5. HRSR 12-03-2007 - Laserfiche WebLink

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LEASE AGREEMENT THIS LEASE AGREEMENT (the "Lease") is made and is effective as of this day of , 200_. The parties to this Lease are The Housing and Redevelopment Authority in and for the City of Elk River, a body corporate and politic under the laws of the state of Minnesota (hereinafter referred to as "Landlord"), and Elk River Area Arts Alliance, a Minnesota non-profit corporation (hereinafter referred to as "Tenant"). WITNESSETH: 1. LEASED PREMISES. Landlord owns the property legally described as the East 39 and %2 feet of the South 119 feet of Lot 3, Block 2, Village of Elk River, Sherburne County, Minnesota (the "Property") and the building located thereon which has a street address of 716 Main Street, Elk River, Minnesota (the Building"). The property subject to this lease is all of the interior space in the Building, except for the approximately 225 feet of storage space on the main level and 3,000 square feet of storage space on the lower level depicted on Exhibit A that Landlord leases to First National Financial Services, Inc. pursuant to a lease dated October 20, 2006, and the exterior portions of the Property (collectively, the "Leased Premises"). 2. DEMISE AND PREMISES. Landlord hereby leases the Leased Premises to Tenant and Tenant hereby leases the Leased Premises from Landlord for the term and upon the conditions herein provided. Tenant accepts the Leased Premises in their "AS IS" condition and without any warranties with respect thereto, express or implied, from Landlord. 3. TERM AND TERMINATION. The term of this Lease Agreement commences on January 1, 2008 and expires on December 31, 2010 (the "Expiration Date"); provided that this Lease Agreement is subject to termination prior to the Expiration Date as provided herein. 4. RENT. Tenant shall pay to Landlord rent of $1.00 for the entire term the receipt of which Landlord hereby acknowledges. 5. REAL ESTATE TAXES. Based on conversations with the Sherburne County Assessor, it is Landlord's understanding that the Property is exempt from ad valorum real estate taxes and that Tenant is not subject to taxes in lieu of real estate taxes under Minn. Stat. Section 272.01 Subd. 2(a). Landlord makes no representations or warranties regarding real estate or other taxes and if the Property becomes subject to real estate taxes that are due and payable during the term or if Tenant becomes subject to taxes in lieu of real estate taxes under Minn. Stat. Section 272.01 Subd. 2(a), Tenant shall be obligated to pay or reimburse Landlord for all such taxes, provided that if Tenant reasonably determines that the Property or Tenant are or will be subject to any such taxes, Tenant may terminate this lease by written notice to Landlord. 6. USE. Tenant may use the Leased Premises for its administrative offices, an art gallery with sales of art by Tenant's members, small meetings and arts programming including lectures, recitals and workshops (this may include daytime programming for seniors, after school programming for young adults and weekend programming for families), and receptions for visiting artists and performers as well as Tenant's own events and for no other purpose without 2109788v3