Exhibit No. 6.2
LEASE
THIS LEASE AGREEMENT, entered into this 17th day of July, 1995, by and between
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X.X. Xxxxxx, here called "Landlord", and Mr. Car Man, Inc., herein called
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"Tenant", and Waldvogel, Xxx & Xxxxx Real Estate Group, Inc., herein called
"Leasing Agent".
WITNESSETH:
That for and in consideration of the rents and covenants hereinafter set forth,
Landlord hereby agrees to Lease, and Tenant hereby rents from Landlord, the
following described premises together with all improvements thereon called the
"Leased Premises" to-wit: the approximately 2329 square foot building located at
0000 Xxxxxxxxxx Xxxx, Xxxxxxx, XX - Also identified as Roanoke Tax Map #
2160621.
TO HAVE AND TO HOLD said Leased Premises and the privileges and
appurtenances thereunto belonging unto the Tenant, its successors and assigns,
for the terms hereinafter provided, and upon the following terms and conditions,
to which the parties mutually covenant and agree:
(1) TERM:
(A) The term of this Lease shall commence on September 1, 1995 and end on
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August 31, 1997.
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(B) Either party desiring to terminate this Lease at the end of its term
shall give the other party written notice of its intention to terminate this
Lease at least 90 days before the end of the original or any renewal period of
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this Lease, provided that until terminated by such notice this Lease shall renew
itself from month to month, at the highest rental rate and subject to all
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covenants, provisions and conditions herein contained.
(C) Except where the context clearly requires otherwise, the word "term"
whenever used in this Lease with reference to the duration hereof, shall be
construed to include any renewal terms as well as the original term.
(2) BASE RENT:
(A) During the original term of this Lease, Tenant covenants to pay a base
annual rental to Landlord of See Addendum Dollars
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($ ), payable in monthly installments in advance on the first day of each
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month in the amount of See Addendum Dollars ($ ). In the event
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rent payments are late and any installment of the rent is not paid within ten
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(10) days after it becomes due, a late fee of five (5%) percent of the monthly
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rent shall be charged for each monthly installment not paid on time.
(B) If the original term does not commence on the first day of the month,
Tenant shall pay for the period from the commencement date to the first day of
the following calendar month a sum equal to one-thirtieth (1/30) of the monthly
rental due hereunder for each day of such period. All rents thereafter shall be
payable when due to:
Waldvogel, Xxx & Xxxxx Real Estate Group, Inc.
Professional Arts Building
00 Xxxx Xxxxxxxx Xxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
or such place as Landlord may designate in writing to Tenant.
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(3) SECURITY:
The Tenant has deposited with the Landlord $1500,00 as security for
Tenant's full and faithful performance of all the terms of this Lease. Landlord
shall return such sum when this Lease expires if Tenant has fully and faithfully
carried out all of its terms. If there is a bona fide sale of the property of
which the Leased Premises are a part, Landlord shall transfer to the purchaser
the security to be held under the terms of this Lease, and the Landlord shall be
released from all liability for the return of such security of the Tenant.
(4) ADDITIONAL RENT:
Additional rent (hereinafter referred to as "Additional Rent") is the
amount of any payment referred to as such in any provision of this Lease or in
any Addendum hereto which accrues while this Lease is in effect.
(5) USE OF LEASED PREMISES:
Tenant shall use the Leased Premises for Automobile Sales, Leasing,
Financing & Office and in strict accordance with all applicable laws and
regulation of governmental authorities. Tenant shall use the Leased Premises for
no other purpose without the prior written consent of Landlord. Tenant will not
use or permit or suffer the use of this Leased Premises for any unlawful or
offensive business or purpose. Tenant will not, without prior written consent of
Landlord, use or permit the outside walls, fences or roof of the Leased Premises
to be used for advertising purposes.
(6) CONDITION OF LEASED PREMISES
Tenant has examined and knows the present condition of the Leased Premises
and the equipment thereon, if any. No representation, either verbally or
written, has been made to Tenant, or Tenant's agents, by Landlord, or Landlord's
agents, concerning the condition of the Leased Premises and the equipment
thereto, if any or that any particular use can be made thereof except as
specifically set forth in writing on this Lease or any Addendum thereto.
Neither Landlord nor Leasing Agent shall be under any duty to instruct Tenant or
others as to the use of any equipment on the Leased Premises.
(7) WRITTEN NOTICE AS TO DEFECTS:
Attached hereto as "Addendum A" is a written statement of all defects in
the property existing as of the commencement of the lease. Said Addendum shall
be signed by both parties. If no such signed Addendum exists, the parties
acknowledge that the property is accepted "as is" as of the commencement of the
lease and the parties agree that the property is accepted with no defects
existing as of the date of the commencement of the Lease.
