EXHIBIT 10.10
LEASE
THIS LEASE made this 1st day of January, 2003 (the "Effective Date")
between Ara A. and Xxxx Xxx Xxxxxxx, (the "Landlord") and County National Bank
(the "Tenant").
WITNESSETH that in consideration of the covenants and agreements
hereinafter set forth, Landlord hereby leases to Tenant, and Tenant leases from
Landlord the hereinafter described premises including land and buildings known
as 000 X. Xxxx Xxxxx Xxxx (Veterinary Clinic) and 000 X. Xxxx Xxxxx Xxxx
(Domino's Building), as described below in Paragraph 1 "Premises" and made a
part hereof, upon the following terms and conditions:
1. PREMISES
The premises leased (the "Premises") are described in deeds dated
5/8/1962 and 12/2/1971 and recorded among the land records of Xxxx Arundel
County at liber 1564 and 2512, folio 412 and 61, respectively, and known as 504
and 000 X. Xxxx Xxxxx Xxxx, Xxxxxxxxx, XX. The property is located in the 0xx
Xxxxxxxxxx Xxxxxxxx of Xxxx Arundel County, Maryland consisting of .67 acres,
more or less, together with the improvements, appurtenances and systems thereon
to include, but not limited to, plumbing, electrical, and heating and cooling
systems, and all of Landlord's right, title and interest in and to any and all
estates, rights, privileges, easements, ways, rights of way, waterways,
agreements and appurtenances belonging to or in any way appertaining to said
property, hereinafter referred to as "the Property".
2. LEASE TERM
The term of this lease shall begin on the Commencement Date, January
01, 2003 ("Commencement Date"), the date Landlord delivers possession of the
Premises to the Tenant and shall terminate on the date which is five (5) years
from and after the Commencement Date.
The term "Lease Year" shall be the (12) twelve month period beginning
on the Commencement Date.
The Basic Rent is presented on Exhibit A, Rent Schedule, that is
attached herewith and describes in detail the rent and the initial term of the
lease and options and is made part hereof.
3. BASIC RENT
Beginning on the Commencement Date, Tenant covenants and agrees to pay
Landlord as annual rental twelve equal monthly payments for each Lease Year of
the Term (the "Basic Rent"), the sum of money as shown in the Rent Schedule,
Exhibit "A", and incorporated herein by reference, payable in advance without
demand or setoff in equal monthly installments, on or before the first day of
each month during the Term.
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4. OPTION TO RENEW
Tenant shall have the option to renew this Lease for four (4)
additional five (5) year terms. Such renewals shall automatically take place
unless Tenant gives notice to Landlord at least 90 days before the end of the
initial term of this lease or any renewals thereof, that Tenant does not wish to
renew this Lease. All of the terms and conditions of this Lease shall remain in
force during any renewal terms except that the Rent for the first year of the
initial term is fixed at $3,700.00 per month and the remaining four years of the
initial term and any renewal terms will be subject to increases based on the
Consumer Price Index (CPI). The Rent shall be adjusted at the beginning of each
year by the change in the Consumer Price Index. This adjustment shall be
determined in accordance with the following and is subject to a maximum annual
increase of 4%. Landlord shall compute the adjustment, if any, in the cost of
living, using as the basis of such computation the Consumer Price Index for
Urban Wage Earners and Clerical Workers (current series), Washington-Baltimore,
DC-MD-VA-WV, All Items (base period of 1996=100) as promulgated by the Bureau of
Labor Statistics of the United States Department of Labor (hereinafter called
the "Index").
5. SECURITY DEPOSIT
Tenant, contemporaneously with the execution of this Lease, has paid
Landlord $3,700.00 as security for the performance hereof by Tenant. Tenant
shall not be entitled to interest thereon. If Tenant defaults with respect to
any provision of this Lease, Landlord may, but shall not be required to, use,
apply or retain all or any part of this security deposit for the payment of any
rent or any other sum in default, or for the payment of any other amount which
Landlord may spend or become obligated to spend for reasonable attorneys' fees
incurred by Landlord to recover possession of the Premises. The right of
Landlord to apply the security deposit as specified shall not be a limitation
upon Landlord's right to invoke any other remedy available, to collect the full
amount of rent, and damages owed by Tenant. Tenant shall not be entitled to
interest thereon. If Tenant shall fully and faithfully perform every provision
of this Lease to be performed by it, the security deposit shall be returned to
Tenant within forty-five (45) days of the expiration of this Lease or may be
applied toward the final month's rent.
