Exhibit 10.07
LEASE AGREEMENT
This Lease Agreement, made and entered into by and between XXXXXXX
ASSOCIATES hereinafter referred to as "Landlord," and Professional Displays,
Inc., a Tennessee Corporation hereinafter referred to as "Tenant";
WITNESSETH:
Landlord hereby leases to Tenant, and Tenant hereby takes from Landlord
the following described premises: Approximately 5,000 square feet at 0000 Xxx
Xxxx Xxxx (Building C) together with all rights, privileges, easements, and
appurtenances belonging to or in any way pertaining to the said premises and
together with the building and other improvements situated upon said demised
premises.
TO HAVE AND TO HOLD the same for a term of Five (5) years, commencing on
April 1, 1993 and ending on March 31, 1998, upon the following covenants, terms
and conditions:
1. RENT AMOUNT - Tenant agrees to pay to the Agent named below for the
account of Landlord rent for said premises at the rate of Twenty four thousand
dollars ($24,000.00) per annum, payable in monthly installments of Two thousand
dollars & no/100 ($2,000.00) per month. One such monthly installment shall be
due and payable on or before the first day of each succeeding calendar month
during the term thereof. Rent for any fractional month at the beginning or end
of the lease shall be prorated.
All rents are due and payable at the first of the month. Any rents
received after the 10th of the month will be subject to a 10 % late charge.
2. BUILDING CONDITION - Tenant acknowledges that it has fully inspected
the demised premises, and on the basis of such inspection, Tenant hereby accepts
the demised premises, and the buildings and improvements situated thereon, as
suitable for the purposes for which the same are leased, in their present
condition, with such changes therein as may be caused by reasonable
deterioration between the date hereof and the commencement date of this Lease;
provided that in the event any presently installed plumbing, plumbing fixtures,
electrical wiring, or air conditioning and heating equipment are not in good
working condition on the commencement date of this lease, Landlord agrees to
repair promptly any such defects of which Tenant delivers written notice to
Landlord within thirty days after the commencement date of this lease.
3. USE OF PREMISES - The demised premises shall be used and occupied only
for the purpose of: Storage, sale and display of display products and related
type business. Tenant shall at its own cost and expense obtain any and all
licenses and permits necessary for such use. Tenant covenants and agrees with
the landlord that the premises shall be used and occupied in a careful and
proper manner, that no nuisance, trade or customer which is unlawful or known in
insurance as extra or especially hazardous shall be permitted
therein. That no waste or trash shall be permitted to accumulate inside or
outside the premises. If the tenant must accumulate waste or trash for short
periods of time inside or outside the building area then it must be contained in
the proper containers and receptacles and properly disposed of at the tenant's
expense.
4. GOVERNMENTAL REQUIREMENTS - Tenant shall comply with all governmental
laws, ordinances and regulations applicable to the use of the demised premises,
and shall promptly comply with all governmental orders and directives for the
correction,
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prevention, and abatement of nuisances in or upon, or connected with the demised
premises, all at Tenant's sole expense. If governmental laws or regulations
require changes or modification to the premises such changes shall be made at
the tenant's expense.
5. REAL ESTATE TAXES - Landlord agrees to pay before they become
delinquent all taxes (both general and special), assessments, or governmental
charges lawfully levied or assessed against the above described premises or any
part thereof; provided, however, Landlord may, at its sole cost and expense
dispute and contest the same, and in such case, such disputed item need not be
paid until finally adjudged to be valid.
(a) Tenant agrees to pay any increase in taxes (above the present taxes)
during the life of this lease, whether said increase is caused by increased
assessment or a raise in rates, said increase to be computed after the current
calendar year.
6. REPAIRS BY LANDLORD - Landlord shall at all times at its sole cost and
expense keep the roof, foundation, outside pavements, and exterior walls
(excluding all windows and doors) of the building situated on the demised
premises in good repair and condition, except for reasonable wear and tear, and
except that Tenant shall repair any damage caused by Tenant's negligence or
default hereunder. In the event that the building situated upon the demised
premises should become in need of repairs required to be made by Landlord
hereunder, Tenant shall give immediate written notice thereof to Landlord, and
Landlord shall proceed promptly to make such repairs.