(8) TENANT'S ACCEPTANCE OF PROPERTY
At the commencement of the term, the Tenant shall accept the building,
improvements, and any equipment on or in the leased premises, in their existing
condition. No representation, statement, or warranty, express or implied, has
been made by or on behalf of the Landlord as to such condition, or as to the use
that may be made of such property. In no event shall the Landlord be liable for
any defect in such property or for any limitation on its use
(9) ASSIGNMENT, SUBLETTING AND MORTGAGING
Tenant shall not assign this Lease nor sublet the Leased Premises, in whole
or in part, without Landlord's prior written consent which shall not be
unreasonably withheld. If consent to assign or sublease is obtained, no such
assignment or sublease shall in any way release or relieve Tenant from any of
its covenants or undertakings contained in this Lease, and in all cases under
this paragraph, Tenant shall remain liable on this Lease during the original and
all renewal terms.
(10) UTILITIES
Tenant shall promptly pay all fuel, water, gas, electricity, sewage,
telephone and other utility bills, as the same become due, it being understood
and agreed that the Tenant shall promptly make all required deposits for meters
and utilities services. Charges for the foregoing shall commence on the date of
the commencement of the original term of this Lease. Landlord shall not be
liable for any interruption or failure in the supply of any utility to the
Leased Premises for any reason whatsoever.
(11) INSURANCE AND INDEMNIFICATION:
(11.1) INCREASE IN RISK. The Tenant
(A) shall not do or permit to be done any act or thing as a result of
which either (i) any policy of insurance of any kind covering any or all of the
Leased Premises or any liability of the Landlord in connection therewith may
become void or suspended, or (ii) the insurance risk under any such policy would
(in the opinion of the insurer thereunder) be made greater; and
(B) shall pay as Additional Rent the amount of any increase in any premium
for such insurance resulting from any breach of such covenant, or shall pay
Landlord for any loss sustained by Landlord as a result of any uninsured loss
caused by Tenant's breach of covenants.
(11.2) INSURANCE TO BE MAINTAINED BY TENANT
(A) The Tenant shall maintain at its expense, throughout the term, and all
extension thereof, insurance against loss on liability in connection with bodily
injury and destruction, property damage, personal injury and destruction,
occurring within the Leased Premises or arising out of the use thereof by the
Tenant or its agents, employees, officers or invitees, visitors or guest under
one or more policies of general public liability insurance having such limits as
are reasonably required by Landlord from time to time (but in any event of not
less than $2,000,000.00 general aggregate, $2,000,000.00 products-comp/ops
aggregate, $1,000,000.00 personal and advertising injury, $1,000,000.00 each
occurrence, $50,000.00 fire damage (any one fire) and $5,000.00 medical expense
(any one person)). Such policies shall name the Landlord, Leasing Agent and
Tenant (and at Landlord's request, any mortgagee) as insured parties, shall
provide that they shall not be cancelable without at least sixty (60) days prior
written notice to the Landlord and Landlord's Agent (and at the Landlord's
request any mortgagee) and shall be issued by a company with a rating of at
least class VIII and an excellent rating from A.M. Best Insurance Reporting.
(B) The Tenant shall maintain at Tenant's expense a plate glass insurance
policy, for coverage of all glass contained in the Leased Premises.
(C) If Tenant shall not comply with this covenant to maintain insurance as
provided herein, Landlord may, at its option, cause insurance as aforesaid to be
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(C) It shall be the Landlord's responsibility to furnish this information
to the Agent if the Agent is to collect taxes from Tenant.
(13) PERSONAL PROPERTY
Tenant covenants that the furniture, fixtures and all other personal
property (except that used to sell in the usual course of trade) which Tenant
places on the Leased Premises are owned by Tenant, are fully paid for, and are
not encumbered except as expressly disclosed in writing to Landlord prior to the
execution of this Lease. Except by sale in the usual course of trade, Tenant
shall not remove furniture, fixtures or property from the Leased Premises
without first obtaining the consent of Landlord, which consent shall not be
unreasonably withheld; and in addition to all the other remedies provided by
law, Landlord shall have a lien against all personal property and fixtures on
the Leased Premises, insurance if any collected therefore, as security for the
payment of rent and default in obligations hereunder. Tenant shall repair or
reimburse Landlord for the cost of repairing any damages to the Leased Premises
resulting from the installation or removal of Tenant's personal property and
fixtures.
(14) REPAIRS AND ALTERATIONS
(14.1) Tenant shall keep and maintain the Leased Premises in good repair
and condition; keep in good running order the heating and air conditioning
systems, electric wiring, toilets, water pipes, water, gas and electric
fixtures; replace all locks and deliver keys to Landlord after replacement of
locks, trimmings, glass and plate glass broken during the tenancy, regardless of
the manner in which same may have been broken, unstop all water fixtures that
may become choked and repair all water pipes and plumbing that may burst. If any
elevators, escalators, lifts, machinery or appliances (herein called
"equipment") are situate on the Leased Premises, Tenant shall care for, maintain
and repair same, and shall indemnify and save harmless Landlord from any
liability or claims for damages or injuries to persons and property arising
therefrom. Tenant shall not make any alterations of, additions to or changes in
the Leased Premises or equipment without the prior written consent of Landlord,
which consent shall not be unreasonably withheld, and all alterations, changes
and improvements, by whomsoever made, shall be the property of Landlord.
