7.0. EDSR 02-14-2005 - Laserfiche WebLink

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AMENDMENT TO LEASE rag 74 HIS AMENDMENT TO LEASE ("Amendment") is made this /3 day of • , 2001 by and between the City of Elk River Economic DeveltYpment Authority ("EDA") and Larry Hickman ("Hickman"). A. The EDA and Hickman entered into a lease agreement ("lease") dated March 18, 1997, included as Attachment I, for the period of April 15, 1997 to April 14, 1999 for 13,186 sf of space at 16820 Highway 10, Elk River, Minnesota for the purpose of establishing a business incubator. The lease was renewed under the provisions stated therein for the period of April 15, 1999 to April 14, 2001 ("first renewal term"). The lease was again renewed under the same provisions for the period of April 15, 2001 to April 14, 2003 ("second renewal term"). B. On the above date the EDA and Hickman entered into this agreement to amend the lease according to the following terms: 1) The EDA will lease 7522 sf, identified as Suites 130, 140, 230, 240 and commons area, and illustrated in Attachment II, for the remainder of the second renewal term at $1.85 per sf or $1159.64 per month. • 2) The EDA is released from its obligation to lease suites 110 and 120, as identified in Attachment II, for the remainder of the second renewal term. Hickman agrees to offer the EDA the first right of refusal to lease suites 110 and/or 120 at $1.85/sf prior to leasing either or both suites to a third party. 3) The terms as amended shall take effect the 15th day of September, 2001. C. All provisions of the original lease regarding the second renewal term, the Repayment Agreement, and the Memorandum of Understanding will retain their full force and effect, except when and where amended by this or other documents. This amendment shall not preclude the EDA from renewing the lease under the conditions of the third renewal term, include suites 110 and 120 if available, as stated in the original lease. City of Elk River EDA Ly Hi man . ,_, t • is Executive Director