EXHIBIT 10.5
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT
LEGAL COUNSEL BEFORE SIGNING
BUSINESS LEASE
This lease dated 11-1-00, is between 0000 X. Xxxxxxxx Xxx LLC, as
Landlord, and Mountain States Lending, Inc., as Tenant.
In consideration of the payment of the rent and the performance of the
covenants and agreements by the Tenant set forth herein, the Landlord does
hereby lease to the Tenant the following described premises situate in
Arapahoe County, in the State of Colorado; the address of which is 0000 X.
Xxxxxxxx Xxx., Xxxxxxxxx, Xxxxxxxx 00000.
Said premises, with all the appurtenances, are leased to the Tenant from
the date of 11-1-00 until the date of 10-1-2004 at and for a rental for the
full term of $192,000 payable in monthly installments of $4,000 in advance, on
the 1st day of each calendar month during the term of this lease, payable at
0000 X. Xxxxxxxx Xxx., Xxxxxxxxx, XX 00000, without notice.
THE TENANT, IN CONSIDERATION OF THE LEASING OF THE PREMISES AGREES AS FOLLOWS:
1. The Tenant shall pay the rent for the premises above-described.
2. The Tenant shall, at the expiration of this lease, surrender the
premises in as good a condition as when the Tenant entered the premises,
ordinary wear and tear excepted. The Tenant shall keep all sidewalks on and
around the premises free and clear of ice and snow; keep the entire exterior
premises free from all litter, dirt, debris and obstructions; and keep the
premises in a clean and sanitary condition as required by the ordinances of
the city and county in which the property is situate.
3. The Tenant shall not sublet any part of the premises, nor assign the
lease, or any interest therein, without the written consent of the Landlord.
4. The Tenant shall use the premises only as office space and shall not
use the premises for any purposes prohibited by the laws of the United States
or the State of Colorado, or of the ordinances of the city or town in which
said premises are located, and shall neither permit nor suffer any disorderly
conduct, noise or nuisance having a tendency to annoy or disturb any persons
occupying adjacent premises.
5. The Tenant shall neither hold, nor attempt to hold, the Landlord, its
agents, contractors and employees, liable for any injury, damage, claims or
loss to person or property occasioned by any accident, condition or casualty
to, upon, or about the premises including, but not limited to, defective
wiring, the breaking or stopping of the plumbing or sewage upon the premises,
unless such accident, condition or casualty is directly caused by intentional
or reckless acts or omission of the Landlord. Notwithstanding any duty the
Landlord may have hereunder to repair or maintain the premises, in the event
that the improvements upon the premises are damaged by the negligent, reckless
or intentional act or omission of the Tenant or any employees, agents,
invitees, licensees or contractors, the Tenant shall bear the full cost of
such repair or replacement. The Tenant shall hold Landlord, Landlord's agents
and their respective successors and assigns, harmless and indemnified from all
injury, loss, claims or damage to any person or property while on the demised
premises or any other part of Landlord's property, or arising in any way out
of Tenant's business, which is occasioned by an act or omission of Tenant, its
employees, agents, invitees, licensees or contractors. The Landlord is not
responsible for any damage or destruction to the Tenant's personal property.
6. The Tenant shall neither permit nor suffer said premises, or the
walls or floors thereof, to be endangered by overloading, nor said premises to
be used for any purposes which would render the insurance thereon void or the
insurance risk more hazardous, nor make any alterations in or changes in,
upon, or about said premises without first obtaining the written consent of
the Landlord.
7. The Tenant shall obtain and keep in full force, at Tenant's expense,
fire and liability insurance as may be reasonably required by the Landlord.
Tenant shall provide copies of such insurance policies upon the Landlord's
request.
8. The Tenant shall permit the Landlord to place a "For Rent" sign upon
the lease premises at any time after sixty (60) days before the end of this
lease.
9. The Tenant shall allow the Landlord to enter upon the premises at any
reasonable hour.
IT IS EXPRESSLY UNDERSTOOD AND AGREED BETWEEN LANDLORD AND TENANT AS FOLLOWS:
10. The Tenant shall be responsible for paying the following: X Electric
X Gas X Water X Sewer X Phone X Refuse Disposal X Janitorial Services X Other
- Association Dues & Property Taxes.
The [ ] Landlord [ ] Tenant agrees to keep all the improvements upon the
premises, including but not limited to, structural components, interior and
exterior walls, floors, ceiling, roofs, sewer connections, plumbing, wiring
and glass in good maintenance and repair at their expense. In the event the
Landlord is responsible for repair of the premises, the Tenant shall be
obliged to notify the Landlord of any condition upon the premises requiring
repair and the Landlord shall be provided a reasonable time to accomplish said
repair.
11. No assent, express or implied, to any breach or default of any one or
more of the agreements hereof shall be deemed or taken to be a waiver of any
succeeding or other breach or default.
12. If, after the expiration of this lease, the Tenant shall remain in
possession of the premises and continue to pay rent without a written
agreement as to such possession, then such tenancy shall be regarded as a
month-to-month tenancy, at a monthly rental, payable in advance, equivalent to
the last month's rent paid under this lease, and subject to all the terms and
conditions of this lease.
13. If the premises are left vacant and any part of the rent reserved
hereunder is not paid, then the Landlord may, without being obligated to do so
and without terminating this lease, retake possession of the said premises and
rent the same for such rent, and upon such conditions as the Landlord may
think best, making such changes and repairs as may be required, giving credit
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for the amount of rent so received less all expenses of such changes and
repairs, and the Tenant shall be liable for the balance of the rent herein
reserved until the expiration of the term of this lease.
