Agenda - Council - 10/13/2015 - Laserfiche WebLink

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LEASE AGREEMENT This Lease Agreement, dated this day of , 2015, (this "Lease") by and between the CITY OF RAMSEY, Anoka County, Minnesota, a Minnesota municipal corporation ("Landlord") and RM GOLF CARTS, Inc., a Minnesota Corporation ("Tenant"). 1. LEASED PROPERTY: The subject of this Lease is the commercial building and lot commonly known as 7039 Highway 10, Ramsey, Minnesota and legally described as Lot 2, Block 1, KOVAR ADDITION, Anoka County, Minnesota (the "Leased Property"). 2. TERM: a. Term. The terms of this lease is for a period of five years commencing on the 1st day of June, 2016 (sometimes called "the Commencement Date") and expiring the 31st day of May, 2021 (sometimes called "Expiration Date"), unless sooner terminated as hereinafter provided. b. Early Termination. Notwithstanding Term described in 1(a) above, Landlord and Tenant reserve the right to terminate this Lease without cause at any time with one year's written notice of intent to terminate 3. BASE RENT: a. Rent. Tenant shall pay Landlord, a total monthly rent payment in advance without offset, deduction or demand, as follows: $1,650.00 per month on June 1, 2016 and a like amount on each first day of the month thereafter through May 1, 2017; and $1,800.00 per month on June 1, 2017 and a like amount on each first day of the month thereafter through May 1, 2018; and $1,950.00 per month on June 1, 2018 and a like amount on each first day of the month thereafter through May 1, 2019; and $2,100.00 per month on June 1, 2019 and a like amount on each first day of the month thereafter through May 1, 2020; and $2,250.00 per month on June 1, 2020 and a like amount on each first day of the month thereafter through May 1, 2021. The rent described in paragraph 3 is hereinafter referred to as the "Base Rent." b. Late Fee. If Landlord does not receive rent by the seventh day of the month, Tenant must pay a late fee equal to five percent of the overdue rent payment as additional rent. Rent is deemed "paid" upon receipt by Landlord, not when mailed or sent by Tenant.