08-27-2003 Council Agenda - Laserfiche WebLink

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Cxf..S;' 6 STORM SHELTER LEASE AGREEMENT This Storm Shelter Lease ( "Lease ") is made as of this day of' , 2003, by and between NORTH STAR ASSOCIATES LIMITED PARTNERSHIP, a Minnesota limited partnership, whose address is 31200 Northwestern Highway, Farmington Hills, Michigan 48334 ( "Tenant ") and THE CITY OF LITTLE CANADA, a non - profit municipal corporation, whose address is ( "Landlord "). RECITALS: A. Tenant is the owner and operator of the North Star Estates Manufactured Home Community (the "Community") located within the City of Little Canada. B. Pursuant to the teens of Minnesota Statute 327.2 Subdivision 1, all manufactured home communities constructed and licensed prior to 1988 must have an evacuation plan approved by the local municipality. C. The Community was constructed and licensed before 1988. The Community has an interim evacuation plan utilizing the basement of St. John's Church which is adjacent to the Community, but the Tenant and Landlord are desirous of a permanent evacuation plan. D. Tenant has previously transferred title to certain real property as described on attached Exhibit "A" to the Landlord for the construction of a store shelter (the "Property ") to provide Tenant a permanent evacuation plan in satisfaction of Minnesota law. E. Landlord has constructed a storm shelter on the Property according to the terms of the Development Agreement by and between Landlord and Tenant and according to the plans therefor which have been reviewed and approved by the Tenant. F. Landlord desires to lease the Property to Tenant and Tenant desires to lease the Property from Landlord. FOR GOOD AND VALUABLE CONSIDERATION as described herein, receipt whereof is hereby acknowledged, the parties hereto agree as follows: 1. Property. Landlord, in consideration of the rent to be paid and the covenants to be performed by Tenant, does hereby demise and lease onto Tenant, and Tenant hereby rents from Landlord, the Property. 2. Use and Occupancy. It is understood and agreed between the parties hereto that said Property, during the continuance of this Lease, shall be used and occupied as a storm shelter for the residents, their guests, the Community and for no other purpose. Tenant shall make the storm shelter available to such residents and guests on a twenty -four (24) hours a day, seven (7) days a week and three hundred sixty-five (365) days a year basis. 3. Term. The term of this Lease shall be fifty (50) years commencing upon the execution date hereof (the "Commencement Date "); provided, however, if the Commencement Date shall be other than on the first (1st) day of a month, same shall be adjusted to the first (1st) day of the [NSF Storm Shelter Lease_v I .DOC from Mathie (78342).DOCJ[08/22/03/r3LM] - 1 0 -