03.06 - Memorandum of Lease for City Hall Property

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MEMORANDUM OF LEASE The parties to this Memorandum of Lease dated January_, 2008 (the"Memorandum") are AMERICAN NATIONAL BANK OF MINNESOTA (the "Lessor") and the CITY OF PEQUOT LAKES, MINNESOTA (the "Lessee"). The Lessor and the Lessee have entered into a Lease-Purchase Agreement dated as of February 27, 2004 (the "Lease") under the terms of which the Lessor has leased to the Lessee the real property and improvements located thereon located on the real estate legally described on the attached Exhibit A(the"Premises"). The Commencement Date of the Lease is February 27, 2004 and, unless earlier terminated, the Term of the Lease expires on March 1, 2020. The Lessee has an option to purchase the Premises pursuant to terms and conditions set forth in the Lease. The Lessor and the Lessee are executing and recording or filing, as the case may be, this Memorandum to comply with Minnesota Statutes Section 507.34 and to provide record notice of the Lease. This Memorandum is not intended, and shall not be construed, to define, limit or modify the Lease. For information regarding the terms of the Lease, parties should refer to the Lease, a copy of which is in the possession of both the Lessor and the Lessee. IN WITNESS WHEREOF, this Memorandum has been executed by Lessor and Lessee as of the date and year first above-mentioned. 2133870v1