7. REPAIRS BY TENANT - Tenant shall throughout the demised term take good
care of the building and other improvements located upon the demised premises,
and keep them free from waste or nuisance of any kind. Tenant shall keep the
building and other improvements located on the demised premises in good
condition and make all necessary repairs, except those expressly required to be
made by Landlord, in Paragraph 6. Tenant's repairs include, but are not limited
to repairs (including any necessary replacements) to all glass, any special
store front, windows, doors, heating system, plumbing work, sprinkler systems,
pipes and fixtures, air conditioning equipment and cooling tower, and the
interior of the building generally. Tenant shall not be obligated to repair any
damage caused by fire, tornado or other casualty. Landlord agrees to afford to
Tenant the benefit of any guaranties or warranties of third parties which may be
applicable to air conditioning equipment and other machinery and equipment
installed by Landlord in the demised premises. At the end or other termination
of this Lease, Tenant shall deliver up the leased premises with all improvements
located thereon, except as provided in Paragraph 8 hereof, in good repair and
condition, reasonable wear and tear and damage by fire, tornado, or other
casualty only excepted. Should Tenant not make the above mentioned repairs and
upkeep to the building and grounds, then Landlord may, at his option, make such
repair and upkeep and the Tenant agrees to reimburse the Landlord for his cost
of such repair and upkeep.
8. MODIFICATIONS BY TENANT - Tenant shall not create any
openings in the roof or exterior walls, nor shall Tenant make any substantial
alterations, additions, or improvements to the demised premises without the
prior written consent of Landlord. Tenant may, without the consent of Landlord,
but at its own cost and expense and in a good workmanlike manner make such minor
alterations, additions, or improvements or erect, remove, or alter such
partitions, or erect such shelves, bins, machinery, air conditioning equipment,
and trade fixtures as it may deem advisable, without altering the basic
character of the building or improvements, and in each case complying with all
applicable
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governmental laws, ordinances, regulations, and other requirements. At the
termination of this Lease, Tenant shall, if Landlord so elects, remove all
alterations, additions, improvements, and partitions erected by Tenant and
restore the premises to their original condition, otherwise such improvements
shall be delivered up to Landlord with the premises. All shelves, bins,
machinery, air conditioning equipment, and trade fixtures installed by Tenant
may be removed by Tenant at the termination of this Lease if Tenant so elects,
and shall be so removed if required by Landlord. All such removals and
restoration shall be accomplished in a good workmanlike manner so as not to
damage the primary structure or structural qualities of the building and other
improvements situated on the demised premises.
9. SIGNS - Tenant shall not place any signs or other objects upon the roof
of the building or paint or otherwise deface the exterior walls of the building,
except with the prior written approval of Landlord. Tenant shall have the right
to erect such other signs as it may desire subject to any applicable
governmental laws, ordinances, regulations, and other requirements. Tenant shall
remove all signs at the termination of this Lease. Such installations and
removals shall be made in such manner as to avoid injury, defacement, or
overloading of the building and other improvements.
10. INSURANCE - Tenant will not permit the demised premises to be used for
any purpose which would render the insurance thereon void or the insurance risk
more hazardous.
11. ACCESS BY LANDLORD -Landlord and Landlord's agents and representatives
shall have the right to enter and inspect the demised premises at any time, for
the purpose of ascertaining the condition of the demised premises or in order to
make such repairs or maintenance as may be required to be made by Landlord or
required to be made by the Tenant that the Tenant has failed to make under the
terms of this lease. During the 90 days before the expiration of this Lease, the
landlord may at reasonable times and on reasonable notice to the Tenant show the
leased premises to prospective tenants.
12. UTILITIES - Tenant shall pay all utility connection charges and
deposits, if any, and all charges incurred for any utility services used on the
demised premises, and shall furnish all electric light bulbs and tubes.
13. ASSIGNMENT - Tenant shall not assign this Lease or sublet the whole or
any part of the demised premises, without the prior written consent of Landlord.