6. USE OF PREMISES
(a) Tenant shall use the Premises solely for retail space and primarily
to construct a commercial bank facility. The existing tenant, Domino's Pizza,
will continue to use the property as a subtenant of County National Bank as
authorized in this lease.
(b) Landlord authorizes the Tenant to demolish the existing unoccupied
building that is in poor condition known as the Veterinary Clinic, to prepare a
site for the new bank building. Commencement of this demolition shall not occur
until all permits/approvals for the new construction have been received.
7. RELATIONSHIP BETWEEN TENANT AND LANDLORD
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It is hereby understood and agreed that nothing contained in this Lease
shall be deemed or construed by the parties hereto, nor by any third party as
creating the relationship of principal and agent, partnership or joint venture
between the parties hereto.
8. ASSIGNMENT AND SUBLETTING
Tenant shall have the right to assign or encumber this Lease or
Tenant's interest hereunder, in whole or in part, and to sublet or permit the
occupancy or use by any other party of all or any part of the Premises without
obtaining the prior written consent of Landlord.
9. ALTERATIONS AND LAND AND DEMOLITION OF EXISTING BUILDING
Tenant covenants, other than for the initial construction of the
Improvements as described in Exhibit B hereto and the demolition of the
unoccupied building known as the Veterinary Clinic, 000 X. Xxxx Xxxxx Xx., that
it will at no time or times make any material alterations, improvements or
changes of any kind to the Land without first submitting the plans thereof and
securing the prior written consent of the Landlord, which consent shall not be
unreasonably withheld or delayed; provided, however, that Tenant may, at its own
option, expense, and without having to secure the consent, written or otherwise
of the Landlord:
(a) make any alternations or changes of any kind to the Improvements
and/or the Land which may be required by any governmental order or regulation;
and
(b) undertake any landscaping or similar work or painting or decorating
with respect to the Improvements and/or the land which are of a minor nature and
are reasonably necessary to the use by Tenant of the Improvement and/or the Land
as contemplated hereunder.
All improvements, alternations, replacements and building service
equipment made or installed by or on behalf of Tenant and permanently affixed to
the Land, immediately upon the expiration of this lease due either to Tenant's
affirmative declination of its right to exercise any option to renew or
expiration of the final renewal term hereof if Tenant does not exercise its
option to purchase contained in Paragraph 28 herein, shall become the property
of Landlord without payment therefore by Landlord, provided that all machinery,
equipment (other than building service equipment), trade fixtures, movable
partitions, furniture and furnishings installed by Tenant or maintained on the
Land, even if permanently affixed thereto, shall remain the property of Tenant.
10. REPAIRS AND MAINTENANCE
Tenant covenants throughout the term, at its expense, to maintain in
good order and repair the interior and exterior structure of the Improvements,
and to maintain and replace when necessary, all window and door glass therein,
interior and exterior; to maintain and repair all building service equipment
within the Improvements including, but not limited to, electrical, plumbing,
heating, air conditioning and sprinkler equipment,
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pipes, wires, ducts, fixtures and appliances and to make all ordinary and
necessary repairs; to keep the Land in a safe, clean and sanitary condition; and
to provide for the removal of trash and rubbish.
11. LIABILITY INSURANCE
Tenant shall obtain and maintain public liability insurance in form and
substance reasonably satisfactory to Landlord and Landlord's lender, if any
Lender exists, naming Landlord an additional insured against claims for bodily
injury or death occurring in or about the Improvements and/or the Land and on,
in or about the adjoining driveways and passageways, to the limit of not less
than One Million Dollars ($1,000,000.00) in respect of bodily injury or death to
one person, and to the limit of not less than One Million Dollars
($1,000,000.00) in respect of one accident, and property damage insurance
insuring against claims for damage or injury to property of others occurring in
or about the Improvements and/or the Land and on, in or about the adjoining
streets and passageways, to the limit of not less than One Hundred Thousand
Dollars ($100,000.00) in respect to damage to the property of another. Said
policy shall provide that notwithstanding any negligent act of Tenant which
might otherwise result in its forfeiture, the policy shall not be canceled
without at least thirty (30) days written notice to each named assured. A
certificate of such insurance shall be delivered to Landlord.
