COMMERCIAL LEASE (Form A140)
EXHIBIT 10(e)
COMMERCIAL LEASE
(Form A140)
THIS LEASE is made between Master Distributors, Inc. t/a Atlantic Beverage Co., Inc. of Jessup, Maryland, herein called Lessor, and Wink Xxxxx Equipment Co., Inc., of Charlotte, North Carolina, herein called Lessee.
Lessee hereby offers to lease from Lessor the premises situated in the City of Xxxxxx, County of Xxxxxx, State of Maryland, described as 0000 Xxxxxxx Xxxxx (Portion), upon the following TERMS AND CONDITIONS:
- Term and Rent.
Lessor demises the above premises for a term of (18 mos) 1
½ years, commencing October 1, 2001, and terminating on March 31, 2003, or sooner as provided herein at the annual rental of
Twenty-Nine Thousand Five Hundred Twenty Dollars & No Cents Dollars ($29,520.00), payable in equal installments in advance on
the first day of each month for that month’s rental, during the term of this lease. All rental payments shall be made
to Lessor, at the address specified above. (Installment monthly = $2,460.00).
- Use. Lessee shall use and occupy the premises for Offices and Warehouse.
The premises shall be used for no other purpose. Lessor represents that the premises may lawfully be used for such
purpose. (Two (2) Office Suites plus 3,000 sq. ft. warehouse) See attached letter dated 9/4/01.
- Care and Maintenance of Premises. Lessee acknowledges that the premises are in
good order and repair, unless otherwise indicated herein. Lessee shall, at his own expense and at all times, maintain the
premises in good and safe condition, including plate glass, electrical wiring, plumbing and heating installations and any other
system or equipment upon the premises and shall surrender the same, at termination hereof, in as good condition as received, normal
wear and tear excepted. Lessee shall be responsible for all repairs required, excepting the roof, exterior walls, structural
foundations, and: --, which shall be maintained by Lessor. Lessee shall also maintain in good condition such portions
adjacent to the premises, such as sidewalks, driveways, lawns and shrubbery, which would otherwise be required to be maintained by
Lessor.
- Alterations. Lessee shall not, without first obtaining the written consent of
Lessor, make any alterations, additions, or improvements, in, to or about the premises.
- Ordinances and Statues. Lessee shall comply with all statutes, ordinances and
requirements of all municipal, state and federal authorities now in force, or which may hereafter be in force, pertaining to the
premises, occasioned by or affecting the use thereof by Lessee.
- Assignment and Subletting. Lessee shall not assign this lease or sublet any
portion of the premises without prior written consent of the Lessor, which shall not be unreasonably withheld. Any such
assignment or subletting without consent shall be void and, at the option of the Lessor, may terminate this lease.
- Utilities. All applications and connections for necessary utility services on
the demised premises shall be made in the name of Lessee only, and Lessee shall be solely liable for utility charges as they become
due, including including those for sewer, water, gas, electricity, and telephone services. N/A except for telephone.
- Entry and Inspection. Lessee shall permit Lessor or Lessor’s agents to
enter upon the premises at reasonable times and upon reasonable notice, for the purpose of inspecting the same, and will permit
Lessor at any time within sixty (60) days prior to the expiration of this lease, to place upon the premises any usual “To
Let” or “For Lease” signs, and permit persons desiring to lease the same to inspect the premises
thereafter.
- Possession. If Lessor is unable to deliver possession of the premises at the
commencement hereof, Lessor shall not be liable for any damage caused thereby, nor shall this lease be void or voidable, but Lessee
shall not be liable for any rent until possession is delivered. Lessee may terminate this lease if possession is not
delivered within – days of the commencement of the term hereof.
- Indemnification of Lessor. Lessor shall not be liable for any damage or injury
to Lessee, or any other person or to any property, occurring on the demised premises or any part thereof, and Lessee agrees to hold
Lessor harmless from any claims for damages, no matter how caused.
