Opinion ID: 1660992
Heading Depth: 2
Heading Rank: 1

Heading: Red Owl.

Text: One such instrument, denominated a lease, was made with Red Owl Stores, Inc., on December 4, 1956.

The area designated as `Space No. 1' and outlined in red on the plat plan which is attached hereto, marked `Exhibit A', said premises consisting of a one-story building of approximately sixteen thousand eight hundred (16,800) square feet of ground floor space, to be constructed by Lessor according to plans and specifications prepared by Lessor and approved by Lessee. (Italics supplied.)
The Lessor shall construct upon the demised premises a building and other improvements, the same to be in accordance with the plans, marked `Exhibit A', and the specifications marked `Exhibit B', which shall be prepared by the Lessor, approved by both parties, and incorporated into this Lease as exhibits, and made a part hereof. (Italics supplied.)
The term of the lease was described as    ten (10) years, beginning on the date that the building to be erected for the Lessee by Lessor upon said premises has been completed and Lessor has completed buildings and performed other conditions relating to the development of the Twin Plaza Shopping Center, of which the demised premises are a part, as hereinafter provided. (Italics supplied.) In addition, the lessee was given the privilege to renew for two successive 5-year periods. A specified rent was to be paid during the term.
The document further provided: It is agreed that Lessor shall execute leases with and complete buildings for at least seven (7) other bona fide tenants in the shopping center, and that the tenants for said other seven leases shall include [named retail concerns] or similar. It is agreed that no rental shall accrue hereunder and the term of this lease shall not commence until the Lessor has complied with the foregoing conditions, and the Lessee shall have the option of terminating this Lease unless leases for the foregoing have been executed and construction commenced by Sept. 1, 1957. It is further understood and agreed that if the demised premises are not ready for occupancy before March 1, 1958, then the Lessee shall have the option to terminate this Lease, and neither party shall thereafter have any liability. (Italics supplied.)