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Site ID: MS73XC631 <br />Lease ID: MS73XC631-A-001 <br />Lessor ID: Silver Lake Road, New Brighton, MN – Water Tank <br />Page 2 of 5 <br /> <br /> <br />(iii) Lessor shall receive rent payable under the lease through the Lease <br />Termination Date; <br /> <br />(iv) Neither Party shall have any further Lease obligations except as specified in <br />this Agreement and the Lease; and <br /> <br />(v) Lessee and Lessor release and waive any claims against the other Party and <br />such Party’s successors, assigns, parent, subsidiaries and affiliates arising out <br />of the Lease and Lessee’s Surrender Work. <br /> <br />b) Security Deposit and Bond Release. Within thirty (30) days after the Lease <br />Termination Date, Lessor will refund any security deposit paid by Lessee. Lessor’s <br />execution of this Agreement shall constitute Lessor’s release of any bond delivered <br />pursuant to the Lease or use of the Property. <br /> <br />3. Equipment and Surrender Obligations <br /> <br />a) Surrender Obligations and Transfer of Title. Lessor agrees that Lessee will surrender <br />the premises in an as-is condition. Lessee may remove the equipment and perform the <br />work listed on Exhibit A (collectively, “Lessee’s Surrender Work”). Lessee will <br />leave and convey to Lessor all other equipment, leasehold improvements and related <br />items installed on the Property (“Transferred Property”). Title to all Transferred <br />Property automatically passes to Lessor and Lessor accepts the Transferred Property, <br />on an “as-is” basis. <br /> <br />b) Cooperation and Access. Lessor agrees to cooperate with Lessee regarding any <br />necessary actions, including obtaining any required permits or other approvals. <br />Lessee shall have the right of access to the Property at no cost, on a twenty-four (24) <br />hours a day, seven (7) days per week basis. <br /> <br />c) Lump Sum Payment. Lessee will forward to Lessor a lump sum payment in the <br />amount of Eight Thousand Two Hundred and Fifty and No/100 ($8,250.00), (the <br />“Lump Sum Payment”), upon the completion of Lessee’s Surrender Work and the <br />Parties’ completion of all obligations described in this Agreement, in full satisfaction <br />and release of any claims. <br /> <br />4. Assignment <br /> <br /> Assignment. This Agreement and all of the provisions hereof shall be binding upon and <br />inure to the benefit of the Parties and their respective successors and permitted assigns. <br /> <br />