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SENT BY=PETERSON FRAM BERGMAN ; 9-11-96 ;10=06AM ;PETERSON FRAM BERGMA­ 612 633 7839;# 2/ 5 <br /> LBABB AGRBBM C" <br /> 1.0 Parties. This Agreement is dated the _ �� day of <br /> --(ncl�� , 1996, and is entered into by and <br /> between the City of Arden Hills, a Minnesota municipal <br /> corporation ("City") and the Arden Hills III Association, a <br /> Minnesota non-profit corporation herein ("Association") . <br /> 2.0 Recitals. <br /> A. The City is the fee owner of the following described <br /> property situated in Ramsey County, Minnesota to-wit: <br /> Lot 3, Block S, Arden Hills No. 3, except that <br /> part described as follows: Beginning at the <br /> Northeast corner of said Lot 3; thence West <br /> along the North line of said Lot 3 for 300 <br /> feet; thence South at right angles for 300 <br /> feet; thence East parallel to the North line <br /> of said Lot 3 for 270 feet, more or less, to <br /> the East line of said Lot 3; thence North <br /> along the East line of said Lot 3 to the point <br /> of beginning (herein the "Subject Property-) . <br /> B. The City does not have a short term use for the property. <br /> C. The Association wishes to lease a portion of the Subject <br /> Property for a tennis court and relatedfacilities. <br /> D. The City is willing to allow an interim use of the <br /> Subject Property pursuant to the terms of this Lease <br /> Agreement. <br /> 3.0 Terms and Conditions. NOW, THEREFORE, in consideration of the <br /> mutual undertakings herein expressed, the City and Association <br /> agree as follows: <br /> A. Pr2J2erty Subject to Lease. The City hereby leases to the <br /> Association that portion of the Subject Property <br /> described on Exhibit A attached hereto, subject to any <br /> and all existing easements. <br /> 1. Tennis Court A -ea. (Legal to be included. ) <br /> 2. Access Area. (Legal to be included. ) <br /> B. Rent. As consideration for this Lease, the Association <br /> shall pay the City rent in the amount of $10.00 per year. <br /> The first payment shall be due upon the execution of this <br /> Agreement and subsequent rental payments shall be due on <br /> the anniversary date of the Agreement. In addition, the <br /> Association shall pay the City any taxes or payments in <br /> 1 <br /> i <br />