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<br />SE\T BY:PETERSON fRAM BERGMAN 3-1Hl6 ;10:06AM ;PETERSON fRAM BERGMA4 <br /> <br />612 633 7833;# 2/ 5 <br /> <br />LEASE AGREEMENT <br /> <br />1. 0 Parties. This Agreement is dated the-:s' rvl day of <br />('; r 10 Ii p R. , 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 ("Assoc~a~~on"). <br /> <br />2.0 Recitals. <br /> <br />A. The City is the fea owner of the following described <br />property situated in Ramsey County, Minnesota to-wit: <br /> <br />Lot 3, Block 8, Arden Hills No.3, except that <br />part described ae 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 /> <br />B. The City does not have a short term use for the property. <br /> <br />C. The Association wishes to lease a portion of the Subject <br />Property for a tennis court and related facilities. <br /> <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 /> <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 /> <br />A. Property Subiect 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 /> <br />1. Tennis Court Area. (Legal to be included.) <br />2. Access Area. (Legal to be included.) <br /> <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 /> <br />1 <br />