(14.2) Tenant agrees that all additions and improvements and attached
equipment and fixtures installed in or on the Leased Premises by the Tenant,
including but not being limited to, electric wiring, electric fixtures, show
window reflectors, screens, screen doors, awnings, awnings frames floor
coverings, landscaping, furnaces and air conditioning machinery and equipment,
shall immediately become the property of the Landlord and shall not be removed
by Tenant at the termination of this Lease, unless requested to do so by the
Landlord, in which event Tenant agrees to do so and to repair promptly any
damage caused by such removal.
(14.3) Nothing contained in this Lease shall be construed as requiring
Landlord to make any repairs, except of a structural nature. Landlord shall
maintain and make all necessary structural repairs to the foundations, load
bearing walls and roof. This does not include the repairing of any glass or
moving parts such as passage and overhead doors. (The Tenant will maintain the
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common areas as outlined in the Addendum.)
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alterations, rebuilding, replacements, changes or additions placed by Tenant
thereon, in as good condition and repair as the same were in at the commencement
of the original term, normal wear and tear excepted; provided, however, Tenant
shall not be required to return the Leased Premises and equipment in as good
condition as aforesaid if the same are damaged or destroyed by fire or
otherwise, unless caused by Tenant's fault or negligence which is not adequately
covered by insurance.
(14.5) Tenant shall maintain a preventative maintenance contract on all
HVAC units contained in the Leased Premises. Contract is to be maintained with a
licensed and qualified HVAC Contractor. Maintenance on the HVAC is to be
performed on a minimum of four (4) times per year.
(14.6) Tenant shall keep the Leased Premises, including the storefront
thereof, in good repair, but Tenant shall not paint or change the decorative or
architectural treatment of the storefront, the interior or the exterior of the
Leased Premises without Landlord's written consent. Tenant shall promptly remove
upon order from the Landlord any decoration or architectural change which has
been applied to or installed upon the Leased Premises without Landlord's written
consent or take such other action with reference thereto as Landlord may direct.
(14.7) Tenant shall not place or permit to be placed or maintained any
sign, awning, advertising matter, decoration, lettering, or other item of any
kind on the interior or the exterior of the Leased Premises or on the glass of
any window or door of the Leased Premises without first obtaining Landlord's
written approval thereof. Tenant shall promptly remove upon receipt of any order
from Landlord, any sing, awning, advertising matter or other thing of any kind
which has been applied to or installed upon the interior or exterior of Leased
Premises without Landlord's written consent or take such other action with
reference thereto as Landlord may direct.
(15) DESTRUCTION OF LEASED PREMISES
(A) If the Leased Premises are damaged or destroyed by fire or other
casualty covered by insurance, then (1) if totally destroyed or so that the
Leased Premises are rendered unleaseable, this Lease shall terminate as of the
date of such destruction and Tenant shall be liable for the rent only to the
date of such destruction and awards for the Leased Premises shall belong to and
be payable to Landlord; or (2) if only partially destroyed an still leaseable,
Landlord shall, within a reasonable time, repair the Leased Premises with a
reasonable reduction in rent from the date of such partial destruction until
there be again premises substantially similar in value to Tenant as the Leased
Premises partially destroyed. Landlord's obligation to repair or restore the
Leased Premises are stated herein as conditioned upon (a) all insurance proceeds
and award for the Leased Premises being paid to Landlord, which are sufficient
to cover the cost of said repairs and restorations, and (b) there remaining at
least twenty four (24) months in the then existing term of this Lease. If
Landlord does not repair the Leased Premises because either conditions (a) or
(b) are not met, Landlord shall notify Tenant and this Lease shall terminate as
of the date of such partial destruction and Tenant shall be liable for rent only
to the date of such partial destruction.
(B) If the Leased Premises shall be damaged or destroyed by any hazard
not covered by insurance, Landlord shall have the option to cancel this Lease by
giving written notice of such cancellation to Tenant within thirty (30) days
after the happening of such damage or destruction, but if such option not be
exercised and if such damage is not the result of the act or omission of the
Tenant, Tenant's employee or agent or invitee, then Landlord at its own expense
shall proceed with
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due diligence to repair and restore the Leased Premises to their condition as
existed before such damage or destruction with rent being reduced pro rata in
proportion to the decrease in usefulness of the Leased Premises during repairs
and restoration. If such damage is the result of the act or omission of the
Tenant or Tenant's employee or agent or invitee, then Landlord at it's option
may repair or restore the Leased Premises, the cost of which shall be paid for
by Tenant in installments or in whole upon notice thereof being given to
Tenant by Landlord.
