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EXHIBIT 10.24
STORE LEASE
TERM OF LEASE
DATE OF LEASE BEGINNING ENDING
12-29-95 4-1-96 4-30-96 = Abated rent
5-1-96 3-31-97 = $3330.00 per month
MONTHLY RENT
Rider/letter of 12-28-95 attached to lease
$3300.00 per month
LOCATION OF PREMISES
202A So. Cook St., Barrington, Il. 60010
PURPOSE
LESSEE LESSOR
NAME - Wolf Hoya Investments Inc. NAME - Xxxxx Enterprises Inc.
ADDRESS - 0000 Xxxxxxxxxxx Xx. ADDRESS - 000 Xxx Xxxxxx Xx.
CITY - Evanston, Il. 60203-1824 CITY - Barrington, Il. 60010
In consideration of the mutual covenants and agreements herein stated,
Lessor hereby leases to Lessee and Lessee hereby leases from Lessor solely for
the above purpose the premises designated above (the "Premises"), together with
the appurtenances thereto, for the above Term.
LEASE COVENANTS AND AGREEMENTS
1. RENT. Lessee shall pay Lessor or Xxxxxx's agent as rent for
the Premises the sum stated above, monthly in advance, until termination of
this lease, at Lessor's address stated above or such other address as Lessor
may designate in writing.
2. WATER, GAS AND ELECTRIC CHARGES. Lessee will pay, in addition
to the rent above specified, all water rents, gas and electric light and power
bills taxed, levied or charged on the Premises, for and during the time for
which this lease is granted, and in case said
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water rents and bills for gas, electric light and power shall not be paid when
due, Lessor shall have the right to pay the same, which amounts so paid,
together with any sums paid by Lessor to keep the Premises in a clean and
health condition, as herein specified, are declared to be so much additional
rent and payable with the installment of rent next due thereafter.
3. SUBLETTING; ASSIGNMENT. The Premises shall not be sublet in
whole or in part to any person other than Lessee, and Lessee shall not assign
this lease without, in each case, the consent in writing of Lessor first had
and obtained; nor permit to take place by any act or default of himself or any
person within his control any transfer by operation of law of Xxxxxx's interest
created hereby; nor offer for lease or sublease the Premises, nor any portion
thereof, by placing notices or signs of "To Let," or any other similar sign or
notice in any place, nor by advertising the same in any newspaper or place or
manner whatsoever without, in each case, the consent in writing of Lessor first
had and obtained. If Lessee, or any one or more of the Lessees, if there be
more than one, shall make an assignment for the benefit of creditors, or shall
be adjudged a bankrupt, Lessor may terminate this lease, and in such event
Lessee shall at once pay Lessor a sum of money equal to the entire amount of
rent reserved by this lease for the then unexpired portion of the term hereby
created, as liquidated damages.
4. LESSEE NOT TO MISUSE. Xxxxxx will not permit any unlawful or
immoral practice, with or without his knowledge or consent, to be committed or
carried on in the Premises by himself or by any other person. Lessee will not
allow the Premises to be used for any purpose that will increase the rate of
insurance thereon, nor for any purpose other than that hereinbefore specified.
Lessee will not keep or use or permit to be kept or used in or on the Premises
or any place contiguous thereto any flammable fluids or explosives, without the
written permission of Lessor first had and obtained. Lessee will not load
floors beyond the floor load rating prescribed by applicable municipal
ordinances. Lessee will not use or allow the use of the Premises for any
purpose whatsoever that will injure the reputation of the Premises or of the
building of which they are a part.
5. CONDITION ON POSSESSION. Xxxxxx has examined and knows the
condition of the Premises and has received the same in good order and repair,
and acknowledges that no representations as to the condition and repair
thereof, and no agreements or promises to decorate, alter, repair or improve
the Premises, have been made by Lessor or his agent prior to or at the
execution of this lease that are not herein expressed.
6. REPAIRS AND MAINTENANCE. Lessee shall keep the Premises and
appurtenances thereto in a clean, sightly and healthy condition, and in good
repair, all according to the statutes and ordinances in such cases made and
provided, and the directions of public officers thereunto duly authorized, all
at his own expense, and shall yield the same back to Lessor upon the
termination of this lease, whether such termination shall occur by expiration
of the term, or in any other manner whatsoever, in the same condition of
cleanliness, repair and sightliness as at the date of the execution hereof,
loss by fire and reasonable wear and tear excepted. Lessee shall make all
necessary repairs and renewals upon Premises and replace broken globes, glass
and fixtures with material of the same size and quality as that broken and
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shall insure all glass in windows and doors of the Premises at his own expense.
