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1 2024 FARM LEASE AGREEMENT THIS AGREEMENT (the “Agreement” or “Lease”) is made and entered into this 1st day of April 2024 by and between the City of Pequot Lakes (the “Landlord” or “City”) and Swenson Aggregate & Construction, LLC/Charlie Swenson (the “Tenant”) and shall replace and supersede any previous agreements. Witnessed, that said Landlord, in consideration of the rents and covenants hereinafter mentioned to be paid and performed by Tenant, does hereby demise, lease, and let unto Tenant, and Tenant does hereby hire and take from the Landlord the following described premise situated in the County of Crow Wing, State of Minnesota, to wit: 1. Property Description: The property is legally described as follows (the “Premises”): Legal Description attached hereto and incorporated herein by reference as Exhibit A. 2. Term of Lease: This lease is for a term commencing April 1st, 2024, and terminating December 31, 2024. 3. Rent: Tenant shall pay annually to Landlord the sum of One Thousand Four Hundred Thirty-Two dollars and Forty cents ($1,432.40) due on the 1st of May as rent for the above- described Premises, for and during the full term of this lease. If payment is not received by the Tenant within thirty (30) days of the City’s invoice, no crop can be planted or harvested, and this Agreement will become null and void without any further action by Landlord. 4. No Partnership Intended: It is particularly understood and agreed that this Lease shall not be deemed to be, nor intended to give rise to, a partnership agreement between the parties. 5. Crops, Irrigation and Conditions of Lease: a. Tenant agrees to till and put in a crop on the Premises and the Tenant is responsible to maintain said crops, at Tenant’s own cost, for the length of the Lease. b. Tenant agrees to cultivate the Premises in a careful and husband-like manner, and to protect all crops from injury and waste, and to cut no green trees and to commit no waste or damage on the Premises and to suffer none to be done; and to keep up and maintain in good repair all buildings, fences and other improvements on the Premises unless specifically agreed otherwise herein. Furthermore, the Tenant will be responsible for any repair and replacement costs of the Premises that Tenant damages. c. The Tenant is also to destroy all Russian Thistles and other noxious weeds growing on the Premises, declared by statute to be common nuisances, within the time