4.5 SR 09-05-2023 - Laserfiche WebLink

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County Recorder on March 24, 1999, as Document No. 386072 (the “Original Memorandum”). This Agreement likewise amends, restates, and replaces the Original Memorandum so recorded. The terms of the Amended and Restated Ground Lease Agreement include, without limitation, the following: 1. Term of the Amended and Restated Ground Lease Agreement. The term of the Amended and Restated Ground Lease Agreement expires on March 15, 2030, which is thirty (30) calendar years from the date of the Original Lease (the “Term”). At the end of the Term, so long as no Event of Default has occurred and remains uncured pursuant to the Amended and Restated Ground Lease Agreement, Lessee shall have the right to extend the term of the Amended and Restated Ground Lease Agreement for two (2) consecutive periods of ten (10) years each (each, a “Renewal Term”). Lessee may exercise its right to so extend the Term by providing to the City written notice of Lessee’s intent to extend ninety (90) days prior to the expiration of the original Term of the original Ground Lease Agreement, and thereafter upon providing the City such written notice within ninety (90) days prior to the expiration of the first Renewal Term. 2. Rentals. The Amended and Restated Ground Lease Agreement is a net lease. The base rent for the entire Term is One Dollar ($1.00). Lessee is responsible for payment, as additional rent, of all costs and expenses of whatever character or kind, general and special, ordinary and extraordinary, foreseeable and unforeseeable, and of every kind and nature whatsoever that may be necessary in or about the operation of the Leasehold Property and Improvements. 3. Permitted Use. The permitted use of the Leasehold Property is restricted to use of the Improvements as a Boys and Girls Club for the education, recreation, and social development of the youth of the City of Elk River and the surrounding area. 4. Covenants Running with the Leasehold Property. The agreements and covenants set forth in the Amended and Restate Ground Lease Agreement are binding upon and inure to the benefit of and are enforceable by the City, its successors and assigns, and any successor in interest to the Leasehold Property, or any part thereof, against Lessee, its successors and assigns, and every successor in interest to the Leasehold Property, or any part thereof or any interest therein, and any party in possession or occupancy of the Leasehold Property or any part thereof, for the Term or any Renewal Term. 5. Assignment and Subletting. The City may convey its interest in the Leasehold Property without notice to or approval by Lessee, except as set forth pursuant to a contingent right of first refusal in Lessee to purchase the Leasehold Property which is in effect only in the event that the City has entered into a binding agreement to sell all of its right, title and interest in and to the Leasehold Property to a private, for-profit entity or organization or to an individual or individuals, which agreement provides that the sale of the Leasehold Property will be consummated during the Term or any Renewal Term. Lessee has no right of first refusal in connection with any offer or agreement regarding a transfer of part, but not all, of the City’s right, title or interest in and to the Leasehold Property, or any transfer of any part or all of the City’s right, title or interest in and to the Leasehold Property to a public body or state or federal political subdivision or agency, or any public or private nonprofit organization or entity, or any such transfer 2 2067394.0015/184093281.2