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"Leased Property ". The commercial building and lot commonly know as 7039, Highway 10, <br />Ramsey, Minnesota and legally described as Lot 2, Block 1, KOVAR ADDITION, Anoka <br />County< Minnesota (the "Leased Property "). <br />LEASE AGREEMENT <br />This Lease Agreement, dated this day of April, 2011, (this "Lease ") by and between <br />the CITY OF RAMSEY, Anoka County, Minnesota, a Minnesota municipal corporation <br />( "Landlord ") and RM GOLF CARTS, Inc., a Minnesota Corporation ( "Tenant'). <br />1. TERM: <br />2. BASE RENT: <br />3. ADDITIONAL RENT: <br />DEFINITION: <br />WITNESSETH THAT: <br />a. Term. For and in consideration of the rents, additional rents, terms, provisions <br />and covenants herein contained, Landlord hereby lets, leases and demises to Tenant the Leased <br />Property for the term of five years or sixty (60) months commencing on the 1st day of June, 2011 <br />(sometimes called "the Commencement Date ") and expiring the 31st day of May, 2016 <br />(sometimes called "Expiration Date "), unless sooner terminated as hereinafter provided. <br />b. Early Termination. Notwithstanding Term described in a) above, Landlord <br />reserves the right to terminate this Lease after the first three year term in the event the City <br />reasonably needs the Leased Property for a U.S. Highway 10 road improvement in conjunction <br />with the Minnesota Department of Transportation. The Landlord will give Tenant a twelve <br />month prior written notice of any lease termination. <br />a. Rent. Tenant shall pay Landlord, a total monthly rent payment in advance <br />without offset, deduction or demand, as follows: <br />$1,050.00 per month on June 1, 2011 and a like amount on each first day of <br />the month thereafter through May 1, 2012; and <br />$1,250.00 per month on June 1, 2012 and a like amount on each first day of <br />the month thereafter through May 1, 2013; and <br />$1,500.00 per month on June 1, 2013 and a like amount on each first day of <br />the month thereafter through May 1, 2016. <br />The rent described in paragraph 2. is hereinafter referred to as the "Base Rent". <br />a. Operating Expenses. Tenant shall pay all operating expenses including utilities <br />incurred by Tenant in operating the Leased Property. The term "Operating Expenses" shall <br />include but not be limited to maintenance, repair, operation of utilities and lighting), parking and <br />landscaped areas, signs, snow removal, non - structural repair and maintenance of the exterior of <br />