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LEASE AGREEMENT
<br />THIS LEASE AGREEMENT "Agreement is made and entered into
<br />this 3rd day of January, 1997, by and between the City of
<br />Louisville, Colorado, a municipal corporation (hereinafter "City
<br />and Duane Daughenbaugh and Russell Daughenbaugh (hereinafter
<br />collectively referred tows "Lessee
<br />WHEREAS, the City is the owner of certain real property and
<br />improvements located in the SE 1/4 NE 1/4 and the SE 1/4 NE 1/4 NE
<br />1/4, Section 18, T1S, R69W, Boulder County, Colorado, with a street
<br />address of 8791 Cherry Street, Louisville, CO, 80027, and more
<br />particularly described in Exhibit A, attached hereto and
<br />incorporated herein by reference; and
<br />WHEREAS, Lessee desires to lease the property from the City,
<br />and the City is willing to lease the property to the Lessee, upon
<br />the terms and conditions contained in this Lease Agreement.
<br />NOW, THEREFORE, the City and Lessee agree as follows:
<br />1. In consideration of the Lessee's payment of rent and
<br />performance of the covenants and agreements set forth herein, the
<br />City hereby leases to Lessee that certain real property, and
<br />improvements thereon, located in the SE 1/4 NE 1/4 and the SE 1/4
<br />NE 1/4 NE 1/4, Section 18, T1S, R69W, Boulder County, Colorado,
<br />with a street address of 8791 Cherry Street, Louisville, CO, 80027,
<br />and more particularly described in Exhibit A, attached hereto and
<br />incorporated herein by reference (hereinafter the "Leased
<br />Premises
<br />2. The term of this lease shall commence on January 3, 1997,
<br />and shall terminate at midnight on March 31, 1998, unless sooner
<br />terminated by the mutual written consent of the parties or as
<br />provided in this Lease Agreement. The Leased Premises may be
<br />occupied and used by Lessee pursuant to this Lease Agreement only
<br />for those uses described in the letter dated December 5, 1996,
<br />attached hereto as Exhibit B and incorporated herein by reference.
<br />The Lessee shall not place, build, expand, alter or add to any
<br />structures or other improvements on the Leased Premises without the
<br />City's prior written consent, which consent may be granted or
<br />denied in the City's sole discretion. Lessee has the right,
<br />subject to Paragraph 15, to remove Lessee's personal property and
<br />any fixtures, structures or improvements owned by Lessee or on the
<br />Leased Premises at the time of execution hereof, except the wire
<br />fencing on the boundaries of the Leased Premises.
<br />3. As consideration for this Lease, Lessee shall pay the
<br />City monthly rent in the amount of $100.00, payable in advance on
<br />the first day of each month, beginning February 1, 1997. Rent for
<br />1
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