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I <br />may' ,~, ~1f'~ . <br />LEASE AGREEMENT <br />This Lease Agreement, dated this {~Z~~day of November, 2006, (this "Lease") by and <br />between the CITY OF RAMSEY, Anoka County, Minnesota, a Minnesota municipal <br />corporation ("Landlord") and K & K SHARP, L.L.C., a Minnesota liability company <br />(hereinafter referred to as "Tenant"). <br />DEFINITION: <br />"Leased Property". The leased property is approximately 11,200 square feet of a building <br />located on that real property legally described as Lot 2, Block 2, DEAL INDUSTRIAL PARK, <br />Anoka County, Minnesota, and is commonly known as 6745 Highway 10 NW, Ramsey, <br />Minnesota (the "Site"). The leased property consists generally of the cold storage portion of the <br />building located on the Site (the "Property"). The Property includes the common parking as <br />shown on attached Exhibit B and all of the area within the fenced in area of the Site EXCEPT for <br />25 parking spaces which are dedicated to the exclusive use of the Tenant leasing the oil lube and <br />car wash areas of the building. <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 nine (9) months ("Initial Term") commencing on the 1st day x <br />~f November, 2006 (sometimes called "the Commencement Date") and expiring the 31st da- o <br />July 2007 (sometimes called "Expiration Date"), 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, 2007. <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 I, 2007 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 />