If, however, the Premises shall not thus be kept in good repair and in a clean,
sightly and healthy condition by Xxxxxx, as aforesaid, Lessor may enter the
same, himself or by his agents, servants or employees, without such entering
causing or constituting a termination of this lease or an interference with the
possession of the Premises by Xxxxxx, and Lessor may replace the same in the
same condition of repair, sightliness, healthiness and cleanliness as existed
at the date of execution hereof, and Xxxxxx agrees to pay Xxxxxx, in addition
to the rent hereby reserved, the expenses of Lessor in thus replacing the
Premises in that condition. Lessee shall not cause or permit any waste, misuse
or neglect of the water, or of the water, gas or electric fixtures.
7. ACCESS TO PREMISES. Lessee shall allow Lessor or any person
authorized by Lessor free access to the Premises for the purpose of examining
or exhibiting the same, or to make any repairs or alterations thereof which
Lessor may see fit to make, and Lessee will allow Lessor to have placed upon
the Premises at all times notices of "For Sale" and "For Rent", and Lessee will
not interfere with the same.
8. NON-LIABILITY OF LESSOR. Except as provided by Illinois
statute, Lessor shall not be liable to Lessee for any damage or injury to him
or his property occasioned by the failure of Lessor to keep the Premises in
repair, and shall not be liable for any injury done or occasioned by wind or by
or from any defect of plumbing, electric wiring or of insulation thereof, gas
pipes, water pipes or steam pipes, or from broken stairs, porches, railings or
walks, or from the backing up of any sewer pipe or down-spout, or from the
bursting, leaking or running of any tank, tub, washstand, water closet or waste
pipe, drain, or any other pipe or tank in, upon or about the Premises or the
building of which they are a part nor from the escape of steam or hot water
from any radiator, it being agreed that said radiators are under the control of
Lessee, nor for any such damage or injury occasioned by water, snow or ice
being upon or coming through the roof, skylight, trap-door, stairs, walks or
any other place upon or near the Premises, or otherwise, nor for any such
damage or injury done or occasioned by the falling of any fixture, plaster or
stucco, nor for any damage or injury arising from any act, omission or
negligence of co-tenants or of other persons, occupants of the same building or
of adjoining or contiguous buildings or of owners of adjacent or contiguous
property, or of Lessor's agents or Xxxxxx himself, all claims for any such
damage or injury being hereby expressly waived by Xxxxxx.
9. RESTRICTIONS (SIGNS, ALTERATIONS, FIXTURES). Lessee shall not
attach, affix or exhibit or permit to be attached, affixed or exhibited, except
by Lessor or his agent, any articles of permanent character or any sign,
attached or detached, with any writing or printing thereon, to any window,
floor, ceiling, door or wall in any place in or about the Premises, or upon any
of the appurtenances thereto, without in each case the written consent of
Lessor first had and obtained; and shall not commit or suffer any waste in or
about said premises; and shall make no changes or alterations in the Premises
by the erection of partitions or the papering of walls, or otherwise, without
the consent in writing of Lessor; and in case Lessee shall affix additional
locks or bolts on doors or window, or shall place in the Premises lighting
fixtures or any fixtures of any kind, without the consent of Lessor first had
and
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obtained, such locks, bolts and fixtures shall remain for the benefit of
Lessor, and without expense of removal or maintenance to Lessor. Lessor shall
have the privilege of retaining the same if he desires. If he does not desire
to retain the same, he may remove and store the same, and Xxxxxx agrees to pay
the expense of removal and storage thereof. The provisions of this paragraph
shall not however apply to Xxxxxx's trade fixtures, equipment and movable
furniture.
10. HEAT. Where building is equipped for the purpose, Lessor
shall furnish to Lessee a reasonable amount of heat, from October 1st to May
1st, whenever in Lessor's judgment necessary for comfortable use of the
Premises, during customary business hours (excluding Sundays and holidays), but
not earlier than 8 a.m. nor later than 6 p.m. unless specifically stated
herein. Lessor does not warrant that heating service will be free from
interruptions caused by strike, accident or other cause beyond the reasonable
control of Lessor, or by renewal or repair of the heating apparatus in the
building. Any such interruption shall not be deemed an eviction or disturbance
of Xxxxxx's use and possession of Premises, nor render Lessor liable to Lessee
in damages. All claims against Lessor for injury or damage arising from
failure to furnish heat are hereby expressly waived by Xxxxxx.
