Agenda - Council - 02/25/2025 - Laserfiche WebLink

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EARLY TERMINATION AMENDMENT TO LEASE AGREEMENT BETWEEN CITY OF RAMSEY (LANDLORD) AND RM GOLF CARTS, INC. (TENANT) THIS AMENDMENT is made by and between the City of Ramsey, hereinafter referred to as the "Landlord," and rm Golf Carts, Inc., hereinafter referred to as the "Tenant" and becomes effective as of the last date of execution herein. WITN ESSETH: WHEREAS, pursuant to a Lease Agreement dated April 28, 2023 ("Lease"), the Tenant currently rents and occupies leased premises from Landlord, as follows: the Leased Premises consists of a building and improved surfaces operated by rm Golf Carts, Inc., located on Lot 2, Block 1, Kovar Addition with an address of 7039 Highway 10 NW in Ramsey, as identified for tax purposes as PIN 34-32-25-22-0007 (the "Leased Premises"); and, WHEREAS, the original term of the Lease will expire on May 31, 2025; and, WHEREAS, on or around January 1, 2025, Tenant asked Landlord to terminate lease in the event that the Leased Premises is acquired by the Tenant on or before May 31, 2025; and, WHEREAS, the Landlord a obtained an appraisal of the Leased Premises and authorization from the Metropolitan Council to sell the Leased Premises to Tenant for $550,000.00; and, WHEREAS, the Leased Premises is improved with a golf cart sales facility operated by the Tenant since 2011; and, WHEREAS, the County of Anoka and Tenant have entered into a Purchase Agreement with tentative closing on or before May 31, 2025, to be set on a mutually agreeable date (the "Closing"); and WHEREAS, Landlord and Tenant now agree that it is expected that the above referenced Lease will terminate by mutual agreement, concurrently with Closing on the Leased Premises; and, WHEREAS, Tenant agrees to waive any potential damages or business losses that may be claimed by Tenant now or in the future, related to the use of the Leased Premises and early termination of the Lease. NOW, THEREFORE, in consideration of the mutual covenants hereinafter stated or contained in this Amendment, the parties hereby agree to amend and terminate the Lease as follows: 1. All of the rights and obligations of the Landlord and Tenant under the Lease including the Tenant's guaranty shall terminate concurrently with the Closing on the Leased Premises which is anticipated to occur on or before May 31, 2025. 2. Tenant agrees to provide written notice to Landlord once a date 1