Agenda - Council - 05/12/2015 - Laserfiche WebLink

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AMENDMENT THREE TO LEASE AGREEMENT 6701 Highway 10 N.W., Ramsey, Minnesota 55303 City of Ramsey PACT Charter School WHEREAS, (Landlord) and (Tenant) entered into a Lease Agreement dated July 11, 2013 Lease), Amendment One of the Lease, dated October 1, 2013, and Amendment Two of the Lease dated June 13, 2014; and WHEREAS, the Tenant wishes to extend the Lease for an additional five (5) year term and Landlord is amenable to such extension. NOW THEREFORE: Landlord and Tenant agree to the following: 1)Tterm shall be extended for an additional five (5) years beginning August 1, 2015 and expiring on July 31, 2020 . 2)Beginning on month thirty-seven (37) of the Extended Term, and at any time thereafter, this lease may be cancelled by either Tenant or Landlord by providing the other with sixty (60) days advance written notice of the intent to cancel. The lease may be cancelled by either party for any reason. 3)Beginning at the commencement of the Extended Term, the Landlord may terminate this lease with a nine (9) month written notice if all, or a portion of, the Subject Property is required for improvements related to U.S. Highway 10. This paragraph supersedes paragraph 2 above. 4)The lease rate for the Extended Term shall be as follows: a.August 1, 2015 July 31, 2016 $627.27 b.August 1, 2016 July 31, 2017 $646.09 c.August 1, 2017 July 31, 2018 $665.47 d.August 1, 2018 July 31, 2019 $685.43 e.August 1, 2019 July 31, 2020 $706.00 Tenant shall continue to be responsible for Additional Rent as defined in the Lease. 5)Except as expressly amended hereby, all of the terms, provisions, covenants and conditions of the Lease are hereby ratified and confirmed and shall continue in full force and effect.