(C) Tenant shall give immediate written notice to Landlord or Leasing
Agent, of any damage or destruction of the Leased Premises whether it be total
or partial.
(16) INSPECTION BY LANDLORD
Tenant shall permit Landlord, its agents, or employees to inspect the
Leased Premises and all parts thereof during normal business hours and to
enforce and carry out any provision of this Lease and for the future purpose of
showing the Leased Premises to prospective tenants and purchasers and
representatives of leading institutions. During the last three (3) months of the
original term and all renewals or extensions thereof, Landlord shall have the
right to place "For Rent" and/or "For Sale" signs in conspicuous places on the
Leased Premises and to otherwise advertise the Leased Premised "For Rent" and/or
"For Sale", in addition to having the rights of entry and inspection set forth
herein. Tenant shall do no act or omission which interferes with Landlord's
rights to reentry and inspection.
(17) EMINENT DOMAIN
(17.1) RIGHT TO AWARD
(A) If any or all of the Leased Premises are taken by exercise of any
power of eminent domain or are conveyed to or at the direction of any
governmental entity under a threat of any such taking (each of which is
hereinafter referred to as a "Condemnation"), the Landlord shall be entitled to
collect from the condemning authority thereunder the entire amount of any award
made in any such proceeding or as consideration for such Deed, without deduction
therefrom for any Leasehold or other estate held by the Tenant by virtue of this
Lease.
(B) The Tenant hereby (i) assigns to the Landlord all of the Tenant's
right, title and interest, if any, in and to any such award, (ii) waives any
right which it may otherwise have in connection with such Condemnation, against
the Landlord or such condemning authority, to any payment for (a) the value of
the then unexpired portion of the term, (b) leasehold damages, and (c) any
damage to or diminution of the value of the Tenant's leasehold interest
hereunder or any portion of the Premises not covered by such Condemnation; and
(iii) agrees to execute any and all further documents which may be required in
order to facilitate the Landlord's collection of any and all such awards.
(C) Subject to the operation and effect of the foregoing provisions of
this section, the Tenant may seek, in a separate proceeding, a separate award on
account of any damages of costs incurred by the Tenant as a result of such
Condemnation, so long as such separate award in no way diminishes any award or
payment which the Landlord would otherwise receive as a result of such
Condemnation.
(17.2) EFFECT OF CONDEMNATION
(A) If (i) all of the Leased Premises are covered by a Condemnation,
or (ii) if any part of the Leased Premises is covered by a Condemnation and the
remainder
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thereof is insufficient for the reasonable operation therein of the Tenant's
business, or (iii) any of the Leased Premises is covered by a Condemnation and,
in the Landlord's reasonable opinion, it would be impractical to restore the
remainder there of then, in any such event, the Lease shall terminate on the
date upon which possession of so much of the Leased Premises as is covered by
such Condemnation is taken by the condemning authority thereunder, and all rent
(including, by way of example rather then of limitation, and Additional Rent
payable pursuant to any Addendum regarding Additional Rent), taxes, and other
charges payable hereunder shall be prorated and paid to such date.
(B) If there is a Condemnation and the Term does not terminate pursuant
to the foregoing provisions of this subsection, the operation and effect of this
Lease shall be unaffected by such Condemnation, except that the Base Rent and
the Additional Rent shall be reduced in proportion to the square footage of
floor area, if any, of the Leased Premises covered by such Condemnation.
(17.3) If there is Condemnation, the Landlord shall have no liability to
the Tenant on account of any (i) interruption of the Tenant's business upon the
Leased Premises, (ii) diminution in the Tenant's ability to use the Leased
Premises, or (iii) other injury or damage sustained by the Tenant as a result of
such Condemnation.
(17.4) Except for any separate proceeding brought by the Tenant under the
provisions of paragraph 17.1 (C), the Landlord shall be entitled to conduct any
such Condemnation proceeding and any settlement thereof free of interference
from the Tenant, and the Tenant hereby waives any right it might otherwise have
to participate therein.
