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LEASE AGREEMENT <br />AMENDMENT THREE <br />February 23, 2016 <br />This Amendment Three is entered into by and between the City of Ramsey and Pro <br />Power Sports & Marine, Inc., and amends the Lease Agreement between the parties <br />dated March 1, 2013, Amendment One dated January 28, 2015 and Amendment Two <br />dated June 23, 2015. <br />Recitals <br />1. Tenant operates a business on property located at 6781 Highway 10 in Ramsey <br />(PID 34-32-25-12-0022). <br />2. Pursuant to the Original Lease, Amendment One and Amendment Two, Tenant <br />rents a portion of City -owned property located directly to the west of Tenant's <br />business (PID 34-32-25-21-0103, 15,000 square feet, 6811 U.S. Highway 10). <br />3. Pursuant to the Original Lease, Amendment One and Amendment Two, Tenant <br />rents a portion of the City -owned property located directly to the east of Tenant's <br />business (PID 34-32-25-12-0008, 3,200 square feet, 6745 U.S. Highway 10). <br />4. The City and Tenant is willing to extend the lease terms for both PID 34-32-25- <br />12-0008 and PID 34-32-25-21-0103. <br />Agreement <br />1. Recitals. The recitals set forth above are hereby incorporated into this Agreement. <br />2. Term. This Amendment Three is effective upon execution by both parties and <br />shall remain in effect through February 28, 2018. <br />3. Lease Rates. <br />PID # 34-32-25-12-0008: <br />March 1, 2016 — February 28, 2017 is $139.09 / month <br />March 1, 2017 — February 28, 2018 is $143.26 / month <br />