CC RES 92-028 RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE LEASE AGREEMENT FOR 2800 KENZIE TERRACE N.E.

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• LEASE THIS AGREEMENT, made this a"� day of u no, by and between the CITY OF ST. ANTHONY, a municipal corporation under the laws of the State of Minnesota, (hereinafter called "Landlord") and PHIL LaMERE, d/b/a BARBER STYLISTS, a sole proprietorship, (hereinafter called "Tenant"), WITNESSETH: That the Landlord, in consideration of the rents and covenants hereinafter mentioned, does hereby Demise, Lease and Let unto the Tenant, and the Tenant does hereby hire and take from the Landlord the following described premises located in the County of Hennepin and the State of Minnesota, viz: That portion of the premises located at 2800 Kenzie Terrace consisting of approximately 605 square feet, in accordance with Exhibit A attached and made a part of. TO HAVE AND TO HOLD THE SAID PREMISES, without any liability or obligation on the part of said Landlord of making any alterations, improvements or repairs of any kind on or about the said premises save as provided herein, for the term of forty-eight (48) months commencing June 1, 1992, unless terminated at an earlier date as hereinafter provided, for the following purposes only to-wit: Offices for a barber shop and uses permitted under the zoning ordinances of the City of St. Anthony in the "C" General Commercial Business District, except those deemed by the Landlord to conflict with the municipal liquor operation. ARTICLE 1. RENT. Tenant will pay to Landlord at 3301 Silver Lake Road, St. Anthony, Minnesota 55418, or at such other address as may be designated by Landlord, without prior demand and without any deduction or set-off, annual rent in the amount of$3,540 payable in monthly installments of $295 each for the first Lease Year, and in subsequent Lease Years the amounts will be adjusted by the CPI Ratio, as defined in this Section. The annual rent for each Lease Year after the first Lease Year will be the annual rent for the preceding Lease Year multiplied by the CPI Ratio. In no event will the annual rent for any Lease Year be less than the annual rent for the preceding Lease Year. The annual rent for each Lease Year will be paid in equal monthly installments on the first day of each month. For purposes of this Lease, the term "CPI Ratio" means a fraction the numerator of which is the Consumer Price Index ("CPP') most recently published at commencement of the Lease Year in question and the denominator of which is thee most recently published CPI at commencement of the immediately preceding Lease Year.