12.03 - Chamber Building - Laserfiche WebLink

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t 'r � � �� TRAILSIDE BUYLDYNG LEASE AGREEMENT This LEASE is made on October 4, 2005 between the city of Pequot Lakes, 4638 County Road 11, Pequot Lakes, Minnesota 56472, (the landlora�, and the Brainerd Lakes Area Chambers of Comznerce, P.O. Box 208, Pequot Lakes, Minnesota 56472, (the Tenant). 1. The Landlord agrees to rent to the Tenant and the Tenant agrees to rent from the Landlord the following described property including the Trailside Buitdi.ng and the community sign located thereon: That part of the westerly 150.00 feet of the former Burlington Northern Railroad company's 250 foot wide Station Ground property at Pequot Lakes, Minnesota located on the Brainerd to Bemidji Branch Line right-of-way (now Paul Bunyan State Trail) located within the Northeast quarter of the Northeast quarter of Section 15, Township 136 North, Range 29 West, Crow Wing County, Minnesota, which lies southerly of the westerly extension of the southerly right- of-way line of Main Street as laid out and dedicated in COLE'S PLAT OF PEQUOT, and which lies northerly of the westerly extension of the centerline of Btrtler Street as laid out and dedicated in COLE'S PLAT QF PEQUOT; con#aining 1.2 acres, more or less. Subject to the right-of-way for Minnesota Trunk Highway No. 371. 2. The term of this lease will be from October 4, 2005, until August 31, 2014. If the Tenant continues to occupy the premises with the consent of the Landlozd, after the last day of the term a tenancy terminable by either party on not less than 120 days written notice shall be created, which shall be on the same terms and conditions as those herein specified. The rent shall be payable monthly in the sum of $788.39. Rent shall be payable by the Tenant to the.Landlord on the fifteenth (15�') day of each month. If any rental payment is not paid within ten (10} days of its due date, Tenant agrees to pay an additional late charge of five percent (5%) of the rental installment due and the late charge shal! increase by one percent per month for each month the payment is late. 4. When the building is paid in full by the Tenant, the Tenant sha11 have the option of purchasing the above described property for the purchase fee of $1.00. If the property is purchased by the Chamber the properly shatl be maintained for "public purpose" as stipulated in the Quit Claim Deed from the Depariment of Natural Resources to the City of Pequot Lakes dated Apri12, 1999.1n the event the building is no longer used for an information center operated by the Brainerd