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ITEM 8. <br /> FINAL <br /> 11111LEASE <br /> eti/ -Tenant Building) <br /> THIS LEASE, made as of the / 8 day of ('I , 1997, by and between <br /> Larry Hickman,hereinafter called "Landlord" and City of Elk River Economic <br /> Development Authority, a Public Body Corporate and Politic,hereinafter called "Tenant." <br /> ARTICLE I. - BASIC TERMS <br /> 1.01 (A) Address of Landlord: 12888 - 187th Circle NW <br /> Elk River, MN 55330 <br /> or such other address as may from time to time be designated by Landlord in writing. <br /> (B) Address of Tenant: Elk River City Hall <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> or such other address as may from time to time be designated by Tenant in writing. <br /> (C) Premises: Approximately 13,186 square feet of space in the Building as shown on <br /> • Exhibit "A" attached hereto. <br /> (D) Building: The building in which the Premises is located, the common address of <br /> which is 16820 Highway 10, consisting of approximately 28.000 square feet, together <br /> with the land, and any parking areas, walkways, landscaped areas and other <br /> improvements appurtenant thereto. The legal description of the parcel of real estate <br /> on which the Building is situated is attached hereto as Exhibit "B". <br /> (E) Term: The period of time commencing April 15. 1997 and expiring April 14. 1999 <br /> unless sooner terminated as set forth herein or extended as provided in Article III <br /> hereof. <br /> (F) Rent: All sums, moneys or payments required to be paid by Tenant to Landlord <br /> pursuant to this Lease. <br /> (G) Base Rent: $39.558 for the Term($1.50 per square foot),payable as follows: <br /> (1) $19,779 per annum ($1.648 per month) for the period from April 15. 1997 <br /> through April 14, 1998; <br /> (2) $19.779 per annum ($1.648 per month) for the period from April 15. 1998 <br /> through April 14, 1999; <br /> • <br /> 1 <br />