Any such assignment or subletting shall be subject to all of the terms and
provisions of this lease agreement, including the provisions of Paragraph 3
relating to the use of the demised premises. Notwithstanding any such assignment
or subletting, Tenant shall at all times remain fully responsible and liable for
the payment of the rent herein specified and for compliance with all of its
other obligations under the terms, provisions and covenants of this Lease. If an
"event of default," as hereinafter defined should occur while the demised
premises or any part thereof are then assigned or sublet, Landlord, in addition
to any other remedies herein provided by law, may at its option collect directly
from such assignee or subtenant all rents becoming due to Tenant under such
assignment
or sublease and apply such rent against any sums due to it by Tenant hereunder.
No direct collection by Landlord from any such assignee or subtenant shall
release Tenant from the further performance of its obligations hereunder.
Consent to one assignment or subletting will not be deemed a consent to any
other. The transfer of the majority of the voting stock of the Tenant if the
Tenant is a Corporation, the transfer of a majority of the partnership interest
in the Tenant if the Tenant is a partnership, and any transfer by operation of
law will be deemed "assignments" requiring the Landlord's consent.
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14. DESTRUCTION - A. If the building situated upon the demised premises
should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall
give immediate notice thereof to Landlord.
B. If the building situated upon the demised premises should be totally
destroyed by fire, tornado, or other casualty, or if it should be so damaged
that rebuilding or repairs cannot be completed within one hundred twenty (120)
days after the date upon which Landlord is notified by Tenant of such damage,
this Lease shall terminate and the rent shall be abated during the unexpired
portion of this Lease, effective with the date of such damage.
C. If the building situated upon the demised premises should be damaged by
fire, tornado, or other casualty but not to such extent that rebuilding or
repairs cannot be completed within sixty (60) days after the date upon which
Landlord is notified by Tenant of such damage, this Lease shall not terminate,
but Landlord shall at its sole cost and expense proceed with reasonable
diligence to rebuild and repair such building to substantially the condition in
which it existed prior to such damage. If the demised premises are untenantable
in whole or in part following such damage, the rent payable hereunder during the
period in which they are untenantable shall be adjusted to such extent as may be
fair and reasonable under all of the circumstances. In the event that Landlord
should fail to complete such repairs and rebuilding within sixty (60) days after
the date upon which Landlord is notified by Tenant of such damage, Tenant may at
its option terminate this Lease by delivering written notice of termination to
Landlord, whereupon all rights and obligations hereunder shall cease and
determine.
D. Any insurance which may be carried by Landlord or Tenant against loss
or damage to the building and other improvements situated on the demised
premises shall be for the sole benefit of the party carrying such insurance and
under its sole control.
15. ENVIRONMENTAL COMPLIANCE/USE - Tenant warrants that its use and
occupancy of the property shall not include the use, emission, disposal,
treatment, storage or placement of any toxic, hazardous, or other
environmentally hazardous substance, as such substances are defined by any
governmental entity having jurisdiction thereover and shall be in strict
compliance with all applicable environmental laws, regulations, statutes,
ordinances, whether state, federal or local, pertaining to (a) pollution or
protection or the environment, including natural resources, (b) exposure of
persons to toxic or hazardous wastes, substances or constituents or other
products, raw materials, chemicals or other substances, (c) protection of the
public health or welfare from the effects of wastes, emissions, discharges or
releases or chemical substances or (d) regulation of chemical substances,
including, without limitation, their transportation, handling, storage and
disposal. Tenant shall indemnify and hold harmless Landlord against and from any
and all claims, liabilities, expenses and losses incurred by the Landlord,
except as a result of Landlord's negligence, as a result of any environmental
clean-up costs, fines or other losses, costs and expenses levied against the
property or Landlord by any local, state, or federal
governmental entity or agency or other entity with environmental enforcement
authority caused by Tenant's use and/or possession of the property.
