EXHIBIT 10.11
LEASE
THIS LEASE AGREEMENT is made and entered into on June 3, 2002, between
Xxx X. XxXxxxxxx and Xxxxxx X. XxXxxxxxx (hereafter referred to as "Lessor"),
and First Bank (hereinafter referred to as "Lessee").
1. Leased Premises. Lessor hereby demises and leases to Lessee, for a
term of two (2) years, the premises commonly known as 0000 Xxxxx
Xxxx, Xxxxx X, Xxxxxxxx, Xxxxxxx 00000. This Lease shall terminate
on May 31, 2004.
2. Rent. Lessee agrees to pay, without demand, to Lessor as rent for
the leased premises the sum of $900.00 per month in advance on the
first (1st) day of each calendar month beginning June 1, 2002.
Rental payments shall be made payable to and sent to Lessor at
Lessor's address: 0000 Xxxxx Xxxx Xxxxxx, Xxxxx X, Xxxxxxxx, Xxxxxxx
00000.
3. Security Deposit. On execution of this Lease, Lessee deposits with
Lessor $900.00, receipt of which is acknowledged by Lessor, as a
damage deposit and as security for the faithful performance by
Lessee of the terms hereof. The security deposit shall be returned
to Lessee, without interest, when this Lease is terminated, if not
applied toward the payment of rent in arrears or toward the payment
of damages suffered by Lessor by reason of any breach of the terms
and conditions of the Lease by Lessee.
4. Quest Enjoyment. Lessor covenants that on Lessee's paying the rent
and performing the covenants herein contained, Lessee shall
peacefully and quietly have, hold and enjoy the leased premises for
the agree term.
5. Use of Premises. The leased premises shall be used and occupied by
Lessee exclusively as an office, and neither the premises nor any
part thereof shall be used at any time during the term of this lease
by Lessee for the purpose of carrying on any business, profession or
trade of any kind, or for any purpose other than as an office.
Lessee shall comply with all laws, ordinances, rules and orders of
appropriate governmental authorities affecting the use of the leased
premises during the term of this Lease. Lessee shall not assign this
Lease or sublet the leased premises without the written consent of
Lessor.
6. Condition, Maintenance and Surrender of Premises. Lessee
acknowledges and stipulates that he has examined the leased
premises, that he is satisfied with the condition thereof and that
the premises are in good order and repair and in a safe and
tenantable condition. Lessee agrees to keep the leased premises in
as good condition as at the commencement of this Lease, ordinary
wear and tear and damage by the elements excepted, and to peaceably
surrender the leased premises at the expiration of this Lease.
Lessor shall maintain the roof parking area, exterior walls,
landscaping, air-conditioning and hearing systems. Lessee agrees to
render all other maintenance to the leased premises and to give
Lessor prompt notice of any condition which would cause waste or
damage to the leased premises.
7. Insurance and Liability. Lessee shall furnish liability insurance
in the amount of Five Thousand Dollars ($5,000.00) for medical
payments to employees, invitees and all others on the premises, and
One Hundred Thousand Dollars ($100,000.00) for each accident or
occurrence and Five Hundred Thousand Dollars ($500,000.00)
aggregate coverage. Lessee shall furnish proof of such insurance
from time to time upon Lessor's request. Lessor may purchase these
policies and charge Lessee therefore if Lessee fails to comply with
this requirement. Further, Lessee assumes all risk and
responsibility for accident or damage to person or property arising
from the use of or in or about the premises, and Lessee agrees to
save and hold harmless Lessor therefrom. Lessee shall insurance his
merchandise and personal property. Lessor will keep the present
building insured for fire and casualty (not including Lessee's
property therein).
8. Alterations and Improvements. Lessee shall make no alterations or
improvements on the leased premises, including but not limited to
painting and wallpapering, without the prior written consent of
Lessor. All alterations, changes and improvements built,
constructed or placed on the leased premises by Lessee shall,
unless otherwise provided by written agreements between Lessor and
Lessee, be the property of Lessor and remain on the leased premises
at the expiration or sooner termination of this Lease. Subject to
the provision that any sign shall be constructed and erected in
accordance with paragraph 11 below and shall remain Lessee's
property.
9. Utilities. Lessee shall be responsible for arranging for and paying
for all utility services required on the premises with the
exceptions of water and sewer which are provided to Lessee and
included in the monthly rental amount.
10. Taxes. Lessee shall pay the pro-rata real estate taxes due in May
and November of each year. The amount due will be 41% of the total
taxes due as determined by square footage of the leased space
adjusted for the pro-rata number of months leased. The Lessor will
xxxx the Lessee and payment will be due by May 10 and November 10,
respectively.
11. Right of Inspection. Lessor and his agents shall have the right at
all reasonable times during the term of this Lease and any renewal
thereof to enter the leased premises for the purpose of inspecting
the premises and all building and improvements thereon or for
displaying the same to prospective purchasers thereof.
