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06-09-14 Council Packet
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06-09-14 Council Packet
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1/14/2015 2:43:54 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/09/2014
Council Meeting Type
Regular
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Millennium Associates Plus LLC ("KW Commercial Midwest") has an exclusive contract with <br />The City of Lino Lakes ("Landlord") for the leasing of the Building. Kevin Peck ("Listing <br />Agent") is the Listing Agent acting on behalf of the Landlord for the leasing of the Building. <br />KW Commercial Midwest has also been engaged by New Creations Child Care Center <br />("Tenant") to act as its exclusive leasing agent in seeking and negotiating lease arrangements for <br />premises in the metro area, including the Building. Jeffery Wilwerding ("Tenant's Agent") is <br />representing Tenant in connection with its search for such premises. <br />Since Listing Agent and Tenant's Agent both work for KW Commercial Midwest, a dual agency <br />exists. This means that KW Commercial Midwest and all its agents owe a fiduciary duty to both <br />Landlord and Tenant. Because Landlord and Tenant may have conflicting interests, KW <br />Commercial Midwest and its agents (including Landlord's Agent and Tenant's Agent) are <br />prohibited from advocating exclusively for either party without those parties' consent. <br />Therefore, KW Commercial Midwest cannot represent both Landlord and Tenant with respect to <br />the Building unless both Landlord and Tenant agree to this dual agency. With this Lease, each of <br />Tenant and Landlord ratify and confirm the oral consents previously given regarding the dual <br />agency arrangement as discussed herein. <br />IN WITNESS WHEREOF, the parties hereto have caused the execution of this Lease <br />Agreement, to be effective the date set forth above. <br />Landlord: <br />City of Lino Lakes: <br />Tenant: <br />New Creations Child Care and Learning <br />Center, LLC: <br />By: By: <br />Its: Mayor Its: <br />By: <br />Its: City Clerk <br />17 <br />
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