisions of this paragraph shall survive the expiration or

termination of this Lease.

 

 

33.                               FORCE

MAJEURE:

If either party hereto shall be delayed or hindered in or prevented

from the performance of any act required hereunder by reason of strikes,

lockouts, labor troubles, inability to procure material, failure of power,

restrictive governmental laws or regulations, riots, insurrection, war or other

reason of a like nature not the fault of the party delayed in performing work

or doing acts required under this Lease, the period for the performance of any

such act shall be extended for a period equivalent to the period of such delay.

 Notwithstanding the foregoing, the

provisions of this Article 34 shall at no time operate to excuse Lessee from

any obligations for payment of Rent, or any other payments required by the

terms of this Lease when same are due, and all such amounts shall be paid when

due.

 

 

34.                               ESTOPPEL

CERTIFICATE:

Lessee agrees, within ten (10) days after request of Lessor, to deliver

to Lessor, or Lessor’s designee, including without limitation, the present or

any future holder of any mortgage(s) and/or deed(s) or trust and/or ground

lease(s) and/or underlying lease(s) on the Leased Premises, or any prospective

purchaser of the Property, Leased Premises or the Building, an estoppel

certificate stating that this Lease is in full force and effect, the date to

which Rent or other charges have been paid, the unexpired Lease Term, whether

or not Lessor is in default hereunder, and the nature of any such default, and

such other matters pertaining to this Lease as may be reasonably requested by

Lessor.

 

 

35.                               MISCELLANEOUS:

 

A.                       Words of any

gender used in this Lease shall be held and construed to include any other

gender, and words in the singular number shall be held to include the plural,

unless the context otherwise requires.

 

17

 

 

B.                         The terms,

provisions and covenants and conditions contained in this Lease shall

 

apply to, inure to the benefit of, and be binding upon, the parties

hereto and upon their respective heirs, legal representatives, successors and

permitted assigns, except as otherwise herein expressly provided.

 

C.                         Failure of

Lessor to insist, in any or more instances, upon strict performance of any

term, covenant or condition of this Lease, or to exercise any option herein

contained shall not be construed as a waiver, or a relinquishment for the

future, or such term, covenant, condition or option, but the same shall

continue and remain in full force and effect. 

The receipt by Lessor of Rent with knowledge of a breach in any of the

terms, covenants or conditions of the Lease to be kept or performed by Lessee

shall not be deemed waiver of such breach, and Lessor shall not be deemed to

have waived any provision of this Lease unless expressed in writing and signed

by Lessor.

 

36.                               INVALIDITY OF PARTICULAR PROVISIONS:

If any clause or provision of this Lease is or becomes illegal,

invalid, or unenforceable because of present or future laws or any rule or

regulation of any governmental body or entity, effective during its term, the

intention of the parties hereto is that the remaining parts of this Lease shall

not be affected thereby unless such illegality, invalidity, or unenforceability

is, in the sole determination of Lessee, essential to the rights of both

parties in which event Lessee has the right to terminate this Lease on written

notice to Lessor.

 

37.                               GOVERNING

LAW:

This lease shall be governed by and interpreted under the laws of the

state in which the Leased Premises is located.

 

38.          RIGHT OF

FIRST REFUSAL:

The Lessee shall have the first right of refusal to acquire and lease

the 1,300 square feet of contiguous space presently occupied by Riedman

Insurance when such space becomes available. 

The said “space” shall be leased to Lessee under the same terms,

conditions, and rental rates as stated under the “initial lease” and any

extensions.  The Lessor agrees to notify

Lessee and from the date of notification, allow Lessee 15 business days to

respond as to whether it wishes to exercise this option.  In the event the Lessee does not respond,

the Lessee, after the 15th business day, forfeits the right of first refusal

and the  Lessor  has

no further obligations to honor this option.

 

39.                               SUBJECT TO

APPROVAL:

This lease is subject to the approval of the commissioner.

 

 

18

 

 

IN WITNESS

WHEREOF, the Lessor and Lessee have executed this Lease on the day and year

first written above.

 

 

	

  LESSOR:

  	

   

  	

  LESSEE:

  
	

   

  	

   

  	

   

  
	

  Five Star Properties of St. Cloud, LLC

  	

   

  	

  Northern Star Bank

  
	

   

  	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

   

  	

  By:

  	

   

  	

   

  
	

  Its:

  	

   

  	

   

  	

   

  	

  Its:

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

   

  	

  By:

  	

   

  	

   

  
	

  Its:

  	

   

  	

   

  	

   

  	

  Its:

  	

   

  	

   

  

 

 

 

19

 

 

LESSEE

IMPROVEMENT AGREEMENT

 

 

Lessor will provide $15,000 to Lessee for any leasehold improvements

prior to occupancy.

 

 

 

 

 

 

 

20

 

 

EXHIBIT B

 

 

SIGNS

 

 

Lessor may permit signs to be placed, for the term of the Lease and any

renewals or extensions, on the building to include its logo and name, provided

the size, style, text, color and location are first approved in writing by

Lessor, approval not to be unreasonably withheld by Lessor.  Lessor may allow other exterior signage to

be placed for the term of this Lease and any renewals or extension, except that

their location, shape, lighting, and other details must also be approved by the

City and Lessor, approval not to be unreasonably withheld by Lessor.  Any sign or lettering not so approved may be

removed by Lessor at Lessee’s expense.

 

The Lessee shall maintain its signage in good repair at all times.

 

 

 

21

 

 

EXHIBIT D

 

 

ADDENDUM

 

 

This Addendum is made a part of the Lease Agreement dated March 7, 2001

by and between Five Star Properties of St. Cloud, LLC (“Lessor”) and Northern

Star Bank (“Lessee”).

 

1.                                      OPTION TO EXTEND:

Lessee shall have the right, at its option to extend this Lease for 1

term (hereafter referred to “Extension Term”) for 5 years.  In order to exercise this right for the

initial Extension Term and each succeeding extension term, the Lessee must:

 

A.                       Notify the

Lessor in writing 180 days prior to the Expiration Date of this Lease of

Lessee’s intent to extend this Lease.

 

B.                         The Lessee must

not be in default in the performance of any terms, covenants, conditions and

agreements herein contained in respect to a matter to which notice of default

has been given hereunder, which has not been or is not being remedied within

the time permitted in this Lease, on the date Lessee provides notice of its

intentions to extend the term hereof and on the date of commencement of the

Extension Term.

 

C.                         New rent for

the extended option period will be $22.00 per square foot.

 

2.                                      ADDITIONAL RENT:

The Lessee will pay as Additional Rent, 27.81 percent of the Lessor’s

cost to maintain (i.e., snow removal) and repair the parking lot, the drive-in

“stacking” lanes, and the surface of the drive-thru lanes.

 

3.                                      TRAINING ROOM USE:

The Lessee shall, at no cost to the Lessee and on a “first come first

serve” basis, be entitled to use the area designated by the Lessor as the

Training Room.  The Training Room shall

be designated as a smoke free area by the Lessor.

 

 

22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]