Exhibit 10.20
LEASE AGREEMENT
BUSINESS AND COMMERCIAL USE
THIS LEASE AGREEMENT, made the 28th day of January 2003,
BETWEEN Future Land Investments, Inc. referred to as the "Landlord", whose
address is 000 Xxxxxx Xxxx, Xxxxx Xxxxxxxxxx, XX
AND Two River Community Bank referred to as the "Tenant", whose address is
0000 Xxxxxxx 00 Xxxxx, Xxxxxxxxxx, XX
1. Premises. The Landlord does hereby lease to the Tenant and the Tenant
does hereby rent from the Landlord, the following described premises:
000-000 Xxxxx Xxxxxx and Xxxxxxx 00
Xxxxxxxx, Xxx Xxxxxx
Lot 1.01 on the attached survey(Excluding lot 1.02)
2. Term. This Lease is for a term of Ten (10) Years commencing on April 1,
2003, and ending on March 31, 2013, with two renewal options of Five (5) year
terms. Each renewal shall be under the terms and conditions as the primary
lease. The option to renew shall be given in writing with in six (6) months
preceding the lease termination.
3. Use. The premises are to be used and occupied only and for no other
purchase than Banking . The Tenant will not, and will not allow others to occupy
or use the Premises or any part thereof for any purpose other than as specified
in this Paragraph 3, nor for any purpose deemed unlawful, disreputable, or extra
hazardous, on account of fire or other casualty.
4. Rent. The Tenant agrees to pay $3,900 a month as rent, to be paid as
follows: $3,900.00 per month, due on the 1st day of each month. The first
payment of rent and security deposit is due of $7,850.00 upon the signing of
this Lease by the Tenant. The Tenant must pay a late charge of $ 100.00 as
additional rent for each payment that is more than 10 days late. This late
charge is due with the monthly rent payment. The Tenant must also pay a fee of
$25.00 as additional rent for any dishonored check. From January 1, 2003 through
March 31, 2003 no rent is due and tenant shall be permitted to occupy the
premises and prepare for the construction. From April 1, 2003 to September 30,
2003 the rent shall be $2000.00 a month. Starting from October 1, 2003 on rent
will be the full amount of $3,900.00.
5. Repairs and Care. The Tenant has examined the Premises and has entered
into this Lease without any representation on the part of the Landlord as to the
condition thereof. The Tenant will take good care of the Premises and will, at
the Tenant's own cost and expense, make all repairs, including painting,
decorating, and will maintain the Premises in good condition and state of
repair, and at the end or other expiration of the term hereof, will deliver up
the Premises
in good order and condition, wear and tear from a reasonable use thereof, and
damage by the elements not resulting from the neglect or fault of the Tenant,
excepted. The Tenant will neither encumber nor obstruct the sidewalks,
driveways, yards, entrances, hallways and stairs, but will keep and maintain the
same in a clean condition, free from debris, trash, refuse, snow and ice
6. Alterations and Improvements. No alterations, additions or improvements
may be made, and no climate regulating, air conditioning, cooling, heating or
sprinkler systems, television or radio antennas, heavy equipment, apparatus and
fixtures, may be installed in or attached to the Premises, without the written
consent of the Landlord. Unless otherwise provided herein, such alterations,
etc., when made, installed in or attached to the Premises, will belong to and
become the property of the Landlord and will be surrendered with the Premises
and as part thereof upon the expiration or sooner termination of this Lease,
without hindrance, molestation or injury. Consents from Landlord shall not be
unreasonably withheld.
7. Signs. The Tenant may not place nor allow to be placed any signs upon,
in or about the Premises, except as may be consented to by the Landlord in
writing. The Landlord or the Landlord's agents, employees or representatives may
remove any such signs in order to paint or make any repairs, alterations or
improvements in or upon the Premises or any part thereof, but such signs will be
replaced at the Landlord's expense when such repairs, alterations or
improvements are completed. Any signs permitted by the Landlord will at all
times conform with all municipal ordinances or other laws and regulations
applicable thereto. Consents from Landlord shall not be unreasonably withheld.
