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LEASE AGREEMENT <br />'CITY OF RAMSEY/TK ENTERTAINMENT, LLC <br />This Lease Agreement (this "Lease •Agreement" is made and entered into this <br />day of June, 2011 and is by and between the City of Ramsey, a Minnesota <br />municipal corporation, 7550 Sunwood Drive NW, Ramsey, Minnesota 55303 (the "City" or <br />sometimes "Lessor") and TK Entertainment, LLC aka Ramsey Raceway, 9131 — 178th Avenue <br />NW, Ramsey, Minnesota ("TK" or sometimes "Lessee"). <br />WHEREAS, the City sponsors an annual community celebration known as Happy Days; <br />WHEREAS, Happy Days is in need of additional revenue sources to aid its budget in <br />order to make it a more successful community event; and <br />WHEREAS, TK is in the business of promoting and conducting a . seasonal Go -Kart <br />Track events which events generate revenue and profit; and <br />WHEREAS, TK has experience and knowledge in the operation of Go -Kart Track <br />events; and <br />WHEREAS, the City is the fee owner, of that certain real property commonly known as <br />14550 Armstrong Boulevard NW, Ramsey, Minnesota and legally described as: <br />Lot 3, Block 1, HAUSER ADDITION, Anoka County, Minnesota <br />(the "Property"); and <br />WHEREAS, TK would like to conduct its Go -Kart Track events on the Property and the <br />City, in exchange for certain rents is willing, as a landowner, to rent the Property to TK for <br />purposes of conducting certain Go -Kart Track events; and <br />WHEREAS, in order to use the Property for Go -Kart Track events the City Code <br />requires, that an interim use permit ("IUP") be issued; and <br />WHEREAS, the City's priority obligation. to its residents is to insure compliance with <br />the City Code, with the rental of land being a secondary responsibility; and <br />WHEREAS, in order to prepare the Property for a Go -Kart Track, the Property needs to <br />be graded, landscaped, fenced and various other preparations. A list of items to be completed for <br />installation of the Go -Kart Track is attached hereto as Exhibit A. On Exhibit A are descriptions <br />of necessary items to be completed, which party shall be responsible for the item and payment of <br />its cost. Said Exhibit A is incorporated herein by reference; and <br />441137.1141437.2 <br />