11.02 - Pequot Lakes Historical Society Lease of Cole Bldg

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NO LEASE AGREEMENT A Pr' I , Z009 . THIS LEASE AGREEMENT is made this day of Nevembe r e aFA ei-1"°�, by and between The City of Pequot Lakes, 4638 County Road 11, Pequot Lakes, MN 56472 (hereinafter called "Lessor "), and the Pequot Lakes Historical Society, a non - profit corporation under the laws of the State of Minnesota (hereinafter called "Lessee "). WITNESSETH: That Lessor, for valuable consideration hereinafter contained, hereby leases unto Lessee, its successors and assigns, and Lessee hereby takes and hires the premises situated in Pequot Lakes, Minnesota, commonly known as The Cole Memorial Building, Lower Level, 100 Tower Square, Pequot Lakes, MN 56472 (hereinafter referred to as the "Premises "). 1. Term. This lease shall be for a term of twenty -five (25) years, which shall commence on September , 2008, with one (1) twenty -five (25) year renewal option, which may be exercised by the Lessee upon a 120 day advanced written notice to Lessor and upon having mutually agreed to any term and condition modifications as deemed appropriate. 2. Rent. Lessee shall pay to Lessor as, and for, Base Rent for the Premises One Dollar ($1.00) per year. In addition, Lessee is responsible for insuring the Premises for property damage and public liability, in which the limits of public liability shall not be less than $1,000,000 per person and $1,000,000 per accident and in which the property damage liability shall not be less than $100,000. The policy shall name the Lessor as an additional insured and shall contain clauses that losses shall be payable not withstanding any act or negligence of the insured which might otherwise result in forfeiture of said insurance, and that the insurer will not cancel or change the insurance without first giving Lessor thirty (30) days prior written notice. 3. Use of Premises. Lessee may use the Premises for any lawful purpose. Lessee shall not perform any acts or carry on any practices which may damage the Premises and shall keep the Premises under its control, including sidewalk adjacent to the Premises and loading areas allocated for the use of Lessee, clean and free of rubbish and dirt at all times, and shall store all trash and garbage within the Premises and arrange for the regular pick -up and cartage of such trash and garbage at Lessee's expense. 4. Quiet Enjoyment. Lessor covenants that Lessee, on the performance of the terms and conditions of this Lease, shall and may peaceably and quietly have, hold and enjoy the Premises for the term aforesaid. 5. Alterations or Improvement of Premises. Lessee may not alter, renovate or improve the Premises without the prior written consent of Lessor and any and all modifications, including, but not limited to, lighting fixtures, shall be subject to the approval of the City of Pequot Lakes, prior to the installation of said modifications and/or installation of fixtures. Any alterations, additions and improvements which may be made or installed by the Lessee shall remain upon the Premises and at the termination of this Lease shall be surrendered with the 1