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<br />FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) <br /> <br />(WED) 10.13' 99 16:49/8T. 16:48/NO. 4261218975 P 2 <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />LEASE AGREEMENT <br /> <br />This lease agreement ("Lease''), made on this day of .' , <br />1999, by and between the CITY OF ELK RIVER, a Minnesota municipal corporation ("City"), <br />and , a Minnesota. non-profit corporation ("BMX") <br /> <br />RECITALS <br /> <br />City is the owner of certain unimproved land, legally described as set forth on Exhibit A <br />attached hereto and made a part hereof ("Property"). <br /> <br />BMX desires to lease the Property from the City, for the purpose of constructing, <br />maintaining and operating a non-motorized track for BMX bicycles and related <br />improvements including parking facilities and fencing (hereafter '"Bicycle Track"). <br /> <br />City is willing to lease the Property to BMX for the construction and operation of the <br />Bicycle Track, subject to the terms and conditions of this Lease. <br /> <br />NOW, THEREFORE. the parties hereto for good and valuable consideration, receipt of <br />which is acknowledged, hereby agree as follows: <br /> <br />1. Lease of Property: The City does hereby demise, let, and lease the Property to BMX <br />under and according to the terms and conditions of this Lease. <br /> <br />2. Ownership and Property Use: The o\Wership of the Property shall remain with the <br />City. The Property shall be used by BMX solely and exclusively for the operation of a Bicycle <br />Track subject to the further terms and conditions of this Lease. <br /> <br />3. Term of Lease: The term oftbis Lease shall be for (5) five years, commencing on <br />the date set forth above subject to: (a) the right of either party, at any time, to terminate this <br />Lease pursuant to Paragraph 22 hereof prior to the end of the Lease term; and (b) the right of the <br />parties to mutually agree to renew this Lease. <br /> <br />4. Rent: BMX shall pay as and for rent to the City, the sum of$1.00 for the term of this <br />Lease. <br /> <br />S. Non-Transfenble: BMX shall not sell, transfer, convey, or assign its interest in this <br />Lease, or sublet any part of the Property, without the prior, written consent ofllie City, which <br />consent may be withheld by the City for any reason, at the City's sole discretion. <br /> <br />6. Exclusivity: 8MX shall have the exclusive use of the Property for the operation of <br />the Bicycle Track during the term of the Lease. City shall not grant permission to other groups <br />or organizations to use the Property without the written permission of BMX. <br /> <br />7. Insurance: BMX shall procure at its expense and maintain in full force and effect at <br />all times during the term of this Lease a policy of liability insurance naming the City as an <br />additional insured and which contains liability limits for both bodily injury and/or death of six <br />