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<br />GROUND LEASE
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<br /> THIS GROUND LEASE, dated as of June 1, 2015 (the “Ground Lease”), is by and between the
<br />CITY OF LINO LAKES, MINNESOTA, a home rule charter city and political subdivision of the State of
<br />Minnesota, as lessor (the “City”), and the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY,
<br />a public body corporate and politic and political subdivision of the State of Minnesota, as lessee (together
<br />with its successors and assigns as lessee hereunder, the “Authority”).
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<br />WITNESSETH:
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<br /> In consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
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<br />ARTICLE I
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<br />Demise of Site and Warranties
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<br /> Section 1.01. Demise. Subject to and upon the terms, conditions, covenants and undertakings
<br />hereinafter set forth, the City hereby leases and permits the use to, and the Authority hereby leases from
<br />the City, the property described in EXHIBIT A attached hereto, located in Anoka County, Minnesota
<br />(hereinafter called the “Site”).
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<br /> Section 1.02. Warranties. The City covenants and warrants to the Authority:
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<br /> (1) That the City has good and merchantable title to the Site, has authority to enter
<br />into, execute and deliver this Ground Lease, has duly authorized the execution and delivery of
<br />this Ground Lease, and has duly executed and delivered this Ground Lease;
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<br /> (2) That the Site is not subject to any dedication, easement, right-of-way, reservation
<br />in patent, covenant, condition, restriction, lien or encumbrance which would prohibit or
<br />materially interfere with the alteration, improvement or operation of certain facilities (hereinafter
<br />called the “Facilities”) on the Site, as contemplated by that certain Lease-Purchase Agreement,
<br />dated as of June 1, 2015 (the “Lease”), between the Authority, as lessor, and the City, as lessee;
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<br /> (3) That all taxes, assessments or impositions of any kind with respect to the Site,
<br />except current taxes, have been paid in full;
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<br /> (4) That the Site is properly zoned for the purpose of the Facilities; and
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<br /> (5) That the City has authority to enter into, execute and deliver the Lease, has duly
<br />authorized its execution and delivery, and has duly executed and delivered the Lease.
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<br /> Section 1.03. Environmental Covenant. To the best knowledge of the City, after due inquiry,
<br />(i) no dangerous, toxic or hazardous pollutants, contaminants, chemicals, waste, materials or substances,
<br />as defined in or governed by the provisions of any federal, state or local law, statute, code, ordinance,
<br />regulation, requirement or rule relating thereto (collectively, “Environmental Regulations”), and also
<br />including urea-formaldehyde, polychlorinated biphenyls, asbestos, asbestos-containing materials, nuclear
<br />fuel or waste, radioactive materials, explosives, carcinogens and petroleum products, or any other waste,
<br />material, substance, pollutant or contaminant which would subject the owner of the Site and the Facilities
<br />to any damages, penalties or liabilities under any applicable Environmental Regulation (collectively,
<br />“Hazardous Substances”) are now or have been stored, located, generated, produced, processed, treated,
<br />460514v1 JAE LN140-112 1
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