11. FIRE AND CASUALTY. In case the Premises shall be rendered
untenantable by fire, explosion or other casualty, Lessor may, at his option,
terminate this lease or repair the Premises within sixty days. If Lessor does
not repair the Premises within said time, or the building containing the
Premises shall have been wholly destroyed, the term hereby created shall cease
and terminate.
12. TERMINATION; HOLDING OVER. At the termination of the term of
this lease, by lapse of time or otherwise, Lessee will yield up immediate
possession of the Premises to Lessor, in good condition and repair, loss by
fire and ordinary wear excepted, and will return the keys therefor to Lessor at
the place of payment of rent. If Lessee retains possession of the Premises or
any part thereof after the termination of the term by lapse of time or
otherwise, then Lessor may at its option within thirty days after termination
of the term serve written notice upon Lessee that such holding over constitutes
either (a) renewal of this lease for one year, and from year to year
thereafter, at double the rental (computed on an annual basis) specified in
Section 1, or (b) creation of a month to month tenancy, upon the terms of this
lease except at double the monthly rental specified in Section 1, or (c)
creation of a tenancy at sufferance, at a rental of $150.00 dollars per day,
for the time Lessee remains in possession. If no such written notice is served
then a tenancy at sufferance with rental as stated at (c) shall have been
created. Lessee shall also pay to Lessor all damages sustained by Lessor
resulting from retention of possession by Xxxxxx. The provisions of this
paragraph shall not constitute a waiver by Lessor of any right of re-entry as
hereinafter set forth; nor shall receipt of any rent or any other act in
apparent affirmance of tenancy operate as a waiver of the right to terminate
this lease for a breach of any of the covenants herein.
13. XXXXXX'S REMEDIES. If Xxxxxx shall vacate or abandon the
Premises or permit the same to remain vacant or unoccupied for a period of ten
days, or in case of the non-payment of the rent reserved hereby, or any part
thereof, or of the breach of any covenant in
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this lease contained Xxxxxx's right to the possession of the Premises thereupon
shall terminate with or (to the extent permitted by law) without any notice or
demand whatsoever, and the mere retention of possession thereafter by Lessee
shall constitute a forcible detainer of the Premises; and if the Lessor so
elects, but not otherwise, and with or without notice of such election or any
notice or demand whatsoever, this lease shall thereupon terminate, and upon the
termination or Xxxxxx's right of possession, as aforesaid, whether this lease
be terminated or not, Xxxxxx agrees to surrender possession of the Premises
immediately, without the receipt of any demand for rent, notice to quit or
demand for possession of the Premises whatsoever, and hereby grants to Lessor
full and free license to enter into and upon the Premises or any part thereof,
to take possession thereof with or (to the extent permitted by law) without
process of law, and to expel and to remove Lessee or any other person who may
be occupying the Premises or any part thereof, and Lessor may use such force in
and about expelling and removing Lessee and other persons as may reasonably be
necessary, and Lessor may re-possess himself of the Premises as of his former
estate, but such entry of the Premises shall not constitute a trespass or
forcible entry or detainer, nor shall it cause a forfeiture of rents due by
virtue thereof, nor a waiver of any covenant, agreement or promise in this
lease contained, to be performed by Xxxxxx. Lessee hereby waives all notice of
any election made by Lessor hereunder, demand for rent, notice to quit, demand
for possession, and any and all notices and demand whatsoever, of any and every
nature, which may or shall be required by any statute of this state relating to
forcible entry and detainer, or to landlord and tenant, or any other statute,
or by the common law, during the term of this lease or any extension thereof.
The acceptance of rent, whether in a single instance or repeatedly, after it
falls due, or after knowledge of any breach hereof by Xxxxxx, or the giving or
making of any notice or demand, whether according to any statutory provision or
not, or any act or series of acts except an express written waiver, shall not
be construed as a waiver of Lessor's rights to act without notice or demand or
of any other right hereby given Lessor, or as an election not to proceed under
the provisions of this lease.
