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<br />LEASE AGREEMENT
<br />(Storage Building)
<br />THIS LEASE AGREEMENT, dated this _ ___ day of November, 2012, (this "Lease") by
<br />and between the CITY OF RAMSEY, 7550 Sunwood Drive NW, Ramsey, MN 55303, a
<br />Minnesota municipal corporation ("Landlord") and INDEPENDENT AUTO SERVICE, INC., a
<br />Minnesota corporation, 18140 Zane Street NW, Elk River, Minnesota 55330, a Minnesota
<br />Limited Liability Company (hereinafter referred to as "Tenant").
<br />DEFINITION:
<br />PROPERTY. The leased property is approximately 11,200 square feet of a building located on
<br />that real property legally described as Lot 2, Block 2, DEAL INDUSTRIAL PARK, Anoka
<br />County, Minnesota, and is commonly known as 6745 Highway 10 NW, Ramsey, Minnesota (the
<br />"Site"). The leased property consists generally of the cold storage portion of the building located
<br />on the Site (the "Property"). The Property includes the common parking as shown on attached
<br />Exhibit B and all of the area within the fenced in area of the Site.
<br />RECITALS:
<br />1. TERM:
<br />a, Lease 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 Property for the term of twenty-nine (29) months commencing on the first day of December,
<br />2012, or thirty days after Landlord tenders possession to Tenant, whichever is later (sometimes
<br />called "the Commencement Date") and expiring on the 30th day of April, 2015 (sometimes
<br />called "Expiration Date"), unless sooner terminated as hereinafter provided
<br />b, Option to Renew. Tenant shall notify Landlord, in writing, at least sixty (60)
<br />days before the Expiration Date of Tenant's intent to renew the Lease Term for an additional
<br />thirty-six (36) months ("Option Period"), Monthly rent in the Option Period shall be negotiated
<br />between the parties except that the monthly rent shall not exceed a three percent (3.0%) increase
<br />from the monthly rent in the last year of the initial lease term. •
<br />c. Landlord's Notice to Quit. Notwithstanding the Lease Term or the Option to
<br />Renew, in the event Landlord determines, in its sole discretion, that the Property or any part
<br />thereof is required for the improvement of U.S, Highway 10, upon giving one year's prior
<br />written notification to Tenant, the Landlord may terminate this Lease. Landlord is not obligated
<br />to provide this one year notice to quit in the event of any default by Tenant of the terms of this
<br />Lease,
<br />2. BASE RENT:
<br />Tenant shall pay Landlord, a total rent payment in advance without offset, deduction or
<br />demand, in equal monthly installments commencing on the Commencement Date and continuing
<br />on the first day of each and every month thereafter for the next succeeding 24 months, during the
<br />balance of the term based on the following schedule:
<br />1
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