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T,. TRAILSIDE BUILDING LEASE AGREEMENT This LEASE is made on June 7,2005 between the city of Pequot Lakes,4638 County Road 11,Pequot Lakes,Minnesota 56472,(the landlord),and the Brainerd Lakes Area Chambers of Commerce,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 Building 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 Butler Street as laid out and dedicated in COLE'S PLAT OF PEQUOT; containing 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 June 7,2005,until August 31,2014.If the Tenant continues to occupy the premises with the consent of the Landlord,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. 3. 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`s)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 shall increase by one percent per month for each month the payment is late. Deleted:4..Wben the building is paid in full by the Tenant,the Tenant shall --------------------------------------------------- have the option of purchasing the above described property for the purchase fee of 4. The rent shall be payable monthly in the sum of$788.39.Rent shall beayable b}� $l.00.Iftheproperty;spurchasedbythe F_________ _______________________ ____ - -------------------m-------------------------------- - Chamber the Property shall be maintained the Tenant to the Landlord on the twentieth(20 )day of each month,beginning for"public purpose"as stipulated in the on June 20`s.If any rental payment is not paid within five(5)days of its due date, Quit Claim Deed from the Department of Tenant agrees to pay an additional late charge of five percent(5%)of the rental i'�da�Resources eity ofPequot April 2,1999.' installment due. ` Deleted:5