(18 DEFAULTS BY THE TENANT
(18.1) DEFINITION. As used in the provisions of this Lease, each of the
following events shall constitute, and is hereunder referred to as, an "Event of
Default":
(A) If the Tenant (i) fails to pay the Rent or any other sum which
the Tenant is obligated to pay by any provision of this Lease, when and as it is
due and payable hereunder and without demand therefor, or (ii) in any respect
violates any of the terms, conditions or covenants set forth in the provisions
of this Lease; or
(B) If the Tenant (i) applies for or consents to the appointment of a
Receiver, Trustee or Liquidator of the Tenant or of all or a substantial part of
its assets, (ii) files a voluntary petition in bankruptcy or admits in writing
its inability to pay its debts as they come due, (iii) makes an assignment for
the benefit of its creditors, (iv) files a petition or an answer seeking a
reorganization or an arrangement with creditors, or seeks to take advantage of
any insolvency law, (v) performs any other act of bankruptcy, reorganization or
insolvency proceeding; or
(C) If (i) an order, judgment or decree is entered by any court of
competent jurisdiction adjudicating the Tenant a bankrupt or an insolvent,
approving a petition seeking such a reorganization, or appointing a Receiver,
Trustee or Liquidator of the Tenant or of all or a substantial part of its
assets, or (ii) there otherwise commences with respect to the Tenant or any of
its assets any proceeding under any bankruptcy, reorganization, arrangement,
insolvency, readjustment, receivership or similar law, and if such order,
judgment, decree or proceeding continues in effect for more than sixty (60)
consecutive days after the expiration of any stay thereof; or
(D) If the Tenant vacates the Leased Premises or Tenant advertises in
any manner that would indicate or lead the public to believe that Tenant was
going out of business or intending to vacate Leased Premises.
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exercise any right or remedy which it holds under any provision of this Lease or
under applicable law unless and until:
(A) The Landlord has given written notice thereof to the Tenant and
(B) If such Event of Default consists of failure to pay money, the
Landlord has given five (5) days written notice thereof to the Tenant and the
Tenant has failed to make such payment in the said five (5) day period of time
or, if such Event of Default consists of something other then failure to pay
money, the Landlord has given thirty (30) days notice of the default and the
Tenant has failed to proceed to diligently and in good faith to cure such Event
of Default.
(C) No such notice shall be required, and the Tenant shall be entitled
to no such grace period, (i) if the Event of Default has occurred more than
twice during any twelve (12) month period, or (ii) if the Tenant has
substantially terminate or is in the process of substantially terminating its
continuous occupancy and use of the Leased Premises for the purpose set forth in
the provisions of Paragraph 5, or (iii) if any Event of Default enumerated in
the provisions of Paragraphs 18.1 (B) or 18.1 (C) has occurred or (iv) if the
Event of Default constitutes an eminent danger to the destruction or diminution
of value of the Landlord's property, real or personal, or to that of any other
Tenant or adjoining property owner.
(18.3) LANDLORD'S RIGHTS UPON EVENT OF DEFAULT
Upon the occurrence of any Event of Default, the Landlord may:
(A) Re-enter and repossess the Leased Premises and any and all
improvements thereon and additions thereto without necessity of judicial
proceedings:
(B) Declare the entire balance of the Rent and Additional Rent, if any,
for the remainder of the Term to be due and payable, and collect such balance in
any manner not inconsistent with applicable law;
(C) Relet any or all of the Leased Premises for the Tenant's account for
any or all of the remainder of the Term as hereinabove defined, or for a period
exceeding such remainder, in which event the Tenant shall pay to the Landlord
any deficiency in the Base Rent and Additional Rent resulting, with respect to
such remainder, from such releting, as well as the cost to the Landlord of any
attorney's fees which fees the Tenant is hereby deemed to agree are reasonable
or of any repairs or other action (including those taken in exercising the
Landlord's rights under any provisions of this Lease) taken by the Landlord on
account of such Event of Default. The parties agree that the sum of 33-1/3% of
the unpaid rental shall be deemed to be reasonable attorney's fees pursuant to
the provisions of this Lease;
(D) Pursue any combination of such remedies and/or any other remedy
available to the Landlord on account of such Event of Default under applicable
law.
(18.4) LANDLORD'S RIGHT TO CURE
Upon the occurrence of an Event of Default, the Landlord shall be entitled
(but shall not be obligated), in addition to any other rights which it may have
hereunder or under applicable law as a result thereof, and after giving the
Tenant written notice of the Landlord's intention to do so except in the case of
emergency, to cure such Event of Default, and the Tenant shall reimburse the
Landlord for all
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(19) SEVERABILITY:
If any provision of this Lease or any application thereof shall be invalid
or unenforceable, the remainder of this Lease and any other application of such
provision shall not be affected thereby.
(20) RELATIONSHIP OF PARTIES:
Landlord and Tenant shall not be considered or deemed to be joint ventures
or partners and neither shall have the power to bind or obligate the other
except as set forth herein.
(21) RULES AND REGULATIONS
The Landlord hereby reserves the right to prescribe, at its sole
discretion, reasonable rules and regulations (hereinafter referred to as the
"Rules and Regulations"), having uniform applicability to all tenants of 0000
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Xxxxxxxxxx Xxxx and governing the use and enjoyment of 0000 Xxxxxxxxxx Xxxx and
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the remainder of the Property; provided, that the Rules and Regulations shall
not materially interfere with the Tenant's use and enjoyment of the Leased
Premises, in accordance with the provisions of this Lease. The Tenant shall
adhere to the Rules and Regulations and shall cause its agents, employees,
invitees, visitors and guests to do so.
