Agenda Packets - 1977/08/04 - Laserfiche WebLink

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Execution Copy • LEASE THIS INDENTURE made and entered into as of this day of 1997, by and between the City of Mounds View, Minnesota whose address is 2401 Highway 10, Mounds View, MN 55112 (hereinafter referred to as "Landlord") and Independent School District No. 621, a public corporation under the laws of Minnesota, whose address is 2959 North Hamline Ave., St. Paul, MN 55113 (hereinafter referred to as "Tenant"). WITNESSETH: 1. DEMISED PREMISES. In consideration of the rents, covenants and agreements herein reserved and contained on the part of Tenant to be performed, Landlord does hereby lease to Tenant that portion of the building formerly known as the Bel Rae Ballroom located at 5394 Edgewood Drive, Mounds View, Minnesota 55112 (the "Building") consisting of that portion of the Building described on Exhibit A attached hereto and consisting of approximately 5,100 square feet (hereinafter referred to as the "Demised Premises"). 2. TERM. The term of this Lease and Tenant's obligation to pay rent •hereunderr shall commence on September 1, 1998 (the "Commencement Date") and shall continue until and the term of the Lease shall expire on January 31, 2003. In addition, Tenant shall have two (2) successive options of five (5) years each exercisable by written notice by Tenant to Landlord at least three (3) months prior to expiration of the then- current term and upon such exercise thereof this lease shall be extended for said term on all the same terms and conditions contained therein (except said option); provided that the Base Rent during each extension term shall be increased (but not decreased) by the increase in the Consumer Price Index (CPI) from the date hereof. Notwithstanding anything to the contrary contained herein, either Landlord or Tenant may terminate this Lease at any time upon at least ninety (90) days prior written notice in which event this Lease shall become null and void and neither party shall have any further liability hereunder except for obligations for rent accruing prior thereto; provided that in the event that Tenant shall exercise the foregoing right of termination, Tenant shall pay to Landlord the unamortized portion of the cost of Landlord's Improvements set forth on Exhibit B attached hereto, which cost shall be amortized over the 60-month initial term of this Lease without interest, which amount shall be due no later than the date of lease termination. 3. RENT. During the term hereof Tenant agrees to pay as gross base rent (the "Base Rent") to Landlord at 2401 Highway 10, Mounds View, MN 55112, or at such other place as the Landlord may from time to time designate in writing, in advance in twelve equal monthly installments on or before the first day of each month during the term hereof the sum calculated on an annual basis equal to Ten and no/100 Dollars ($10.00) times the square footage in the Demised Premises; provided that with respect to L2ii117449 MI7205-1