Agenda - Council - 08/25/2015 - Laserfiche WebLink

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City Council Approval: April 22, 2014 H:Drive>pbrama>leases 3. TERM Sixty (60) months commencing on the 22nd day of April, 2014 and terminating at the end of the 22nd day of April, 2019. 4. EARLY TERMINATION In event the Landlord determines, in its sole discretion, the Subject Property, or any part thereof, is required for the improvements to U.S. Highway 10, the Landlord may terminate this Lease Agreement provided a six (6) month written notification is delivered to the Tenant. In the event the Tenant defaults on any terms of this Lease Agreement, the Landlord may terminate this Lease Agreement provided a written notification of the default is delivered to the Tenant and Tenant fails to cure the default within thirty (30) days of its receipt of said notification. If the Tenant fails to cure the default within the thirty (30) day period, Tenant shall vacate the Subject Property by the end of the 40th day following its receipt of the written notice. Tenant may terminate this Lease Agreement provided a written notice is delivered to the Landlord at least ninety (90) days prior to termination, in which case the Tenant shall be responsible for paying Landlord's property taxes until the Subject Property returns to a tax exempt status; which shall be determined by Anoka County. 5. RENT Tenant shall pay Landlord monthly rent due on the first day of each month, beginning on May 1, 2014, through the Term of this Lease Agreement. Tenant shall pay monthly rent installments as follows: May 2014 -March 2015 April 2015 -March 2016 April 2016 -March 2017 April 2017 -March 2018 April 2018 -April 2019 $1,434 per month $1,434 per month $1,500 per month $1,500 per month $1,600 per month 6. LATE FEES The nonpayment of rent specified in Paragraph 5 shall constitute a default for purposes of the Landlord's ability to terminate the lease under Paragraph 4. If Tenant defaults by failing to pay the full amount of rent by the time it is due, Tenant shall pay Landlord a late fee in the amount $80.00 for each such event of default. Unless this late fee is included with a late payment, such payment does not cure an event of default due to the nonpayment of rent by the first day of each month. 7. DEPOSIT Tenant shall pay Landlord a deposit in the amount of $1,500 on the 22nd day of April, 2014. This deposit shall be held by Landlord, without obligation or liability for payment of interest thereon, as security for the faithful performance by Tenant of all of the terms Lease Agreement: d4&G Sales and Service and City of Ramsey Page 2 of 7