EXHIBIT 10.1
AMENDED AND RESTATED LEASE AGREEMENT
THIS AGREEMENT, effective as of December 1, 1995, amends and restates
the Lease Agreement by and between Xxxxxxx X. Xxxxxx, a resident of Iowa
("Lessor") and Heartland Express, Inc. of Iowa, a Iowa corporation ("Lessee")
dated June 1, 1995.
THE PARTIES AGREE:
1. Description. The Lessor hereby leases to the Lessee the following
described real estate and improvements, all located in the city of
Coralville, state of Iowa (the "Property"):
(a) Office building at 0000 Xxxxxxxxx Xxxxx;
(b) Office building at 0000 Xxxxxxxxx Xxxxx; and
(c) Storage building at 0000 Xxxxxxxxx Xxxxx (xxxxx of Office
Building).
2. Term. The term of this Agreement shall be five (5) years from the
1st day of June 1995, to the 31st day of May 2000.
3. Rent. The Lessee shall pay to the Lessor as rent, at such address
as the Lessor may from time to time designate in writing, the sum
of $1,410,000.00 in monthly installments of $23,500.00, each
payable in advance on the first day of each month commencing on the
first day of the term of this Agreement.
4. Option to Renew Lease. The Lessee has the option to renew the
lease at the end of the term for an additional five (5) years at
the existing monthly rent plus a cost-of-living allowance.
5. Use. The Lessee shall use the Property for general office space
and storage. The Lessee will not, without the written consent of
the Lessor, use the Property for any other purpose. The Lessee
shall maintain the Property in compliance with all applicable
federal, state, and local laws, rules, regulations, and ordinances
(collectively, "Laws") including specifically Laws involving
protection of the environment and worker safety. Lessee shall
indemnify, defend, and hold Lessor harmless from and against any
violation of Law as well as any liability arising from the use of
or presence on the Property of employees, agents, invitees, or
other persons connected with Lessee.
6. Lessee's Obligations. The Lessee shall:
(a) Maintain, at Lessee's expense, the Property in good condition
and repair, including windows but excluding the other exterior
of the Property;
(b) Pay from time to time, as the utility payments shall become
due, all utility payments including water, gas, electricity,
sewer, trash removal and similar payments;
(c) Pay all real estate taxes and special assessments levied
against the Property;
(d) Maintain, at Lessee's expense, general liability coverage and
any liability coverage which Lessor may require as a result of
the particular use of the Property; and
(e) Maintain, at Lessee's expense, insurance with respect to the
Property against loss by fire, lightning, and other perils
covered by the standard all-risk endorsement, in an
amount equal to at least 100% of the full replacement value
thereof, with no deduction for depreciation, and shall
maintain, at Lessee's expense, insurance against such other
hazards and in such amounts as is customarily carried by
operators of similar properties. Lessee shall name Lessor as
an additional insured upon the policies.
7. Lessee's Improvements. The Lessee shall not make any improvements
or alterations to the Property without submitting plans and
specifications for such improvements or alterations to
the Lessor and securing the Lessor's written consent. The Lessee
shall pay all costs of such improvements and alterations, shall
provide evidence of such payment to the Lessor upon request,
and shall hold the Lessor harmless from any costs, liens or
damages. Any improvement constructed on the Property by the Lessee
shall become the property of the Lessor upon the expiration of the
term of this Agreement. Any trade fixtures installed by the Lessee
may be removed by the Lessee upon the expiration of the term of
this Agreement, but the Lessee shall repair any damage arising
from the removal of such trade fixtures.
8. Waste. The Lessee shall not commit or permit any waste of the
Property, nor any public or private nuisance on the Property, nor
any use of the Property which is contrary to any law, governmental
regulation or insurance policy affecting or covering the Property
or which may be dangerous to persons or property. The Lessor may
enter and inspect the premises at any reasonable time.
9. Assignment. The Lessee shall not assign this Agreement, nor allow
any transfer of or lien upon the Lessee's interest in this
Agreement by operation of law, nor sublet any portion of the
Property, nor permit the use of any portion of the Property by
anyone other than the Lessee and the employees, agents and business
invitees of the Lessee, without securing the written consent of
the Lessor.
10. Condemnation. If all or a substantial portion of the Property
shall be taken or condemned for any public use or purpose, so as to
render the Property unsuitable for occupancy, this Agreement shall
terminate on the date when possession shall be required for such
use, or purpose, at the option of the Lessee, and the rent shall be
prorated to the date of such termination. The award for such
taking or condemnation shall be apportioned between the Lessor and
the Lessee, and the Lessee shall be entitled to any portion of the
award made for improvements constructed on the Property.
11. Default. Each of the following acts and omissions shall constitute
a default by the Lessee and a breach of this Agreement:
(a) Voluntary or involuntary bankruptcy, assignment for benefit of
creditors, reorganization or rearrangement under the
Bankruptcy Code, receivership, dissolution or the
commencement of any action or proceeding for the dissolution
or liquidation of the Lessee whether instituted by or against
the Lessee or any other similar action or proceeding.
(b) The failure of the Lessee to pay the rent for a period of 15
days after the rent shall have become due.
(c) The failure of the Lessee to perform any other agreement to be
performed on the part of the Lessee for a period of 30 days
after written notice of such failure.
12. Remedies. Upon a default by the Lessee, the Lessor may reenter and
recover possession of the Property with or without terminating this
Agreement. If delivery of possession of the Property is refused by
the Lessee, the Lessor shall be entitled to the appointment of a
receiver for the Property by any court of competent jurisdiction,
as a matter of right, without regard to the solvency or insolvency
of the Lessee, to collect the rents and profits from the Property
and apply such rents and profits according to the orders of the
court.
13. Termination. Upon the termination of this Agreement, the Lessee
shall deliver possession of the Property to the Lessor.
14. Miscellaneous. No waiver by the Lessor of a default by the Lessee
shall be implied, and no express waiver shall be extended beyond
the default and period specified. No term or condition of this
Agreement shall be construed to have been waived by the Lessor,
unless the Lessee shall have secured such waiver from Lessor in
writing. The invalidity or unenforceability of any term or
condition of this Agreement shall not prejudice the enforceability
of any other term or condition.
15. Modification. This Agreement shall not be amended or modified,
except by a written instrument executed by both the Lessor and the
Lessee.
16. Headings. The paragraph headings of this Lease Agreement are
solely for the convenience of reference and shall not in any way
modify the terms and conditions thereof.
17. Binding Effect. This Agreement shall be binding upon the
successors in interest of the parties.
LESSOR: LESSEE:
Heartland Express, Inc. of Iowa
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx, President
