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o Paint front end of building and repair rotten <br />siding, clean windows of any advertising <br />o Remove the existing pylon sign. <br />o Prior to performing any improvements, all <br />bids must be submitted to the City of <br />Ramsey for review. <br />o The outside storage area shall be screened to <br />Highway 10. Within the outside storage <br />area, there must remain a drive isle from the <br />gate to the back to the space for fire <br />equipment access. <br />7) SECURITY DEPOSIT: One month's gross rent ($4,200.42) shall be due upon <br />Lease execution. <br />8) 1st MONTH DUE: <br />9) USE: <br />10) SIGNAGE: At Tenant's expense, pre -approved by Landlord and shall <br />meet all City codes and standards. <br />First month's gross rent ($4,200.42) shall be due at Lease <br />execution. <br />Tenant shall use the space as service bay for ATV's, boats <br />and snowmobiles. <br />11) OPERATING COSTS: Mille Lacs Power Sports will pay for their own electrical <br />useage, telephone, internet, trash, heat, snowplowing and <br />awn mowing. <br />14) INSURANCE: <br />As required by the lease, to include liability and property <br />insurance. Tenant shall provide a liability policy with the <br />City of Ramsey named as an Additional Insured upon lease <br />execution. <br />15) Leasing Fee: A fee of 5% of the lease amount shall be due to Premier <br />Commercial Properties at the Lease Commencement. <br />Both Mille Lacs Motor Sports II, Inc. and Landiord intend to negotiate <br />diligently and enter into a formal lease agreement no later than May 1, 2021. We hope <br />that these terms are generally acceptable and that we can move forward in finalizing a <br />lease. We also hope you understand that this is a non -binding letter of intent, and that <br />the only binding agreement between both parties will be the completed and signed Lease. <br />Page 3 of4 <br />