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L <br /> LEASE <br /> This Lease is made this_ day of , 1999 by and between the Pequot <br /> Lakes Chamber of Commerce(hereinafter referred to as"the Chamber"),Lessee, and the <br /> City of Pequot Lakes(hereinafter referred to as"the City"),Lessor. <br /> WU NES SETH, That the City in consideration of the rents and covenants hereinafter <br /> mentioned,to be paid and performed by the Chamber, does hereby lease to the Chamber <br /> the landmark Bobber Water Tower and all City owned property adjacent to it including <br /> the building currently used as the Chamber office, and the pump house. Said property is <br /> more specifically described as follows: <br /> Lots 8 thru 11,Block 2, except the west 70 ft. of Lots 8 thru 11,Block 2, Second <br /> Addition to Cole's Plat of Pequot, Section 10, Township 136,Range 29 <br /> THIS Lease shall be for a term of 25 years, commencing on , 1999, and may be <br /> renewed by mutual agreement of the parties hereto. In the event that, during the term of <br /> the Lease, the Bobber Water Tower becomes structurally unsound as determined by the <br /> City, or uninsurable, this Lease shall terminate. <br /> THE RENT for the bobber water tower property shall be$150.00 per month, payable to <br /> the City on the of each month. The City agrees to use this rent payment to <br /> establish a fund which it can use to defray the cost of demolition of the Bobber Water <br /> Tower, whenever the City decides that demolition is appropriate. If any residue exists after <br /> demolition is completed and paid for, such residue shall be returned to the Chamber. <br /> THE CHAMBER will be responsible for all necessary maintenance and repairs to the <br /> leased premises including but not limited to building maintenance, lawn maintenance, snow <br /> removal and painting of the Bobber Water Tower. In the event the costs to maintain the <br /> Bobber Tower and/or building become excessive, the Chamber may request that the City <br /> determine whether the Bobber Tower and/or the building has become structurally unsound <br /> and in need of demolition, at which time this Lease shall re-negotiated. <br /> THE CHAMBER shall be responsible for obtaining property and liability insurance, in <br /> amount approved by the City, covering the leased property herein described. The required <br /> insurance shall include the City as a named insured. <br /> 1 <br />