(22) NO REPRESENTATIONS BY LANDLORD:
Neither Landlord nor its agents have made any representations or promises
with respect to the Building, the Land, or the Leased Premises except as
expressly set forth herein. No rights, easements, or licenses are acquired by
Tenant by implication or otherwise except as expressly set forth in the
provisions of this Lease. The taking possession of the Leased Premises by Tenant
shall be conclusive evidence as against it, that Tenant accepts the premises and
the Building and that they were in good and satisfactory condition when
possession was so taken.
(23) LEASING AGENT
(A) In consideration of the Leasing Agent's services in procuring this
Lease, Landlord covenants with and for the benefit of the Leasing Agent as
follows: The Leasing Agent is to receive a commission of eight percent(8%) of
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the Rent during the original term and all renewals, extensions or expansions
thereof or any new Lease of the Leased Premises between any person and "Tenant,
its successors or assigns" (such phrase used herein to include such entity in
which Tenant, its successors or assigns may have an interest as a stockholder,
partner, lender of money or otherwise); and no sale, transfer, assignment,
cancellation or release, including a sale or conveyance to Tenant, its
successors or assigns, shall affect the Leasing Agent's right to such commission
which is hereby made a lien on the Leased Premises and all equipment thereon, if
any. The Leasing Agent shall have the right to collect all rents due hereunder
so that its commission may be paid in installments as the rent is received, and
retained by the Leasing Agent before remitting the rent (less commissions) to
Landlord, but if any act be done to deprive the Leasing Agent of its right to
collect the rent, then the whole amount of its commission then unpaid shall, at
the Leasing Agent's option, immediately become due and payable.
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(C) Such a sales commission shall be in addition to the rental commissions
provided for in the immediately preceding paragraph up to the transfer of said
property and is hereby made a lien on the Leased Premises.
(D) In connection with all acts done or suffered by the Leasing Agent for
Landlord concerning the Leased Premises, Landlord further agrees to indemnify
and save the Leasing Agent harmless from all fines, judgments, suits, claims,
demands and actions of any KIND (including any costs and attorney's fees), and
from liability suffered by an employee or contractor (not in the permanent
employ of the Leasing Agent) engaged by the Leasing Agent for the benefit of
Landlord.
(24) SUBORDINATION
Tenant accept this Lease subject and subordinate to the present state of
the Leased Premises and to any recorded mortgage, deed of trust or any other
lien presently existing upon the Leased Premises and to any renewal, extension
or modification thereof. Tenant agrees upon demand to execute such instruments
subordinating this Lease to any future mortgage, deed of trust or other security
instruments as Landlord may request, provided such further subordination shall
be upon the express condition that this Lease shall be recognized by the
mortgagee and that the rights of Tenant shall remain in full force and effect
during the term of this Lease, so long as Tenant shall continue to perform all
of the covenants hereof.
(25) SUCCESSORS AND ASSIGNS
All parties to this Lease agree that all of the provisions hereof shall
bind and inure to the benefit of the parties hereto, their heirs, legal
representatives, successors and assigns.
(26) TENANTS OBLIGATION TO COMPLY WITH APPLICABLE LAWS - TENANT TO OBTAIN
NECESSARY LICENSE
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 and duty upon it or Landlord with respect to the
leased property. 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, and the
Landlord, when necessary, will join with the Tenant in applying for all such
permits or licenses.
(27) APPLICABLE LAW, CONSTRUCTION
(A) This Lease shall be construed in accordance with the laws of the
Commonwealth of Virginia.
(B) Whenever used the singular number shall include the plural, the
singular, and the use of any gender shall include all other genders.
Page 11 of 15
with respect to the Leased Premises or any use or activity on the Leased
Premises, Tenant will not place, install, dispose of or release or cause,
permit or allow to be placed, installed, disposed of or released any Hazardous
Material on the Leased premises. If any Hazardous Material is discovered on the
Leased Premises at any time, which Hazardous Material has been placed thereon by
Tenant, its employees or agents, Tenant shall promptly, at Tenant's sole risk
and expense, remove, treat and dispose of the Hazardous Material in compliance
with all applicable environmental regulations and laws.
(29) NOTICES
(A) Whenever in this Lease it shall be required or permitted that notice
or demand be given or served by either party to this Lease to or on the other,
such notices or demand shall be given or served and shall not be deemed to have
been given or served unless in writing and forwarded by registered or certified
mail addressed as follows:
(B) TO LANDLORD: (D) TO TENANT:
c/o Agent At Leased Premises
----------------- -------------------------
_________________ _________________________
_________________ _________________________
(C) TO LEASING AGENT:
Waldvogel, Xxx & Xxxxx
Real Estate Group, Inc.
