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<br />LEASE AGREEMENT <br /> <br />This Lease Agreement (this "Lease") is made as of ,2007, by and between the <br />Economic Development Authority for the City of Elk River, Minnesota, a public body corporate and <br />politic and political subdivision of the State of Minnesota (the "Authority" or "Lessor"), and The Young <br />Men's Christian Association of Metropolitan Minneapolis, a Minnesota corporation with its principal <br />office located in Minneapolis, Minnesota ("YMCA" or "Lessee"). <br /> <br />RECITALS <br /> <br />WHEREAS, Lessor is leasing certain land located in the City legally described on attached <br />EXHIBIT A (the "Land") from the City of Elk River, Minnesota, a Minnesota municipal corporation (the <br />"City"), pursuant to the terms of a Ground Lease Agreement dated as of , 2007 (the <br />"Ground Lease"); and <br /> <br />WHEREAS, the Lessor intends to issue its General Obligation Recreational Facility Bonds, <br />(the "Bonds") as further described herein to (i) finance the design, construction and equipping of YMCA <br />facilities to be constructed by the Authority on the Land and operated by the Lessee; (ii) fund capitalized <br />interest on the Bonds; and (hi) finance a portion of the costs of issuance of the Bonds; <br /> <br />WHEREAS, Lessee and Lessor will cooperatively design the Facilities; and <br /> <br />WHEREAS, Lessor desires to sublease the Land and lease the Facilities, as further described on <br />EXHIBIT B attached hereto and made a part hereof, to Lessee. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties <br />hereto recite and agree as follows: <br /> <br />I <br />