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r .vr- ••3wt. Iv.#V-~c^Tt#i*:' <br />OPTION TO LEASE <br />Peurties: Independent School District No. 278 ("ISD'') <br />Orono Hockey Boosters, Inc. ("OHB”) <br />L_. <br />Property: Approx. 4 acres at the southwest corner of Old <br />Crystal Bay Road and Hennepin County 6 [need <br />complete legal description] (the "Land”) <br />1. Terms of Option. <br />(a) Grant. ISD grants to OHB an option to lease <br />the Land (the "Option"). Consideration for the Option <br />is $1.00. <br />(b) Exercise. OHB can exercise the Option at any <br />time before December 31, 1996, but only if the <br />Conditions to Exercise listed in Section 2 have been <br />satisfied. <br />(c) Events on Exercise. If OHB exercises the <br />Option, then <br />(i) ISD will sign the lease of the Land (the <br />"Lease"). The form of the Lease will be <br />attached to the Option to Lease; <br />(ii) OHB will cause a separate non-profit <br />entity affiliated with it (the "Arena <br />Owner") to sign the Lease as tenant. <br />[• the Arena Owner will most likely be <br />a 509(a)(3) "supporting <br />organization" under the Internal <br />Revenue Code — 509(a)(3) <br />organizations are used by 501(c)(3) <br />organizations to conduct activities <br />D