STATE OF SOUTH CAROLINA )
) LEASE AGREEMENT WITH OPTIONS
COUNTY OF GREENWOOD )
THIS AGREEMENT under the terms and conditions hereinafter set forth is
made by and between Xxxxxx X. Xxxxxxx, as Lessor (hereinafter referred to as
LANDLORD), and Community Capital Corporation, a South Carolina corporation
(hereinafter referred to as TENANT), as Lessee.
WITNESSETH:
That the Landlord has leased and by these presents does grant and
demise unto Tenant property located at 1601 By-Pass 72 Northeast being the
formerly Cellular One/Xxxx Atlantic Mobile building adjacent to Food Max and
shown on plans and specifications prepared by Xxx Xxxxxxxxx, A.I.A., which are
attached hereto and incorporated herein by reference.
TERM AND RENTAL:
TO HAVE AND TO HOLD, the same, with rights, privileges, easements and
appurtenances "thereunto attaching and belonging to Tenant for the term of ten
(10) years beginning August 1, 1996, and ending on July 31, 2006.
Tenant shall, during the term of this lease, pay to Landlord a base
rental of $3500.00 per month for the first 60 months, with the rent to increase
to $3850.00 per month (2% per year) beginning after the fifth year of the
initial lease period. It is understood and agreed that the first payment shall
be made on or before August l, 1996. For clarification purposes, it is
understood and agreed that the 2% increase per year is not a compounding
increase but merely a straight 2% of the original $3500.00 per month rental.
TITLE AND ENJOYMENT:
Landlord covenants that it has good title to the leased premises; that
the premises are free and clear of all liens, encumbrances, and leases. Landlord
further covenants that Tenant, on paying the rental herein provided, and in
keeping, observing, and performing all the other terms, covenants, and
agreements herein contained on the part of Tenant to be kept, observed, and
performed, shall, during the term hereby granted, peaceable and quietly have,
hold, and enjoy the said premises for the full term of ten years in this lease,
subject to the terms, covenants and agreements hereof. In the event, during the
term of this lease, Landlord's title shall fail or become clouded in such
fashion that Landlord is unable to grant the term herein demised, then Tenant
shall have to [sic] option to correct such condition or cloud, at Landlord's
expense, or to cancel and void this Lease. USE OF PREMISES:
Tenant covenants not to use its premises for any illegal purpose nor in
such manner as to violate any applicable and valid law, rule or regulation of
any governmental body, and to occupy and use its premises in a careful, safe and
proper manner, and not permit waste thereon.
CONSTRUCTION:
Landlord covenants and agrees to make improvements on the premises as
per the aforesaid specs by Xxxxx Xxxxxxxxx at Landlord's costs. In this
connection, it is understood and agreed that Tenant shall be responsible for
costs of providing furniture, fixtures and equipment, including, but not limited
to, any safes, pneumatic tubes, teller windows or other banking related
fixtures, equipment and the like. REPAIRS BY TENANT:
Tenant covenants that during the lifetime of this lease it will
maintain the building and premises, at its sole expense, in good order and
repair. At the expiration, or any prior
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terminations, of this lease, Tenant will surrender the premises to Landlord in
as good condition as received, except for ordinary wear and tear.
Tenant, during the lease term, shall not make any alterations,
additions, improvements, non-cosmetic changes or other material to the demised
premises without the prior written approval of Landlord, which approval shall
not be unreasonably withheld or delayed. Notwithstanding the foregoing, Tenant
shall be permitted to make minor alterations as defined below without Landlord's
prior written consent. Minor alterations, as used herein, shall be defined as
any alterations, improvements, etc., made to the demised premises (including the
facade thereof) which do not affect the structure of the building, its systems
or equipment. If Landlord approves any alterations, additions, improvements,
etc., Landlord and Tenant shall mutually agree, in writing, at least 30 days
prior to termination of this lease, of whether Tenant shall, upon termination of
this lease, either (1) remove any such alterations or additions and repair any
damage to the building or the demised premises occasioned by their installation
or removal and restore the demised premises to substantially the same condition
as existed prior to the time when any such alterations or additions were made,
or (2) reimburse Landlord for the cost of removing such alterations or additions
and the restoration of the demised premises. Unless the Landlord requests
removal of any of the alterations, additions, improvements, etc., said work
shall become and be the property of the Landlord.
