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AMENDMENT THREE TO LEASE AGREEMENT <br />6701 Highway 10 N.W., Ramsey, Minnesota 55303 <br />WHEREAS, City of Ramsey (Landlord) and PACT Charter School (Tenant) entered <br />into a Lease Agreement dated July 1 1, 2013 ("Lease"), Amendment One of the Lease, <br />dated October 1, 2013, and Amendment Two of the Lease dated June 13, 2014; and <br />WHEREAS, the Tenant wishes to extend the Lease for an additional five (5) year term <br />and Landlord is amenable to such extension. <br />NOW THEREFORE: Landlord and Tenant agree to the following: <br />1) Tenant's term shall be extended for an additional five (5) years beginning August <br />1, 2015 and expiring on July 31, 2020 ("Extended Term"). <br />2) Beginning on month thirty-seven (37) of the Extended Term, and at any time <br />thereafter, this lease may be cancelled by either Tenant or Landlord by providing <br />the other with sixty (60) days advance written notice of the intent to cancel. The <br />lease may be cancelled by either party for any reason. <br />3) Beginning at the commencement of the Extended Term, the Landlord may <br />terminate this lease with a nine (9) month written notice if all, or a portion of, the <br />Subject Property is required for improvements related to U.S. Highway 10. This <br />paragraph supersedes paragraph 2 above. <br />4) The lease rate for the Extended Term shall be as follows: <br />a. August I, 2015 —July 31, 2016 $627.27 <br />b. August 1, 2016 —July 31, 2017 $646.09 <br />c. August 1, 2017 —July 31, 2018 $665.47 <br />d. August 1, 2018 —July 31, 2019 $685.43 <br />e. August 1, 2019 —July 31, 2020 $706.00 <br />Tenant shall continue to be responsible for Additional Rent as defined in the <br />Lease. <br />5) Except as expressly amended hereby, all of the terms, provisions, covenants and <br />conditions of the Lease are hereby ratified and confirmed and shall continue in <br />full force and effect. <br />