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1) LOCATION: <br />2) SIZE: <br />6745 Hwy 10 Ramsey, MN. Which includes the area <br />shown on Exhibit A crosshatched red and labelled <br />"Building" and including the lined area in yellow labelled <br />"Outside Storage and located within the current gated area. <br />5,930 square feet which may be adjusted downward based <br />on the allowable square footage approved in the Certificate <br />of occupancy presented by the City of Ramsey. <br />3) LEASE TERM: Beginning May 1, 2021 and ending on May 31, 2023. <br />There will be no extensions of this lease tern. <br />4) COMMENCEMENT DATE: The earlier of when the Tenant obtains the <br />Certificate of Occupancy and presents all contractor lien <br />waivers, or July 1, 2021. Tenant will not be allowed to <br />operate within the Premises until the City's final inspection <br />and approval (building and fire departments) <br />5) BASE RENT: Mille Lacs Motor Sports will pay the following monthly <br />rent (based on 5,930 square feet): <br />Months 1- 12 $8.50 / sf ($4,200.42) <br />Months 13 — 24 $8.76 / sf ($4,328.90) <br />6) IMPROVEMENTS: Tenant will provide the following improvements to the <br />premises prior to Lease Commencement: <br />1) Landlord will provide the space in it's AS -IS" condition <br />2) Tenant will perform the following modifications at <br />Tenant's sole expense (prior to the Lease <br />Commencement): <br />o Remove existing landscaping in front of <br />building, add new rock and plant new <br />sluubs. <br />o Complete the improvements detailed in <br />Exhibit B Memorandum from the City of <br />Ramsey Building Division and obtain a <br />Certificate of occupancy from the City of <br />Ramsey. <br />o Submit to a final inspection of building and <br />fire teams and repair listed items from the <br />inspection <br />Page 2 of 4 <br />