16. INDEMNIFICATION - Landlord shall not be liable to Tenant or Tenant's
customers, employees, agents, or visitors, or to any other person whomsoever,
for any injury to person or damage to property on or about the demised premises,
caused by the negligence or misconduct of Tenant, its agents, servants,
employees, or invitees, or caused by the building and
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improvements located on the premises becoming out of repair, or caused by
leakage of gas, oil, water or steam or by electricity emanating from the
premises, or caused by the action of any pest such as insects, rodents, birds or
due to any other cause whatsoever, and Tenant agrees to indemnify Landlord and
hold it harmless from any loss, expense, or claims arising out of any such
damage or injury.
17. CONDEMNATION - A. If the whole or any substantial part of the demised
premises should be taken for any public or quasi-public use under any
governmental law, ordinance or regulation or by right of eminent domain or
should be sold to the condemning authority under threat of condemnation, this
Lease shall terminate and the rent shall be abated during the unexpired portion
of this Lease, effective when the physical taking of said premises shall occur.
B. If less than a substantial part of the demised premises shall be taken
for any public or quasi-public use under any governmental law, ordinance, or
regulation, or by right of eminent domain, or should be sold to the condemning
authority under threat of condemnation, this Lease shall not terminate, but
Landlord shall at its sole expense restore and reconstruct the buildings and
other improvements situated upon the demised premises to the extent necessary to
make the same reasonably tenantable. The rent payable hereunder during the
unexpired portion of this Lease shall be adjusted to such extent as may be fair
and reasonable under all of the circumstances.
C. All damages awarded for such taking shall belong to and be the property
of the Landlord, whether such damage shall be awarded as compensation for
diminution in value to the leasehold or to the fee of the property herein
leased, provided, however, that the tenant shall be entitled to any awards made
to the Tenant for its property or trade fixtures installed by the Tenant, or any
award for moving made by reason of such condemnation.
18. HOLDOVER - Should Tenant, or any of its successors in interest,
holdover the leased premises, or any part thereof, after the expiration of the
term of this Lease, unless otherwise agreed in writing, such holding over shall
constitute and be construed as tenancy from month to month only at a monthly
rental equal to the rent paid for the last month of the term of this Lease plus
twenty percent (20%) of such amount.
19. DEFAULT BY TENANT -. The following events shall be deemed to be events
of default by Tenant under this Lease:
(1) Tenant shall fail to pay any installment of the rent hereby reserved
and such failure shall continue for a period of thirty (30) days.
(2) Tenant shall fail to comply with any term, provision, or covenant of
this Lease, other than the payment of rent, and shall not cure such failure
within thirty (30) days after written notice thereof to Tenant.
(3) Tenant shall become insolvent, or shall make a transfer in fraud of
creditors, or shall make an assignment for the benefit of creditors.
(4) Tenant shall file a petition under any section or chapter of the
National Bankruptcy Act, as amended, or under any similar law or statute of the
United States or any State thereof; or Tenant shall be adjudged bankrupt or
insolvent in proceedings filed against Tenant thereunder.
(5) A receiver or trustee shall be appointed for all or substantially all
of the assets of Tenant.
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(6) Tenant shall desert or vacate any substantial portion of the premises.
Upon the occurrence of any of such events of default, Landlord shall have the
option to pursue any one or more of the following remedies without any notice or
demand whatsoever:
A. Terminate this Lease, in which event Tenant shall immediately surrender
the premises to Landlord, and if Tenant fails so to do, Landlord may, without
prejudice to any other remedy which it may have for possession or arrearages in
rent, enter upon and take possession of the leased premises and expel or remove
Tenant and any other person who may be occupying said premises or any part
thereof, by force if necessary, without being liable for prosecution or any
claim of damages therefor; and Tenant agrees to pay to Landlord on demand the
amount of all loss and damage which Landlord may suffer by reason of such
termination, whether through inability to relet the premises on satisfactory
terms or otherwise.
B. Enter upon and take possession of the leased premises and expel or
remove Tenant and any other person who may be occupying said premises or any
part thereof, by force if necessary, without being liable for prosecution or any
claim for damages therefor, and relet the premises and receive the rent
therefor; and Tenant agrees to pay to Landlord on demand any deficiency that may
arise by reason of such reletting.
