EXHIBIT 10.11
LEASE AGREEMENT
THIS AGREEMENT, Made this 1st day of January, 1996, by and between ELPO
PARTNERSHIP, a partnership under the laws of the State of Minnesota party of the
first part, Lessor, and Xxxxxxx County Financial Corporation party of the second
part, Lessee.
WITNESSETH, That the said party of the first part, in consideration of the
rents and covenants hereinafter mentioned, do hereby Lease to the said party
of the second part, and the said party of the second part do hereby hire and
take from the said party of the first part, the following described premises
situated in the County of Xxxxxxx and State of Minnesota viz:
The premises presently occupied by the Red Wing Loan & Investment
Company at 000 Xxxx Xxxxx Xxxxxx, Xxx Xxxx, XX.
TO HAVE AND TO HOLD, The said premises just as they are, without any liability
or obligation on the part of said Lessor of making any alterations, improvements
or repairs of any kind on or about said premises, for the term of Three Years
from January 1, 1996, for the following purposes, to-wit:
The operation of a loan and thrift company and other similar related purposes.
SEE ATTACHED SHEET FOR ADDITIONAL TERMS AND CONDITIONS.
paying therefor the rent of Four Hundred Forty and no/100 Dollars ($440.00) per
month.
And the said Lessee does covenant to pay the said rent in equal monthly
payments in advance, to-wit: The sum of Four Hundred Forty and no/100 Dollars,
on or before the first day of every month during said term at Red Wing,
Minnesota and that said Lessee will keep and maintain the said premises during
the aforesaid term, and quit and deliver up the said premises to the said Lessor
peaceably and quietly at the end of the aforesaid term or at any previous
termination thereof for any cause, in as good order and condition and state of
repair, reasonable use and wearing thereof and inevitable accidents excepted, as
the same now are or may be put into by said Lessor.
Lessee further agrees to give Lessor written notice thirty days before the
expiration of this lease of its intention to vacate at the end of this lease,
otherwise Lessor will have option of continuing this lease for _________________
from such expiration without notice to Lessee.
That said Lessee will keep said premises continually in a neat, clean and
respectable condition, and will keep the sidewalks in front and along said
premises cleared of ice and snow, or other obstructions or objectionable thing.
All ashes, garbage and refuse of any kind is to be removed at Lessee's expense.
That said Lessee will not allow any liquors or beverages of an intoxicating
nature or tendency to be sold on said premises, nor permit any gambling or other
immoral practice therein.
The said Lessee will not make or allow any waste thereon or thereof, and
will not assign or underlet said premises or any part thereof without the
written consent of said Lessor. Said Lessee also agree to replace all glass
broken on said premises during said term, and pay for all city water, light and
heat and other utilities used thereon during the term of this lease, and not to
use said premises nor any part thereof for any purposes called extra hazardous
by insurance companies.
And if said monthly payments, whether the same be demanded or not, are not
paid when they become due; or if said leased premises shall be appropriated to
or used for any other purpose or use than is hereinbefore specified; or if any
liquor, gambling or any other immoral practices are allowed on said premises, or
any damage or waste shall be made thereon; or if any part of said premises shall
be underlet or this lease be assigned without the written consent of said Lessor
as above specified; or if any term, condition or covenant of this lease on the
part of the said Lessee to be by said Lessee kept or performed, shall be
violated or neglected, then the said Lessee do hereby authorize and fully
empower said Lessor or its agent to cancel and annul this lease at once and to
re-enter
and take possession of said premises immediately and by force if necessary
without any previous notice of intention to re-enter, and remove all persons
and their property therefrom and to use such force and assistance in
effecting and perfecting such removal as said Lessor may deem advisable to
recover at once full and exclusive possession of all said leased premises,
whether in possession of said Lessee or of third persons, or vacant; or said
Lessor or its agent may at its option at any time after such default or
violation of condition or covenant, re-enter and take possession of said
premises, without such re-entering working a forfeiture of the rents to be
paid and the covenants to be kept by said Lessee for the full term of this
lease.
If the leased premises, building, or any part thereof, shall be partially
damaged by fire, storm, earthquake or other casualty not due to lessee's
negligence or willful act or that of his employee, family, agent, or visitor,
the premises shall be promptly repaired by lessor and there shall be an
abatement of rent corresponding with the time during which, and the extent to
which, the leased premises may have been untenantable; but, if the leased
premises should be damaged other than by lessee's negligence or willful act or
that of his employee, family, agent, or visitor, to the extent that lessor shall
decide not to rebuild or repair, the term of this lease shall end and the rent
shall be prorated up to the time of the damage.
And it is Mutually Agreed, That all the covenants, terms and conditions of
this lease shall extend, apply to and firmly bind the heirs, personal
representatives, successors and assigns of the respective parties hereto as
fully as the respective parties are themselves bound.
ADDITIONAL TERMS
1. It is understood and agreed that lessor may raise the rent at any time
during the term of this lease or any extension thereof only under the
following conditions:
The rented premises are a part of a building, the ground floor of which is
rented in part to Xxxxxx Optical, 000 Xxxx Xxxxx Xxxxxx, Xxx Xxxx,
Xxxxxxxxx, in part to Kask Electric, 000 Xxxx Xxxxx Xxxxxx, Xxx Xxxx,
Xxxxxxxxx, and in part to Red Wing Loan & Investment Company, 000 Xxxx
Xxxxx Xxxxxx, Xxx Xxxx, Xxxxxxxxx (by this lease rented to lessee). The
rent of lessee will not be raised unless the rent of the other tenants of
the building named herein or their successors is also raised and then only
if the rent of each of the tenants is raised by the same percentage amount.
For example, if the rent of Xxxxxx Printing, Xxxxxx Optical and Kask
Electric or their successors are each raised by 5%, then and in that event
the rent of lessee may be raised by 5%.
2. Lessee shall have the right to renew this lease for an additional three
year period under the same terms and conditions by giving written notice of
its intention to exercise this option to lessor 90 days prior to the
termination of this lease. If the lessee exercises its option to renew
this lease for such additional three year period, it shall have the further
option to renew this lease for a second additional three year term by
giving written notice to lessor 90 days prior to the termination of the
first three year renewal period.
3. Lessor agrees to furnish heat and water.
In Testimony Whereof, Both parties have signed this lease this 1st day of
January, 1996.
ELPO PARTNERSHIP
BY: /s/ Xxxxxx Xxxxxx
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XXXXXXX COUNTY FINANCIAL CORPORATION
BY: /s/ Xxxxxxx X. Xxxxxx
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State of Minnesota )
) ss.
County of Xxxxxxx )
On this 1st day of January A.D. 1996, before me, Xxxxxxx Xxxxxx a Notary
Public within and for said County and State, personally appeared Xxxxxx Xxxxxx,
a partner of ELPO PARTNERSHIP to me known to be the same person described in and
who executed the foregoing instrument, and acknowledge that he executed the same
as his free act and deed.
Xxxxxxx X. Xxxxxx
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Notary Public
State of Minnesota )
) ss.
County of Xxxxxxx )
On this 1st day of January, 1996, before me, a Notary Public within and for
said County, personally appeared Xxxxxxx X. Xxxxxx to me personally known, who,
being each by me duly sworn he did say that he is the President of the
corporation named in the foregoing instrument, and that the seal affixed to said
instrument is the corporate seal of said corporation, and that said instrument
was signed and sealed in behalf of said corporation by authority of its Board of
Directors and said Xxxxxxx X. Xxxxxx acknowledged said instrument to be the free
act and deed of said corporation.
Xxxxxxx X. Xxxxxx
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Notary Public
