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LEASE AGREEMENT <br />(Office and Storage Space) <br />THIS LEASE AGREEMENT is made this day of <br />199 by and between the CITY OF ELK RIVER, a municipal <br />corporation under the laws of the. State of Minnesota ("Lessor") and <br />the ELK RIVER YOUTH HOCKEY ASSOCIATION, a non-profit corporation <br />under the laws of the State of Minnesota (".Lessee"). <br />,~ <br />In consideration of their respective promises herein <br />contained, and of other good and valuable consideration, the <br />receipt of which each party hereby acknowledges, the parties hereby <br />agree with each other as follows: <br />1. Premises. Lessor does hereby Lease to Lessee a portion <br />of an ice arena located at 1000 School Street, in the City of Elk <br />River, County of Sherburne, and State of Minnesota (the "Ice <br />Arena"). The Ice Arena is located on the real property legally <br />described on Exhibit A attached hereto. That portion of the Ice <br />Arena being leased hereunder is cross-hatched on the drawing <br />attached hereto as Exhibit B (the "Leased Premises"). <br />2. Term. The Lease term shall commence on January 1, 1997 <br />and shall continue through and until December 31, 2013, unless <br />earlier terminated as herein provided. <br />3. Use. Lessee shall use and permit use of the Leased <br />Premises for office purposes and for storage of equipment used or <br />to be used at events being conducted in the Ice Arena. Lessee <br />shall not damage or deface any part of the Leased Premises or <br />permit the same. <br />4. R n Lessee shall pay to Lessor at City Hall, or at <br />such other place, as Lessor designates during the term of this <br />Lease, as rent for the Leased Premises, the following amounts: <br />(a) During the first five lease years: $10,000.00 per <br />year. <br />(b) During each year thereafter: $1.00 per year. <br />(c) Payment of Rent. <br />annual basis, on March 1 of each <br />effect. <br />5. Insurance. Lessee shal <br />and effect during the term of this <br />expense, insurance against loss or <br />The rent shall be paid on an <br />calendar year this lease is in <br />1 obtain and keep in full force <br />Lease, at Lessee's sole cost and <br />damage to any property of Lessee <br />DXB 136770 <br />