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THIS GROUND LEASE AGREEMENT, made and entered into as of June I, 2005 (the <br />"Grotmd Lease"), by and between the CITY OF RAMSEY, MINNESOTA, a municipal <br />corporation and political subdivision duly organ/zed and existing under the laws oft. he State of <br />Miimcsota, as Lessor and the ECONOMIC DEVELOPMENT AUTHORITY OF TI-EE CITY OF <br />R:x, MSEY, MINNESOTA, a public body corporate and politic and duly organ/zed and existing <br />un&:r the laws of the State of Minnesota, as Lessee. <br /> <br />WITNESSETH: <br /> <br />In consideration of the mutual covenants hereinafter set forth, the parties hereto agree as <br /> <br /> ARTICLE I <br /> <br />DEMISE OF LAND AND WAP,.R~NTIES <br /> <br /> Section 1.0[ Demise. Subject to and upon the terms, conditions, covenants and <br />tmdertakings hereinafter set forth, Lessor hereby leases to Lessee, and Lessee hereby leases from <br />Lessor~ Lessor's interest in the real property legally described on Exhibit A attached here, located <br />in Am~ka County, Mirmesota (hereinafter called the "Land"). <br /> <br />Section 1.02 Warranties. Lessor covenants and warrants to Lessee: <br /> <br />That Lessor has good and merchantable title to the Land, has authority to enter <br />into, execute and deliver this Ground Lease, and has duly authorized the <br />execution and delivery of this Ground Lea.se; <br /> <br />(2) <br /> <br />(3) <br /> <br />That Lessor has determined that the Land can best be made suitable and <br />conven~ient for public purposes through Lessor's entering into this Ground Lease <br />and the Lease (as hereinafter deemed), and the completion of the transactions <br />contemplated thereby; <br /> <br />That'the Land is not subject to any dedication, easement, right ofTM, reservation <br />in patent, covenant, condition~, restriction, lien or encumbrance which would <br />prohSbit or materially interfere'with the construction of certain buildings <br />(herei=after called the "Improvements") on the Land, as contemplated by the <br />Lease Agreement by and between Lessor and Lessee, of even date herewith <br />(hereinafter called the "Lease"); <br /> <br />(4) <br /> <br />(5) <br /> <br />(6) <br /> <br />That all taxes, assessments or impositions of any kind with respect to the Lahd, <br />except current taxes, have been paid in full; <br /> <br />That the Land is properly zoned for the purpose of the Lmprovements; and <br /> <br />That Lessor has authority to enter into, execute and deliver the Lease,'and has <br />duly authorized its execution and delivery. <br /> <br />i76.3914¥1 <br /> <br />61 <br /> <br /> <br />