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i <br /> LEASE AGREEMENT <br /> This Lease is effective as of March 1, 2014, and is made by and between the City of <br /> Ramsey, a Minnesota municipal corporation, 7550 Sunwood Drive NW, Ramsey, MN 55303 <br /> ("Landlord") and Pro Power Sports & Marine, Inc a Minnesota corporation , 6781 Highway 10 <br /> NW, Ramsey, MN 55303 ("Tenant"). <br /> DATA SHEET <br /> 1. Premises. An unimproved parcel(hereinafter described)immediately west of 6781 <br /> Highway 10 NW,Ramsey, MN 55303 and which parcel is described as follows: <br /> The leased property is approximately 15,000 square feet of outside storage space <br /> located in the southern section of that real property legally described as TRACT A <br /> REGISTERED LAND SURVEY NO 249, Anoka County, Minnesota, Property <br /> Identification Number 343225210103. The leased premises consists of the paved, <br /> fenced in outside storage area only shown on Exhibit"A". <br /> Hereinafter referred to as the"Premises". <br /> 2. Term. Twelve (12) months beginning on the Commencement Date (the "Initial <br /> Term"). <br /> 3. Scheduled Commencement Date. March 1,2014 (the"Commencement Date"). <br /> 4. Termination. Notwithstanding the Initial Term or the Option Term, in event the <br /> Landlord determines in its sole discretion, that the Premises or any part thereof is <br /> required for the improvement of U.S. Highway 10, upon giving one years' prior <br /> written notification to Tenant, the Landlord may terminate this Lease. Landlord is <br /> not obligated to provide this one year notice to quit in the event of any default by <br /> Tenant of the terms of this Lease. <br /> 5. Rental Rate. <br /> a. Initial Term. $525.00 per month during the Initial Term(the"Base Rent"). <br /> b. Option Term. Provided Tenant is current with all terms and conditions of <br /> the Lease Agreement, then Tenant may execute an option to extend the <br /> Lease term for an additional one (1) year by providing Landlord with <br /> written notice not less than ninety(90)days prior to expiration of the Lease <br /> Term. In the event Tenant exercises its right to the Option Term,the Rental <br /> Rate shall be negotiated between the parties for the Option Term if said <br /> option is exercised by Tenant. Monthly rent during the Option Period shall <br /> be negotiated between the parties. If a rental rate is not reached by the <br /> Landlord and Tenant by the expiration date of the Initial Term, the Tenant <br /> shall either vacate the Premises immediately or be charged a base rent of <br /> $925.00 per month for the Option Term. <br /> Page 1 of 10 <br />