EXHIBIT 10.11
LEASE AGREEMENT
XXXXXXX, ADCOCK, RANKIN, LLC LESSOR
X.X. Xxx 0000
Xxxxxx, Xxxxxxxx 00000
000-000-0000
AND
HOME BANCSHARES INC. LESSEE
KNOW ALL MEN BY THESE PRESENTS:
THAT XXXXXXX, ADCOCK, RANKIN, LLC, hereinafter referred to as Lessor does
hereby lease, let and rent unto HOME BANCSHARES INC, hereinafter called Lessee,
for considerations and terms hereinafter set out, the following described
premises located in Conway, Arkansas:
1. DEMISED PREMISES: Xxxxx 000, Xxxxx Xxxxx Xxxxx, 0000 Xxxxx Xxxx, Conway,
Arkansas.
2. LEASE TERM: This Lease shall be effective for a primary term of three
(3) years, beginning August 1, 2005 and ending July 31, 2008.
3. RENT: The lessee shall pay to Lessor a monthly rental of $1350.00 to be
paid by the first of each month. A late fee of 5% shall be assessed for any
payment that is not received by the 10 of each month.
4. EXTENSIONS: The Lessee shall have the right to extend this lease for two
(2) additional terms of three (3) years each from the expiration of the primary
term hereof. Should the Lessee choose to exercise this option, the monthly
rental will increase 6% for the first term, and 6% for the second term. The
Lessee shall give the Lessor sixty (60) days notice prior to exercising its
option.
5. BUILDING USE: It is understood and agreed that the premises shall not be
used for any other purpose than for a bank services office, without the written
consent of the Lessor. Lessee may assign this lease to other persons only with
the written approval of the Lessor. Said approval may not be unreasonably
withheld.
6. TAXES, INSURANCE AND HOLD HARMLESS AGREEMENT: The Lessor will pay all
real estate taxes on said property during the term of this lease, and will, at
its election, keep said improvements insured against such hazards and for such
amounts as it sees fit, at its own expense.
If the Premises are so substantially damaged by fire or other casualty as
to be untenantable, in whole or in at least twenty-five percent (25%) part
thereof, either party may terminate this Lease by providing Notice to the other,
but if the damage is such that the Premises can be repaired and restored within
one hundred twenty (120) days, the Lease shall not terminate, but Landlord shall
repair the Premises within one hundred twenty (120) days of the date of
destruction and Tenant's rent shall xxxxx during the restoration period in
proportion to the untenantable area. On completion of restoration, rent shall
recommence in the full amount, but if restoration is not substantially completed
within one hundred twenty (120) days, Tenant may within ten (10) days thereafter
terminate this Lease.
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It is understood and agreed that lessee shall carry public liability
insurance with minimum limits of $1,000,000.00 covering the premises and the use
and occupancy of the same, including any adjoining sidewalk, with first party
named as additional insured, and shall furnish a copy of said policy to Xxxxxxx,
Adcock, Rankin, LLC. Lessee shall also be responsible for insuring its personal
property within the building. The Lessor shall not be responsible for damage of
any kind to Lessee's personal property or bodily injury.
Lessee assumes all risk of and liability for damages to persons or property
arising during the terms of the lease, in connection with the Premises, or use
thereof, and shall indemnify and hold harmless Lessor and the property of
Lessor, including the leased Premises, from any and all claims, liability, loss,
damage, or expenses resulting from any use or any other occupation and use of
the Premises by Lessee, including, but not limited to, any of such arising by
reason of the injury to or death of any person or persons or by reason of damage
to any property caused by the condition of the leased Premises, the condition of
any improvements or personal property in, on or about the leased Premises, or
the acts or omissions of the Lessee of any person in, on or about the areas with
the express or implied consent of the Lessee. Such obligation of the Lessee to
indemnify and hold harmless the Lessor and the property of the Lessor shall
include, but not be limited to, any claim, liability, loss, damage or expense
arising by reason of the injury to or death of any agent, officer or employee of
the Lessee, any independent contractor hired by the Lessee to perform work or
render services in, on, or about the Premises, or any agent, officer or employee
of any such independent contractor, and any other person from any cause
whatsoever, while in, on or about the Premises, streets, alleys, sidewalks or
public ways adjacent thereto during the term. Insurance to be provided by the
respective indemnitor as herein provided must contain a clause or endorsement
specifically affording covering against liability contractually assumed by the
Lessee. The indemnity herein contained is intended to be a complete indemnity
against any and all expenses, damages or loss of any kind to the Lessor,
including without limitation, attorney's fees, court costs and similar expenses
incurred in defending against any claim even if groundless.