8. Utilities. The Tenant will pay when due all rents or charges for water
or other utilities used by the Tenant, which are or may be assessed or imposed
upon the Premises or charged to the Landlord by the suppliers thereof during the
term hereof, and if not paid, such rents or charges will be added to and become
payable as additional rent with the installment of rent next due or within 30
days of demand therefor, whichever occurs sooner.
9.1 Compliance with Laws, etc. The Tenant will promptly comply with all
laws, ordinances, rules, regulations, requirements and directives of all
Governmental or Public Authorities and of all their subdivisions, applicable to
and affecting the Premises, or the use and occupancy of the Premises, and will
promptly comply with all orders, regulations, requirements and directives of the
Board of Fire Underwriters or similar authority and of any insurance companies
which have issued or are about to issue policies of insurance covering the
Premises and its contents, for the prevention of fire or other casualty, damage
or injury, at the Tenant's own cost and expense.
9.2 Regulatory Approval. The obligation of TENANT to comply with the terms
and conditions of this Lease are subject to the receipt by Tenant of appropriate
federal and state regulatory approvals for the operation of a branch of its bank
in the Demised Premises within ninety (90) days of date hereof. The Tenant shall
use its best efforts to immediately apply for said federal and state approvals
and to diligently prosecute its approval applications. In the event that the
TENANT has not obtained said approvals within ninety (90) day period, then the
LANDLORD OR THE TENANT shall have the right to terminate this Lease, in which
event neither party shall have any further obligation. Tenant will forfeit
security deposit and all rents paid is terminated by the tenant.
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10. Assignment. The Tenant will not, without the written consent of the
Landlord, assign, mortgage or hypothecate this Lease, nor sublet or sublease the
Premises or any part thereof. The restrictions on assignment and subletting will
also apply to: (a) any assignment or subletting that occurs by operation of law
(including by reason of the death of the Tenant, if the Tenant is an individual,
or, if the Tenant is an entity, by merger, consolidation, reorganization,
transfer or other change in or of the Tenant's structure); (b) any assignment or
subletting to or by a receiver or trustee in any federal or state bankruptcy,
insolvency or other proceedings; (c) the sale, assignment or transfer of all or
substantially all of the assets of the Tenant outside of the ordinary course of
the Tenant's business, with or without specific assignment of this Lease, or (d)
if the Tenant is an entity, the direct or indirect sale, redemption or other
transfer of fifty percent (50%) or more of the voting equity interests in the
Tenant or the acquisition of a fifty percent (50%) or more voting equity
interest in the Tenant. Consent of the Landlord will not be unreasonably
withheld or delayed.
11. Liability Insurance. The Tenant, at Tenant's own cost and expense,
will obtain or provide and keep in full force for the benefit of the Landlord,
during the term hereof, general public liability insurance, insuring the
Landlord against any and all liability or claims of liability arising out of,
occasioned by or resulting from any accident or otherwise in or about the
Premises for injuries to any persons, for limits of not less than $300,000.00
for property damage, $1,000,000.00 for injuries to more than one person, in any
one accident or occurrence. The insurance policies will be with companies
authorized to do business in this State and will be delivered to the Landlord,
together with proof of payment, not less than fifteen (15) days prior to the
commencement of the term hereof or of the date when the Tenant enters in
possession, whichever occurs sooner. At least fifteen days prior to the
expiration or termination date of any policy, the Tenant will deliver a renewal
or replacement policy with proof of the payment of the premium therefor.
12. Indemnification. The Tenant will hold harmless and indemnify the
Landlord from and for any and all payments, expenses, costs, reasonable attorney
fees (including attorney fees incurred in enforcing the Tenant's obligations
under this Paragraph 12) and from and for any and all claims and liability for
losses or damage to property or injuries to persons occasioned wholly or in part
by or resulting from any acts or omissions by the Tenant or the Tenant's agents,
employees, guests, licensees, invitees, subtenants, assignees or successors, or
for any cause or reason whatsoever arising out of or by reason of the occupancy
of the Premises by the Tenant or business of the Tenant.