14. RIGHT TO RELET. If Xxxxxx's right to the possession of the
Premises shall be terminated in any way, the Premises, or any part thereof,
may, but need not (except as provided by Illinois statute), be relet by Lessor,
for the account and benefit of Lessee, for such rent and upon such terms and to
such person or persons and for such period or periods as may seem fit to the
Lessor, but Lessor shall not be required to accept or receive any tenant
offered by Lessee, nor to do any act whatsoever or exercise any diligence
whatsoever, in or about the procuring of any care or diligence by Xxxxxx in the
reletting thereof; and if a sufficient sum shall not be received from such
reletting to satisfy the rent hereby reserved, after paying the expenses of
reletting and collection, including commissions to agents, and including also
expenses of redecorating. Xxxxxx agrees to pay and satisfy all deficiency; but
the acceptance of a tenant by Xxxxxx, in place of Xxxxxx, shall not operate as
a cancellation hereof, nor to release Lessee from the performance of any
covenant, promise or agreement herein contained, and performance by any
substituted tenant by the payment of rent, or otherwise, shall constitute only
satisfaction pro tanto of the obligations of Lessee arising hereunder.
15. COSTS AND FEES. Lessee shall pay upon demand all Lessor's
costs, charges and expenses, including fees of attorneys, agents and others
retained by Xxxxxx, incurred in
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enforcing any of the obligations of Lessee under this lease or in any
litigation, negotiation or transaction in which Lessor shall, without Lessor's
fault, become involved through or on account of this lease.
16. CONFESSION OF JUDGMENT. Lessee hereby irrevocably constitutes
and appoints any attorney of any court of record in this State, to be his true
and lawful attorney for him and in his name and xxxxx, to enter his appearance
in any suit or suits that may be brought in any court in this State at any time
when any money is due hereunder for rent or otherwise, to waive the issuing of
process and service thereof and trial by jury or otherwise, and to confess a
judgment or judgments for such money so due and for costs of suit and for
reasonable attorney's fees in favor of Xxxxxx, and to release all errors that
may occur or intervene in such proceedings, including the issuance of execution
upon any such judgment, and to stipulate that no writ of error or appeal shall
be prosecuted from such judgment or judgments, nor any bill in equity filed,
nor any proceedings of any kind taken in law or equity to interfere in any way
with the operation of such judgment or judgments or of execution issued thereon
and to consent that execution may immediately issue thereon.
17. LESSOR'S LIEN. Lessor shall have a first lien upon the
interest of Lessee under this lease, to secure the payment of all moneys due
under this lease, which lien may be foreclosed in equity at any time when money
is overdue under this lease; and the Lessor shall be entitled to name a
receiver of said leasehold interest, to be appointed in any such foreclosure
proceeding, who shall take possession of said Xxxxxxxx who may relet the same
under the orders of the court appointing him.
18. REMOVAL OF OTHER LIENS. In event any lien upon Xxxxxx's title
results from any act or neglect of Xxxxxx, and Lessee fails to remove said lien
within ten days after Xxxxxx's notice to do so, Lessor may remove the lien by
paying the full amount thereof or otherwise and without any investigation or
contest of the validity thereof, and Lessee shall pay Lessor upon request the
amount paid out by Lessor in such behalf, including Xxxxxx's costs, expenses
and counsel fees.
19. REMEDIES NOT EXCLUSIVE. The obligation of Lessee to pay the
rent reserved hereby during the balance of the term hereof, or during any
extension hereof, shall not be deemed to be waived, released or terminated, nor
shall the right and power to confess judgment given in paragraph 16 hereof be
deemed to be waived or terminated by the service of any five-day notice, other
notice to collect, demand for possession, or notice that the tenancy hereby
created will be terminated on the date therein named, the institution of any
action of forcible detainer or ejectment or any judgment for possession that
may be rendered in such action, or any other act or acts resulting in the
termination of Xxxxxx's right to possession of the Premises. The Lessor may
collect and receive any rent due from Lessee, and payment or receipt thereof
shall not waive or affect any such notice, demand, suit or judgment, or in any
manner whatsoever waive, affect, change, modify or alter any rights or remedies
which Lessor may have by virtue hereof.
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20. NOTICES. Notices may be served on either party, at the
respective addresses given at the beginning of this lease, either (a) by
delivering or causing to be delivered a written copy thereof, or (b) by sending
a written copy thereof by United States certified or registered mail, postage
prepaid, addressed to Lessor or Xxxxxx at said respective addressees in which
event the notice shall be deemed to have been served at the time the copy is
mailed.
21. MISCELLANEOUS. (a) Provisions typed on this lease and all
riders attached to this lease and signed by Xxxxxx and Lessee are hereby made a
part of this lease.
