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LEASE AGREEMENT <br />This Lease is effective as of March 1, 2014, and is made by and between the City of <br />Ramsey, a Minnesota municipal corporation, 7550 Sunwood Drive NW, Ramsey, MN 55303 <br />("Landlord") and Pro Power Sports & Marine, Inc a Minnesota corporation , 6781 Highway 10 <br />NW, Ramsey, MN 55303 ("Tenant"). <br />DATA SHEET <br />1. Premises. An unimproved parcel (hereinafter described) immediately west of 6781 <br />Highway 10 NW, Ramsey, MN 55303 and which parcel is described as follows: <br />The leased property is approximately 15,000 square feet of outside storage space <br />located in the southern section of that real property legally described as TRACT A <br />REGISTERED LAND SURVEY NO 249, Anoka County, Minnesota, Property <br />Identification Number 343225210103. The leased premises consists of the paved, <br />fenced in outside storage area only shown on Exhibit "A". <br />Hereinafter referred to as the "Premises". <br />2. Term. Twelve (12) months beginning on the Commencement Date (the "Initial <br />Term"). <br />3. Scheduled Commencement Date. March 1, 2014 (the "Commencement Date"). <br />4. Termination. Notwithstanding the Initial Term or the Option Term, in event the <br />Landlord determines in its sole discretion, that the Premises or any part thereof is <br />required for the improvement of U.S. Highway 10, upon giving one years' prior <br />written notification to Tenant, the Landlord may terminate this Lease. Landlord is <br />not obligated to provide this one year notice to quit in the event of any default by <br />Tenant of the terms of this Lease. <br />5. Rental Rate. <br />a. Initial Term. $525.00 per month during the Initial Term (the "Base Rent"). <br />b. Option Term. Provided Tenant is current with all terms and conditions of <br />the Lease Agreement, then Tenant may execute an option to extend the <br />Lease term for an additional one (1) year by providing Landlord with <br />written notice not less than ninety (90) days prior to expiration of the Lease <br />Term. In the event Tenant exercises its right to the Option Term, the Rental <br />Rate shall be negotiated between the parties for the Option Term if said <br />option is exercised by Tenant. Monthly rent during the Option Period shall <br />be negotiated between the parties. If a rental rate is not reached by the <br />Landlord and Tenant by the expiration date of the Initial Term, the Tenant <br />shall either vacate the Premises immediately or be charged a base rent of <br />$925.00 per month for the Option Term. <br />Page 1 of 10 <br />