COMMERCIAL LEASE
THIS LEASE is made on the 1 day of March, 1997.
The Landlord hereby agrees to lease to the Tenant, and the
Tenant hereby agrees to hire and take from the Landlord, the
Leased Premises described below pursuant to the terms and
conditions specified herein:
LANDLORD: Xxxxxx & Xxxxxxx Xxxxxxxxx TENANT(S): Red Oak
Farms, Inc.
Address: R.R. 3 Address: 0000 Xxxxxxxx Xxxxx
Xxx Xxx, XX 00000 Xxx Xxx, XX 00000
1. Leased Premises. The Leased Premises are those
premises described as:
Office space located at 0000 Xxxxxxxx Xxxxx
2. Term. The term of the Lease shall be for a period of
____ year(s) commencing on the 1 day of March , 1997
ending on the ____ day of ________, 19__ unless sooner
terminated as hereinafter provided. If Tenant remains in
possession of the Leased Premises with the written consent
of the Landlord after the lease expiration date stated
above, this Lease will be converted to a month-to-month
Lease and each party shall have the right to terminate tile
Lease by giving at least one month's prior written notice to
the other party.
3. Rent. Tenant agrees to pay the ANNUAL RENT of Thirty
Thousand Dollars ($30,000) payable in equal installments
$2,500 in advance on the first day of each and every
calendar month during the full term of this Lease.
4. Rent Adjustment. If in any tax year commencing with
the fiscal year , the real estate taxes on the land
and buildings, of which the Leased Premises are a part, are
in excess of the amount of the real estate taxes thereon for
the fiscal year (hereinafter called the "Base Year"), Tenant
will pay to Landlord as additional rent hereunder, when and
as designated by notice in writing by Landlord,
per cent of such excess that may occur in each year
of the term of this Lease or any extension or renewal
thereof and proportionately for any part of a fiscal year.
5. Security Deposit. The sum of $ 0 Dollars ($ 0 )
is deposited by the Tenant with the Landlord as security for
the faithful performance of all the covenants and conditions
of the lease by the said Tenant. If the Tenant faithfully
performs all the covenants and conditions on his part to be
performed, then the sum deposited shall be returned to the
Tenant.
6. Delivery of Possession. If for any reason the Landlord
cannot deliver possession of the leased property to the
Tenant when the lease term commences, this Lease shall not
be void or voidable, nor shall the Landlord be liable to the
Tenant for any loss or damage resulting therefrom. However,
there shall be an abatement of rent for the period between
the commencement of the lease term and the time when the
Landlord delivers possession.
7. Use of Leased Premises. The Leased Premises may be
used only for the following purpose(s):
8. Utilities. Except as specified below, the Tenant shall
be responsible for all utilities and services that are
furnished to the Leased Premises. The application for and
connecting of utilities, as well as all services, shall be
made by and only in the name of the Tenant: (List
exceptions, if any)
9. Condition of Leased Premise; Maintenance and Repair.
The Tenant acknowledges that the Leased Premises are in good
order and repair. The Tenant agrees to take good care of
and maintain the Leased Premises in good condition
throughout the term of the Lease.
The Tenant, at his expense, shall make all necessary repairs
and replacements to the Leased Premises, including the
repair and replacement of pipes, electrical wiring, heating
and plumbing systems, fixtures and all other systems and
appliances and their appurtenances. The quality and class of
all repairs and replacements shall be equal to or greater
than the original worth. If Tenant defaults in making such
repairs or replacements, Landlord may make them for Tenant's
account, and such expenses will be considered additional
rent.
10. Compliance with Laws and Regulations. Tenant, at its
expense, shall promptly comply with all federal, state, and
municipal laws, orders, and regulations, and with all lawful
directives of public officers, which impose any duty upon it
or Landlord with respect to the Leased Premises. The Tenant
at its expense, shall obtain all required licenses or
permits for the conduct of its business within the terms of
this lease, or for the making of repairs, alterations,
improvements, or additions. Landlord, when necessary, will
join with the Tenant in applying for all such permits or
licenses.
11. Alterations and Improvements. Tenant shall not make
any alterations, additions, or improvements to, or install
any fixtures on, the Leased Premises without Landlord's
prior written consent. If such consent is given, all
alterations, additions, and improvements made, and fixtures
installed by Tenant shall become Landlord's property at the
end of the Lease/term. Landlord may, however, require
Tenant to remove such fixtures, at Tenant's expense, at the
end of the Lease term.
12. Assignment/Subletting Restrictions. Tenant may not
assign this agreement or sublet the Leased Premises without
the prior written consent of the Landlord. Any assignment,
sublease or other purported license to use the Leased
Premises by Tenant without the Landlord's consent shall be
void and shall (at Landlord's option) terminate this Lease.
13. Insurance.
(i) By Landlord. Landlord shall at all times during the
term of this Lease, at its expense, insure and keep in
effect on the building in which the Leased Premises are
located fire insurance with extended coverage. The Tenant
shall not permit any use of the Leased Premises which will
make voidable any insurance on the property of which the
Leased Premises are a part, or on the contents of said
property or which shall be contrary to any law or regulation
from time to time established by the applicable fire
insurance rating association. Tenant shall on demand
reimburse the Landlord, and all other tenants, the full
amount of any increase in insurance premiums caused by the
Tenant's use of the premises.
