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LEASE AGREEMENT
<br />THIS LEASE AGREEMENT, dated this 77( day of January, 2012, (this "Lease") by and
<br />between the CITY OF RAMSEY, 7550 Sunwood Drive NW, Ramsey, MN 55303, a Minnesota
<br />municipal corporation ("Landlord") and INDEPENDENT AUTO SERVICE, INC., a Minnesota
<br />corporation, 18140 Zane Street NW, Elk River, Minnesota 55330, a Minnesota Limited Liability
<br />Company (hereinafter referred to as "Tenant").
<br />DEFINITIONS:
<br />LEASED PREMISES. The leased premises is 5,930 s.f. of a building located on that real
<br />property legally described as Lot 2, Block 2, DEAL INDUSTRIAL PARK, Anoka County,
<br />Minnesota, and is commonly known as 6745 Highway 10 NW, Ramsey, Minnesota (the "Site").
<br />The Leased Premises consists generally of 1,000 s.f. of office space, 1,030 s.f. of small service
<br />bays and 3,900 s.f. of three large bays and mechanical area (the "Leased Premises") and the
<br />common parking as shown on attached Exhibit B and the parking spaces as outside storage
<br />within the fenced -in area of the Site, and 8 customer service/employee parking spaces. The
<br />Leased Premises DOES NOT include the RV/Cold Storage portion of the building in which it is
<br />located.
<br />RECITALS:
<br />1. TERM:
<br />a. Lease Term. For and in consideration of the rents, additional rents, terms,
<br />provisions and covenants herein contained, Landlord hereby lets, leases and demises to Tenant
<br />the Leased Premises for the term of seventy two (72) months commencing on the first day of
<br />February, 2012, or thirty days after Landlord tenders possession to Tenant, whichever is later
<br />(sometimes called "the Commencement Date") and expiring on the 31 st day of January, 2018
<br />(sometimes called "Expiration Date"), unless sooner terminated as hereinafter provided
<br />b. Option to Renew. Tenant shall notify Landlord, in writing, at least sixty (60)
<br />days before the Expiration Date of Tenant's intent to renew the Lease Term for an additional
<br />thirty-six (36) months ("Option Period"). Monthly rent in the Option Period shall be equal to the
<br />monthly rent in the last year of the initial lease term.
<br />c. Landlord's Notice to Quit. Notwithstanding the Lease Term or the Option to
<br />Renew, in the event Landlord determines, in its sole discretion, that the Leased Premises or any
<br />part thereof is required for the improvement of U.S. Highway 10, upon giving one year's prior
<br />written notification to Tenant, the Landlord may terminate this Lease. Landlord is not obligated
<br />to provide this one year notice to quit in the event of any default by Tenant of the terms of this
<br />Lease.
<br />2. BASE RENT:
<br />Tenant shall pay Landlord, a total rent payment in advance without offset, deduction or
<br />demand, in equal monthly installments commencing on the Commencement Date and continuing
<br />on the first day of each and every month thereafter for the next succeeding 72 months, during the
<br />balance of the term based on the following schedule:
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