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LEASE AGREEMENT <br />This Lease Agreement, dated this day of , 2021, (this "Lease") by and <br />between the CITY OF RAMSEY, Anoka County, Minnesota, a Minnesota municipal corporation <br />("Landlord") and rm GOLF CARTS, Inc., a Minnesota Corporation ("Tenant"). <br />1. LEASED PROPERTY: <br />The subject of this Lease is the commercial building and lot commonly known as 7039 <br />Highway 10, Ramsey, Minnesota and legally described as Lot 2, Block 1, KOVAR <br />ADDITION, Anoka County, Minnesota (the "Leased Property"). <br />2. TERM: <br />a. Term. The terms of this lease is for a period of three years commencing on the 1st <br />day of June, 2021 (sometimes called "the Commencement Date") and expiring the 31 st day of <br />May, 2024 (sometimes called "Expiration Date"), unless sooner terminated as hereinafter <br />provided. <br />b. Early Termination. Notwithstanding Term described in 1(a) above, Landlord and <br />Tenant reserve the right to terminate this Lease without cause at any time with one year's written <br />notice of intent to terminate <br />3. BASE RENT: <br />a. Rent. Tenant shall pay Landlord, a total monthly rent payment in advance without <br />offset, deduction or demand, as follows: <br />$2,250.00 per month on June 1, 2021 and a like amount on each first day of <br />the month thereafter through May 1, 2022; and <br />$2,318.00 per month on June 1, 2022 and a like amount on each first day of <br />the month thereafter through May 1, 2023; and <br />$2,387.00 per month on June 1, 2023 and a like amount on each first day of <br />the month thereafter through May 1, 2024; and <br />The rent described in paragraph 3 is hereinafter referred to as the "Base Rent." <br />b. Late Fee. If Landlord does not receive rent by the seventh day of the month, Tenant <br />must pay a late fee equal to five percent of the overdue rent payment as additional rent. Rent is <br />deemed "paid" upon receipt by Landlord, not when mailed or sent by Tenant. <br />c. Real Estate Tax Increase. Notwithstanding the Base Rent described above, in the <br />event the annual real estate property taxes levied against the Leased Property exceed 50% of the <br />annual Base Rent, the Base Rent shall be increased so that the annual real estate property taxes is <br />never greater than 50% of Base Rent. To effectuate this minimum rent requirement, the monthly <br />