01-25-2021 Council Packet - Laserfiche WebLink

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LEASE AMENDMENT #3 DATED: July 1, 2019 WHEREAS, City of Lino Lakes, A Minnesota municipal corporation , ("LANDLORD") and New Creations Child Care and Learning Center, LLC. Limited Liability Company (Domestic) ("TENANT") entered into a Lease Agreement dated July 1, 2014 ("LEASE") for the property located at 620 Town Center Parkway, Lino Lakes, MN 55014 ('PREMISES); and WHEREAS, LANDLORD and TENANT agree to amend the LEASE as follows: 1 The Lease is hereby amended by deleting Article 4, subsection (b) and replacing them with the following* (a) Payment of Gross Rent. Tenant shall pay the annual Base Rent in monthly installments, equal to one -twelfth (1/12th) of the then applicable annual Base Rent. Each monthly installment of Base Rent shall be payable in advance without demand and without any reduction, abatement, coun- terclaim or offset, to Landlord on or before the first day of each month (or the next succeeding busi- ness day in the event the first day of such month is not a business day). Tenant shall pay to the Landlord Tenant's "Proportionate Share" of Basic Operating Costs without any reduction, abatement, counterclaim or offset, within ten (10) days of receipt of the billing for such Basic Oper- ating Costs from Landlord. The term ` Proportionate Share" means a fraction, the numerator of which is the square footage of the Leased Premises and the denominator of which is the total square footage of the Building, or the percentage identified in Exhibit B for utility costs. The Proportion- ate Share is as follows: Months Sq. Ft. Rent Sq. per Ft. Annual Rent 1 to 12 9,138 $8.91 $81,419.58 13 to 24 9,138 $9.18 $83,886.84 25 to 36 9,138 $9.45 $86,354.10 37 to 48 9,138 $9.74 89,004.12 49 to 60 9,138 $10.03 $91,654.14 61 to 72 9,138 $10.33 $94,395.54 73 to 84 9,138 $10.64 $97,228,32 85 to 96 9,138 $10.96 $100,152.48 97 to 108 9,138 $11.29 $103,168.02 109 to 120 9,138 $11.63 $106,274.94 If any Gross Rent is not paid within ten (10) days of the due date, Tenant shall pay a late penalty of Five Hundred and No/100 Dollars ($500 00).