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1 <br /> <br />LEASE TERMINATION AGREEMENT <br />THIS LEASE TERMINATION AGREEMENT (the “Agreement”) is entered into as of <br />the ___ day of ____________, 2025 (the “Effective Date”), by and between the City of Little <br />Canada, a Minnesota municipal corporation (the “Lessor”) and JM LLC, a Minnesota limited <br />liability company (the “Lessee”). Lessor and Lessee may be referred to collectively herein as the <br />“Parties” or each a “Party.” <br />RECITALS <br />WHEREAS, Lessor leases the Premises pursuant to that certain Commercial Lease dated <br />February 22, 2024 (the “Lease”), pertaining to the real property located at 2884 and 2886 <br />Centerville Road, Little Canada, Minnesota 55117 and as more particularly set forth in the Lease <br />(the “Premises”); <br />WHEREAS, a true and correct copy of the Lease is attached hereto as Exhibit A and is <br />incorporated herein by this reference; <br />WHEREAS, Lessee approached Lessor, requesting a buyout for the remaining Lease term; <br />WHEREAS, Lessee desires to terminate the Lease, which Lessor has agreed to pursuant <br />to the terms described in this Agreement; and <br />WHEREAS, the Parties desire to enter into this Agreement to set forth their understanding <br />of how the Lease and the Premises will be handled from and after the Effective Date, subject to <br />the terms and conditions set forth herein. <br />NOW THEREFORE, in consideration of the above recitals, the mutual benefits contained <br />herein and other good and valuable consideration, the receipt and sufficiency of which <br />consideration are hereby acknowledged, the Parties hereby agree as follows: <br />1. Incorporated. The above-stated Recitals are incorporated herein as if fully restated in <br />this paragraph. <br />2. Defined Terms. All capitalized terms used in this Agreement which are not otherwise <br />defined herein shall have the same meanings given to them in the Lease. <br />3. Termination of Lease. The Lease shall terminate on May 1, 2026 (the “Lease <br />Termination Date”). <br />4. Payment. Lessor shall pay Lessee Two Hundred Fifty Thousand Dollars ($250,000) <br />(the “Payment”) for the Lease termination. The Payment shall be made on the Lease <br />Termination Date after the Lessor completes a satisfactory walkthrough of the Premises <br />(“Final Walkthrough”).