Agenda - Council - 12/09/2025 - Laserfiche WebLink

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EARLY TERMINATION AMENDMENT TO LEASE AGREEMENT BETWEEN CITY OF RAMSEY (LANDLORD) AND MILLE LACS MOTOR SPORTS II, INC. (TENANT) THIS AMENDMENT is made by and between the City of Ramsey, hereinafter referred to as the "Landlord," and Mille Lacs Motor Sports II, Inc., hereinafter referred to as the "Tenant" and becomes effective as of the last date of execution herein. WITNESSETH: WHEREAS, pursuant to Lease Agreements dated May 28, 2025, May 27, 2025, May 28, 2025 ("Leases"), the Tenant currently rents and occupies leased premises from Landlord, as follows: the Leased Premises consists of real property legally described as Lot 3, Block 1, Deal Industrial Park with an address of 6701 Highway 10 NW and Lot 2, Block 1, Deal Industrial Park with an address of 6745 Highway 10 NW in Ramsey, as identified for tax purposes as PINS 34-32-25-12-0008 and 34-32-25-12-0009 (the "Leased Premises"); and, WHEREAS, the original terms of the Lease will expire on January 31, 2026; and, WHEREAS, on or around December 3, 2025, Tenant asked Landlord to terminate lease in the event that the Leased Premises is acquired by MW Properties LLC on or before January 31, 2026; and, WHEREAS, the City of Ramsey and MW Properties LLC have entered into a Purchase Agreement with tentative closing on or before January 15, 2026, 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 January 31, 2026. 2. Tenant agrees to provide written notice to Landlord once a date certain is established for the Closing. 3. Rent due and owing from Tenant shall be paid to Landlord as set forth in the Lease and will be prorated to the date of Closing. 1