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certain memorandum dated March 8, 1954 from Cam Battaglia of Tenant's
<br /> Construction Department to Leo Sheeran of Tenant's Real Estate Department,
<br /> (a copy of said memorandum having been furnished.to Landlord), and with the
<br /> further exception of the mechanical work and electrical work, as referred to
<br /> in said memorandum; it being agreed that the plans and specifications for th;
<br /> heating and air conditioning to be furnished by Landlord for Tenant's
<br /> approval shall be substantially in accordance with those certain preliminary
<br /> plans and specifications which are identified as follows:
<br /> d. Plans dated June 30, 1953, marked "Grand Island, Nebraska
<br /> Preliminary Mechanical Plan Heating and Air Conditioning, J. C. Penney Co.
<br /> Inc., N. Y., N. Y." and consisting of two (2) sheets; and specifications
<br /> dated June 30, 1953 marked "J. C. Penney Co., Inc. Outline Specifications
<br /> For Heating and Air Conditioning Grand Island, Nebraska New Store."
<br /> DELIVERY OF PREMISES. The Landlord covenants that actual possession of
<br /> the demised premises shall be delivered to the Tenant on the date specified
<br /> for the commencement of the term hereof, free and clear of all tenancies,
<br /> and with the improvements to be made by Landlord; provided, however, that if
<br /> the demised premises shall be vacant and ready for Tenant's occupancy prior
<br /> to the date herein provided for the commencement of the term, Tenant shall be •
<br /> given possession for the purpose of installing fixtures and preparing the
<br /> premises for Tenant's occupancy as soon as possible after the signing of this
<br /> lease, without any rental being charged for such occupancy prior to the
<br /> opening date of Tenant's store for business. Tenant shall open its store for
<br /> business as soon as shall be reasonably possible following the completion of
<br /> said building, and regardless of whether Tenant's store shall open for
<br /> business prior to or subsequent to the effective date of this lease, Tenant
<br /> shall commence the rental payments from such opening date at the same rate as
<br /> is specified herein. Tenant shall not be'required to initially open its
<br /> store for business in the demised premises tstween October 15th and
<br /> January 15th. Subject to the provisions of the clause herein captioned
<br /> "Right to Contest", Landlord further covenants that the demised premises and
<br /> such improvements_to be made by Landlord will at the commencement of the term
<br /> hereof and during the entire term hereof, conform to the laws, ordinances,
<br /> rules and regulations of all duly constituted authorites and shall be in a
<br /> condition suitable for the conducting of a retail store therein.
<br /> FAILURE TO DELIVER PREMISES. The failure of the Landlord'to deliver
<br /> actual possession of said premises at the time and in the- condition provided
<br /> irxthe paragraph hereof captioned "Delivery of Premises" shall give Tenant the
<br /> right either (1) to waive such default by Landlord, or_(2) to postpone the
<br /> date of commencement of the term of this lease and extend the date of the
<br /> expiration thereof for a period of time equal to that which shall have
<br /> elapsed between the first (1st) day of said term and the date on whictithe
<br /> demised premises are delivered to and accepted by the Tenant. However, if
<br /> Landlord shall fail by September 1, 1955 to have said building at least
<br /> eighty percent (80%) completed, Tenant shall have the right to rescind this
<br /> lease forthwith by giving written notice to Landlord. Furthermore, if Tenant
<br /> shall not rescind this lease by reason of such failure on Landlord's part at
<br /> that time, and if Landlord shall then fail to deliver actual possession of 'c
<br /> said premises, fully completed, by May 1, 1956, Tenant shall have the further
<br /> right to rescind this lease forthwith by giving written notice to Landlord.
<br /> RENTAL. (a) In consideration of the demise and leasing of the premises
<br /> aforesaid by the said Landlord, the Tenant covenants, stipulates. and agrees
<br /> to pay to the Landlord.as rental for said demised premises hereinbefore
<br /> described the following: Two and three-quarters percent (2-3/44) of the net
<br /> monthly retail sales of the Tenant made on the demised premises, such rental
<br /> payments to continue during the term hereof, providing that the Tenant above
<br /> named continues to occupy said premises during the whole of such term. Such
<br /> rental payments shall cease'in the event that the Tenant shall vacate said
<br /> premises, subject, however, to-the alternative rental provided for in subp.
<br /> paragraphs (k),-(.1) and (m) of this clause below. Rental payments shall be
<br /> made on or before the 10th day of each month, and each rental payment shall
<br /> be equal in amount to two and three-quarters percent (2-5/4%) of the net
<br /> retail sales of the preceding month. In no event, however, shallithe rental
<br /> to be paid by Tenant to Landlord for any lease year of the term- hereof be
<br /> less than at the rate of Fifteen Thousand Dollars ($15,000) per annum.
<br /> (b) For the purpose of interpreting-this clause, 'the "lease
<br /> year"referred to-herein shall be considered to commence on May 1st and to
<br /> expire on April 30th each year.
<br /> (c) The Tenant covenants and agrees to furnish, 'on or- before
<br /> 2.
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