4.5 SR 05-16-2022 - Laserfiche WebLink

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04.27.2022 SUB -LEASE THIS SUB -LEASE, dated as of this 27+h day of April, 2022, between iBackCheck, PLLC d/b/a iBackCheck Sport Therapy ("Landlord"), and TWO BROTHERS HOCKEY, LLC, ("Tenant"), witnesses the parties' agreement as to the following terms, conditions, covenants, and agreements. ARTICLE 1. DEMISED PREMISES "Demised Premises" means the designated and assigned 48 percent portion of the leased property that Landlord has originally leased from the City of Elk River (the "Property Owner"), located at 1000 School Street, in the City of Elk River, State of Minnesota. The leased property of the Landlord consists of 3,038 rentable square feet in the building known as the Community Center and located at 1000 School Street, Elk River, MN (the `Building"). The Building is part of the "Property" legally described and originally leased by the Property Owner pursuant to "Lease Agreement" (the "Lease"), a copy of which is attached as Exhibit A hereto and incorporated herein. This Sub -Lease is subordinate to the Lease, and all articles of this Sub - Lease are intended to abide by and conform to the terms and conditions of the Lease Further, the Demised Premises to be sub -let from Landlord to Tenant is depicted in the floor plan attached as Exhibit B hereto, and has been or will be approved and confirmed by Property Owner prior to commencement of term below. ARTICLE 2. TERM The term of this Sub -Lease commences upon the scheduled Closing Date of May 3, 2022, with the understanding that the first rent payment shall be due on August 1, 2022, and the Sub - Lease shall expire on July 31, 2024, subject to earlier termination in accordance with this Sub - Lease. The Tenant agrees to take the Demised Premises in its "AS IS" condition at the time of the anticipated delivery date from Property Owner to Landlord (currently scheduled for July 2022). Upon nearing the expiration of the term, the Tenant shall give a minimum of sixty (60) days advance written notice of any intent to extend the Sub -Lease and interest in entering into a new Sub -Lease agreement with the Landlord. Landlord shall have exclusive right to enter into new Sub -Lease negotiations and potential agreement with Tenant, or with another third party, or take over the entire Demised Premises. ARTICLE 3. BASE RENT During the first year of the term of this Sub -Lease, the monthly Base Rent for the demised property shall be Two Thousand One Hundred Eight �-Seven and 36�100 Dollars 2,187.26), i.e., $1.50/rentable square foot payable in advance on or before August 1, 2022, and thereafter on or before the first day of each and every month during the term, at the office of the Landlord.