Agenda - Council - 08/13/2002 - Laserfiche WebLink

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Ground Lease Lessee To ConstrUct This lease is made and executed on , 2002, by and between B.M.A. ASSOCIATES, a general partnership organized and existing under the laws of the State of Minnesota, having its principal office at 7040 Willow Creek Road, Eden Prairie, MN 55344, referred to as "LESSOR", and THE CITY OF RAMSEY, a municipal corporation organized and existing under the laws of the State of Minnesota, having its principal office at 15153 Nowthen Boulevard NW, Ramsey, MN 55303, referred to as "LESSEE". The parties agree as follows: SECTION ONE DEMISE, DESCRIPTION, AND USE OF PREMISES LESSOR leases to LESSEE and LESSEE hires from LESSOR, for the purpose of conducting in and on such premises a Park & Ride Facility for approximately 168 vehicles for use by the State of Mirmesota's Northstar Commuter Coach project and any lawful business and for no other purpose, those certain premises with the appurtenances, situated in the City of Ramsey, Anoka County, Minnesota, and more particularly described in the schedule attached to and made a part of this lease agreement as EXHIBIT A. As used in this lease agreement, the term "premises" refers to the real property above described and to any improvements located on the property from time to time during the term of this lease agreement. SECTION TWO TERM The initial term of this lease shall be for five (5) years, commencing on January 1, 2003, and ending on December 31, 2007. As used in this lease agreement, the expression "term of this lease agreement" refers to the initial term and to any renewal of this lease agreement as provided below. NOTHWlTHSTANDING anything in this lease agreement to the contrary, either party hereto may terminate this lease agreement upon giving the other party a one year prior written notice. This provision is hereinafter referred to as the "Opt Out" clause. The Opt Out clause may be used by either party during the initial term of this lease agreement or during any option to renew term as hereinafter described. SECTION THREE RENT Subject to adjustment as provided below, the total rent for the initial term shall be $ , which LESSEE shall pay to LESSOR, without deduction or offset, at the place or places as may be designated from time to time by LESSOR, in installments as follows: The rental to be paid by LESSEE under this lease agreement shall be subject to adjustment as follows: -222- i ! I I I i I I I I I I !