7.0. EDSR 02-14-2005 - Laserfiche WebLink

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AMENDMENT TO LEASE • THIS AMENDMENT TO LEASE ("Amendment") with an effective date of the 15th day of April 2004 by and between the City of Elk River Economic Development Authority("EDA") and Larry Hickman ("Hickman"). A. The EDA and Hickman entered into a lease agreement("lease") dated March 18, 1997 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"). The EDA and Hickman agreed,to an amendment dated September 1,2001 of the above mentioned"second renewel term"which released the EDA from its obligation to lease suites 110 and 120. Hickman agreed 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. B. On May 20,2002, the EDA and Hickman agreed to further amendments to the"second renewal term"including: the rental of Suites 120, 130, 140, 230, 240 and commons area for the remainder of the second renewal term at$1.85 per sf and an additional thirty-six day period for the rental of Suite 120 beyond the end of the second renewal term at $1.85 per sf or$349.50 per month. C. On January 12,2003,the EDA and Hickman agreed to the following terms for the • ("third renewal term"): 1) The EDA will lease 7,037 square feet,identified as Suites 120, 130& 140 and the commons area for two years beginning on April 15,2003 to 2005 at$2.10 per square foot or$1,231.48 per month. 2) On today's date,April 15,2004, the EDA and Hickman agree to a further amendment of the "third renewal term"and identified in Attachment I to include Suites 120, 130 and 240 and the commons area for one year beginning on April 15, 2004 to 2005 at$2.10 per square foot or$1,167.08 per month. Suite 140 is excluded from this "third renewal term". 3) In addition to Hickman's obligations to maintain the premises as specified in the lease,Hickman agrees to clean and maintain the interior common areas including the conference room,restrooms,hallways and other common areas. All provisions of the original lease,as amended, the Repayment Agreement, and the Memorandum of Understanding will retain their full force and effect except when where amended by this or other documents. ] 1 S atrr _ l ie y arry.''ckrrn Ir • /�s/r/l2Q �/ Its Executive Director