7. MAINTENANCE AND REPAIR: Lessor will maintain and keep in good repair,
the structure of the building including the wiring and plumbing therein, the
roof and outside of said building, including parking areas and all landscaped
areas, along with the maintenance of the HVAC unit.
Lessee will maintain and keep in good repair, the inside of said building,
including inside lighting, plumbing problems caused by tenant or guests thereof,
frames and moldings, glass doors, door openers, fixtures, flooring, equipment
and appurtenances thereof in good condition and repair. All utilities shall be
the responsibility
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of the Lessee. In addition to maintaining the interior of the lease space, the
lessee shall further insure that the sidewalk in front of its lease space is
kept in a clean, orderly, and safe manner during the term of the lease and
extensions thereof. Lessee shall also insure that all waste and trash is
disposed of in a healthy and clean manner without disturbing the other tenants
surrounding the premises.
8. UTILITIES AND SERVICES: Lessee shall be responsible for the following:
A. monthly utility costs
B. janitorial services
C. pest control
D. pick-up and disposal of trash and garbage around exterior of
building caused by Lessee or its customers
9. DEFAULT: Any violation of the terms herein will be considered a default
hereunder. Should the Lessee default hereunder, the Lessor, in addition to any
and all rights provided under the laws of the State of Arkansas or equity, shall
have the right to re-enter and take possession of the premises, remove all
persons and property therefrom, and sell such property as necessary to satisfy
any deficiency in payments by lessee as required hereunder without notice.
Further, all future rents shall be accelerated, due and payable.
10. SIGNAGE: Any signage shall be approved by the Lessor, be internally
lighted, and may not exceed 2'8" in height and 18 feet in length. The sign shall
be place upon the mansard directly in front of the lease space. Maintenance of
all lessee's signage shall be the responsibility of the Lessee.
11. MISCELLANEOUS PROVISIONS:
a. INVALIDITY: If any term or provision of this Lease or the
application to any person or circumstance shall, to any extent,
be invalid or unenforceable, the remainder of this Lease, or the
application of such term or provision to persons whose
circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected.
b. SUCCESSORS, ETC.: The terms, conditions and covenants of this
Lease shall be binding upon and shall inure to the benefit of
each of the parties, their heirs, personal representatives,
successors or assigns, and shall run with the land; and where
more than one party shall be lessors under this Lease, the word
"Lessor" whenever used in this Lease shall be deemed to include
all Lessors jointly and severally.
c. WRITING: No waivers, alterations or modifications of this Lease
or any agreements in connection with this Lease shall be valid
unless in writing duly executed by both Lessor and Lessee.
d. NOTICE: For purposes of contacting either party, the addresses
shall be used:
Lessor:
Xxxxxxx, Adcock, Rankin, LLC
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Attn: Xxx Xxxxxx, Xx.
X.X. Xxx 0000
Xxxxxx, Xxxxxxxx 00000
Phone: 000-000-0000
Fax: 000-000-0000
Email: xxxxxxxxx@xxxxxxxxxx.xxx
Lessee:
Home BancShares, Inc.
Xxxxxx, Xxxxxxxx 00000
LESSOR AND LESSEE, by their execution below, indicate their consent to the
terms of this lease on this The 31 day of August, 2005.
XXXXXX
XXXXXXX, ADCOCK, RANKIN, LLC,
BY: /s/ Xxx Xxxxxx, Xx.
---------------------------------
Xxx Xxxxxx, Xx., Member
LESSEE
HOME BANCSHARES, INC.
BY: /s/ Xxxxx Xxxxx
---------------------------------
Xxxxx Xxxxx
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