(ii) By Tenant. Tenant shall, at its expense, during
the term hereof, maintain and deliver to Landlord public
liability and property damage and plate glass insurance
policies with respect to the Leased Premises. Such policies
shall name the Landlord and Tenant as insureds, and have
limits of at least $ for injury or death to any
one person and $ for any one accident, and $
with respect to damage to property and with full coverage
for plate glass. Such policies shall be in whatever form
and with such insurance companies as are reasonably
satisfactory to Landlord, shall name the Landlord as
additional insured, and shall provide for at least ten days'
prior notice to Landlord of cancellation.
14. Indemnification of Landlord. Tenant shall defend,
indemnify, and hold Landlord harmless from and against any
claim, loss, expense or damage to any person or property in
or upon the Leased Premises, arising out of Tenant's use or
occupancy of the Leased Premises, or arising out of any act
or neglect of Tenant or its servants, employees, agents, or
invitees.
15. Condemnation. If all or any part of the Leased Premises
is taken by eminent domain, this Lease shall expire on the
date of such taking, and the rent shall be apportioned as of
that date. No part of any such award shall belong to Tenant.
16. Destruction of Premises. If the building in which the
Leased Premises is located is damaged by fire or other
casualty, without Tenant's fault, and the damage is so
extensive as to effectively constitute a total destruction
of the property or building, this Lease shall terminate and
the rent shall be apportioned to the time of the damage. In
all other cases of damage without Tenant's fault, Landlord
shall repair the damage with reasonable dispatch, and if the
damage has rendered the Leased Premises wholly or partially
untenantable, the rent shall be apportioned until the damage
is repaired. In determining what constitutes reasonable
dispatch, consideration shall be given to delays caused by
strikes, adjustment of insurance, and other causes beyond
the Landlord's control.
17. Landlord's Rights upon Default. In the event of any
breach of this lease by the Tenant, which shall not have
been cured within TEN (1O) DAYS, then the Landlord, besides
other rights or remedies it may have, shall have the
immediate right of reentry and may remove all persons and
property from the Leased Premises; such property may be
removed and stored in a public warehouse or elsewhere at the
cost of, and for the account of, the Tenant. If the Landlord
elects to reenter as herein provided, or should it take
possession pursuant to any notice provided for by law, it
may either terminate this Lease or may, from time to time,
without terminating this lease, relet the Leased Premises or
any part thereof, for such tern or terms and at such rental,
or rentals and upon such other terms and conditions as the
Landlord in Landlord's own discretion may deem advisable.
Should rentals received from such reletting during any month
be less than that agreed to be paid during the month by the
Tenant hereunder, the Tenant shall pay such deficiency to
the Landlord monthly. The Tenant shall also pay to the
Landlord, as soon as ascertained, the cost and expenses
incurred by the Landlord, including reasonable attorneys
fees, relating to such reletting.
18. Quiet Enjoyment. The Landlord agrees that if the Tenant
shall pay the rent as aforesaid and perform the covenants
and agreements herein contained on its part to be performed,
the Tenant shall peaceably hold and enjoy the said rented
premises without hindrance or interruption by the Landlord
or by any other person or persons acting under or through
the Landlord.
19. Landlord's Right to Enter. Landlord may, at reasonable
times, enter the Leased Premises to inspect it, to make
repairs or alterations, and to show it to potential buyers,
lenders or tenants.
20. Surrender upon Termination. At the end of the lease
term the Tenant shall surrender the leased property in as
good condition as it was in at the beginning of the term,
reasonable use and wear excepted.
21. Subordination. This lease, and the Tenant's leasehold
interest, is and shall be subordinate, subject and inferior
to any and all liens and encumbrances now and thereafter
placed on the Leased Premises by Landlord, any and all
extensions of such liens and encumbrances and all advances
paid under such liens and encumbrances.
22. Additional Provisions:
23. Miscellaneous Terms.
(i) Notices. Any notice, statement, demand or other
communication by one party to the other, shall be given by
personal delivery or by mailing the same, postage prepaid,
addressed to the Tenant at the premises, or to the Landlord
at the address set forth above.
(ii) Severability. If any clause or provision herein
shall be adjudged invalid or unenforceable by a court of
competent jurisdiction or by operation of any applicable
law, it shall not affect the validity of any other clause or
provision, which shall remain in full force and effect.
(iii) Waiver. The failure of either party to enforce
any of the provisions of this lease shall not be considered
a waiver of that provision or the right of the party to
thereafter enforce the provision.
(iv) Complete Agreement. This Lease constitutes the
entire understanding of the parties with respect to the
subject matter hereof and may not be modified except by an
instrument in writing and signed by the parties.
(v) Successors. This Lease is binding on all parties
who lawfully succeed to the rights or take the place of the
Landlord or Tenant.
IN WITNESS WHEREOF the parties have set their hands and seal
on this 1 day of April, 1997.
_______________________________________ __________________
Landlord or Landlord's Authorized Agent Tenant
Read the instructions and other important information
on the package. When using this form you will be acting as
your own attorney since Rediform, its advisors and retailers
do not render legal advice or services. Rediform, its
advisors and retailers assume no liability for loss or
damage resulting from the use of this form.
