Agenda - Council - 06/25/2013 - Laserfiche WebLink

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LEASE TERMINATION AGREEMENT THIS LEASE TERMINATION AGREEMENT (this "Agreement") is made as of , 2013, by and between BURY & CARLSON, INC., a Minnesota corporation ("Tenant") and the CITY OF RAMSEY, a Minnesota municipal corporation ("Landlord"). RECITALS Tenant, as seller, and Landlord, as buyer, entered into a Purchase Agreement dated March 11, 2008 (the "Purchase Agreement") for the sale and purchase of real property located in Anoka County, Minnesota, described as Lot 1, Block 1, Bury & Carlson Addition, except road and subject to easements of record, together with all easements and rights benefiting or appurtenant to the land and Outlot B, Gateway North Industrial Park (the "Leased Premises"). Tenant and Landlord entered into that certain Lease Agreement dated March 28, 2008 (the "Lease") pertaining to the Leased Premises. Subject and pursuant to the terms of this Agreement, Tenant and Landlord desire to terminate the Lease and memorialize their agreements regarding the purchase and sale of certain personal property located on the Leased Premises. NOW, THEREFORE, in consideration of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by Tenant and Landlord, Tenant and Landlord agree as follows: 1.) Recitals. The foregoing recitals are correct and are incorporated herein. 2.) Definitions. Unless otherwise defined herein or unless the context otherwise requires, capitalized words and terms used in this Agreement shall have the same meaning as in the Lease. 3.) Lease Termination. The term of the Lease shall continue through 11:59 p.m. on June 30, 2013; the Lease shall terminate effective July 1, 2013 (the "Termination Date"). 4.) Reconciliation of Rent. On or before the Termination Date, Landlord shall refund to Tenant the sum of $6,734.47 (the "Rent Settlement Amount"). Landlord and Tenant disagree as to the amount of rent/taxes owed by Tenant to Landlord or owed by Landlord to Tenant. In settlement of disputed claims, Landlord and Tenant have agreed to a refund by Landlord to Tenant of the Rent Settlement Amount. Upon payment of the Rent Settlement Amount to Tenant, neither party shall have any obligations or liabilities to the other with respect to rent or tax payments arising out of or in connection with the Lease.