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COMMERCIAL LEASE <br /> Lease Agreement (hereinafter called "Lease"), made as of the rJ � Y <br /> of JZ2002,by and between: Pequot Lakes—Breezy Point Chamber of Comm , <br /> a,Minnesota non- fit corporation(hereinafter designated and referred to as"Lessor"),P.O.B x i <br /> h8,Pequot Lakes,MN 56472,and Smokey Hollow Fish Company,Inc.,a Minnesota Corporat n <br /> ereinafter designated and referred to as"Lessee") <br /> VMNESSETH: That said Lessor in consideration of the rents and covenants h <br /> mentioned,to be paid and performed by said Lessee,does hereby demise,lease and let unto the 'd <br /> Ilessee,and the said Lessee does hereby hire and take from the said Lessor,the following descri ed <br /> property and building(s)situated at 4292 Tower Square,Pequot Lakes,in the County of w <br /> ing,State of Minnesota,and legally descn'bed as follows:Lots 8,9,10 and 11,Block 2,exc pt <br /> e west 70 feet of Lots 8,9,10 and 11,Block 2,Second Addition to Cole's Plat of Pequ t, <br /> Section 10,Township 136,Range 29. <br /> A copy of the site plan for said property is attached as Exhibit A. <br /> �. TERNMENT: <br /> TO HAVE AND HOLD the above premises just as they are, without any liability or i <br /> obligation on the part of said Lessor of making any alterations,improvements or repairs of any Id nd <br /> on or about said premises or the building or buildings of which they are a part,or the equiprai at, <br /> $xtures,plumbing,appliances,or machinery in,upon or serving same,or the streets,alleys, , <br /> area or passages adjoining or appurtenant thereto,from and after the V day of Febru , <br /> 2002.through December 31,2006,with a first option for a subsequent five(5)year term,ad I a I' <br /> second option for an additional IIve(5)year term for the following purposes dnd for no o er i <br /> purposes,to-wit: Commercial Retail Operation,including wholesale marketing of food products If ; <br /> either Lessor or Lessee desires to exercise the options to renew this Lease,Lessor or Lessee s <br /> notify the other party,by giving 90 days notice,prior to the end of the lease term,of that p 's <br /> aesire to continue. i <br /> Lessee covenants and agrees to pay to Lessor at Lessor's address of P.O.Box 208,Peq iot <br /> iAes, MN, 56472,rent in advance, on the first day of each month according to the follow <br /> .j chedule: <br /> I <br /> 2002-$400.00 per month; <br /> 2003-$428.00 per month; <br /> 2004-$457.00 per month; <br /> 2005-$490.00 per month; <br /> i <br /> 2006-$524.00 per month; <br /> Option period 1 i <br /> i <br /> 2007-$561.00 per month; <br /> 2008-$600.00 per month; <br /> 2009-$642.00 per month; <br /> 2010-$687.00 per month; <br /> 2011-$735.00 per month; <br /> i Option period 2 <br /> ! I <br /> 2012-$786.00 per month; <br /> 2013-$841.00 per month; <br /> 2014-$900.00 per month; ; <br /> 2015-$963.00 per month; <br /> 2016-$1,030.00 per month. <br /> , <br /> 2. REPAIR <br /> � i I <br /> i i <br />