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AMENDMENT TO LEASE <br /> THIS AMENDMENT TO LEASE ("Amendment") is made this 20th day of <br /> • May , 2002 by and between the City of Elk River Economic Development <br /> Authority ("EDA") and Larry Hickman ("Hickman"). <br /> A. The EDA and Hickman entered into a lease agreement ("lease") dated <br /> March 18, 1997 for the period of April 15, 1997 to April 14, 1999 for 13,136 <br /> sf of space at 16820 Highway 10, Elk River, Minnesota for the purpose of <br /> establishing a business incubator. <br /> The lease was renewed under the provisions stated therein for the period of <br /> April 15, 1999 to April 14, 2001 ("first renewal term"). The lease was again <br /> renewed under the same provisions for the period of April 15, 2001 to April <br /> 14, 2003 ("second renewal term"). <br /> The EDA and Hickman agreed to an amendment dated September 1, 2001 <br /> of the above mentioned "second renew-el term" which released the EDA <br /> from its obligation to lease suites 110 and 120. Hickman agreed to offer the <br /> EDA the first right of refusal to lease suites 110 and/or 120 at'sf prior <br /> to leasing either or both suites to a third party. <br /> B. On this day of May 20, 2002 the EDA and Hickman agree to amend the <br /> "second renewal term" according to the following terms: <br /> • 1) The EDA will lease 9,789 sf, identified as Suites 120, 130, 140, 230, 240 <br /> (as identified in Attachment I) and commons area for the remainder of <br /> the second renewal term at_per sf or111111111iiper month. <br /> 2) In addition to the above term, the EDA will lease Suite 120 until May <br /> 206, 2003, which is thirty-six days beyond the end of the second renewal <br /> term at aper sf or per month. <br /> 3) The terms as amended shall take effect the 20th day of May, 2002. <br /> B. All provisions of the original lease regarding the second renewal term, the <br /> Repayment Agreement, and the Memorandum of Understanding will retain <br /> their full force and effect, except when and where amended by this or other <br /> documents. This amendment shall not preclude the EDA from renewing <br /> the lease under the conditions of the third renewal term, including suites <br /> 110 and 120 if available, as stated in the original lease. <br /> City of Elk River EDA <br /> Ct <br /> ( /7,1-" A/ <br /> iLry Hickman- s I re{ elent <br /> d‘)./ <br /> s Executive Director <br />