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PARKING LOT LEASE AGREEMENT
<br />THIS LEASE AGREEMENT ("Agreement") is made on the day of
<br />, 2024, ("Effective Date") by and between the CITY OF ELK RIVER, a
<br />Minnesota municipal corporation, 13065 Orono Parkway, Elk River, MN 55330 ("City"), and
<br />GLG Elk River, LLC, a Minnesota limited liability company, 5715 Blaine Avenue East, Inver
<br />Grove Heights, MN 55076 ("Lessee").
<br />WHEREAS, the City is the owner of real property in the City of Elk River, Sherbune
<br />County, Minnesota, Parcel ID No. 75-00596-0020, which is currently a public parking lot ("Lot");
<br />WHEREAS, Lessee is owner of property at 906 Highway 10, Elk River, MN 55330, Parcel
<br />ID No. 75-00407-0030 ("Lessee Property") from which it operates Spikes & Houles Feed, Seed
<br />and Pet Supply store;
<br />WHEREAS, Lessee seeks additional space for a temporary green house, product display,
<br />and additional customer parking ("Commercial Purposes") contemplated adjacent to the Lessee
<br />Property; and
<br />WHEREAS, the Lessee desires to rent approximately 10,500 SF of the Lot from the City,
<br />as identified on Exhibit A ("Premises"), and the City desires to lease the Premises to the Lessee
<br />for Commercial Purposes.
<br />NOW, THEREFORE, the City and Lessee agree as follows:
<br />1. LEASE OF PROPERTY. The City, in consideration of the rent, terms, and conditions of
<br />this Agreement, does hereby exclusively lease unto Lessee, and Lessee does hereby rent, lease,
<br />hire, and take from the City, subject to the terms and conditions of this Agreement, the Premises.
<br />Lessee takes and rents the Premises from the City "as is" and "where is" without any liability or
<br />obligation on the part of the City to make any alterations, improvements, or repairs of any kind or
<br />nature, on or about said Premises.
<br />2. TERM. The initial term of this Agreement ("Initial Term") shall be for a period of 3 years,
<br />commencing on April 1, 2024, and ending on March 31, 2027.
<br />3. RENT. Lessee hereby agrees to pay rent in the sum of Six Thousand and 0/100 Dollars
<br />($6,000.00) per year for the Premises, payable on the first day of the month in monthly installments
<br />of $500.00.
<br />4. INSURANCE.
<br />A. Lessee agrees to obtain and maintain during the term of this Lease the following
<br />insurance coverage:
<br />1. Worker's Compensation. The Lessee must maintain Workers'
<br />Compensation insurance in compliance with all applicable statutes, rules, and regulations.
<br />The policy shall also provide Employer's Liability coverage with limits of not less than
<br />2299570
<br />Page 39 of 229
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