13. Mortgage Priority. This Lease will not be a lien against the Premises
with respect to any mortgages that are currently or may hereafter be placed upon
the Premises. Such mortgages will have preference and be superior and prior in
lien to this Lease, irrespective of the date of recording of such mortgages. The
Tenant will execute any instruments, without cost, which may be deemed necessary
to further effect the subordination of this Lease to any such mortgages. A
refusal by the Tenant to execute such instruments is a default under this Lease.
14. Condemnation Eminent Domain. If any portion of the premises of which
the Premises are a part is taken under eminent domain or condemnation
proceedings, or if suit or other action shall be instituted for the taking or
condemnation thereof, or if in lieu of any formal condemnation proceeding or
actions, the Landlord grants an option to purchase and or sells and
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conveys the Premises or any portion thereof, to the governmental or other public
authority, agency, body or public utility seeking to take the Premises or any
portion thereof, then this Lease, at the option of the Landlord, will terminate,
and the term hereof will end as of such date as the Landlord fixes by notice in
writing. The Tenant will have no claim or right to claim or be entitled to any
portion of any amount which may be awarded as damages or paid as the result of
such condemnation proceedings or paid as the purchase price for such option,
sale or conveyance in lieu of formal condemnation proceedings. The Tenant may,
however, file a claim for any taking of fixtures and improvements owned by the
Tenant, and for moving expenses. Except as provided in the preceding sentence,
all rights of the Tenant to damages, if any, are hereby assigned to the
Landlord. The Tenant will execute and deliver any instruments, at the expense of
the Landlord, as may be deemed necessary to expedite any condemnation
proceedings or to effectuate a proper transfer of title to such governmental or
other public authority, agency, body or public utility seeking to take or
acquire the Premises or any portion thereof. The Tenant will vacate the
Premises, remove all of the Tenant's personal property therefrom and deliver up
peaceable possession thereof to the Landlord or to such other party designated
by the Landlord. The Tenant will repay the Landlord for such costs, expenses,
damages and losses as the Landlord may incur by reason of the Tenant's breach
hereof.
15. Fire and Other Casualty. If there is a fire or other casualty, the
Tenant will give immediate notice to the Landlord. If the Premises are partially
damaged by fire, the elements or other casualty, the Landlord will repair the
same as speedily as practicable, but the Tenant's obligation to pay the rent
hereunder will not cease. If, in the opinion of the landlord, the Premises are
so substantially damaged as to render them untenantable, then the rent will
cease until such time as the Premises are made tenant able by the Landlord. If,
however, in the opinion of the Landlord, the Premises are so substantially
damaged that the Landlord decides not to rebuild, then the rent will be paid up
to the time of such destruction and this Lease will terminate as of the date of
such destruction. The rent, and any additional rent, will be apportioned as of
the termination date, and any rent paid for any period beyond that date will be
repaid to the Tenant. However, the preceding provisions of this Paragraph 15
will not become effective or be applicable if the fire or other casualty and
damage are the result of the carelessness, negligence or improper conduct of the
Tenant or the Tenant's agents, employees, guests, licensees, invitees,
subtenants, assignees or successors. In such case, the Tenant's liability for
the payment of the rent and the performance of all the covenants, conditions and
terms hereof on the Tenant's part to be performed will continue and the Tenant
will be liable to the Landlord for the damage and loss suffered by the Landlord.
If the Tenant is insured against any of the risks herein covered, then the
proceeds of such insurance will be paid over to the Landlord to the extent of
the Landlord's costs and expenses to make the repairs hereunder, and such
insurance carriers will have no recourse against the Landlord for reimbursement.
16. Reimbursement of Landlord. If the Tenant fails or refuses to comply
with any of the terms and conditions of this Lease, the Landlord may carry out
and perform such conditions at the cost and expense of the Tenant, which amounts
will be payable on demand to the Landlord. This remedy will be in addition to
such other remedies as the Landlord may have by reason of the breach by the
Tenant of any of the terms and conditions of this Lease.
