EXHIBIT 10.2
OPTION FOR LEASE
MCH MEDICAL CENTER, LTD.
To: Xxxx X. Xxxxxxx, Chairman and CEO
Florida Coastline National Bank (In Organization)
000 Xxxx Xxxxxx
Xxxxx Xxxxx, XX 00000
Dear Xx. Xxxxxxx:
RE: OPTION TO LEASE SPACE AT 0000 X.X. 00XX XXXXXX, XXXXX, XXXXXXX
This Letter Agreement is intended to memorialize the agreement between
Florida Coastline National Bank (In Organization) ("Coastline") and MCH
Properties, Ltd. ("Landlord") providing for the grant herein of the option to
lease commercial office space known as Suites B112/B114 and B115 (the
"Premises") in the Lennar Medical Center, 0000 X.X. 00xx Xxxxxx, Xxxxx, Xxxxxxx
from MCH Medical Center, Ltd. (the Landlord) pursuant to the terms and
conditions provided herein:
1. This Option shall be valid from and after January 1, 2002
until 5:00 p.m. EDT on May 31, 2002, unless extended pursuant
to the terms hereof.
2. This Option may be exercised by Coastline at any time prior to
its expiration by Notice of Exercise sent by Coastline to
Landlord stating that Coastline shall enter into the form of
Lease attached hereto as Exhibit A for the Premises beginning
upon a date specified therein which date shall not be later
than the expiration date of this Option. The Premises shall
mean:
Suite B112/B114
0000 X.X. 00xx Xxxxxx
consisting of the western most space on the
first floor of the building comprising
approximately 3150 rentable square feet
including 17% add-on factor
Plus
Xxxxx X000
0000 X.X. 00xx Xxxxxx
Consisting of space adjacent to
Suite B112/B114 immediately
eastward on the first floor of the
Xx. Xxxx X. Xxxxxxx
November 30, 2000
Page 2
building comprising approximately 1,425
rentable square feet including 17% add-on
factor which space may not become available
until May 31, 2002, at the latest.
4. Coastline shall have obtained all necessary Federal and State
of Florida approvals to operate as a commercial bank prior to
exercising this Option, and all necessary Dade County
Planning and Zoning approvals to operate on the premises
shall have been obtained prior to occupancy by Coastline.
5. Coastline shall pay to landlord the sum of $5,250.00 on the
1st day of each month during the term of this Option
including any extension thereof in order to maintain this
Option in force. Failure to make such payment within 10 days
of its due date will allow Landlord to terminate this Option
if payment is not made within 5 additional days thereafter
after giving written notice thereof to Coastline.
6. In addition to the Option payment set forth in Paragraph 5
above, Coastline shall pay to Landlord an additional Option
payment for the adjacent 1,426 square feet in the amount of
$2,377.00 when it becomes available.
7. Coastline shall pay all applicable sales taxes due hereon, if
any.
8. Landlord and Coastline agree that Landlord shall be liable
for no brokerage fees or commissions whatsoever related to
the Premises.
9. Upon exercise of this Option, the Landlord and Coastline
shall confirm their respective entry into and execution of
the attached Lease in the form of Exhibit A for the Premises
which shall operate according to its terms except that the
following terms shall apply:
a) The initial rental amount for the first
year of the Lease shall be at the annual
rate of $24.00 per square foot (4,576 sq.
ft.), with annual standard C.P.I. increases
thereafter;
Immediately following the completion of the
improvements for the leased space, the
Tenant will provide an in-place measurement,
which calculates the square footage from the
outside face of walls on the common areas
and the centerline of demising walls of the
sub-leased premises. In the event the square
footage varies from the said 4576 sq. ft.
adjustments upward or downward as the case
requires will be made.
A 17% add on factor will be added to the
total net rentable area.
b) If additional space is added at the time the
annual rate will remain $24.50. per square
foot.
c) The rent applicable to the first month of
the lease shall be waived by Landlord;
d) The Lease shall be for full services,
including, electricity, maintenance,
cleaning, etc.;
Xx. Xxxx X. Xxxxxxx
November 30, 2000
Page 3
e) The Lease term shall be for 5 years from
its initial date after exercise and shall
include an additional Option by the Tenant
to lease the Premises for an additional 5
year term; thus totaling ten (10) years;
f) The lease shall provide that no less than
five (5) parking spaces in the front of the
entrance to the Premises shall be
designated "Bank Customers Only", although
Landlord shall not be obligated to monitor
compliance regarding such designations; and
g) Coastline shall be entitled to erect
signage at its cost on the exterior of the
building; subject to Landlord's approval.
Agreed by: Agreed by:
FLORIDA COASTLINE MCH MEDICAL CENTER, LTD.
NATIONAL BANK (IN ORGANIZATION)
BY: MCH PROPERTIES, INC., AS SOLE
GENERAL PARTNER
By: /s/ Xxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxxxxxx
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Xxxx X. Xxxxxxx Xxxxx X. Xxxxxxxxx 12/18/01
Chairman & CEO President
