SURPLUS+LEASE+2011.pdf

This document is a lease agreement between Apple Creek, L.L.P. (Landlord) and the State of North Dakota, through its Office of Management and Budget, Division of Central Services (State). The lease is located in Burleigh County, North Dakota, and covers specific lots in the Igoe Industrial Park.

The lease term is for 48 months, commencing on July 1, 2011, and terminating on June 30, 2015, with an option to renew. The leased premises consist of two separate areas: Lots five (5) and six (6), Block Two (2), Igoe Industrial No. One (1) Building Twelve (12), totaling 18,000 square feet, and Lots five (5), Six (6) and Seven (7), Block One (1) and Lots Seven (7), Block Two (2), Igoe Industrial No. One (1), totaling 63,320 square feet. Rental payments start at $2.50 per square foot in the first two years, increasing to $3.00 per square foot in the third and fourth years. The monthly rent ranges from $4,294.55 to $5,044.55, with an option renewal period from July 1, 2015 through June 30, 2017, at $4.50 per square foot. Rent is to be paid in advance by the 10th day of each month.