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

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LEASE AGREEMENT This Lease Agreement, dated this bZ day of May, 2011, (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"). DEFINITION: "Leased Property". The commercial building and lot commonly know as 7039, Highway 10, Ramsey, Minnesota and legally described as Lot 2, Block 1, KOVAR ADDITION, Anoka County, Minnesota (the "Leased Property"). WITNESSETH THAT: 1. TERM: a. 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 five years or sixty (60) months commencing on the 1st day of June, 2011 (sometimes called "the Commencement . Date") and expiring the 31st day of May, 2016 (sometimes called "Expiration Date"), unless sooner terminated as hereinafter provided. The tenant may take possession of the property on May 5, 2011. The tenant shall have possession of the building in May 2011 for the consideration of $1.00. b. Early Termination. Notwithstanding Term described in a) above, Landlord reserves the right to terminate this Lease after the first three years of the Lease term in the event the City of Ramsey reasonably determines it needs the Leased Property for a U.S. Highway 10 road improvement in conjunction with the Minnesota Department of Transportation. The Landlord will give Tenant a twelve month prior written notice of any lease termination. 2. BASE RENT: a. Rent. Tenant shall pay Landlord, a total monthly rent payment in advance without offset, deduction or demand, as follows: $1,050.00 per month on June 1, 2011 and a like amount on each first day of the month thereafter through May 1, 2012; and $1,250.00 per month on June 1, 2012 and a like amount on each first day of the month thereafter through May 1, 2013; and $1,500.00 per month on June 1, 2013 and a like amount on each first day of the month thereafter through May 1, 2016. The rent described in this paragraph 2. is hereinafter referred to as the "Base Rent". b. Real Estate Tax Increase. Notwithstanding the Base Rent described above, in the event the annual real estate property taxes levied against the Leased Property exceed the annual Base Rent, the Based Rent shall be increased so that the Base Rent is never less than the real estate property taxes. To effectuate this minimum rent requirement, the monthly Base Rent