4.5 SR 09-05-2023 - Laserfiche WebLink

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AMENDED AND RESTATED GROUND LEASE AGREEMENT THIS AMENDED AND RESTATED GROUND LEASE AGREEMENT (“Lease th Agreement”) is made on this 5 day of September, 2023, and is by and between the CITY OF ELK RIVER, a Minnesota municipal corporation, as Lessor, whose principal place of business is 13605 Orono Parkway, Elk River, Minnesota 55330 (“Lessor” or “City”), and the BOYS AND GIRLS CLUBS OF THE TWIN CITIES, a Minnesota nonprofit corporation, as Lessee, whose principal place of business is 690 Jackson Street, St. Paul, Minnesota 55130 (“Lessee”). RECITALS th A. The City is the fee owner of that certain real property located at 905 – 6 Street Northwest, in the City of Elk River, County of Sherburne, State of Minnesota (PID: 75-134-2309), which is legally described as set forth in Exhibit A (the “Leasehold Property”); B. The City entered into that certain Ground Lease Agreement between the City and the Boys & Girls Club of the North Star, a Minnesota nonprofit corporation (f/k/a Boys & Girls Club of Elk River, Inc.) (the “Original Lessee”), dated March 16, 1999 (the “Original Lease”); C. The Original Lease was for a term of thirty (30) years, with the option for two (2) additional consecutive 10-year terms if certain conditions are met; D. Contemporaneous with the Original Lease, the City and the Original Lessee entered into that certain Memorandum of Ground Lease Agreement, which was recorded in the Office of the Sherburne County Recorder on March 24, 1999, as Document No. 386072; E. Contemporaneous with the Original Lease, the City granted to the Original Lessee an easement for parking and access purposes, which Parking and Access Easement was recorded in the Office of the Sherburne County Recorder on March 24, 1999, as Document No. 386073 (the “Easement Agreement”); F. Pursuant to the Original Lease, the Original Lessee constructed on the Property the improvements described and authorized in the Original Lease, and has occupied the Property and such improvements continuously since the commencement of the Original Lease; G. The Original Lessee and Lessee will enter into an Asset Transfer Agreement (the “Asset Transfer Agreement”), pursuant to which the Original Lessee will agree to assign, and Lessee will agree to assume, the Original Lessee’s right, title, and interest in and to the Original Lease and the Easement Agreement; H. As the successor in interest to the Original Lessee, Lessee intends to be bound to all the obligations, covenants, rights, and privileges of the Original Lease, as amended by this Lease Agreement; and I. Because certain obligations, covenants, rights and privileges of the Original Lease have been satisfied or have become moot, the City and Lessee wish to amend and restate the Original Lease, and replace it in its entirety with this Lease Agreement. 1 2067394.0015/184093281.2