17. Increase of Insurance Rates. If for any reason it is impossible to
obtain fire and other hazard insurance on the buildings and improvements on the
Premises in an amount and in
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the form and from insurance companies acceptable to the Landlord, the Landlord
may, at any time, terminate this Lease, upon giving to the Tenant fifteen (15)
days' notice in writing of the Landlord's intention to do so. Upon the giving of
such notice, this Lease will terminate as of the date specified in such notice.
If by reason of the use to which the Premises are put by the Tenant of character
of or the manner in which the Tenant's business is carried on, the insurance
rates for fire and other hazards increase, the Tenant will, upon demand, pay to
the Landlord, as additional rent, the amounts by which the premiums for such
insurance are increased.
18. Inspection and Repair. The Landlord and the Landlord's agents,
employees or other representatives, will have the right to enter into and upon
the Premises or and part thereof, at all reasonable hours, on any reasonable
prior notice, for the purpose of examining the Premises or making such repairs
of alterations therein as may be necessary for the safety and preservation
thereof. This clause will not be deemed to be a covenant by the Landlord nor be
construed to create an obligation on the part of the Landlord to make such
inspection or repairs.
19. Right to Exhibit. The Tenant will permit the Landlord and the
Landlord's agents, employees or other representatives to show the Premises to
persons wishing to rent or purchase the Premises, and Tenant agrees that on and
after six (6) months next preceding the expiration of the term hereof, the
Landlord or the Landlord's agents, employees or other representative will have
the right to place notices on the front of the Premises or any part thereof,
offering the Premises for rent or sale; and the Tenant will permit the same to
remain thereon without hindrance or molestation. The Tenant will also permit the
Landlord and the Landlord's agents, employees or other representatives to show
the Premises to prospective mortgagees of the Premises or the land and
improvements of which the Premises are a part.
20. Removal of Tenant's Property. Any equipment, fixtures, goods or other
property of the Tenant that are not removed by the Tenant upon the termination
of this Lease, or upon any quitting, vacating or abandonment of the Premises by
the Tenant, or upon the Tenant's eviction, will be considered as abandoned and
the Landlord will have right, without any notice to the Tenant, to sell or
otherwise disprove of the same, at the expense of the Tenant, and will not be
accountable to the Tenant for any part of the proceeds of such sale, if any.
21. Events of Default; Remedies Upon Tenant's Default. The following are
"Events of Default" under this Lease: (a) a default by the Tenant in the payment
of rent, or any additional rent when due or within ten (10) days thereafter; (b)
a default by the Tenant in the performance of any of the other covenants or
conditions of this Lease, which the Tenant does not cure within thirty (30) days
after the Landlord gives the Tenant written notice of such default; (c) the
death of the Tenant (if the Tenant is an individual); (d) the liquidation or
dissolution of the Tenant (if the Tenant is an entity) ; (e) the filing by the
Tenant of a bankruptcy, insolvency or receivership proceeding; (f) the filing of
a bankruptcy, insolvency or receivership proceeding against the Tenant which is
not dismisses within thirty (30) days after the filing thereof; (g) the
appointment of, or the consent by the Tenant to the appointment of, a custodian,
receiver, trustee, or liquidator of all or a substantial part of the Tenant's
assets; (h) the making by the Tenant of an assignment for the benefit of
creditors or an agreement of composition; (i) if the Premises are or become
abandoned, deserted, vacated or vacant; (j) the eviction of the Tenant; or (k)
if this Lease, the Premises or the Tenant's interest in the Premises passes to
another by virtue of any court proceedings, writ of execution, levy, or judicial
or foreclosure sale. If an Event of Default
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occurs, the Landlord, in addition to any other remedies contained in this Lease
or as may be permitted by law, may either by force or otherwise, without being
liable for prosecution thereof, or for damages, re-enter, possess and enjoy the
Premises. The Landlord may then re--let the Premises and receive the rents
thereof and apply the same, first to the payment of such expenses, reasonable
attorney fees and costs, as the Landlord may have incurred in re--entering and
repossessing the Premises and in making such repairs and alternations as may be
necessary; and second to the payment of the rents due hereunder. The Tenant will
remain liable for such rents as may be in arrears and also the rents as may
accrue subsequent to the re--entry by the Landlord, to the extent of the
difference between the rents reserved hereunder and the rents, if any, received
by the Landlord during the remainder of the unexpired term hereof, and deducting
the aforementioned expenses, fees and costs; the same to be paid as such
deficiencies arise and are ascertained each month.