12. Signs. The Lessee may, at its own risk, lawfully erect signs
concerning the business of the occupant of the leased premises, on
the exterior of the said building, or within and around the
building, and shall maintain said signs in a good state of repair
and save Lessor harmless from any loss, cost or damage as the
result of the erection, maintenance, existence or removal thereof,
and shall repair any damage as a result of the erection, existence,
maintenance or removal of such signs. Upon vacating the leased
premises, the Lessee shall promptly remove said signs and repair
all damage caused by such removal.
13. Duties at Termination. The Lessee shall deliver up and surrender to
the Lessor the possession of the leased premises upon the
expiration of this Lease or its termination, as herein provided, in
as good condition and repair as the same shall be at the
commencement of the term or may have been put by the Lessor during
the continuance
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thereof, ordinary wear and tear and damage by casualty excepted.
The Lessee may, at the period of expiration of the Lease, remove
all of the Lessee's trade fixtures which can be removed without
costly injury to or undue defacement of said premises, provided all
rents stipulated are paid in full and all damage to said property
is promptly repaired.
14. Destruction of Premises. If the premises shall be destroyed or so
damaged as to require new structure to be erected, the Lessor shall
have the option of rebuilding or of terminating this Lease. In the
event of such rebuilding, the Lessee's rent shall completely xxxxx
from the date of such destruction until possession of the rebuilt
premises is delivered to the Lessee. In the event of a partial
destruction the damage whereby the Lessee shall be deprived of the
occupancy of any portion of said premises, a proportionate
allowance shall be made to the Lessee from the rent during the
period of restoration or repair.
15. Default. If said rent or any part thereof shall be in arrears and
unpaid for a period of thirty days, or if said Lessee shall fail to
keep and perform any of the covenants, agreements or conditions of
this Lease on its part to be kept or performed, the Lessor may at
any time thereafter and which any such condition exists, give
thirty days notice to the Lessee of their intention to terminate
this Lease, and if such default or condition is not corrected or
remedies within that period, the Lessor may lawfully re-enter and
repossess the demised premises, and expel the Lessee and those
claiming under and through it and remove its effects without being
deemed guilty of any manner of trespass and without prejudice to
any remedies which might otherwise be used for arrears of rent or
preceding breach of covenant, thereupon this Lease shall terminate,
in which case the Lessee indemnifies the Lessor against all
expenses and unavoidable loss of rent during the residue of the
terms which the Lessor may incur by reasons of such termination.
16. No Waiver Provision. No waiver of any covenant or condition or of
the breach of covenant or condition of this Lease shall be taken to
constitute a wavier of any subsequent breach of such covenant or
condition nor to justify or authorize the non-observance on any
other occasion of the same or any other covenant or condition
hereof, nor shall the acceptance of rent by the Lessor at any time
when the Lessee is in default under any covenant or condition
hereof be construed as a waiver of such default or of the Lessor's
right to terminate this Lease on account of such default; nor shall
any waiver or indulgence granted by the Lessor be taken as an
estoppel against the Lessor.
17. Option to Renew. The Lessor hereby grants to the Lessee an option
to extend this Lease for one term of one (1) year, such term
running progressively and not concurrently, commencing with the
expiration of the second year of the initial term. The Lessee may
exercise such option by written notice to the Lessor not later than
three (3) months prior to the expiration of the initial term.
During the extended term, the Lessee shall hold the leased premises
upon the same terms and conditions as are provided with respect to
the initial term; provided, however, that prior to the expiration
of the initial term the Lessor and Lessee shall mutually agree in
writing upon the rental payments due under the terms of any
extension of this Lease Agreement.
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18. Abandonment. Lessee shall occupy the premises. If at any time
Lessee abandons the leased premises Lessor may, at his option,
enter the leased premises by any means without being liable for any
prosecution therefore, and without becoming liable to Lessee for
damages or for any payment of any kind whatever. If Lessor's right
of re-entry is exercised following abandonment of the premises by
Lessee, then Lessor may consider any personal property belonging to
Lessee and left on the premises to also have been abandoned, in
which case Lessor may dispose of all such personal property in any
manner Lessor shall deem proper, and Lessor is hereby relieved of
all liability for doing so.
19. Binding Effect. The covenants and conditions herein contained shall
apply to and bind the heirs, legal representatives and assigns of
the parties hereto, and all covenants are to be construed as
conditions of this Lease. Any corporate officers executing the
Lease on behalf of a corporate Lessee agrees to be personally bound
to the terms of the Lease.
20. Enforcement. In the event that either party must commence or
institute legal proceedings in an effort to enforce the terms and
covenants of this Agreement, the prevailing party in such
proceedings may recover from the breaching party the reasonable
costs, including attorneys' fees, in enforcing the terms of this
Agreement.
IN WITNESS WHEREOF, the parties have executed this Lease on the day
and year first above written.
LESSOR LESSEE
/s/ Xxx X. XxXxxxxxx /s/ Xxxxx Xxxxx
---------------------------- -------------------------
Xxx X. XxXxxxxxx Xxxxx Xxxxx, President
First Bank
/s/ Xxxxxx X. XxXxxxxxx 000 Xxxxx Xxxxx Xxxx 000
----------------------------- Xxxxxxxxx, Xxxxxxx 00000
Xxxxxx X. XxXxxxxxx
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