000 Xxxxxxxxxxxx Xxxx Building
00 Xxxx Xxxxxxxx Xxxx
Xxxxxxx, Xxxxxxxx 00000
(30) FINAL UNDERSTANDING
(A) This Lease represents the final understanding between Landlord, Tenant
and Leasing Agent, and the obligations of each party hereunder cannot be changed
or modified unless by written Addendum signed by the parties whose obligations
are to be modified and endorsed hereon or attached hereto.
(31) AGENCY DISCLOSURE
(A) Unless otherwise disclosed in writing, all parties acknowledge that
WALDVOGEL, XXX & XXXXX REAL ESTATE GROUP, INC. is the Agent of the LANDLORD not
the TENANT. Waldvogel, Xxx & Xxxxx Real Estate Group, Inc.'s fiduciary duties of
loyalty and faithfulness are owed to the LANDLORD who is their principal. All
commissions will be paid by the LANDLORD and not the TENANT.
Page 12 0f 15
_________________________________,
By ************
----------------------(SEAL)
THE LANDLORD
_________________________________,
By /s/ Xxxxxxxx X. Xxxxxxxxxxx, Xx.
----------------------(SEAL)
THE TENANT
_________________________________,
By /s/ Xxxx X. Xxxxx
----------------------(SEAL)
THE TENANT
WALDVOGEL, XXX & XXXXX REAL ESTATE GROUP, INC.
By ****************
----------------------------,
THE LEASING AGENT
Rev 12/94
GUARANTY
In consideration of Landlord agreeing to Tenant the Leased Premises, the
undersigned, hereby waiving the obligations of the homestead exemption laws as
to this Lease, jointly and severally if there be more than one undersigned,
guarantee the payment of rent and the performance of all the provisions of this
Lease by Tenant, its successors and assigns, and agree that mere nonpayment of
rent and nonperformance of said provisions by Tenant or its successors and
assigns shall create an immediate liability on the part of the undersigned to
Landlord and its successors and assigns and to Leasing Agent. Landlord or
Leasing Agent is required to notify the undersigned of any default of Tenant
under the provisions of this Lease.
WITNESS the following signatures and seals:
Xxxxxxx X. Xxxxx (SEAL) Xxxxxxxx X. Xxxxxxxxxxx (SEAL)
-------------------------- ----------------------------
XXXXXXX X. XXXXX XXXXXXXX X.XXXXXXXXXXX, XX.
000-X Xxxxx Xxxxxx 0000 Xxxxxxxx Xxxxxx
Xxxxxxx, XX 00000 Xxxxxxx, XX 00000
Page 13 of 15
in the state of Virginia, do hereby certify that Roanoke whose name is signed to
-------
the foregoing Lease bearing date of 17th day of July, 1995, have acknowledged
---- ----
the same before me. Given under my hand this 16th day of August, 1995.
------
My commission expires:
Sept 30, 1996
------------------------------
************
----------------------
Notary Public
STATE OF VIRGINIA
CITY/COUNTY OF ROANOKE TO-WIT: (TENANT)
-------
I, the undersigned, a Notary Public in and for the City, aforesaid, in the
----
State of Virginia, do hereby certify that Xxxxxxxx Xxxxxxxxxxx & Xxxxxxx Xxxxx
------------------------------------
whose name is signed to the foregoing Lease bearing date of 17th day of July,
---- ----
1995, have acknowledged the same before me. Given under my hand this 9th day of
---
August, 1995.
------
My commission expires:
9/30/95
------------------------------
*************
----------------------
Notary Public
STATE OF VIRGINIA
CITY/COUNTY OF____________ TO-WIT:(LEASING AGENT)
I, the undersigned, a Notary Public in and for the_________ aforesaid,
in the State of Virginia, do hereby certify that ______________, whose
name is signed to the foregoing Lease bearing date of_________________ day of
________________, 1995, have acknowledged the same before me. Given under my
hand this __________ day of_________________, 1995.
My commission expires:
___________________________________
_____________________
Notary Public
STATE OF VIRGINIA
CITY/COUNTY OF ROANOKE, TO-WIT: (GUARANTORS)
-------
I, the undersigned, a Notary Public in and for the City, aforesaid, in the
----
State of Virginia, do hereby certify that Xxxxxxxx Xxxxxxxxxxx & Xxxxxxx Xxxxx
------------------------------------
whose name is signed to the foregoing Lease bearing date of 17th day of July,
---- ----
1995, have acknowledged the same before me. Given under my hand this 9th day of
---
August, 1995.
------
My commission expires:
9/30/95
-----------------------------------
*************
_____________________
Notary Public
Page 14 of 15
ADDENDUM
BASE RENT
---------
There will be no rent charged for the first month (September 1, 1995
------------------
through September 30, 1995). If Landlord has not completed the below listed work
------------------
by September 1, 1995, Tenant shall still be entitled to 30 days free rent, which
will begin after work has been completed.
