Agenda - Council Work Session - 04/26/2011

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GROUND LEASE This Ground Lease ( "Lease ") is made and entered into as of ' 1(f) , 2010 (the "Effective Date "), by and between the City of Anoka, Minnesota ( "Landlord ") and the Metropolitan Council (the "Tenant "). 1. PROPERTY AND TERM. 1.1. Property. For and in consideration of the performance of the terms, conditions, and obligations of this Lease, Landlord hereby leases to Tenant and Tenant leases from. Landlord real property located in the City of Anoka, County of Anoka, and State of Minnesota, as more particularly described on Exhibit A attached (the "Property "). A cross - reference to all defined terms in this Lease appears at Section 18. 1.2. Limitation on Leasehold Interest. Landlord specifically excepts and reserves to itself the right to redevelop the Property consistent with the terms of this Lease. 1.3. Terre. The initial term of this Lease shall commence on the Effective Date and shall expire on May 31, 2107 (the "Initial Term "). 1.4. Automatic Renewals. This Lease shall automatically renew for an additional term of one hundred (100) years. After such automatic renewal, this Lease shall automatically renew for successive twenty (20) year terms. Each automatic extension of the Lease term may be referred to herein as an "Extension Term." All of the terms and conditions of this Lease shall apply during each Extension Term. References to "Term" shall be deemed to include the Initial Terra and any automatic Extension Term. If the Platform Agreement dated May 31, 2007, between BNSF Railway Company ( "BNSF ") and the Tenant (the "Platform Agreement ") is terminated, Landlord shall have the option to terminate this Lease upon one hundred twenty (120) days' written notice to Tenant. The Tenant shall give written notice to Landlord within five (5) days following any termination of the Platform Agreement. 1.5. Memorandum of Lease. Landlord and Tenant shall execute and record against the Property a Memorandum of Lease substantially in the form attached as Exhibit D (the "Memorandum of Lease "). 2. RENT. 2.1 Rent Start Date. The date on which Rent first becomes payable (the "Rent Start Date ") shall be the date upon which this Lease has been fully executed by the parties (the "Rent Start Date "). 2.2 Rent. On the Rent Start Date, Tenant shall pay Ninety Eight and 00/100 ($98.00) to 1.,andlord as rent for the Initial Term. Thereafter, in advance of each Extension Term, Tenant agrees to pay Landlord within thirty (30) days of invoicing by Landlord to Tenant rent in the amount of One Dollar and 00 /100 ($1.00) per year. The amounts set forth in this Section 2.2 ( "Rent ") shall be paid to Landlord at the address set forth below or such other address as 1