12. DAMAGE OR DESTRUCTION
If the Improvements are damaged by fire or other casualty, Tenant shall
make repairs thereto as soon as reasonably and conveniently may be done and
shall have no claim against Landlord based upon such damage. In no event shall
Landlord be liable to Tenant for any loss or damage sustained by Tenant to
Tenant's property by reason of such fire or other casualty.
13. COMPLIANCE WITH REGULATIONS, ETC.
Tenant covenants throughout the term at its expense to comply promptly
with all laws, codes, ordinances, administrative and court orders and
directives, rules and regulations which have the force of law, whether now in
effect or hereafter promulgated, applicable to Tenant's use and occupancy of the
Improvements and/or the Land, including, but not limited to, provisions
enforceable by the Office of the Comptroller of the Currency, the Federal
Deposit Insurance Corporation and/or the Board of Governors of the Federal
Reserve System. However, Tenant shall have the right to contest the
applicability and/or validity of any of the above so long as by reason of such
action, the Land would not be in danger of forfeiture or loss. Landlord shall
comply with all other laws, codes, ordinances, administrative and court orders
and directives, rules and regulations which have the force of law, whether now
in effect or hereafter promulgated. Landlord shall enter into any agreements
deemed necessary or required by governmental agencies for the purpose of
obtaining permits for improvements to the land.
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14. CONDEMNATION
(a) If during the terms of this Lease, all or a substantial part of the
Improvements and/or the Land shall be taken by eminent domain, then, at the
option of the Tenant, the Lease shall terminate as of the date of such taking
and the rent shall be apportioned to and xxxxx from and after, the date of
taking, and Tenant shall have the right to receive any award or damages for such
taking (except as set forth in sub-paragraph (d) hereof) as related to the
Improvements. For purposes of this Paragraph 14 "a substantial part of the
Improvements and/or the Land" shall mean a taking which renders Tenant unable to
carry on its business on the Land in substantially the same manner as previously
conducted. If Tenant does not exercise its right to terminate this Lease, the
Rent shall be equitably adjusted based on the amount of the Improvements and/or
Land taken; and Tenant shall have the right to participate in any award or
damages for such taking as related to the Improvements.
(b) If during the term of this Lease, less than a substantial part of
the Land (as hereinbefore defined) shall be taken by eminent domain, this Lease
shall remain in full force and effect according to its terms, except that the
Rent shall be equitably adjusted based on the amount of the Improvements and/or
the Land taken; and Tenant shall have the right to participate in any award or
damages for such taking as related to the Improvements.
(c) For purposes of this Paragraph 14, "taken by eminent domain" or
"taking under the power of eminent domain" shall include a negotiated sale or
lease and transfer of possession to a condemning authority under bona fide
threat of condemnation for public use, and Landlord alone shall have the right
to negotiate with the condemning authority and conduct and settle all litigation
connected with the condemnation. As hereinabove used, the words "award of
damage" shall, in the event of such sale or settlement, include the purchase or
settlement price of any such negotiated transfer.
(d) Nothing herein shall be deemed to prevent Tenant from claiming,
negotiating, and receiving from the condemning authority, if legally payable,
compensation for the taking of the Improvements and damages for Tenant's loss of
business, business interruption and/or removal and relocation.
15. PAYMENT OF UTILITIES AND TAXES
Tenant shall assume full responsibility for gas and electricity and
water/sewer charges commencing with charges incurred after Landlord delivers the
Premises to Tenant. In addition, Tenant shall be responsible and pay when due
all taxes of any kind assessed against any leasehold interest or personal
property of any kind, owned by or placed in, upon or about the premises by
Tenant. In default of payment, Landlord may, but is in no manner required to,
make any such payment, and Tenant agrees to pay Landlord for same promptly, upon
demand. Landlord shall deem any such payment collectible as additional rent.
16. LANDLORD'S RIGHT TO PERFORM TENANT'S CONVENANTS
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If Tenant shall fail to perform any covenant or duty required of it by
this Lease or by law, Landlord shall, after thirty (30) days advance written
notice to Tenant (except in the case of an emergency, in which case Landlord may
act without notice), have the right (but not the duty) to enter the Land, if
necessary, to perform the same if Tenant in the interim has not commenced such
performance. The reasonable cost thereof shall be deemed to be Rent payable by
Tenant within twenty (20) days of demand therefore.
