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CHAMBER OF COMMERCE - #2 <br /> LEASE 02 <br /> THIS LEASE is made this , ± day o 1994, by and <br /> r <br /> between the CITY OF ELK RIVER ("Landlo ") , and ELK RIVER AREA <br /> CHAMBER OF COMMERCE ("Tenant") . <br /> Landlord and Tenant, intending to be legally bound, hereby <br /> covenant and agree as follows: <br /> ARTICLE 1. <br /> PREMISES <br /> Landlord does hereby lease, demise, and let unto Tenant, and <br /> Tenant does hereby hire and take from Landlord, upon the terms <br /> and conditions set forth herein . (the Lease) , that certain parcel <br /> of real property situated in Sherburne County, Minnesota, legally <br /> described on Exhibit A attached hereto and incorporated herein by <br /> reference (the Land) , subject to all easements and rights-of-way <br /> of record, together with all structures thereon and all <br /> appurtenances thereto (the Improvements) , all of which Land and <br /> Improvements are hereinafter referred to as the Premises . <br /> Tenant hereby agrees to accept the Premises in its "AS IS" <br /> condition, Landlord makes no warranties or representations <br /> concerning the condition of the Premises or any equipment or <br /> fixtures located therein. <br /> ARTICLE 2 . <br /> TERM <br /> f <br /> 2 .1) The term of th Lease shall commence o / , <br /> 1994, and terminate o / , 2009 (the nitial Term) , <br /> unless sooner terminated as provided herein. <br /> 2 .2) Provided the Lease is in full force and effect and <br /> Tenant is not in default of any of the terms or conditions of the <br /> Lease, Tenant shall have an option to renew the Lease (the <br /> Renewal Option) upon the same terms and conditions contained <br /> rein, for one period of five (5) years commencing <br /> % , 2009, and terminating / <br /> M14. The Renewal Option shall be exerci ed, if at all, by <br /> Tenant giving Landlord written notice thereof at least sixty (60) <br /> days prior to expiration of the Initial Term. The "Initial Term" <br /> and the "Renewal Option" are collectively referred to herein as <br /> the "Term. " A "Lease Year" shall mean each calendar year, in <br /> whole or in part, during the term. <br /> 2 . 3) At the time of the execution of this Lease, Tenant <br /> desires to remain in the Premises for one (1) additional period <br /> of five (5) years commencing upon the expiration of the Renewal <br /> Option. Provided the Lease is in full force and effect, Tenant <br />