C. Enter upon the leased premises by force if necessary without being
liable for prosecution of any claim for damages therefor, and do whatever Tenant
is obligated to do under the terms of this Lease, and Tenant agrees to reimburse
Landlord on demand for any expenses which Landlord may incur in thus effecting
compliance with Tenant's obligations under this Lease, and Tenant further agrees
that Landlord shall not be liable for any damages resulting to the Tenant from
such action, whether caused by the negligence of Landlord or otherwise.
Pursuit of any of the foregoing remedies shall not preclude pursuit of any of
the other remedies herein provided or any other remedies provided by law, nor
shall pursuit of any remedy herein provided constitute a forfeiture or waiver of
any rent due to Landlord hereunder or of any damages accruing to Landlord by
reason of the violation of any of the terms, provisions and covenants herein
contained. Failure by Landlord to enforce one or more of the remedies herein
provided upon an event of default shall not be deemed or construed to constitute
a waiver of such default, or of any other violation or breach of any of the
terms, provisions and covenants herein contained. The acceptance of rent by the
Landlord shall not be deemed a waiver of the Tenant's breach of any obligation
hereunder (other than the failure to pay the rent accepted) or of the Landlord's
right to terminate this lease because of such breach. The waiver of the breach
of a covenant or condition by the Landlord shall not constitute a waiver of any
other breach regardless of knowledge thereof.
20. COLLECTION COST - If, on account of any breach or default by Tenant in
Tenant's obligations under the terms and conditions of this Lease, it shall
become necessary for Landlord to employ an attorney to enforce or defend any of
Landlord's
rights or remedies hereunder, Tenant agrees to pay any reasonable attorney's
fees incurred by Landlord in such connection.
21. MORTGAGES ON PROPERTY - Landlord covenants, warrants and represents
that it has full right and power to execute and perform this Lease and to grant
the estate demised herein and that Tenant, on payment of the rent herein
reserved and performing the covenants and agreements herein contained, shall
peaceably and quietly have, hold and enjoy the demised premises during the full
term of this Lease and any extension or renewal
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hereof; however, that Tenant accepts this Lease subject and subordinate to any
recorded mortgage, deed of trust, or other lien presently existing upon the
demised premises. Landlord is hereby irrevocably vested with full power and
authority to subordinate Tenant's interest hereunder to any mortgage, deed of
trust, or other lien hereafter placed on the demised premises, and Tenant agrees
upon demand to execute such further instruments subordinating this Lease as
Landlord may request, provided such further subordination shall be upon the
express condition that this Lease shall be recognized by the mortgagee and that
the rights of Tenant shall remain in full force and effect during the term of
this Lease so long as Tenant shall continue to perform all of the covenants and
conditions of this Lease.
22. REAL ESTATE COMMISSION - Landlord agrees to pay to C. B. Commercial a
lease commission of 4% cash out and any renewals, sales or extensions thereof.
The said agency may divide any commission payable hereunder with other licensed
real estate brokers or salesmen, including any cooperating agent named below,
but notwithstanding any such agreement for division of commissions, Landlord
shall be fully protected in paying all commissions payable hereunder solely to
the agent of C. B. Commercial. The provisions of this Paragraph 21 shall be
binding upon Landlord and Landlord's successors in interest and personal
representatives, and shall inure to the benefit of C. B. Commercial agent and
said agent's successors in interest and personal representatives.
23. NOTICE AND PAYMENTS - Each provision of this instrument or of any
applicable governmental laws, ordinances, regulations and other requirements
with reference to the sending, mailing, or delivery of any notice or with
reference to the making of any payment by Tenant to Landlord shall be deemed to
be complied with when and if the following steps are taken:
A. All rent and other payments required to be made by Tenant to Landlord
hereunder shall be payable to the Principal Agent for the account of Landlord in
Davidson County, Tennessee, at the address of the Principal Agent hereinbelow
set forth or at such other address in Davidson County, Tennessee, as the
Principal Agent may specify from time to time by written notice delivered in
accordance herewith. If there is no Principal Agent then all rents shall be
payable without demand at the address of the Landlord.
