AGREEMENT TO EXTEND LEASE
This Agreement to Extend Lease ("Agreement") made this 6th day of November,
1996, between Modern Press Realty Company ("Landlord") and Lodgenet
Entertainment Corporation ("Tenant").
WHEREAS, Landlord and Tenant entered into an "Office and Building Lease" on
or about December 9, 1991 ("Lease"); and
WHEREAS, the parties do hereby agree to extend the term of the Lease.
NOW, THEREFORE, in consideration of the promises, covenants, terms and
conditions hereinafter set forth, the parties do hereby agree as follows:
1. The term of the Lease is extended for the period of seven months, by
changing the date of the expiration of the term thereof from the 31st day of
December, 1996, to the 31st day of July, 1997. Furthermore, Tenant shall have
the option to extend the lease past July 31, 1997, for two (2) additional
periods of one month each, provided that:
a. Tenant shall give not less than ninety (90) days prior written
notice to Landlord of Tenant's exercise of either option;
b. Tenant shall only be entitled to exercise the second one month
option if Tenant has exercised the first one month option; and
c. Tenant's exercise of either option to extend shall be effective
only if Tenant is not in default under the Lease and only if the Lease does not
otherwise terminate prior to expiration of the applicable term.
2. All of the terms, conditions, covenants and agreements of said Lease
shall continue to bind the respective parties hereto for such extended term and
the option periods (if such option periods are exercised by Tenant), and in all
other respects, said Lease is to remain unchanged and in full force between the
parties, except as follows:
a. Section twenty of the Lease (Entitled "Purchase Options") shall
not apply during the extended term or the option periods;
b. The Lease shall terminate at such time, if any, as the parties
close the sale of the subject property by Landlord to Tenant;
c. The monthly Base Rental is $7,761.71 per month;
d. Section 7.0 of the Lease is hereby amended to provide that if
such damage or destruction shall include in excess of 35% of the Leased Premises
or occur during the fifth year of the Lease or occur during the extended term or
either option period of the Lease, Landlord or Tenant may, at each one's option,
within thirty (30) days thereof, declare the Lease terminated;
e. Section 17.0 of the Lease is hereby amended to provide that
Tenant shall, during the extended term and the option periods permit the usual
notice of "To Let" or "For Sale" to be placed on the Leased Premises and to
remain thereon without molestation; and
f. The notice address for Landlord as set forth in Section 21.1 of
the Lease shall be in care of First Bank of South Dakota, N.A., X.X. Xxx 0000,
Xxxxx Xxxxx, Xxxxx Xxxxxx 00000-0000.
3. This Agreement and the extension of the Lease term shall not be or
constitute a waiver of any rights by either party. Specifically and without
limitation, LodgeNet is not waiving any right it may have to rescind the
exercise of the option to purchase because of possible environmental
contamination of the Real Property.
MODERN PRESS REALTY COMPANY
BY: /s/ Xxxxxx X. Xxxxx
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ITS: Agent
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LODGENET ENTERTAINMENT CORPORATION
BY: /s/ Xxxxxx X. Xxxxxxxxxxxxx
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ITS: VP
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