14. The Landlord acknowledges receipt of a deposit in the amount of $0 to
be held by the Landlord for the faithful performance of all of the terms,
conditions and covenants of this lease. The Landlord may apply the deposit to
cure any default under th4e terms of this lease and shall account to the
Tenant for the balance. The Tenant may not apply the deposit hereunder to the
payment of the rent reserved hereunder or the performance of other
obligations.
15. If the Tenant shall be in arrears in payment of any installment of
rent, or any portion thereof, or in default of any other covenants or
agreements set forth in this lease, and the default remains uncorrected for a
period of three (3) days after the Landlord has given written notice thereof
pursuant to applicable law, then the Landlord may, at the Landlord's option,
undertake any of the following remedies without limitation: (a) declare the
term of the lease ended; (b) terminate the Tenant's right to possession of the
premises and reenter and repossess the premises pursuant to applicable
provisions of the Colorado Forcible Entry and Detainer Statute; (c) recover
all present and future damages, costs and other relief to which the Landlord
is entitled; (d) pursue breach of contract remedies; and/or (e) pursue any and
all available remedies in law or equity. In the event possession is
terminated by a reason of default prior to expiration of the term, the Tenant
shall be responsible for the rent occurring for the remainder of the term,
subject to the Landlord's duty to mitigate such damages. Pursuant to
applicable law [13-40-104(d.5), (e.5) and 13-40-107.5, C.R.S.] which is
incorporated by this reference, in the event repeated or substantial
default(s) under the lease occur, the Landlord may terminate the Tenant's
possession upon a written Notice to Quit, without a right to cure. Upon such
termination, the Landlord shall have available any and all of the above-listed
remedies.
16. If the property or the premises shall be destroyed in whole or in
part by fire, the elements, or other casualty and if, in the sole opinion of
the landlord, they cannot be repaired within ninety (90) days from said injury
and the Landlord informs the Tenant of said decision; or if the premises are
damaged in any degree and the Landlord informs the Tenant it does not desire
to repair same and desires to terminate this lease; then this lease shall
terminate on the date of such injury. In the event of such termination, the
Tenant shall immediately surrender the possession of the premises and all
rights therein to the Landlord; shall be granted a license to enter the
premises at reasonable times to remove the Tenant's property; and shall not be
liable for rent accruing subsequent to said event. The Landlord shall have
the right to immediately enter and taken possession of the premises and shall
not be liable for any loss, damage or injury to the property or person of the
Tenant or occupancy of, in or upon the premises.
If the Landlord repairs the premises within ninety (90) days, this lease
shall continue in full force and effect and the Tenant shall not be required
to pay rent for any portion of said ninety (90) days during which the premises
are wholly unfit for occupancy.
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17. In the event any dispute arises concerning the terms of this lease or
the non-payment of any sums under this lease, and the matter is turned over to
an attorney, the party prevailing in such dispute shall be entitled, in
addition to other damages or costs, to receive reasonable attorneys' fees from
the other party.
18. In the event any payment required hereunder is not made within ten
(10) days after the payment is due, a late charge in the amount of ___% of the
payment will be paid by the Tenant.
19. In the event of a condemnation or other taking by any governmental
agency, all proceeds shall be paid to the Landlord hereunder, the Tenant
waiving all right to any such payments.
20. This lease is made with the express understanding and agreement that
in the event the Tenant becomes insolvent, the Landlord may declare this lease
ended, and all rights of the Tenant hereunder shall terminate and cease.
21. The Tenant and the Landlord further agree:
This lease shall be subordinate to all existing and future security
interests on the premises. All notices shall be in writing and be personally
delivered or sent by first class mail, unless otherwise provided by law, to
the respective parties. If any term or provision of this lease shall be
invalid or unenforceable, the remainder of this lease shall not be affected
thereby and shall be valid and enforceable to the full extent permitted by
law. This lease shall only be modified by amendment signed by both parties.
This lease shall be binding on the parties, their personal representatives,
successors and assigns. When used herein, the singular shall include the
plural.
Attest: ___________________________ /s/ Xxxx X. Xxxxx 11/1/00
Date
GUARANTEE
For value received, I guarantee the payment of the rent and the
performance of the covenants and agreements by the Tenant in the within lease.
/s/ Xxxx X. Xxxxx 11/1/00
Signature Date
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ASSIGNMENT AND ACCEPTANCE
For value received,_______________________, assignor, assigns all right,
title and interest in and to the within lease to ________________; assignee,
the heirs, successors and assigns of the assignee, with the express
understanding and agreement that the assignor shall remain liable for the full
payment of the rent reserved and the performance of all the covenants and
agreements made in the lease by the Tenant. The assignor will pay the rent
and fully perform the covenants and agreements in case the assignee fails to
do so. In consideration of this assignment, the assignee assumes and agrees
to make all the payments and perform all the covenants and agreements
contained in the lease and agreed to by the Tenant.
_________________________________ _____________________________________
Assignor Date Assignee Date
CONSENT OF ASSIGNMENT
Consent to the assignment of the within lease to ________________ is
hereby given, on the express condition, however, that the assignor shall
remain liable for the prompt payment of the rent and performance of the
covenants on the part of the Tenant as herein mentioned, and that no further
assignment of said lease or sub-letting of the premises, or any part thereof,
shall be made without further written agreement.
___________________________________ ______________________________________
Signature Date Signature Date
LANDLORD'S ASSIGNMENT
In consideration of One Dollar, in hand paid, I hereby assign to
_____________________________ my interest in the within lease, and the rent
therein reserved.
______________________________________
Landlord Date
