04-09-07 Item 7A, Sheehy Tennis Court Lease Agreement

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LEASE AGREEMENT 1.0 Parties. This agreement is dated the q10 day of P'pri \ , 2007, and is entered into by and between the City of Arden Hills, a Minnesota municipal corporation ("City") and the Arden Hills III Association, a Minnesota non-profit corporation herein ("Association"). 2.0 Recitals. A. The City is the fee owner of the following described property situated in Ramsey County, Minnesota to-wit: Lot 3, Block 8, Arden Hills No.3, except that part described as follows: Beginning at the Northeast corner of said Lot 3; thence West along the North line of said Lot 3 for 300 feet; thence South at right angles for 300 feet; thence East parallel to the North line of said Lot 3 for 270 feet, more or less, to the Ease line of said Lot 3; thence North along the East line of said Lot 3 to the point of beginning (herein the "Property"). B. A portion of the Property is occupied by a tennis court and fencing; and by an access to the tennis court area all is highlighted on Exhibit A attached and incorporated ("Premises"). C. The Association wishes to lease the Premises from the City. D. Pending its review of the City's park plan and park programs, the City is willing to Lease the Prerryises to the Association. . ,,' . 3.0 Terms and Conditions. NOW THEREFORE, in consideration of the mutual undertakings herein expressed, the City and Association agree as follows: A. Premises. Association Exhibit A. The City hereby leases to the Association and the Leases from the City the Premises as illustrated on B. Rent. The Association shall pay the CityllI0.~ dollars upon execution of this Lease by the parties. C. Term. This Lease shall commence on the date upon which is executed by the parties and shall continue until the day of ,2007.