B. Any notice or document required or permitted to be delivered hereunder
shall be deemed to be delivered whether actually received or not when deposited
in the United States mail, postage prepaid, registered mail, return receipt
requested, addressed to the parties hereto at the respective addresses set out
opposite their names below, or at such other address as they have theretofore
specified by written notice delivered in accordance herewith.
24. AGENCY - The terms, provisions and covenants and conditions contained
in this Lease, shall apply to, inure to the benefit of, and be binding upon the
parties hereto and their respective successors in interest and legal
representatives except as otherwise herein expressly provided. All rights,
powers, privileges, immunities and duties of Landlord under this
Lease, including but not limited to any notices or permitted to be delivered by
Landlord to Tenant hereunder, may, at Landlord's option be exercised or
performed by Landlord's agent or attorney.
25. SPECIAL PROVISIONS:
A. Lessee shall have two five year options to extend this lease at $20,000.00
per annum plus the increase of CPl or 15 % whichever is the lesser amount from
date of original lease until option date.
B. Landlord shall perform certain work and renovations to be detailed on
attached exhibit A.
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EXECUTED the 25 day of February, 1993.
ATTEST:
LANDLORD: Xxxxxxx Associates
-------------------------------- ------------------------------
/s/ Xxxxx X. Xxxxxxx
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By
Partner
------------------------------
Title
ATTEST:
TENANT: Professional Displays, Inc.
-------------------------------- ------------------------------
GUARANTEE: /s/ Xxxxx XxXxxxx
This lease is guaranteed ------------------------------
by Xxx XxXxxxx, For the first* By
/s/ Xxxxxxx XxXxxxx Secretary/Treasurer
-------------------------------- ------------------------------
Title 02/25/93
AGENTS
C.B. Commercial Real Estates
Group, Inc.
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Cooperating Agent Principle Agent
/s/ Xxx Xxxx
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By By
* 24 Months of the base lease term.
ADDENDUM TO "LEASE AGREEMENT"
This is an Addendum to the Industrial Real Estate Lease dated February 25, 1993,
by and between Professional Displays, Inc. as Tenant and Xxxxxxx Associates as
Landlord ("Lessor") concerning the property known as 0000 Xxx Xxxx Pike, as more
specifically described in the Contract.
The term "Lease, Lease Agreement, or Industrial Real Estate Lease," shall be
deemed to refer to the same document.
All other terms set forth in the Lease Agreement including those pertaining to
the payment of real estate brokerage commissions are hereby approved by the
undersigned with the following modifications:
1) Right of first refusal: If during the first year of the base term during
this Lease Agreement, which expires on March 31, 1998, Landlord shall
receive an offer to lease 0000 Xxx Xxxx Xxxx "building B" which offer
Landlord is willing to accept, or if Landlord wishes to enter into an
agreement for the lease of said building, Landlord shall give Tenant
written notice, setting forth the name of the proposed other tenant,
proposed lease rate, and the general terms and conditions of the proposed
lease. Within 10 days following the delivery of mailing of said notice
pursuant to the terms of this Addendum to Lease Agreement, Tenant shall
have the right to lease the 5,000 square foot 0000 Xxx Xxxx Xxxx "building
B" at the base rate of $4.00 per square foot "standard industrial gross"
in an "as is" warehouse condition without further landlords interior
improvements. Such obligation to lease on the part of Tenant shall cover a
minimum lease term of four years from the date of exercise from the
Tenant's right of first refusal to lease. Said right of first refusal
should be exercised by Tenant's delivering or mailing such a notice of
acceptance to owner by completing an amendment to this existing lease
prior to the expiration of 30 days from the date of Landlord's delivery of
written notice to Tenant. If Tenant shall not elect to lease the
additional space within the said time 10 day frame and in accordance with
the terms set forth in Landlord's notice to Tenant, Tenant forfeits its
right of first refusal. This right of first refusal shall be effective
upon the date signed and shall continue for the first year of the base
lease term.
