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Resolution 8896
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Resolution 8896
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Last modified
6/25/2019 10:08:27 AM
Creation date
2/21/2018 9:32:31 AM
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MV City Council
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Resolutions
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EXHIBIT A <br />EXTENSION OF LEASE AGREEMENT <br />This Extension of Lease Agreement (the "Lease Extension") is made and entered into this <br />day of Ak-A V 2018, between the City of Mounds View, a Minnesota municipal <br />corporation ("Landlord") dnd Creative Kids Academy — Mounds View, Inc., a Minnesota corporation <br />("Tenant") and amends the Lease Agreement, dated November 20, 2006 (the "Lease") and the <br />Assignment, Assumption and Consent Agreement to Lease (the "Assignment") dated December 22, <br />2008. <br />RECITALS <br />A. The Landlord owns a community center building located on land located at 5394 <br />Edgewood Drive, Mounds View, Minnesota 55112 (the "Premises"). <br />B. Pursuant to the Lease, Creative Kids Child Care Center II, a Minnesota corporation, <br />leased classrooms, an office and the tot lot on the Premises from the Landlord for the purposes of <br />operating a child care center. <br />C. On December 22, 2008, the Assignment was entered into between the Landlord and <br />Creative Kids Child Care Center H and the Tenant. The Assignment assigned Creative Kids Child <br />Care Center II's rights, title and interest in the Lease to the Tenant. <br />D. The Landlord and Tenant have agreed to extend the term of the Lease and this Lease <br />Extension sets forth the terms of such extension. <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which each party hereby acknowledges, the parties agree as follows: <br />ARTICLE 1 <br />Term <br />Section 1.2 of the Lease is deleted and replaced with the following: <br />Section 1.2. Term. The term of this Lease and Tenant's obligation to pay rent hereunder shall <br />continue until July 31, 2023, at which time the Lease shall expire. Notwithstanding any contrary <br />provision contained herein, upon at least one (1) years prior written notice from Landlord to Tenant, <br />Landlord shall have the right to terminate this Lease and upon expiration of such notice period, the <br />term of this Lease shall automatically terminate. <br />
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