Lease+Amendment+3.pdf

This document is Amendment 3 to a lease agreement between Apple Creek, L.L.P. (Landlord) and the State of North Dakota, acting through its Office of Management and Budget, Division of Central Services (State). The lease pertains to certain real estate located in Burleigh County, North Dakota, and involves multiple lots and buildings within the Igoe Industrial area.

The amendment extends the lease term from July 1, 2018 to June 30, 2028, with a detailed rental payment schedule that escalates annually. The lease covers approximately 63,320 square feet across multiple lots and buildings, with rental rates starting at $18,000 annually in the first year and increasing to $101,876.05 by the tenth year. The State has the option to renew the lease for an additional 10-year term at an initial annual cost of $103,913, with a 1.5% annual escalation. The landlord is responsible for real estate taxes, special assessments, and property insurance. The amendment also includes provisions for potential roof replacement and allows the State to discontinue the lease while spending authority of $800,000 remains in effect.