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EXHIBIT 10.4
PARTIES: This Sub-Lease Indenture made and entered into this 1st day of
November 1995, by and between X. XXXXX XXXXXX & CO. FINANCIAL
SERVICES, Inc., X.X. Xxx 000, Xxxx Xxxxx, XX 00000 hereinafter
referred to as "LANDLORD" and ITC HOLDING COMPANY, INC.
hereinafter referred to as "TENANT".
WITNESSETH
PREMISES: That LANDLORD for and in consideration of the rents reserve to
be paid and the covenants to be performed, has sub-leased and by
these presents does sub-lease, unto TENANT certain premises in
WEST POINT, GEORGIA (XXXXX COUNTY) described as follows;
000 Xxxx 0xx Xxxxxx in the city of West Point,
Xxxxx County, Georgia.
310 Square feet Common Area
1,740 Square feet Office Space
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2,050 TOTAL SQUARE FOOTAGE
RENT AND
TERM To have and to hold the said property from 1st day of November
1995 on a month to month basis, thence next ensuing, TENANT to
pay therefore during said term the sum of Five hundred
ninety-seven dollars and 92/100 ($597.92) on the 1st day of each
month, beginning with the 1st of November 1995, at the office of
LANDLORD'S shown above. All utilities will continue to be
prorated monthly and billed by LANDLORD.
RENEWAL: TENANT shall continue this sub-lease on a month to month basis
at the then effective rate until 90 written notice is given by
either party to the other of the intention to terminate.
USE: Premises are to be sub-leased to and used by TENANT for offices
and/or related business type activities ONLY, TENANT agreeing
that he will not put the premises to any illegal or unlawful use
nor to any use which will increase the insurance thereon.
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REPAIRS: TENANT has examined premises and agrees that they are in good
state of repair, except in the following particulars, which
LANDLORD agrees to repair promptly:
NONE
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TENANT agrees to bear the expense of keeping the premises,
together with any fixtures installed therein, in good condition,
ordinary wear and tear excepted, except broken glass which shall
be replaced at TENANT'S expense regardless of how caused, and
except the expense of keeping open all water and sewerage pipes,
electrical and heat pump if determined to be caused by neglect of
TENANT. LANDLORD will be responsible for PLUMBING, ELECTRICAL,
HEATING AND AIR as long as it is determined to be from normal
wear and tear. At the expiration, premises will be returned by
TENANT "broom clean" with all keys.
DAMAGES-
INJURIES: TENANT will give LANDLORD notice in writing, specifically
pointing out any defects in the premises which may arise
subsequently and agrees that LANDLORD may have not less than ten
days to remedy such defects. In the absence of such notice and
until the expiration of said ten days, TENANT agrees that
LANDLORD is released of any and all liability therefrom for
injuries or damage to TENANT, his family, servants or guests,
TENANT hereby specifically waiving any law of the State of
Georgia in conflict herewith or requiring inspection by LANDLORD.
If a member of TENANT family, a guest or servant recovers against
LANDLORD under such circumstances, TENANT agrees to indemnify and
hold LANDLORD harmless for such loss.
GENERAL: Provisions with reference to remedies in case of default,
abandonment, or bankruptcy, with reference to LANDLORD'S right to
repossess, and with reference to waiver are shown on page 4 and 5
hereof. THEY ARE A PART OF THIS AGREEMENT.
NOTICES: All notices provided for hereunder must be in writing. Such
notices mailed to or left at the within named premises shall
constitute notice to TENANT, and notice to the LANDLORD shall be
accomplished by like document to LANDLORD'S as herein shown.
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INSPECTION: Upon reasonable notice of not less than twelve hours to TENANT,
LANDLORD may enter premises for the purpose of inspection, repair
or showing to prospective purchaser or tenant. After notice of
termination of lease, LANDLORD may place rental signs on the
property.
POSSESSION: If LANDLORD is prevented by law or through no fault of his in
giving possession on the date herein provided, there shall be no
liability for damages of any kind resulting from such failure.
ADVERTISING: All rights to advertise on premises or place signs thereon
shall be reserved to the LANDLORD.