17. INDEMNIFICATION OF LANDLORD
Except with respect to claims arising from Landlord's negligence or
that of its agents, servants, or employees, contractors, licensees or invitees
or from a breach of Landlord's obligations hereunder, Tenant covenants to
indemnify and save Landlord harmless (to the extent not reimbursed by insurance
required by this Lease to be furnished by Tenant or insurance maintained by
Landlord to which Landlord shall initially be compensated) from any and all
claims for liability of any nature whatever arising from any use, occupancy,
construction, repairs, or other work or activity done in, on or about the Land
during the term or from any condition of the Land or anything thereon or therein
during the term, or from any occurrence whatever in, on or about the Land during
the term, including all Landlord's reasonable costs, expenses and counsel fees
in connection with any such claim. Landlord shall give Tenant notice of any such
claim, the right to defend against the claim with attorneys reasonably
acceptable to Landlord (an insurance company's attorney being deemed acceptable)
and to settle such claim without cost to Landlord.
18. SIGNS
It is agreed that Tenant may place signs anywhere on the premises
providing that placement of signs is in accordance with all governmental
regulations and restrictions.
19. DEFAULT BY TENANT
(a) Tenant covenants and agrees to pay the Basic Rent, together with
all other sums of money which under the provisions hereof may be considered as
additional rent, at the times and in the manner hereinabove set forth, and to
pay any other sums that may be due Landlord under this Lease promptly upon their
becoming due.
(b) If Tenant shall fail to pay any installment of Basic Rent or
additional rent when due, or violate any other covenant or agreement made by it
in this Lease and if such failure, violation or default shall continue uncured
for ten (10) days after receipt by Tenant of written notice thereof (or for
failures which cannot be corrected within such ten (10) day period, for such
additional period as shall be reasonably required for the cure provided that
Tenant commences the cure within such ten (10) day period and diligently
prosecutes such cure to completion). Then, in any of said events, Landlord may,
at it's option re-enter and resume possession of the Premises, and/or declare
this Lease and the tenancy hereby created terminated and thereupon, remove all
persons and property from the Premises, by summary proceedings or other judicial
process, and
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forthwith be entitled to the benefit of any public general or public local laws,
now or hereafter enacted, relating to the speedy recovery of possession of lands
and tenements held over by tenants in Xxxx Arundel County; and not withstanding
such re-entry under this subsection (b) or subsection (c), Tenant shall remain
liable for any rent and other amounts due or accrued to Landlord or damages
caused to Landlord prior thereto, and Tenant shall further be liable, as
liquidated damages for the breach of covenant, to pay to Landlord the amount of
the Basic Rent and additional rent (as estimated by Landlord) reserved under
this Lease for the unexpired period of this Lease, less such amounts as Landlord
may from time to time actually receive from others to whom the Premises or parts
thereof may be rented from time to time, from which amounts Landlord shall first
be entitled to deduct all expenses incurred in recovering possession of and in
re-letting the Premises, but Tenant shall not be entitled to any excess of such
amounts received from others over the liability of Tenant hereunder; provided,
however, that it shall be within the sole discretion of Landlord to determine to
whom, or whether to anyone, the Premises shall be so rented, the amount of the
rent and all other terms and conditions of said renting, and the period or
periods thereof, whether less than, equal to or beyond the aforesaid unexpired
term of this Lease, and further Landlord shall be entitled, at its option, to
relief by injunction or otherwise, in a Court of Equity against continuance of
any violation of a covenant or agreement of this Lease.
Notwithstanding any other provisions of the Lease to the contrary,
prior to taking any action as a result of a Tenant default hereunder or
otherwise exercising any rights prescribed by any state or municipal law,
Landlord shall first give Tenant at least ten (10) days prior notice in the case
of monetary defaults and at least thirty (30) days prior notice in the case of
all other defaults of the alleged default. If Tenant shall have commenced and
shall thereafter be diligent in pursuing a cure, such thirty (30) day period
shall be extended for such reasonable additional time as shall be necessary to
cure such default.
