11.07 - Bobber Water Tower Electricity

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LEASE 00-10� This Lease is made this / day of � , 1999 by and between the Pequot Lakes Chamber of Commerce (hereinafter referred to as "the Chamber"), Lessee, and the City of Pequot Lakes (hereinafter referred to as "the City"), Lessor. WITNESSETH, That the City in consideration of the rents and covenants hereinafter mentioned, to be paid and performed by the Chamber, does hereby lease to the Chamber the landmark Bobber Water Tower and all City owned property adjacent to it, including the building currently used as the Chamber office, and the pump house. Said property is more specifically described as follows: Lots 8 thru 11, Block 2, except the west 70 ft. of Lots 8 thru 11, Block 2, Second Addition to Cole's Plat of Pequot, Section 10, Township 136, Range 29 THIS Lease shall be for a term of 25 years, commencing on , 1999, and may be renewed by mutual agreement of the parties hereto. In the event that, during the term of the Lease, the Bobber Water Tower becomes structurally unsound as determined by the City, or uninsurable, this Lease shall terminate. THE RENT for the bobber water tower property shall be $150.00 per month, payable to the City on the of each month. The City agrees to use this rent payment to establish a fund which it can use to defray the cost of demolition of the Bobber Water Tower, whenever the City decides that demolition is appropriate. If any residue exists after demolition is completed and paid for, such residue shall be returned to the Chamber. THE CHAMBER will be responsible for all necessary maintenance and repairs to the leased premises including but not limited to building maintenance, lawn maintenance, snow removal and painting of the Bobber Water Tower. In the event the costs to maintain the Bobber Tower and/or building become excessive, the Chamber may request that the City determine whether the Bobber Tower and/or the building has become structurally unsound and in need of demolition, at which time this Lease shall re- negotiated. THE CHAMBER shall be responsible for obtaining property and liability insurance, in amount approved by the City, covering the leased property herein described. The required insurance shall include the City as a named insured.