INTEREST AND
COSTS: All sums due thereunder shall bear interest at 5% per ammum
after maturity and if placed with an attorney for collection,
LANDLORD may recover reasonable attorney's fees at 15% as cost of
collection.
FIRE: Should the premises be rendered untenable by fire or other
casualty, the lease is to terminate. Rent shall not xxxxx in case
of partial damage which does not render the dwelling untenable,
in which case repairs will be promptly made.
FIXTURES: No fixtures are to be installed nor alterations and repairs are
to be made by TENANT without the written consent of LANDLORD, but
when so made shall become a part of the building including
fixtures constructively attached, such as stoves and like
fixtures, or others which are covered by written agreement, which
shall be removable by TENANT at the end of the term; provided,
all rent due under this lease has been paid and provided same can
be done without damage to the premises.
SPECIAL: SPECIAL PROVISIONS OF THIS LEASE
1. This is a net lease. LANDLORD will be responsible for
insurance, property taxes and exterior improvements. TENANT
will be responsible for pro-rata share of utilities and
responsible for cleaning service and pest control.
2. Interior improvements and betterments will be made at expense
and liability of TENANT with approval of LANDLORD.
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5. Space may not be used for wholesale or retail liquor or
alcoholic beverage distribution or sale.
ADDITIONAL PROVISIONS OF THIS LEASE
DEFAULT: Upon failure of TENANT to pay any sums hereunder promptly, time
being of the essence, or upon breach by TENANT of any of the
terms of this lease, the balance due, hereunder for the full
remainder of the term shall become due and payable at once by
TENANT. TENANT expressly represents that all furniture, fixtures,
appliances and equipment installed at premises are his property
and that no furniture, fixtures or other property shall be
removed by TENANT from the premises while any provision of this
sub-lease is in default.
ABANDONMENT: If sub-lease is in default and TENANT, his family and servants
have moved from the premises, LANDLORD may thereupon re-enter
take possession of the said premises, and furniture and other
belongings of the TENANT which may be in same, without legal
process, which will terminate any right of TENANT to re-enter.
REPOSSESSION: In case of abandonment of premises by TENANT, or following
default, the surrender of possession on demand, or eviction by
law, LANDLORD may retake possession immediately and the retaking
of possession by LANDLORD, in absence of express election in
writing to do so, shall not terminate this sub-lease. LANDLORD
shall have the right to recover immediately as damages, rentals
to the end of the sub-lease. LANDLORD in subletting premises
shall be acting as TENANT'S agent to reduce TENANT'S loss, any
net sums received by the LANDLORD to apply as payment on any
judgment obtained of balance due. After the same is satisfied,
LANDLORD is to pay anything received to TENANT.
BANKRUPTCY: IN case of bankruptcy, insolvency or receivership of TENANT,
LANDLORD is to have the right at his option to forthwith
terminate the sub-lease and to proceed for any sum then due
hereunder and also damages for the breach of said sub-lease.
TENANT waives and renounces for himself all HOMESTEAD and
EXEMPTION rights of this State, of the United States, or any
other State, and as additional security hereunder, assigns to
LANDLORD as his attorney in fact to file claim for Homestead and
to receive and accept same in TENANT'S name in any bankruptcy
proceedings.
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WAIVER: If in any instance, LANDLORD shall allow a delay or suspend any
provision in this sub-lease, such waiver shall not prevent
LANDLORD from insisting upon a strict observance thereof at any
subsequent date.
Executed under seal in duplicate on the day and year first
above written:
/s/ Xxxxxxx Xxx (L.S.) /s/ X. Xxxxx Xxxxxx XX (L.S.)
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TENANT LANDLORD
ITC HOLDING CO., INC. X. XXXXX XXXXXX & CO.
X.X. XXX 000 FINANCIAL SERVICES, INC.
Xxxx Xxxxx, Xxxxxxx 00000 X.X. XXX 000
Xxxx Xxxxx, Xxxxxxx 00000
/s/ Xxx Xxxxx Xxxxxx (L.S.) /s/ Xxxxxx Xxxxxxxx (L.S.)
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ATTEST ATTEST