Rent for October 1, 1995 through February 29, 1996 shall be $1600.00 per
--------------- ----------------- --------
month.
Rent for March 1, 1996 through August 31, 1996 shall be $1650.00 per month.
------------- --------------- --------
Rent for September 1, 1996 through August 31, 1997 shall be $1750.00 per
----------------- --------------- --------
month.
OPTION TO RENEW LEASE
---------------------
Tenant shall have the option to renew said Lease under the same terms and
conditions with the exception of rent. Rent shall increase at 4% per year for
every year of the new term, with NEW TERM BEING A MAXIMUM OF ONE (1) YEAR.
IMPROVEMENTS
------------
Landlord agrees at his expense to remove the stove, hood, and sink in the
kitchen area and all customer tables and benches in the dining area and repair
flooring where tables and benches were removed.
Landlord also agrees to remove the drive-thru sign board at owner's
expense.
Landlord shall deliver the leased premises with all electrical plumbing and
HVAC systems in working order.
Landlord shall allow Tenant at Tenant's expense to build dividing walls for
office space.
DMV APPROVAL
------------
This Lease is subject to the approval of the Division of Motor Vehicles
allowing Mr. Car Man to run a automobile sales, leasing and financing office
from said premises.
**************************
--------------------------
Tenant
**************************
--------------------------
Tenant
**************************
--------------------------
Landlord
Page 15 of 15
ADDENDUM TO LEASE
-----------------
This Addendum to Lease ("Addendum"), made and entered into this 3rd day of
August, 1995, by and between X.X. Xxxxxx hereinafter collectively referred to as
"Landlord" and Mr. Car Man, Inc., a Virginia corporation, hereinafter
collectively referred to as "Tenant", and Waldvogel, Xxx & Xxxxx Real Estate
Group, Inc., hereinafter called "Leasing Agent".
RECITALS
--------
A. The parties hereto have executed a Lease Agreement dated July 17,
1995, for the lease of certain commercial space located at 0000 Xxxxxxxxxx Xxxx,
Xxxxxxx, Xxxxxxxx.
B. The parties hereto have agreed to modify the Lease as set forth
hereinafter.
NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereto covenant and agree as follow:
1. Insurance to be Maintained by Tenant. Subparagraph (B) of 11.2 shall
------------------------------------
be deleted in its entirety. Tenant shall be responsible for the cost of repair
and replacement in accordance with the terms of the Lease.
2. Destruction of Lease Premises. In the event the Lease Premises are
-----------------------------
damaged or destroyed by any hazard not covered by insurance and Landlord
exercises its option to cancel the Lease, rent shall be reduced pro-rata in
proportion to the decrease in usefulness of the Leased Premises from the date of
the damage to the date of termination of the Lease. Subparagraph (b) of
Paragraph 15(A) shall be deleted in its entirety.
3. Inspection by Landlord. Landlord shall provide Tenant with prior
----------------------
notice of any inspection or examination of the Leased Premises as provided by
Paragraph (16).
4. Eminent Domain. With respect to Subpart (B) of Subparagraph (17.1) of
--------------
Paragraph (17) of the Lease, the parties hereto agree that the obligation of the
Tenant thereunder pertain solely to the Landlord's condemnation proceeding and
does not offset in any way the Tenant's right to pursue a separate proceeding to
collect any damages or costs incurred by the Tenant. No provision of this Lease
shall be deemed or construed for the benefit of any third party, including
without limitation, any condemning authority.
5. Effect of Condemnation. With respect to Sudparagraph 17.2(B), the
----------------------
abatement of rent shall also pertain to the reduction in the square footage of
the parking area which the parties hereto acknowledge to be critical to the
success of Tenant's business.
1
6. Tenant's Obligation to Comply With Applicable Laws-Tenant to Obtain
-------------------------------------------------------------------
Necessary License. The first sentence of this paragraph shall be amended to
------------------
read as follows:
Tenant, at its expense, shall properly comply with all
federal regulations, and with all lawful directives of
public offices, which impose any duty upon it with
respect to the conduct of its business.
7. Quiet Enjoyment. For so long as Tenant observes the terms and
----------------
conditions of the Lease and Addendum required to be observed by the Tenant,
Tenant shall have quiet enjoyment of the Leased Premises and Landlord shall
defend Tenant's right thereto.
8. Affirmation of Lease. Except for the terms set forth thereunder, the
---------------------
parties hereto hereby agree that this Addendum shall be subject to all terms,
revisions and conditions set forth under the Lease.
IN WITNESS WHEREOF, the following signatures as set forth as of the day,
month, and year first hereinabove written.
"LANDLORD"
/s/ X.X. Xxxxxx
-----------------------------------------
X.X. Xxxxxx
"TENANT"
Mr. Car Man, Inc., a Virginia corporation
By: ************
-------------------------------------
Its: President
------------------------------------
2
