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:
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<br /> 2002-$400.00 per month;
<br /> 2003-$428.00 per month;
<br /> 2004-$457.00 per month;
<br /> 2005-$490.00 per month;
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<br /> 2006-$524.00 per month;
<br /> Option period 1 i
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<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.
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<br /> 2. REPAIR
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