Agenda - Council - 09/24/2013 - Laserfiche WebLink

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LEASE AGREEMENT This Lease Agreement, dated this 1lih day of July, 2013, (this "Lease") by and between the CITY OF RAMSEY, Anoka County, Minnesota, a Minnesota municipal corporation ("Landlord") and Pact Charter School, a Minnesota non-profit company (hereinafter referred to as "Tenant"). DEFINITION : "Leased Property". Approximately 5,460 square feet of unheated storage space (including 420 square feet of heated storage . space) located within the building sited on the real property described as Lot 3, BIock 1, DEAL INDUSTRIAL PARK, Anoka County, Minnesota, and commonly known as 6701 highway 10 NW, Ramsey, Minnesota, sometimes called the "Premises", The said 18,360 square feet of building leased is depicted on the attached Exhibit A and is a portion of the northerly two thirds of the building shown on attached Exhibit A. The Leased Property also includes the ground area outlined in red on attached Exhibit A. Also depicted on said Exhibit A is the common area which Tenant has the nonexclusive right to use in conjunction with other tenants of the building located on the said Lot 3, Block 1, WITNESSETH THAT: 1, TERM: a. Initial Term, For and in consideration of the rents, additional rents, terms, provisions and covenants herein contained, landlord hereby lets, leases and demises to Tenant the Leased Property for the term of twelve (12) months commencing on the 1st day of August, 2013 (sometimes called "the Commencement Date") and expiring the 30th day of July, 2014 (sometimes called "Expiration Date"), ("Initial Term") unless sooner terminated as hereinafter provided, 2. BASE RENT; a. Rent. Tenant shall pay Landlord, a total rent payment in advance without offset, deduction or demand, in monthly installments as follows due upon the first day of each and every month of the Term in the amount of $455,00 (sometimes called "Base Rent"), First months rent shall be due upon execution of the Lease, b. Late Fee: Tenant shall pay a late fee to Landlord of $50,00 each time the rent is not paid by the 1st of each month when due plus $10.00 per day after the 1st day of the month the rent is not paid, up to a maximum late fee of $100.00 per month. Failure to pay operating expenses when due shall constitute a default under this lease, 3, ADDITIONAL RENT: a, Operating Expenses. Tenant shall pay for operating expenses to include a pro- rata share of the electricity of the Building which shall be measured by a Tenant installed electrical sub -meter. The term "Operating Expenses" shall also include maintenance and repair