WS - D - Land Lease - City of Tiffin - Iowa Interstate Railroad

REAL PROPERTY LEASE AGREEMENT This REAL PROPERTY LEASE AGREEMENT (“LEASE”) is made and entered into as of this 1 day of February, 2023, by and between IOWA INTERSTATE RAILROAD, LLC (“RAILROAD”), a st Delaware limited liability company with its principal place of business located at 5900 6th Street SW, Cedar Rapids, Iowa, 52404 and CITY OF TIFFIN (“CITY”), a municipal corporation of the State of Iowa to be addressed at 201 Main Street, PO Box 259, Tiffin, Iowa, 52340. RAILROAD and CITY, for themselves, their successors and assigns, hereby agree as follows: Article I Definitions 1.0 Premises. The Premises consists of a portion of the RAILROAD’s real property in the City of Tiffin, Johnson County, Iowa near Milepost 244.75 totaling approximately 0.2 acres and is more particularly described as follows. Commencing at a point along the North right-of-way line that is fifty foot north of and parallel to railroad’s main track and the West Line of the Southeast ¼ of Section 28, Township 80 North, Range 7 West, thence easterly along the North ROW line of the railroad a distance of 275 feet to the point of beginning; Thence continuing a distance of 320 feet easterly along the North right-of-way line; thence southerly to a point that is 25 feet north of railroads main track; thence westerly along a line that is 25 feet north of and parallel to railroads main track for a distance of 320 feet; thence northerly to the point of beginning as depicted on Exhibit A attached hereto and incorporated herein. 1.01 Term. The Term of this Lease shall be for annual periods commencing on February 1, 2023, and continuing for successive yearly periods thereafter unless terminated as provided herein. 1.02 Effective Date. February 1, 2023. 1.03 Commencement Date. N/A 1.04 Governing Law. This Lease Agreement shall be governed and interpreted in accordance with the laws of the State of Iowa without reference to its conflict of laws provisions. Venue for any legal actions arising from this Lease Agreement shall lie in the Iowa District Court for Linn County or the United States District Court for the Northern District of Iowa, Cedar Rapids, Iowa. CITY waives any objection to the laying of venue of any suit, action, or proceeding in such Iowa courts and irrevocably waives and agrees not to plead or claim in such court that any suit, action, or proceeding has been brought in an inconvenient forum. Further, CITY consents to the 1