Laserfiche WebLink
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 13,186 <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 renewel 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 $1.85/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 /> Ash "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 $1.85 per sf or $1,509.14 per month. <br /> 2) In addition to the above term, the EDA will lease Suite 120 until May <br /> 20`h, 2003, which is thirty-six days beyond the end of the second renewal <br /> term at $1.85 per sf or $349.50 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 DA <br /> HL'L swirl<►�.w�:� <br /> Larry Hic man 'moi! si„ <br /> it.e"' <br /> Ps"Executive Director <br />