(b) Lessor shall keep and observe such reasonable rules
and regulations now or hereafter required by Lessor, which may be necessary for
the proper and orderly care of the building of which the Premises are a part.
(c) All covenants, promises, representations and
agreements herein contained shall be binding upon, apply and inure to the
benefit of Xxxxxx and Xxxxxx and their respective heirs, legal representatives,
successors and assigns.
(d) The rights and remedies hereby created are cumulative
and the use of one remedy shall not be taken to exclude or waive the right to
the use of another.
(e) The words "Lessor" and "Lessee" wherever used in this
lease shall be construed to mean Lessors or Lessees in all cases where there is
more than one Lessor or Lessee, and to apply to individuals, male or female, or
to firms or corporations, as the same may be described as Lessor or Lessee
herein, and the necessary grammatical changes shall be assumed in each case as
though fully expressed. If there is more than one Lessee the warrant of
attorney in paragraph 16 is given jointly and severally and shall authorize the
entry of appearance of, and waiver of issuance of process and trial by jury by,
and confession of judgment against any one or more of such Xxxxxxx, and shall
authorize the performance of every other act in the name of and on behalf of
any one or more of such Lessees.
22. SEVERABILITY. If any clause, phrase, provision or portion of
this lease or the application thereof to any person or circumstance shall be
invalid, or unenforceable under applicable law, such event shall not affect,
impair or render invalid or unenforceable the
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remainder of this lease nor any other clause, phrase, provision or portion
hereof, nor shall it affect the application of any clause, phrase, provision or
portion hereof to other persons or circumstances.
WITNESS the hands and seals of the parties hereto, as of the Date of
Lease stated above.
LESSEE: LESSOR:
(SEAL) (SEAL)
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Xxxxxx X. Xxxx, Vice President
Wolfhoya Investments, Inc.
(SEAL) (SEAL)
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ASSIGNMENT BY LESSOR
On this ________________, 19___, for value received, Lessor hereby
transfers, assigns and sets over to __________________________, all right,
title and interest in and to the above Lease and the rent thereby reserved,
except rent due and payable prior to _______________, 19___.
(SEAL) (SEAL)
--------------------------------------------- --------------------------------------------
(SEAL) (SEAL)
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GUARANTEE
On this __________________, 19___, in consideration of Ten Dollars
($10.00) and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the undersigned Guarantor hereby guarantees
the payment of rent and performance by Xxxxxx, Xxxxxx's heirs, executors,
administrators, successors or assigns of all covenants and agreements of the
above Lease.
(SEAL) (SEAL)
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(SEAL) (SEAL)
--------------------------------------------- --------------------------------------------
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XXXXXX X. XXXX
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0000 XXXXXXXXXXX XXXXX - XXXXXXXX, XXXXXXXX 00000
December 28, 1995
ATTACHED TO AND PART OF
LEASE DATED 12-29-95.
Xxx. Xxxxxxxx Xxxxx
Xxxxx Enterprises, Inc.
Real Estate Management
000 Xxx Xxxxxx Xxxx
Xxxxxxxxxx Xxxxx, Xxxxxxxx 00000
Subject: Proposed lease on Commercial Premises at 000X Xxxxx Xxxx Xxxxxx,
Xxxxxxxxxx, Xxxxxxxx 00000 -- approximately 2860 square feet on
first floor and approximately 2145 square feet in basement
Dear Xxx. Xxxxx:
We are pleased to provide you with the proposed "Rider" conditions for the
above property. We understand that a "Xxxx" standard commercial lease will
include the following "Rider" conditions:
$3,300.00 security deposit payable upon acceptance and non-refundable if lease
is not consummated within one year.
If we give written notice to the lessor, the lessor will give a 30 day written
notice to the current tenant to vacate the premises. At that point the rent of
$3,300.00 per month would begin for a period of one year. If we vacate early,
best efforts must be used to find a new tenant to cancel our remaining balance
of the one year lease.
We would require, as an option, a second year lease at an annual increase not
to exceed the Chicago Area Consumer Price Index as published.
The lease will not be executed until we receive the necessary approval of all
local, state and federal agencies for a financial institution. This
contingency may be waived by the lessee at their own discretion.
Remodeling expenses to meet our specifications would be at the expense of the
lessee. Lessor shall not withhold approval with undue restraints to complete
work.
Lessor will provide access and schematics of space for use of lessee in
preparing architectural and construction drawings.
If you should have any further questions, please contact me at 000-000-0000.
Sincerely,
Xxxxxx X. Xxxx