22. Termination on Default. If an Event of Default occurs, the Landlord
may, at anytime thereafter, terminate this Lease and the term hereof, upon
giving the Tenant five (5) days' notice in writing of the Landlord's intention
so to do. Upon giving of such notice, this Lease and the term hereof will end on
the date fixed in such notice as if such date was the date originally fixed in
this Lease for the expiration hereof; and the Landlord will have the right to
remove all persons, goods, fixtures and chattels from the Premises, by force or
otherwise, without liability for damage.
23. Non-Liability of Landlord. The Landlord will not be liable for any
damage or injury which may be sustained by the Tenant or any other person, as a
consequence of the failure, breakage, leakage or obstruction of the water,
plumbing, steam, sewer, waste or soil pipes, roof, drains, leaders, gutters,
valleys, downspouts or the like or of the electrical gas, power conveyor,
refrigeration, sprinkler, air--conditioning or heating systems, elevators or
hoisting equipment; or by reason of the elements; or resulting from the
carelessness, negligence or improper conduct on the part of any other tenant or
of the Landlord or the Landlord's or the Tenant's or any other tenant's agents,
employees, guests, invitees, subtenants, assignees or successors; or attribute
to any interference with, interruption of, or failure beyond the control of the
Landlord, of any services to be furnished or supplied by the Landlord. This
limitation on the Landlord's liability will not apply to damage or injury
resulting from gross negligence or willful misconduct of the Landlord or the
Landlord's agents, employees, guests, licensees, invitees, assignees or
successors.
24. Non-Waiver by Landlord. The various rights, remedies, options, and
elections of the Landlord under this Lease are cumulative. The failure of the
Landlord to enforce strict performance by the Tenant of the conditions and
covenants of this Lease or to exercise any election or option, or to resort or
have recourse to any remedy conferred in this Lease or the acceptance by the
Landlord of any installment of rent after any breach by the Tenant, in any one
remedy conferred in this Lease or the acceptance by the Landlord of any
installment of rent after any breach by the Tenant, in any one or more
instances, will not be constructed or deemed to be waiver or a relinquishment
for the future by the Landlord of any such conditions and covenants, options,
elections or remedies, but the same will continue in full force and effect.
25. Non-Performance by Landlord. This Lease and the obligation of the
Tenant to pay the rent hereunder and to comply with the covenants and conditions
hereof, will not be
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affected, curtailed, impaired or excused because of the Landlord's inability to
supply and service or material called for in this Lease, by reason of any rule,
order, regulation, or preemption by any governmental entity, authority,
department, agency, or subdivision or for any delay which may arise by reason or
negotiations for the adjustment of any fire or other casualty loss because of
strikes or other labor trouble or any cause beyond the control of the Landlord.
26. Validity of Lease. The terms, conditions, covenants and provisions of
this Lease will be deemed to be severable. If any clause or provision contained
in this Lease is adjudged to be invalid or unenforceable by a court of competent
jurisdiction or by operation of any applicable law, it will not affect the
validity of any other clause or provision in this Lease, but such other clauses
or provisions will remain in full force and effect.
27. Notices. All notices required under the terms of this Lease will be
given and will be complete by mailing such notices by certified or registered
mail, return receipt requested, or by hand delivery, fax or overnight delivery
service, to the address of the parties as shown at the beginning of this Lease,
or to such other address as may be designated in writing, with notice of change
of address is given in the same manner.
