8.1. SR 04-18-2016 - Laserfiche WebLink

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. 880742 "11,EIIE E CEPUTY '90 MR 24 P11 1 48 12 MEMORANDUM OF GROUND LEASE AGREEMENT THIS MEMORANDUM OF GROUND LEASE AGREEMENT is made on the day of NC-CCL, , 1999, by and between THE CITY OF ELK RIVER, a public body corporate and politic under the laws of the State of Minnesota ("Lessor") and THE BOYS AND GIRLS CLUB OF ELK RIVER, INC., a nonprofit corporation ("Lessee"). Lessor and Lessee have, on �:,-�.1, t> ,/S 5 S' , entered into a Ground Lease Agreement pursuant to which Lessor has leased to Lessee the real property described below located in the City of Elk River, County of Sherburne, State of Minnesota: That part of the North 95.00 feet of the South 420.00 feet, lying west of a line 495.00 feet west of, and parallel with, the centerline of Jackson Avenue (formerly known as "old Highway No. 169" and State Trunk Highway No. 201), and lying east of a line 713.00 feet west of, and parallel with, said centerline of Jackson Avenue; all as measured at right angles, and all being part of the Southwest Quarter of the Northwest Quarter of Section 34, Township 33, Range 26, Sherburne County, Minnesota (the"Leasehold Property"). The terms of said Ground Lease Agreement include, without limitation, the following: 1. Term of the Lease. The term of the Lease expires thirty (30) calendar years from the date of the Ground Lease Agreement; provided, however, that so long as no Event of Default has occurred and remains uncured pursuant to the Ground Lease Agreement the Lessee shall have the right to extend the term thereof for two (2) consecutive periods of ten (10) years each by providing to Lessor written notice of Lessee's intent to extend ninety (90) days prior to the expiration of the original term of the Ground Lease Agreement, and thereafter upon providing Lessor such written notice within ninety (90) days prior to the expiration of the first extension of said term. BURNIS 586141.2 -1-