Agenda - Council - 10/23/2007 - Laserfiche WebLink

Home

GROUND LEASE This is a lease (this "Lease "). This Lease is dated October ,2007. It is a legal agreement between the Tenant and the Landlord to rent the property described below. The word LANDLORD as used in this Lease means CITY of RAMSEY, a Minnesota municipal corporation and the Landlord's address is 7550 Sunwood Drive NW, Ramsey, Minnesota 55303. The word TENANT as used in this Lease means RAMSEY JR PARTNERS, LLC, a Minnesota limited liability company. This Lease is a legal contract that can be enforced in court against the Landlord or the Tenant if either one of them does not comply with this Lease. 1. Description of Leased Premises. The Leased Premises is unimproved and is located at 6131 Highway 10 NW, Ramsey, in the County of Anoka, State of Minnesota, and legally described as follows: TRACT C, REGISTERED LAND SURVEY NO. 156 (PIN 35 -32 -25 -0024) (the "Leased Premises"). 2. Term of Lease. This Lease is for a term of five years beginning on November 1, 2007, and expiring October 31, 2012. Except that in the event after October 31, 2010 the. Landlord (City) finds there is a public need for the Leased Premises, this Lease may be terminated upon 60 days written notice to Tenant. 3. Tenant Improvement. The Leased Premises is a vacant lot and has a gravel surface. Tenant desires to use the Leased Premises for vehicle parking lot purposes in conjunction with its adjacent parking lots. The Landlord (City) requires that the Leased Premises have a permanent surface. The parties agree that it is in their mutual best interests to improve the Leased Premises by having it blacktopped. The estimated cost of the blacktop is $5,000.00. The Landlord agrees to cause the blacktopping to be done at its expense, with $4,000.00 of said expense to be paid by Tenant in two annual installments of $2,000.00 each. The first $2,000.00 installment shall be due on or before November 1, 2007 and the second annual installment shall be due on or before November 1, 2008. Failure to pay either of said $2,000.00 installments shall be a default in this Lease and permit Landlord to terminate this Lease. In addition, default in the payment of the said installment shall permit Landlord, in its sole discretion to bring suit against Tenant in a court of competent jurisdiction for collection of any balance due. 4. Rent. a. Amount. The rent for the Leased Premises is One Dollar and 00 /100 Dollars ($1.00) /per year. b. Payment: The rent payment for each year must be paid on or before November 1 of each year of this Lease at Landlord's address. Landlord does not have to give notice to Tenant to pay the rent. —175—