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LEASE <br />Parties: <br />Premises: <br />Term: <br />Extension <br />options: <br />Rent: <br />Use: <br />Independent School District No. 278 ("Landlord”) <br />[Arena Owner] ("Tenant") <br />Approx. 4 acres at the southwest corner of <br />Old Crystal Bay Road and Hennepin County 6 <br />[need complete legal description] <br />35 years <br />2 options to extend for 10 years each <br />$15,000, due on the first day of the Term <br />Indoor ice arena, with off-season use for <br />sporting and other community programs and <br />activities <br />Tenant's <br />Obligations: <br />Net Lease: <br />Assignment: <br />Option to <br />Purchase: <br />all maintenance, repair, and replacement <br />of improvements <br />insurance <br />taxes and assessments <br />compliance with legal requirements <br />annual operating budget and actual <br />operating statemenc deliveries to <br />Landlord <br />Landlord has no obligations of any kind with <br />respect to the Land or the improvements or <br />their operation <br />Sale of improvements and assignment of lease <br />is permitted to affiliated entities <br />Other sales ano assignments require a first <br />offer to Landlord and Landlord's reasonable <br />approval if landlord passes <br />Tenant has an option to purchase the Land at <br />the end of the initial term, for $50,000. At <br />the closing of that purchase. Tenant will <br />sign a restrictions and right of first offer <br />agreement, which will limit use of the Land <br />to the uses permitted under the Lease and <br />provide for a right of first offer in favor <br />of Landlord on subsequent sales of the <br />project