5.0. 6.0. EDSR 03-08-1999 - Laserfiche WebLink

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AL • WATERMARK,LLC. SUBLEASE THIS SUBLEASE, made this,2o day of /142't - 199 j , by and between the City of Elk River Economic Development Authority, a Public Body Corporate and Politic (hereinafter called "Sublessor"), and Watermark, LLC., a Minnesota Limited Liability 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 1,493 square feet of space 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 Sublessee. WHEREAS, Sublessee desires to utilize the Subleased Premises for office, administration, marketing,research and development, and light assembly activities. 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 eda/doc/wateleas 1