2) Real Estate Commission: In the event of an expansion OR exercise of the
right of first refusal, Landlord agrees to pay to CB Commercial Real
Estate Group, Inc. a lease commission of four percent (4%) cashout on any
renewals, sales, extensions, or expansions thereof.
3) Advance Notice To Landlord Required To Exercise Options. In the event that
Tenant elects to exercise the options to extend the Lease identified in
Paragraph 25a, Tenant shall give Landlord a minimum of 180 days advance
written notice prior to the expiration of the base lease term, and/or the
first 5 year option period that it intends to exercise its option to
extend the lease term for an additional five (5) year period. Landlord
Agrees to give Tenant a written reminder notice of its option notice
requirement during the first month of the fifth year of the base lease
term.
Except as expressly set forth in this Addendum, the Lease Agreement shall remain
in full force and effect.
Tenant: Professional Displays, Inc. Landlord: Xxxxxxx Associates
-------------------------------- ----------------------------
By: /s/ Xxxxx XxXxxxx By: /s/ X.X. Xxxxxxx
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Title: Secretary/Treasurer Title: Partner
--------------------------------- -------------------------------
Date: March 10, 1993 Date: 3-17-93
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ADDENDUM NUMBER TWO TO LEASE AGREEMENT
This as an Addendum to the Industrial Real Estate Lease Agreement dated February
25, 1993, by and between Professional Displays, Inc. as Tenant and Xxxxxxx
Associates as Landlord ("Lessor") concerning the property known as 0000 Xxx Xxxx
Pike, as more specifically described in the Contract.
The term "Lease, Lease Agreement, or Industrial Real Estate Lease", shall be
deemed to refer to the same document.
All other terms set forth in the Lease Agreement and Addendum including those
pertaining to the payment of real estate brokerage commissions are hereby
approved by the undersigned with the following modifications:
(1) Lessee and Lessor hereby agree to amend the Lease Agreement to expand the
demised Premises to include the adjacent +/- 5,000 square foot building
known as 0000 Xxx Xxxx Xxxx, effective March 1, 1994, through March 31,
1998. at the additional rate of twenty thousand dollars ($20,000) per
annum payable in monthly installments of $1,677.00 dollars ($4.00) per
square foot per month.
(2) Prior to February 28, 1994, Landlord shall bring the building into
tenantable condition to conform with building codes regulations of the
Metropolitan Government of Nashville Davidson County Department of Codes
Administration. Landlord shall clean up debris in the 1423 building and
see that all equipment and systems are in good working order/condition at
commencement of the lease, including; electrical, plumbing, heating, air
conditioning, and ventilation. Landlord shall replace missing acoustic
ceiling tiles, install fiberglass batt insulation in the soffit and eave
areas of the building, and install one restroom.
(3) All other terms and conditions of this tease for 0000 Xxx Xxxx Pike,
including Tenants two- five year options to extend the term of this lease
shall be Identical to those found in the original Lease Agreement for the
0000 Xxx Xxxx Xxxx Xxxxxxxx.
Accept as expressly set forth in this Addendum, the Lease Agreement shall remain
in full force and effect.
Tenant: Xxxxx XxXxxxx Landlord: Xxxxxxx Associates
-------------------------------- ----------------------------
By: By: /s/ X.X. Xxxxxxx
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Title: Office Manager Title: Partner
--------------------------------- -------------------------------
Date: 01-28-94 Date: 1-28-94
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DISCLOSURE STATEMENT
PROPERTY NAME: Elm Hill Commerce Park
ADDRESS: 0000 Xxx Xxxx Xxxx " Bldg. C"
MAP & PARCEL: 37210
CB Commercial Real Estate Group, a division of CB Commercial Real Estate
Group, Inc. makes the following disclosures in accordance with TREC Rule
1260-2-.35 "Agency Disclosure":
I. In the above transaction, CB Commercial represents:
|_| (a) the Lessee exclusively
|X| (b) the Lessor exclusively
|_| (c) the Lessee and Lessor jointly and such dual agency is
expressly consented to by the parties by their execution
hereof.