- Insurance. Lessee, at his expense, shall maintain plate glass and public
liability insurance including bodily injury and property damage insuring Lessee and Lessor with minimum coverage as follows:
Lessee shall provide Lessor with a Certificate of Insurance showing Lessor as additional insured. The Certificate shall provide for a ten-day written notice to Lessor in the event of cancellation or material change of coverage. To the maximum extent permitted by insurance policies which may be owned by Lessor or Lessee, Lessee and Lessor, for the benefit of each other, waive any and all rights of subrogation which might otherwise exist.
- Eminent Domain. If the premises or any part thereof or any estate therein, or
any other part of the building materially affecting Lessee’s use of the premises, shall be taken by eminent domain, this
lease shall terminate on the date when title vests pursuant to such taking. The rent, and any additional rent, shall be
apportioned as of the termination date, and any rent paid for any period beyond that date shall be repaid to Lessee. Lessee
shall not be entitled to any part of the award for such taking or any payment in lieu thereof, but Lessee may file a claim for any
taking of fixtures and improvements owned by Lessee, and for moving expenses.
- Destruction of Premises. In the event of a partial destruction of the premises
during the term hereof, from any cause, Lessor shall forthwith repair the same, provided that such repairs can be made within sixty
(60) days under existing governmental laws and regulations, but such partial destruction shall not terminate this lease, except
that Lessee shall be entitled to a proportionate reduction of rent while such repairs are being made, based upon the extent to
which the making of such repairs shall interfere with the business of Lessee on the premises. If such repairs cannot be made
within said sixty (60) days, Lessor, at his option, may make the same within a reasonable time, this lease continuing in effect
with the rent proportionately abated as aforesaid, and in the even that Lessor shall not elect to make such repairs which cannot be
made with sixty (60) days, this lease may be terminated at the option of either party. In the event that the building in
which the demised premises may be situated is destroyed to an extent of not less than one-third of the replacement costs thereof,
Lessor may elect to terminate this lease whether the demised premises be injured or not. A total destruction of the building
in which the premises may be situated shall terminate this lease.
- Lessor’s Remedies on Default.
If Lessee defaults in the payment of rent,
or any additional rent, or defaults in the performance of any of the other covenants or conditions hereof, Lessor may give Lessee
notice of such default and if Lessee does not cure any such default within ten (10) days, after the giving of such notice (or if
such other default is of such nature that it cannot be completely cured within such period, if Lessee does not commence such curing
within such 10 days and thereafter
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proceed with reasonable diligence and in good faith to cure such default), then Lessor may terminate this lease on not less than 5 days’ notice to Lessee. On the date specified in such notice the term of this lease shall terminate, and Lessee shall then quit and surrender the premises to Lessor, but Lessee shall remain liable as hereinafter provided. If this lease shall have been so terminated by Lessor, Lessor may at any time thereafter resume possession of the premises by any lawful means and remove Lessee or other occupants and their effects. No failure to enforce any term shall be deemed a waiver.
- Security Deposit. Lessee shall deposit with Lessor on the signing of this
lease the sum of Four Thousand Nine Hundred Twenty Dollars and No Cents Dollars ($4,920.00) as security for the performance of
Lessee’s obligations under this lease, including without limitation the surrender of possession of the premises to Lessor as
herein provided. If Lessor applies any part of the deposit to cure any default of Lessee, Lessee shall on demand deposit with
Lessor the amount so applied so that Lessor shall have the full deposit on hand at all times during the term of this lease.
- Tax Increase. In the event there is any increase during any year of the term
of this lease in the City, County or State real estate taxes over and above the amount of such taxes assessed for the tax year
during which the term of this lease commences, whether because of increased rate or valuation, Lessee shall pay to Lessor upon
presentation of paid tax bills an amount equal to N/A % of the increase in taxes upon the land and building in which the leased
premises are situated. In the event that such taxes are assessed for a tax year extending beyond the term of the lease, the
obligation of Lessee shall be proportionate to the portion of the lease term included in such year.
