ISLE » Topics » Section VI.2. Operation of Business.

This excerpt taken from the ISLE 10-K filed Jul 31, 2007.

Section VI.2. Operation of Business.

(a) Tenant shall occupy the Leased Premises promptly after the commencement of the original term of this Lease and thereafter continuously during the term of this Lease. Tenant shall conduct and operate in said Leased Premises the business permitted under Section 6.1 continuously during such occupancy.

(b) Tenant covenants that it will use, occupy and operate the entire Leased Premises continuously and without interruption during the entire term in a manner consistent with all of the terms, covenants and conditions of this Lease which will enhance the Biloxi Waterfront-Point Cadet Project as a whole and its reputation as a desirable place to visit, shop, dine and patronize and which will achieve the maximum volume of sales so that Landlord will receive the maximum amount of percentage rent for the Leased Premises. The foregoing notwithstanding: (i) Tenant shall have the right to temporarily cease operation of any of its businesses operated on or from the Leased Premises for ordinary business purposes; and (ii) Tenant shall be entitled to exercise its business judgement in determining whether to construct any Phase of the Facilities as defined herein.

(c) Tenant agrees that upon completion of Phase II and Phase III of the Facilities it will: (i) maintain displays of merchandise in and keep any display windows of the Leased Premises well lighted in accordance with the rules and regulations promulgated by Landlord; (ii) store in or on the Leased Premises only such merchandise as will be offered for sale at retail from the Leased Premises or the premises leased under the Hotel Lease and the Casino Lease; (iii) utilize only those portions of the Leased Premises as are reasonably required for office and storage purposes; (iv) be open for business during normal business hours each and every day of each year of this Lease, except as provided for herein; and (v) provide, at Tenant’s expense, such security devices or personnel as may be reasonably required to prevent theft, vandalism and other losses or nuisances on the Leased Premises and the Access Tract.

 

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(d) Tenant shall procure, at Its sole expense, any permits and licenses required for the transaction of business with respect to the Leased Premises and shall otherwise comply with all applicable laws, ordinances and governmental regulations pertaining to the conduct of such business.

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