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LEASE AGREEMENT <br /> 1.0 Parties. This agreement is dated the day of &r< <br /> 2007, and is entered into by and between the City of Arden Hills, a Minnesota <br /> municipal corporation ("City") and the Arden Hills III Association, a Minnesota <br /> non-profit corporation herein ("Association"). <br /> 2.0 Recitals. <br /> A. The City is the fee owner of the following described property <br /> situated in Ramsey County, Minnesota to-wit: <br /> Lot 3, Block 8, Arden Hills No. 3, except that part <br /> described as follows: Beginning at the Northeast <br /> corner of said. Lot 3; thence West along the North <br /> line of said Lot 3 for 300 feet; thence South at right <br /> angles for 300 feet; thence East parallel to the North <br /> line of said Lot 3 for 270 feet, more or less, to the <br /> Ease line of said Lot 3;thence North along the East <br /> line of said Lot 3 to the point of beginning (herein <br /> the "Property"). <br /> B. A portion of the Property is occupied by a--tennis court and fencing; <br /> and by an access to the tennis court area all is highlighted on <br /> Exhibit A attached and incorporated ("Premises"). <br /> C. The Association wishes to lease the Premises from the City. <br /> D. Pending its review of the City`s park plan and park programs, the <br /> City is willing to Lease the Prerrtises.to the Association. <br /> .,I . <br /> 3.0 Terms and Conditions. NOW. THEREFORE, in consideration of the <br /> mutual undertakings herein expressed; the City and Association agree as <br /> follows: <br /> A. Premises. The City hereby leases to the Association and the <br /> Association Leases from the City the Premises as illustrated on <br /> Exhibit A. <br /> B. Rent. The Association shall pay the City 10.= dollars upon <br /> execution of this Lease by the parties. <br /> C. Term. This Lease shall commence on the date upon which is <br /> executed by the parties and shall continue until the day of <br /> , 2007. <br />