- Common Area Expenses. In the event the demised premises are situated in a
shopping center or in a commercial building in which there are common areas, Lessee agrees to pay his pro-rata share of
maintenance, taxes, and insurance for the common area. [#17 – N/A Common Area Expenses are included in lease
payment.]
- Attorney’s Fees. In case suit should be brought for recovery of the
premises, or for any sum due hereunder, or because of any act which may arise out of the possession of the premises, by either
party, the prevailing party shall be entitled to all costs incurred in connection with such action, including a reasonable
attorney’s fee.
- Waiver. No failure of Lessor to enforce any term hereof shall be deemed to be
a waiver.
- Notices. Any notice which either party may or is required to give, shall be
given by mailing the same, postage prepaid, to Lessee at the premises, or Lessor at the address specified above, or at such other
places as may be designated by the parties from time to time.
- Heirs, Assigns, Successors. This lease is binding upon and inures to the
benefit of the heirs, assigns and successors in interest to the parties.
- Option to Renew. (TBD) Provided that Lessee is not in default in
the performance of this lease, Lessee shall have the option to renew the lease for an additional term of N/A months commencing at
the expiration of the initial lease term. All of the terms and conditions of the lease shall apply during the renewal term
except that the monthly rent shall be the sum of $__. The option shall be exercised by written notice given to Lessor not
less than __ days prior to the expiration of the initial lease term. If notice is not given in the manner provided herein
within the time specified, this option shall expire.
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- Subordination. This lease is and shall be subordinated to all existing and
future liens and encumbrances against the property.
- Entire Agreement. The following constitutes the entire agreement between the parties and may be modified only by a writing signed by both parties. The following Exhibits, if any, have been made a part of this lease before the parties’ execution hereof:
Signed this 6 day of September, 2001.
By: _________________________________ |
By: _________________________________ |
Lessee: Xxx Xxxxxx, President |
Lessor: Xxxxx Xxxxx, Vice President |
Wink Xxxxx Co. |
Master Distributors, Inc. |
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Atlantic Beverage Company, Inc.
0000 Xxxxxxx Xxxxx, Xxxxxx, XX 00000
PH: 000-000-0000 / 000-000-0000
FAX: 000-000-0000
September 4, 2001
To: Xxxxx Xxxxxx
Wink Xxxxx Equipment
Co.
From: Xxxxx Xxxxx
Atlantic Beverage
Co.
Subject: Lease – Warehouse & Office Space
Xxxxx, we have attempted to itemize all costs involved in the leasing of the space you are
considering. As you know, it is not viable to have separate utility meters for the space in question, due to the taxes and
additional costs that will be incurred. Please give me a call if you have any questions or concerns.
Space: 2 Office suites with separate entrance. (approx. 693 sq. ft.) |
$ |
1,800.00 |
Utilities: Pro-rated based on usuage of 6% of our total space |
$ |
400.00 |
Phone: Tenant provides |
||
Janitorial Services: Office cleaned weekly, common areas cleaned |
$ |
140.00 |
Outside Maintenance: Lawncare, trash removal, snow removal, |
$ |
120.00 |
Insurance: Tenant provides for contents, etc.
Roof and structure is
covered by |
Total Monthly Payment - $2,460.00 (for the duration of our lease)
Xxxxx, our lease is complete April 1, 2003. At that time we will have negotiated a new lease for probably 3 or 5 years, or, we will have acquired new warehouse and office space. If this is something you are interested in pursuing with us, we can talk.
Regarding, segregation of your warehouse area, you can secure your space via fencing at your own expense. However, because of the nature of our companies, we do not believe there will ever be a problem with confusing or losing inventory, etc. Our warehouse is secured. We have personnel in the warehouse from 6:00 a.m. until 11:00 p.m. Monday through Friday. We do have a security system in place for after hours.
/s/ Xxxxx Xxxxx
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