8.0. EDSR 04-11-2005 - Laserfiche WebLink

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COPY' LAP2 TECHNOLOGY CORPORATION • SUBLEASE 2003 THIS SUBLEASE, made this 22nd day of September 2003 by and between the City of Elk River Economic Development Authority, a Public Body Corporate and Politic (hereinafter called "Sublessor"), and Lap2 Technology Corporation., a Minnesota Corporation, (hereinafter called "Sublessee"); WITNESSETH,THAT: WHEREAS, Sublessor has leased certain space in an office/industrial complex known as the Elk River Business Incubator and located at 16820 Highway 10 in the City of Elk River, for the purpose of supporting the development and growth of high technology companies in the City of Elk River. Such space being leased by Sublessor shall be referred to herein as the "Elk River Business Incubator." WHEREAS, Sublessor is leasing the Elk River Business Incubator pursuant to the terms and conditions of that certain lease (hereinafter called "Prime Lease") dated March 18, 1997, between Larry Hickman (hereinafter called "Landlord"), as landlord, and Sublessor, as lessee, a true and correct copy of which is attached hereto as Exhibit A and made a part hereof. WHEREAS, Sublessee desires to lease the space (1,041 sq. ft., Suite 130) in the Elk River • Business Incubator designated on Exhibit B attached hereto and made a part hereof (hereinafter called the "Subleased Premises") and Sublessor desires to sublease the Subleased Premises to Subles see. NOW, THEREFORE, in consideration of the rents to be paid and the covenants to be performed by the Sublessee as hereinafter set forth, Sublessor does hereby demise and sublease the Subleased Premises to the Sublessee, and Sublessee does hereby hire and take the Subleased Premises from Sublessor upon the terms and conditions hereinafter set forth. (1) Assumption of Obligations. Except as may be herein otherwise specifically provided, Sublessee shall have all the rights and privileges and assume and agree to keep, obey and perform all of the obligations, restrictions and conditions, agreements and covenants of the Sublessor as lessee under the Prime Lease as fully and to the same extent as if the provisions of the Prime Lease were set forth herein. Sublessee hereby accepts the demise and Sublease of the Subleased Premises expressly subject to all of the terms, covenants and conditions set forth in the Prime Lease, and agrees to comply with all of the terms, covenants and provisions thereof. Any failure by Sublessee to perform such duties, liabilities and obligations under the Prime Lease shall also be a default under this Sublease. (2) Rent and Other Charges. In consideration of the aforesaid subleasing, Sublessee covenants and agrees to pay to the Sublessor, without setoff or deduction whatsoever, except as set forth herein, cash rent in the amount of$260.25 per month payable on the first day of each month • during the Term of September 22, 2003, to September 22. 2004, unless otherwise agreed to. Additional non-cash rent in the form of stock is due pursuant to the Memorandum of 1