28. Title and Quiet Enjoyment. The Landlord covenants and represents that
the Landlord is the owner of the Premises and has the right and authority to
enter into, execute and deliver this Lease; and does further covenant that the
Tenant on paying the rent and performing the conditions and covenants contained
in this Lease, will and may peaceably and quietly have, hold and enjoy the
Premises for the term of this Lease.
29. Entire Contract. This Lease contains the entire contract between the
parties. No representative, agent or employee of the Landlord has been
authorized to make any representations or promises with reference to the leasing
of the Premises, or to vary, alter or modify the terms hereof. No additions,
changes or modifications, renewals or extensions hereof, will be binding unless
reduced to writing and signed by the Landlord and the Tenant.
30.1 Adjustment of Rent (A.) Tax Increase. If in any calendar year during
the term and of any renewal or extension of the term hereof, the annual
municipal taxes assessed against the land and improvements leased hereunder or
of which the Premises are a part, are greater than the municipal taxes assessed
against such lands and improvements for the calendar year 2003, which is hereby
designated as the base year, then, in addition to the rent fixed in this Lease,
the Tenant will pay a sum equal to the amount by which such tax exceeds the
annual tax for the base year, inclusive of any increase during any such calendar
year. Such sum will be considered as additional rent and will be paid in as many
equal installments as there are months remaining in the calendar year in which
such taxes exceed the taxes for the base year, on the first day of each month in
advance, during the remaining months of that year. If the term hereof commences
after the first day of January or terminates prior to the last day of December
in any year, then such additional rent resulting from a tax increase will be
proportionately adjusted for the fraction of the calendar year involved.
30.2 Adjustment of Rent (B) Consumer Price Index (CPI). If in any calendar
year during the term and of any renewal or extension of the term hereof, the
annual CPI year 2003, which is hereby designated as the base year, then, in
addition to the rent fixed in this Lease, the
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Tenant will pay a sum equal to the amount by which such CPI exceeds the CPI for
the base year, inclusive of any increase during any such calendar year. Such sum
will be considered as additional rent and will be paid in as many equal
installments as there are months remaining in the calendar year in which such
CPI exceed the CPI for the base year, on the first day of each month in advance,
during the remaining months of that year. If the term hereof commences after the
first day of January or terminates prior to the last day of December in any
year, then such additional rent resulting from a CPI increase will be
proportionately adjusted for the fraction of the calendar year involved. Any
increase shall not exceed a cap of five (5%) percent in any one year.
31. Liens. If any construction or other liens are created or, filed
against the Premises by reason of labor performed or materials furnished for the
Tenant in the erection, construction, completion, alteration, repair or addition
to any building or improvement, the Tenant will, upon demand, at the Tenant's
own cost and expense, cause such lien or liens to be satisfied and discharged of
record together with any lien claims that may have been filed. Failure to do so,
will entitle the Landlord to resort to such remedies as are provided in this
Lease for any default of this Lease, in addition to such as are permitted by
law.
32. Waiver of Subrogation Rights. The Tenant waives all rights of recovery
against the Landlord or the Landlord's agents, employees or other
representatives for any loss, damages or injury of any nature whatsoever to
property or persons for which the Tenant is insured. The Tenant will obtain from
Tenant's insurance carriers and will deliver to the Landlord, waivers of the
subrogation rights under the respective policies.
33. Security. The Tenant has deposited with the Landlord the sum of
$5,850.00 (the "Security Deposit") as security for the payment of the rent
hereunder and the full and faithful performance by the Tenant of the covenants
and conditions on the part of the Tenant to be performed. Such Security Deposit
will be returned to the Tenant, without interest, after the expiration of the
term hereof, provided that the Tenant has fully and faithfully performed all
such covenants and conditions and is not in arrears in rent. During the term
hereof, the Landlord may, if the Landlord so elects, have recourse to such
Security Deposit, to make good any default by the Tenant, and the Tenant will,
on demand, promptly restore the Security Deposit to its original amount. The
Landlord will assign or transfer the Security Deposit, for the benefit of the
Tenant, to any subsequent owner or holder of the reversion or title to the
Premises, and the assignee will be; one liable for the repayment thereof as
provided in this Lease, and the assignor will be released by the Tenant from all
liability to return such Security Deposit. This provision will be applicable to
every change in title and does not permit the Landlord to retain the Security
Deposit after termination of the Landlord's ownership. The Tenant will not
mortgage, encumber or assign the Security Deposit without the written consent of
the Landlord.
