12-21-1994 Council Agenda - Laserfiche WebLink

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LEASE AGREEMENT This Lease is made, executed and delivered as of January 1, 1994, by and between CITY OF LITTLE CANADA, a Minnesota municipal corporation, with its principal office at 515 East Little Canada Road, Little Canada, Minnesota 55117 (Landlord), and LITTLE CANADA FIRE DEPARTMENT, INC., a Minnesota nonprofit corporation, with an address of 325 Little Canada Road, Little Canada, Minnesota 55117 (Tenant). ARTICLE I GRANT AND TERM Section 1.01. Premises. In consideration of rents, terms, covenants, and agreements to be performed and observed by Tenant, as hereinafter set forth, Landlord rents to Tenant, and Tenant rents from Landlord, a parcel of land (the Land) more specifically described on Exhibit A attached hereto and incorporated herein by reference, together with all rights and appurtenances belonging or appertaining thereto and all improvements now or hereafter located thereon (the Premises). The Premises includes all buildings, fixtures and other improvements constructed thereon (collectively, the Buildings) together with all fire fighting equipment and vehicles purchased by the Landlord located thereon, including the personal property described on Exhibit 8 attached hereto and incorporated herein by reference. Unless specified to the contrary, any reference herein to the Premises includes the buildings and the leased equipment. Section 1.02 Term. The term of this Lease shall be fifty (50) years, commencing on January 1, 1994, and terminating on December 31, 2043, inclusively, unless terminated sooner as provided herein. In the event the Tenant ceases to provide fire services to the Landlord, this Lease shall terminate on December 31 of the year that the Tenant ceases to provide fire services. The term of this Lease shall be automatically extended for an additional period of fifty (50) years, upon the same terms and conditions as provided herein, unless the Tenant gives to the Landlord at least 180 days written notice prior to termination of the Lease that the Lease shall not be so extended. Section 1.03. Ze+n„neti_on of aeryjpe Contract If Tenant ceases to provide fire services to the Landlord, title and possession of the fire trucks purchased by the Landlord (No. 12, and any other fire trucks purchased subsequently) shall revert to the Landlord for the purpose of serving the citizens of the City of Little Canada, subject to repayment to the Tenant of its pro rata share of the current market value of such fire trucks, based 1 Page 166 ST/20'd eubNbo 3111I1 01 M0d1S0 8 d380a A3N33MS Woad ST:OT P661- ST -03a