Laserfiche WebLink
LEASE AMENDMENT #3 <br />DATED: July 1, 2019 <br /> <br /> <br />WHEREAS, City of Lino Lakes, A Minnesota municipal corporation , ("LANDLORD") and New <br />Creations Child Care and Learning Center, LLC., Limited Liability Company (Domestic) <br />("TENANT") entered into a Lease Agreement dated July 1, 2014 ("LEASE") for the property <br />located at 620 Town Center Parkway, Lino Lakes, MN 55014 ("PREMISES); and <br /> <br />WHEREAS, LANDLORD and TENANT agree to amend the LEASE as follows: <br /> <br /> 1. The Lease is hereby amended by deleting Article 4, subsection (b) and replacing <br />them with the following: <br /> <br />(a) Payment of Gross Rent. Tenant shall pay the annual Base Rent in monthly installments, <br />equal to one-twelfth (1/12th) of the then applicable annual Base Rent. Each monthly installment of <br />Base Rent shall be payable in advance without demand and without any reduction, abatement, coun- <br />terclaim or offset, to Landlord on or before the first day of each month (or the next succeeding busi- <br />ness day in the event the first day of such month is not a business day). Tenant shall pay to the <br />Landlord Tenant’s “Proportionate Share” of Basic Operating Costs, without any reduction, <br />abatement, counterclaim or offset, within ten (10) days of receipt of the billing for such Basic Oper- <br />ating Costs from Landlord. The term “Proportionate Share” means a fraction, the numerator of <br />which is the square footage of the Leased Premises and the denominator of which is the total square <br />footage of the Building, or the percentage identified in Exhibit B for utility costs. The Proportion- <br />ate Share is as follows: <br /> Rent per <br />Months Sq. Ft. Sq. Ft. Annual Rent <br />1 to 12 9,138 $8.91 $81,419.58 <br />13 to 24 9,138 $9.18 $83,886.84 <br />25 to 36 9,138 $9.45 $86,354.10 <br />37 to 48 9,138 $9.74 89,004.12 <br />49 to 60 9,138 $10.03 $91,654.14 <br />61 to 72 9,138 $10.33 $94,395.54 <br />73 to 84 9,138 $10.64 $97,228.32 <br />85 to 96 9,138 $10.96 $100,152.48 <br />97 to 108 9,138 $11.29 $103,168.02 <br />109 to 120 9,138 $11.63 $106,274.94 <br /> <br />If any Gross Rent is not paid within ten (10) days of the due date, Tenant shall pay a late penalty of <br />Five Hundred and No/100 Dollars ($500.00).