34. Estoppel Certificates. The Tenant will at any time and from time to
time upon not less than ten (10) days' prior notice by the Landlord, execute,
acknowledge and deliver to the Landlord or any other party specified by the
Landlord, a statement in writing certifying that this Lease is unmodified and in
full force and effect (or if there have been modifications, that this Lease is
in full force and effect as modified and stating the modifications) and the
dates to which the rent, additional rent and other charges have been paid, and
stating whether or not, to the knowledge of the signer of such certificate, the
Tenant or the Landlord is in default in
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performance of any covenant, agreement or condition contained in this Lease, and
if so, specifying each such default of which the signer may have knowledge, as
well as certifying to such other matters as the Landlord or the intended
recipient of such certificate may reasonably request.
35. Conformation with Laws and Regulations. The Landlord may pursue the
relief or remedy sought in any invalid clause, by conforming such clause with
the provisions of the statutes or the regulations of any governmental agency as
if the particular provisions of the applicable statutes or regulations were set
forth at length in this Lease.
36. Number and Gender. In all references in this Lease to any parties,
persons or entities, the use of any particular gender or the plural or singular
number is intended to include the appropriate gender or number as the text of
this Lease may require. All the terms, covenants and conditions contained in
this Lease will be for and will inure to the benefit of and will bind the
respective parties hereto, and their heirs, executors, administrators, personal
or legal representatives, successors and assigns.
In Witness Whereof, the parties have signed this Lease, or caused. these
presents to be signed by their proper officers or other representatives, the day
and year first above written.
Witnessed or Attested by:
(Seal) Future Land Investments, Inc.
BY:/s/ [Landlord]
--------------------------------------
Landlord
(Seal) Two Rivers Community Bank
BY:/s/ Xxxxx X. Xxxxxx, President & CEO
--------------------------------------
Tenant
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LEASE ADDENDUM
BUSINESS AND COMMERCIAL USE
THIS LEASE ADDENDUM, made the 30th of June 2003,
BETWEEN Futureland Investments, Inc., referred to as the "Landlord", whose
address is 000 Xxxxxx Xxxx, Xxxxx Xxxxxxxxxx, Xxx Xxxxxx 00000
AND Two River Community Bank, referred to as the "Tenant", whose address
is 0000 Xxxxxxx 00 Xxxxx, Xxxxxxxxxx, Xxx Xxxxxx.
1. Lease. This Lease Addendum modifies a Lease Agreement, dated January 28,
2003, between the Landlord and the Tenant with regard to the premises located at
000-000 Xxxxx Xxxxxx and Xxxxxxx 00, Xxxxxxxx, Xxx Xxxxxx. The Terms of the
Lease Agreement, except as modified in the within Lease Addendum, shall continue
to be binding upon the Landlord and the Tenant.
2. Rent. The rent shall be increased by $250.00 to $2250.00 a month as rent to
September 30, 2003, and thereafter to $4,150 a month, due on the 1st day of each
month. This increase is due to the agreement of Landlord to permit the Tenant to
tear down a building which the Landlord was going to renovate and rent, and will
be effective with the August rent payment.
In Witness Whereof, the parties have signed this Lease Addendum, or caused these
presents to be signed by their proper officers or other representatives, the day
and year first above written.
(Seal) Futureland Investments, Inc. (Seal)Two Rivers Community Bank
BY:/s/ [Landlord] BY:/s/ Xxxxxxx X. Xxxxxxx, EVP
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Landlord Tenant
10
