COMMERCIAL LEASE
This lease is made between; GBNM PARTNERSHIP of 0000 Xxxx Xxxxx Xxxx Xxxxx
Xxxxx, XX 00000 herein called Lessor, and, FEATHERLITE, INC. of Xxxxxxxx 0 &
00 XXX 000 Xxxxxx, XX 00000 herein called Lessee.
Lessee hereby offers to lease from Lessor the premises situated at 0000
Xxxxxx Xxxxxxxxx Xxxxxxx, XX 00000, County of Seminole, State of Florida,
described as approximately 39,000 square feet of buildings and approximately
11.61 acres of land, upon the following TERMS and CONDITIONS:
TERM and RENT
Lessor demises the above premises for a term of EIGHTY-FOUR (84) MONTHS,
commencing on AUGUST 1, 2002 and terminating on JULY 31, 2009 as provided
herein, at the monthly rental per the following schedule:
Months 1-60 (August 1, 2002 to July 31, 2007) $ 50,000.00
Months 61-72 (August 1, 2007 to July 31, 2008) $ 51,500.00
Months 73-84 (August 1, 2008 to July 31, 2009) $ 53,045.00
RENEWAL OPTION
Lessee has an option to renew this lease for an additional term of THIRTY-SIX
(36) MONTHS, commencing on AUGUST 1, 2009 and terminating on JULY 31, 2012
under the same terms and conditions as provided herein, at the monthly rental
per the following schedule:
Months 1- 12 (August 1, 2009 to July 31, 2010) $ 54,636.00
Months 13-24 (August 1, 2010 to July 31, 2011) $ 56,275.00
Months 25-36 (August 1, 2011 to July 31, 2012) $ 57,964.00
Lessee must notify Lessor in writing to the address above of Lessee's
intention to exercise the renewal option on or before July 31, 2009.
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REAL ESTATE TAXES
Real estate taxes are to be paid by Lessee. Lessee will provide proof of
payment to Lessor.
USE
Lessee shall use and occupy the premises for any lawful purpose.
CARE and MAINTENANCE of PREMISES
Lessee acknowledges that the premises are in good order and repair. Lessee
shall be responsible for all repairs required to the premises and shall make
such repairs in a timely manner. Should it become necessary for Lessor to
provide repairs, Lessee will reimburse Lessor within 15 days.
ALTERATIONS
Lessee shall not, without first obtaining the written consent of Lessor, make
any alterations, additions, or improvements, in, to or about the premises.
Lessor shall not unreasonable withhold it's consent if the alteration,
addition, or improvement enhances the value of the Premises, is necessary for
Lessee's business operation, and is acceptable to Lessor's lender.
ORDINANCES and STATUTES
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 consent shall not be
unreasonably withheld. Any such assignment or subletting without consent
shall be void and, at the option of the
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Lessor, may terminate this lease.
UTILITIES
Lessee is responsible for all utilities including but not limited to phones,
electric, water, sewer charges, gas, cleaning, trash and waste removal.
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.
INDEMNIFICATION of LESSOR
Lessor shall not be liable for any damage or injury to Lessee, or any other
person, or of any property, occurring on the demised premises or any part
thereof, and Lessee agrees to indemnify and hold Lessor harmless from any
claim for damages, no matter how caused.
INSURANCE
Lessee agrees to insure the property, buildings and improvements for an
amount necessary to return the property, buildings and improvements in the
event of total destruction as defined in "Destruction of Premises" below, to
the condition before destruction, naming Lessor as loss payee. Lessee agrees
to maintain primary general liability insurance for $2,000,000.00 and an
umbrella policy for not less than a total of $10,000,000.00 naming Lessor as
an additional insured. The Certificate of Insurance evidencing coverage 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 that might
otherwise exist.
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DESTRUCTION of PREMISES
Should an occurrence of a partial or complete destruction of the premises
during the term hereof occur, from any cause, Lessee shall forthwith repair
destruction to the condition before said destruction. Insurance proceeds as
defined in the "Insurance" section above will be made available to Lessee for
said repairs. Lessee shall control the construction and all improvements and
Lessor must approve plans. To the extent that the actual cost of the complete
repairs as defined above exceed the insurance proceeds, Lessee will be
responsible for the excess costs.
CHANGE of OWNERSHIP
Should Lessee sell the Vantare division, at the Lessor's option, this Lease
may be transferred to the new owners of Vantare or a new lease may be
negotiated between Lessor and the new owners of Vantare or the new owners of
Vantare must buy the leased property at a price to be negotiated between
Lessor and the new owners of Vantare.
EMINENT DOMAIN
Should 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, 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 any claim as allowed by law.
LESSORS REMEDIES on DEFAULT
Should Lessee default in the payment of rent, or any additional rent, or
default 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 thirty (30) 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; or Lessee does not commence such
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within fifteen (15) days and thereafter proceed with reasonable diligence and
in good faith to cure said default), then Lessor may terminate this lease on
not less than thirty (30) 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 for
all obligations as set forth in this agreement. 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 upon the signing of this lease the sum of
fifty thousand dollars ($50,000.00) as security deposit 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 in hand at all times during the term of this
lease.
SALES TAX
Lessee will be billed the applicable State and County sales tax with the
monthly lease (currently 7%). Lessor shall remit said sales tax to the State
and County.
ATTORNEY FEES
Should a lawsuit be necessary for the recovery of the premises, or for any
sum due hereunder, or because of any act which might 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 attorneys fee.
NOTICES
Notices given, or that might be required to be given by either party shall be
accomplished by mailing same postage prepaid, to Lessee at the premises, or
Lessor at
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the addresses stated above, or at such other places as might 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.
SUBORDINATION
This lease is and shall be subordinated to all existing and future liens and
encumbrances against the property.
ENTIRE AGREEMENT
The foregoing constitutes the entire agreement between the parties and may be
modified only in writing, signed by both parties. The following Exhibits, if
any, have been made a part of this lease before the parties' execution
hereof:
Signed on this 1st day of August 2002.
By: /s/ Xxxxxx Xxxxxxx By: /s/ Xxxxxx Xxxxxxx
(Lessee) (Lessor)
By: /s/ Xxxxxxx X. Xxxxx By: _______________________________
(Witness) (Witness)
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