(c) (i) If Tenant shall generally not pay its debts as they become due
or shall admit in writing its inability to pay its debts, or shall make a
general assignment for the benefit of creditors, or (ii) if Tenant shall
commence any case, proceeding or other action seeking reorganization,
arrangement, adjustment, liquidation, dissolution or composition of it or it's
debts under any law relating to bankruptcy, insolvency, reorganization or relief
of debtor, or seeking appointment of a receiver, trustee, custodian or other
similar official for it or for all or any substantial part of its property, or
(iii) if Tenant shall take any action to authorize any of the actions set forth
in subparagraphs (i) or (ii) above, or (iv) if any case, proceeding or other
action against Tenant shall be commenced seeking to have an order for relief
entered against it as debtor, or seeking reorganization, arrangement,
adjustment, liquidation, dissolution or composition of it or its debts under any
law relating to bankruptcy, insolvency, reorganization or relief of debtors, or
seeking appointment of a custodian or other similar official for it or for all
or any substantial part of its property, and such case, proceeding or other
action (a) results in the entry of an order for relief against it which is not
fully stayed within seven (7) days after the entry thereof, or (b) remains
undismissed for a period of seven (7) days, or (v) if any execution, attachment
or mechanics' lien against Tenant or the Premises is unsatisfied or unsecured by
adequate corporate
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surety bond or cash security (in the sole discretion of Landlord) for more than
five (5) days. Landlord, may at its option, in any of such events, terminate
this Lease and/or re-enter and resume possession of the Premises by proceedings
or other judicial process and retaining all rights against Tenant, and its
receiver, trustee, custodian or similar official permitted, under subsections
(b) and (c) hereof.
(d) Notwithstanding the provisions in subsection (c) above, in the
event of an assignment by operation of law under the Federal Bankruptcy Code, or
any state bankruptcy or insolvency law and Landlord's election to not terminate
this Lease, the assignee shall provide Landlord with adequate assurance of
future performance of all of the terms, conditions, and covenants of this Lease,
which shall include, but which shall not be limited to, assumption of all the
terms, covenants and conditions of the Lease by the assignee and the making by
the assignee of the following express covenants to Landlord: (i) that assignee
has sufficient capital to pay the Basic Rent, additional rent and other charges
due under the Lease for the remainder of the entire Term; and (ii) that
assumption of the Lease by the assignee will not cause Landlord to be in
violation or breach of any provision in any other Lease, financing agreement or
operating agreement relating to the Land or the Building.
20. INSPECTION AND ENTRY BY LANDLORD
Tenant will permit Landlord, and it's agent, on reasonable notice
(except in emergencies) and during reasonable business hours, to inspect
Premises, to enforce or carry out the provisions of this Lease and to show the
same to prospective tenants and purchasers.
21. FIRE AND EXTENDED COVERAGE AND BUSINESS INTERRUPTION INSURANCE
(a) Tenant covenants to pay the aggregate insurance premiums for fire
and extended coverage on the Improvements and to maintain business interruption
insurance.
(b) Any proceeds from any insurance policies paid for by Tenant shall
be payable to Tenant without any liability therefor to Landlord.
22. NOTICES
All payments of rent shall be made to Landlord at 0 Xxxxxxx Xxxx,
Xxxxxx Xxxx, X.X. 00000 or at such other place as Landlord shall designate. All
notices required or permitted to be given under this Lease shall be in writing
and deemed to be properly served if sent by certified mail postage prepaid to
Landlord at the address to which rental payments are to be sent, and to Tenant
at the Premises, but either party may give written notice to the other to
stipulate a different address.
23. TERMINATION AND HOLDING OVER
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This Lease and the tenancy hereby created shall cease and terminate at
the end of the Term, without the necessity of any notice from either Landlord or
Tenant to terminate the same, and Tenant hereby waives notice to quit and agrees
that Landlord shall be entitled to the benefit of all provisions of law
respecting the summary recovery of possession of premises from a tenant holding
over to the same extent as if statutory notice were given. The rental for the
period of holdover tenancy shall equal 100% of the Basic Rent and additional
rent in effect for the previous month prior to the holdover period.
