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,. • 4/22/94 <br /> GROUND LEASE <br /> THIS AGREEMENT OF LEASE, made effective as of the 15th day <br /> of April, 1994, by and between Independent School District No. <br /> 278, a Minnesota independent school district and political <br /> subdivision under the laws of Minnesota ( "Lessor") and City of <br /> Orono, a Minnesota municipal corporation ( "Tenant") . <br /> WITNESSETH: <br /> Lessor, for and in consideration of the rent, covenants and <br /> agreements hereinafter set forth to be paid, kept and performed <br /> by Tenant, hereby demises and leases unto Tenant and Tenant <br /> hereby does hire and rent from Lessor, the premises hereinafter <br /> described, for the period, at the rental and upon the terms and <br /> conditions hereinafter set forth. <br /> IT IS AGREED: <br /> 1. THE LEASED PREMISES. Lessor leases to Tenant and <br /> Tenant rents of and from Lessor that certain parcel of land <br /> located in the City of Orono in Hennepin County, Minnesota, and <br /> cross-hatched on Exhibit A attached hereto and made a part <br /> hereof, together with all necessary easements and rights of <br /> access necessary to permit ingress or egress from a public right- <br /> of-way (all of the foregoing collectively referred to as the <br /> "Premises" or "Leased Premises") , subject to the terms and <br /> conditions of this Lease. <br /> 2 . TERM: TERMINATION RIGHT. <br /> 2 . 1 The term of this Lease shall be for a period of <br /> nineteen (19) years and eleven (11) months, commencing on <br /> April 15, 1994, and terminating on March 15, 2014. <br /> 2 .2 Notwithstanding any provision to the contrary <br /> herein, Tenant shall have no right to occupy, enter onto or <br /> occupy the Leased Premises, and Lessor or Tenant may terminate <br /> this Lease effective on the 10th day after providing written <br /> notice of termination to Tenant or Lessor, if on or prior to <br /> April 15, 1994, Tenant shall not have provided to Lessor evidence <br /> considered to be reasonable by Lessor to establish that Tenant or <br /> the Orono Baseball/Softball Association Association, a Minnesota <br /> non-profit corporation ( "Facility Lease Tenant") has sufficient <br /> available and separate funds for timely completion of the <br /> Facility. <br /> 3 . FACILITY CONSTRUCTED. Subject to Landlord' s prior <br /> written approval of plans, specifications and drawings ( "Approved <br /> Plans") , Tenant shall cause at its expense (or at the expense of <br /> the Orono Baseball Association) the construction on the Leased <br />