Agenda - Council - 07/10/2007 - Laserfiche WebLink

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LEASE AGREEMENT • This Lease Agreement, dated this 14th day of April, 2006, (this "Lease ") by and between the CITY OF RAMSEY, Anoka County, Minnesota, a Minnesota municipal corporation ( "Landlord ") and , a Minnesota partnership (hereinafter referred to as P 'Ten ant"). - -r— W<_- . C,_ 1 "A i rr iv s C> 1 C__ 6 r c o /� .s �� DEFINITIONS: "Property." That certai real property located in the City o� sey, County of Anoka and State of Minnesota and legally described as Lots 3 and 4, Block 1, GUY ADDITION, Anoka County, Minnesota, including all buildings and site improvements located thereon. ` =Building." The two buildings containing approximately 3808 square feet located on the Property and commonly described as 6101 Highway 10 NW, Ramsey, Minnesota 55303. RECITALS: 1. TERM: a. Initial Term. For and in consideration of the rents, additional rents, terms, provisions and covenants herein contained, landlord hereby lets, leases and demises to Tenant the property for the term of twenty four (24) months commencing on the twenty fourth day of April, 2006 (sometimes called "the Commencement Date ") and expiring the 30th day of April, • 2008 (sometimes called "Expiration Date "), ( "Initial Term ") unless sooner terminated as hereinafter provided. The initial term is the period between April 24, 2006 and April 30, 2008 ( "Initial Term"). b. Option to Renew. Provided Tenant is not in default hereunder and has performed all of its covenants and obligations hereunder, Tenant may extend the Term of this Lease (hereinafter,_ the "Option ") for five (5) periods of one year each beginning on the first day after the expiration of the Initial Term hereof (the "Expiration Date ") upon the terms and conditions, except for Base Rent and upon the following further terms and conditions set :forth in this Section. Tenant shall exercise the Option only by giving written notice to Landlord not later than two (2) months and not earlier than three (3) months prior to the Expiration Date. Rent payable per annum during any Option Period shall be the greater of (i) the Base Rent paid by Tenant during the last twelve (12) full calendar months established the in accordance with the then- current fair rental value of the Property, which shall be the following procedure: For a period of thirty (30) days after receipt of written notice of Tenant's exercise of the Option ( "Tenant's Exercise Notice"), Landlord and Tenant shall negotiate in good faith to agree upon the then - current fair rental value of the Property. If at the expiration of such 30 -day period Landlord and Tenant have not agreed upon the then - current fair rental . value of the Property; Tenant may, within ten (10) days thereafter, rescind exercise of the -91-