24. ENTIRE AGREEMENT; LIMITATION OF LANDLORD'S LIABILITY
This Lease is intended by the parties as a final and complete
expression of their agreement and as an exclusive statement of the terms thereof
this Lease can only be modified by a writing executed by the parties sought to
be bound. This Lease and the covenants and conditions herein contained shall
inure to the benefit of and be binding upon Landlord, its successors and
assigns, and shall be binding upon Tenant, its successors and assigns, and shall
inure to the benefit of Tenant and only such assigns of Tenant to whom the
assignment by Tenant has been consented to by Landlord. All claims, demands or
causes of action, which Tenant may have against Landlord, shall be enforceable
solely against Landlord and not against any of the individuals who may be
principals or members of Landlord. Landlord and Tenant mutually waive any and
all rights which either may have to request a jury trial in any proceeding at
law or equity in any court of competent jurisdiction.
25. SUBORDINATION AND ESTOPPEL CERTIFICATES
This Lease is subject and subordinate to the lien of any mortgage or
deed of trust now or at any time hereafter placed upon the Land, the Building or
the Premises. Tenant hereby agrees to promptly execute any and all instruments
(including estoppel certificates) to effect such subordination, or to agree to
any change in the order of relative priority of such liens, that the Landlord
may from time to time request or require. Tenant agrees to attorn to any
successor to Landlord's interest in the Premises, whether by sale, foreclosure
or otherwise.
26. QUIET ENJOYMENT
Landlord covenants and agrees that if Tenant shall perform all of the
covenants and agreements required to be performed on the part of Tenant, Tenant
shall, subject to the terms of this Lease, have the peaceable and quiet
enjoyment of the premises.
27. SEPARABILITY
If any provision of this Lease shall be held invalid or unenforceable,
the validity and enforceability of the remaining provisions of this Lease shall
not be affected thereby.
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28. OPTION TO PURCHASE
Landlord, in consideration of the sum of Five Dollars ($5.00) received
from Tenant, hereby gives Tenant an option to purchase (The "Option") the Land
and Buildings on the terms and conditions contained in this paragraph 28. The
Option shall commence on January 1, 2008 and run until and through January 1,
2028 (the "Option Period"). The Option must be exercised within the Option
Period. The transaction to purchase the Land must close within a commercially
reasonable time after the exercise of the Option. The purchase price shall be
determined as the greater of (a) $560,000.00 increased each year by $5,000.00
until option is exercised or (b) the appraised value of the Land and Buildings
less the appraised value of the Tenant improvement included therein at the time
the option is exercised.
The Landlord and Tenant shall appoint one appraiser to appraise the
Land and Buildings and such appraisal shall be made at the expense of the
Tenant. If Landlord and Tenant cannot agree on one appraiser, each shall appoint
an appraiser and each shall bear the cost of their respectively appointed
appraiser. In such event, the purchase price for the Land and Buildings shall be
the average of the values of the Land and Buildings determined by the two
appraisers. If Tenant does not exercise the Option prior to the expiration of
the Option Period, the consideration paid for the Option will be retained by the
Landlord and neither party shall have any further rights nor claims against the
other. The Option may be exercised by written notice to Landlord at the address
contained in Paragraph 22 herein and shall be considered received three days
after the date of mailing with the United States Postal Service.
29. RECORDING
Landlord agrees that if so requested by Tenant, Landlord will execute
in recordable form for purposes of recordation at Tenant's expense: (1) a short
form of lease containing the names and addresses of the parties; the description
of the Land; the Term of this Lease including the Commencement Date and the
termination date; a description of any extension options; a statement regarding
the use of the Land; and such other provisions as either party may reasonably
require; and/or (2) a memorandum describing the Option contained in Paragraph 28
herein. Tenant shall be responsible for all costs, expenses, charges, and taxes
in connection with the recordation of this Lease, the short form of lease or the
described memorandum. If such a short form of this Lease is recorded, upon the
termination of this Lease, Tenant shall execute, acknowledge, and deliver to
Landlord an instrument in writing releasing and quitclaiming to Landlord all
right, title, and interest of Tenant in and to the Land arising from this Lease
or otherwise, all without cost or expense to Landlord.
30. WAIVER OF JURY TRIAL
Landlord and Tenant waive trial by jury in any action or proceeding
brought by either of the parties hereto against the other or on any counterclaim
in respect thereof on any matters whatsoever arising out of, or in any way
connected with, this Lease, the
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relationship of Landlord and Tenant, Tenant's use or occupancy of the
Improvements and/or Land and/or any claim of injury or damage under this Lease.
IN WITNESS WHEREOF, the parties have executed this Lease on the date
first above written.
