RENEWAL OF LEASE AGREEMENT
EXHIBIT 10.5
RENEWAL OF LEASE AGREEMENT
THIS AGREEMENT is made this 11th day of July, 2000, between Metro Bank, hereinafter called
“Lessee”, and WAL-MART STORES, INC., a Delaware corporation, with offices at 000 X.X. Xxxxxx
Xxxxxx, Xxxxxxxxxxx, Xxxxxxxx 00000 and a mailing address of 0000 X.X. Xxxxx Xxxxxx, Xxxxxxxxxxx,
Xxxxxxxx 00000, hereinafter called “Lessor”.
WITNESSETH:
WHEREAS, the Lessor and Lessee have entered into a Lease agreement dated January 16, 1996,
(the “Lease”), affecting certain premises in the City of Moline, Illinois, Store # 2231;
WHEREAS, Lessor and Lessee desire to renew the terms of the Lease; and
WHEREAS, the parties are now desirous of exercising certain rights under Lease to reflect
accurately their intents and wishes.
NOW, THEREFORE, that for One Dollar ($1.00) and other good and valuable considerations, the
receipt and sufficiency of which is hereby acknowledged, Lessor and Lessee hereby agree as follows:
1. | Lessee hereby exercises the option to extend the Lease as set forth in Section 1.1(j) of the Lease for a period of five (5) years as allowed in the Lease. | ||
2. | TERM. The option period will begin on May 1, 2001 and will expire on April 30, 2006 | ||
3. | RENTAL. The Rent for the option period will be $2,265.00 per month. |
IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first
hereinabove written.
WITNESS OR ATTEST:
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LESSEE: | |||||
Metro Bank | ||||||
/s/ Xxxxxxx Xxxx
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/s/ Xxxx X. Xxxxxxxx | |||||
Its President | ||||||
ATTEST:
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LESSOR: | |||||
Wal-mart Stores, Inc. | ||||||
/s/ Xxxx X. Xxxxxx, Assistant Secretary
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/s/ Xxxxxxxx X. Xxxxxxx, Director | |||||
Wal-Mart Realty Company |