II. In the above transaction, CB Commercial shall receive its
compensation from:
|_| (a) the Lessee exclusively
|X| (b) the Lessor exclusively
|_| (c) both the Lessee and Lessor and such payment is expressly
consented to by the parties by their execution hereof.
The parties named below acknowledge, agree with, and consent to the
representation and compensation source disclosed above.
Lessor: Xxxxxxx Associates Lessee:
-------------------------------- ------------------------------
By: /s/ Xxxxx Xxxxxxx By: /s/ Xxxxx XxXxxxx
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Title: Partner Title: Secretary/Treasurer
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Date: 2-25-93 Date: February 25, 1993
-------------------------------- --------------------------------
Presented to the Lessee, prior to the acceptance of the offer to purchase/lease:
Date: Feb 24, 1993
Presented to the Lessor, prior to the preparation of the offer to
purchase/lease:
Date: Feb 24, 1993
CB Commercial Real Estate Group, Inc.
/s/ Xxx Xxxx
-------------------------------------------
000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxxx, Xxxxxxxxx 00000
(615) 248-3500
0000 XXX XXXX XXXX XXXXXXX ASSOCIATES
000 XXXX XXXXXX, XXXXXXXXX, XXXXXXXXX
EXHIBIT A
[GRAPHIC]
ADDENDUM
THIS ADDENDUM dated this 1st day of April, 1998 is hereby made a part of a
certain Lease Agreement dated February 25, 1993, (the "Lease") by and between
Display Arts ("Tenant") and RDR, Limited Partnership ("Landlord").
AGREEMENT
Landlord and Tenant acknowledge and agree that:
The first five year lease option period, stipulated in the lease agreement for
0000 Xxx Xxxx Xxxx, dated February 25, 1993, and the lease addendum for 0000 Xxx
Xxxx Xxxx, dated January 28, 1994 is exercised by Tenant extending the term from
April 1, 1998 to March 31, 2003;
Rent due on the first of each month shall be $3,740.67 per month;
Landlord shall perform the following items by or before May 31, 1998:
1. Seal and Stripe Parking Lot
2. Clean Building (pressure wash)
3. Clean gutters
4. Repair exterior plywood panels and repaint
5. Trim landscaping around building
6. Eliminate odor from closet where water heater is located
7. Reattach HVAC return air vents in 0000 Xxx Xxxx
8. Add ventilation fan in 0000 Xxx Xxxx
9. Replace lamps for soffit lights 0000 Xxx Xxxx Xxxx
XX WITNESS WHEREOF, the parties hereto have executed this Addendum as of the
date first written above,
LANDLORD: TENANT:
RDR LIMITED PARTNERSHIP DISPLAY ARTS, INC.
By /s/ X. X. Xxxxxxx By /s/ Xxxxxxx XxXxxxx 4-4-98
----------------------------------- -----------------------------------
Date Date
Title Manager Title CEO
-------------------------------- --------------------------------
RDR, Limited Partnership
Real Estate Development
000 XXXX XXXXXX X.0. x XXX 000 XXXXXXXXX, XXXXXXXXX 00000 o (615) 255-9874
Xxxxx 0, 0000
Xx. Xxx XxXxxxx
Display Arts
0000 Xxx Xxxx Xxxx
Xxxxxxxxx, Xxxxxxxxx 00000
Dear Xx. XxXxxxx:
RDR, Limited Partnership ("RDR") is in receipt of the executed lease addendum
dated April 4, 1997.
Your changes to the lease addendum have been noted (i.e. rate changed from
$4,107.82 per month to $3,740.67 per month). Since the rate of $4,107.82 was
necessary to cover Landlord's expense to replace the existing air conditioning
units in 1423 Elm Hill Pike, the reduction in rent will necessitate the
elimination of this item from Landlord's requirements. All other items will be
completed by May 31, weather permitting.
Sincerely,
RDR, Limited Partnership
/s/ Xxx Xxxxxxx
Xxx Xxxxxxx
cc: Xxxxx Xxxxxxx
Xxx Xxxx - CB Commercial