WITNESS/ ATTEST
By: /s/ Xxx X. Xxxxxxx
--------------------------------- --------------------
As to Landlord Xxx X. Xxxxxxx
Landlord
/s/ Xxxx Xxx Xxxxxxx
--------------------
Xxxx Xxx Xxxxxxx
Landlord
WITNESS/ATTEST
BY: /s/ Xxx X. Xxxxx
--------------------------------- ----------------
As to Tenant County National Bank
Xxx X. Xxxxx, President
Tenant
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Exhibit A
RENT SCHEDULE
-------------
Initial Term (2003 thru 2007) Monthly Rent
----------------------------- ------------
Year 1 - 01/01/2003 - 12/31/2003 $3,700.00
Year 2 - 01/01/2004 - 12/31/2004 $3,700.00 plus CPI adjustment per
Paragraph 4
Year 3 - 01/01/2005 - 12/31/2005 Second year monthly rent
plus CPI adjustment per Paragraph 4
Year 4 - 01/01/2006 - 12/31/2006 Third Year monthly rent
plus CPI adjustment per Paragraph 4
Year 5 - 01/01/2007 - 12/31/2007 Fourth Year monthly rent
plus CPI adjustment per Paragraph 4
First Option (2008 thru 2012) Monthly Rent
----------------------------- ------------
Year 1 - 01/01/2008 - 12/31/2008 Monthly Rent in effect for year ending
12/31/2007 plus CPI adjustment per Paragraph 4
Year 2 - 01/01/2009 - 12/31/2009 First Year monthly rent
plus CPI adjustment per Paragraph 4
Year 3 - 01/01/2010 - 12/31/2010 Second Year monthly rent
plus CPI adjustment per Paragraph 4
Year 4 - 01/01/2011 - 12/31/2011 Third Year monthly rent
plus CPI adjustment per Paragraph 4
Year 5 - 01/01/2012 - 12/31/2012 Fourth Year monthly rent
plus CPI adjustment per Paragraph 4
Second Option (2013 - 2017) Monthly Rent
--------------------------- ------------
Year 1 - 01/01/2013 - 12/31/2013 Monthly Rent in effect for year ending
12/31/2012 plus CPI adjustment per Paragraph 4
Year 2 - 01/01/2014 - 12/31/-2014 First Year monthly rent
plus CPI adjustment per paragraph 4
Year 3 - 01/01/2015 - 12/31/2015 Second Year monthly rent
plus CPI adjustment per paragraph 4
Year 4 - 01/01/2016 - 12/31/2016 Third Year monthly rent
plus CPI adjustment per paragraph 4
Year 5 - 01/01/2017 - 12/31/2017 Fourth Year monthly rent
plus CPI adjustment per paragraph 4
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Exhibit A, Page 2
Third Option (2018 - 2022) Monthly Rent
-------------------------- ------------
Year 1 - 01/01/2018 - 12/31/2018 Monthly Rent in effect for year ending
12/31/2017 plus CPI adjustment per Paragraph 4
Year 2 - 01/01/2019 - 12/31/2019 First Year monthly rent
plus CPI adjustment per Paragraph 4
Year 3 - 01/01/2020 - 12/31/2020 Second Year monthly rent
plus CPI adjustment per Paragraph 4
Year 4 - 01/01/2021 - 12/31/2021 Third Year monthly rent
plus CPI adjustment per Paragraph 4
Year 5 - 01/01/2022 - 12/31/2022 Fourth Year monthly rent
plus CPI adjustment per Paragraph 4
Fourth Option - 2023 - 2027 Monthly Rent
--------------------------- ------------
Year 1 - 01/01/2023 - 12/31/2023 Monthly Rent in effect for year ending
12/31/2022 plus CPI adjustment per Paragraph 4
Year 2 - 01/01/2024 - 12/31/2024 First Year monthly rent
plus CPI adjustment per Paragraph 4
Year 3 - 01/01/2025 - 12/31/2025 Second Year monthly rent
plus CPI adjustment per Paragraph 4
Year 4 - 01/01/2026 - 12/31/2026 Third Year monthly rent
plus CPI adjustment per Paragraph 4
Year 5 - 01/01/2027 - 12/31/2027 Fourth Year monthly rent
plus CPI adjustment per Paragraph 4
13
