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~~ <br />~ \ , _~ <br />I`-~ ".~ <br />LEASE AGREEMENT <br />This Lease Agreement, dated this a~ day of April, 2006, (this "Lease") by and between <br />the CITY OF RAMSEY, Anoka County, Minnesota, a Minnesota municipal corporation <br />("Landlord") and K & K SHARP, L.L.C., a Minnesota liability company (hereinafter referred <br />to as "Tenant"). <br />DEFINITION <br />"Leased Property". Approximately 18,360 square feet of cold storage space located in the <br />building sited on the real property described as Lot 3, Block 1, DEAL INDUSTRIAL PARK, <br />Anoka County, Minnesota, and commonly known as 6701 highway 10 NW, Ramsey, Minnesota. <br />The said 18,360 square feet of building leased is depicted on the attached Exhibit B and is <br />approximately the northerly two thirds of the building shown on attached Exhibit B. The Leased <br />Property also includes the ground area outlined in red on attached Exhibit B. Also depicted on <br />said Exhibit B is the common area which Tenant has the nonexclusive right to use in conjunction <br />with other tenants of the building located on the said Lot 3, Block 1. <br />WITNESSETH THAT: <br />1. TERM: <br />a. Initial Term. For and in consideration of the rents, additional rents, terms, <br />provisions and covenants herein contained, landlord hereby lets, leases and demises to Tenant <br />the Leased Property for the term of fifteen (15) months commencing on the 1st day of May, 2006 <br />(sometimes called "the Commencement Date") and expiring the 31st day of July, 2007 <br />(sometimes called "Expiration Date"), ("Initial Term") unless sooner terminated as hereinafter <br />provided. <br />b. Option to Renew. Provided Tenant is not in default hereunder and has <br />performed all of its covenants and obligations hereunder, Tenant may extend the Term of this <br />Lease (hereinafter, the "Option") for five (5) periods of one year each beginning on the first day <br />after the expiration of the Initial Term hereof (the "Expiration Date") upon the terms and <br />conditions set forth in this Lease, except for Base Rent and the terms and conditions set forth in <br />this Section. <br />Tenant shall exercise the Option only by giving written notice to Landlord not later than <br />May 1, 2007 and each May 1 thereafter during the Five year Option Period. <br />Rent payable per annum during any Option Period shall be that amount negotiated and <br />agreed upon by the parties during the months of June and July of the preceding Option <br />Period commencing with June and July, 2006. <br />In the event the parties are unable to agree upon a new Base Rent for the next Option <br />Period, either party may terminate this Lease by giving written notice as provided herein <br />to the other party on or before August 1, 2006 and August 1 of any subsequent year. A <br />Notice to Terminate Lease by either party shall be effective to terminate this Lease as of <br />July 31, 2007 or the next July 31S` of any subsequent year. Unless otherwise agreed upon <br />