It is understood and agreed that Landlord will maintain the parking
facility and the exterior of the building, including, but not limited to,
service lines into the building, exterior walls, roof, all structural repairs to
the building, heating, ventilating and air conditioning equipment. Tenant shall
maintain, repair, and replace, as necessary, the plumbing, lighting, fixtures
and other electrical and mechanical equipment, glass breakage and make all other
repairs or replacements as necessary. Tenant shall be responsible for service
and maintenance on the
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heating and air conditioning not to exceed $100.00 and shall change the filters
of same on a regular basis.
ASSIGNMENT AND SUBLETTING:
Tenant may transfer and assign this Lease or sublet the premises only
upon prior consent of the Landlord.
TAXES AND OTHER LIENS:
Tenant covenants and agrees to pay its pro rata share of common area
and ad valorem property taxes and special assessments of the state, city and
county governments which may be made against the leased premises. In this
connection, the Tenant agrees to pay a pro rata share of the taxes on the basis
of square footage of the demised premises as compared to the entire square
footage within the shopping center. In the event Tenant fails to pay any taxes
or assessments by it hereunder or keep the leased premises free and clear from
any and all liens and claims of Tenant's creditors, except as hereinabove noted,
which interfere with Landlord's ownership, Landlord may, but shall not be
required to pay said taxes or other assessments or discharge said liens and add
the cost to the rental provided hereunder.
INSURANCE:
Landlord agrees to maintain hazard insurance on the building itself and
Tenant agrees to maintain contents coverage thereon.
Tenant also agrees to maintain liability coverage on said premises and
shall hold Landlord harmless and indemnify Landlord for any accidents or damages
occurring to persons or property arising on said premises. The amounts of
coverage shall be with such companies and in such amounts as is mutually agreed
between Landlord and Tenant.
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UTILITY BILLS:
Tenant shall pay all public utility charges made against its leased
premises for water, sewer, gas, oil and electricity during the continuance of
this lease, as the same shall become due.
INDEMNITY:
Tenant agrees to hold Landlord harmless from and against any and all
claims which may arise from, on, in, or about leased premises when such claims
arise out of or are caused in whole or in part by a defective, dangerous, or
unsafe condition of leased premises, equipment, fixtures, or appurtenances
required to be maintained in good repair by Tenant. Tenant further agrees to
hold Landlord harmless from any and all claims which may arise from, on, in, or
about leased premises when such claims arise out of, or are caused by, Tenants
negligence, or failure to perform its obligations hereunder. REMEDIES OF
LANDLORD IN EVENT OF DEFAULT BY TENANT:
In the event Tenant shall default in the payment of any rental herein
provided for and such default shall continue for 30 days after Landlord shall
have notified Tenant in writing of the existence of such default, or, if Tenant
shall default in the performance of any of the other covenants, promises, or
agreements herein set forth and contained for Tenant to keep and perform, and
such default shall continue for 30 days after Landlord shall have notified
Tenant in writing of the existence of such default, then Landlord may forthwith
reenter the premises and repossess itself thereof, it being fully understood and
agreed that any amounts paid in by Tenant to Landlord shall be forfeited to the
Landlord as liquidated damages. No termination of this lease prior to the normal
expiation [sic] shall affect Landlord's right to collect rent for the entire ten
year lease term as discounted by normal actuarial discounting methods. If not
mutually agreed upon then each party may select an arbitrator who shall select a
third arbitrator which decision shall be binding.
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OPTION TO RENEW:
For and in consideration of the premises and the covenants herein
contained, Tenant shall have the right at any time during the term of this lease
to renew the lease for four additional five year periods, the lease amount to be
the original $3500.00 per month amount plus the non-compounded 2% incremental
increases. In other words, for example, the first option period shall be in the
amount of $4235.00 per month, during the second option period rent shall be in
the amount of $4658.50 per month, the third option period rent shall be $5124.35
per month, and the fourth option period rent shall be $5636.79 per month. With
the exception of the rental, all of the other terms and conditions applicable to
the original primary term shall remain the same.
With respect to the monthly charge for rent during the option periods,
if Landlord or Tenant feels that the rent amount should be reviewed, then one
appraiser shall be named by Landlord and one appraiser shall be named by Tenant.
The two named appraisers shall name a third appraiser to review the monthly rent
and decide on an appropriate amount of rent adjustment which shall be binding on
the parties hereto. If the review/appraisal process is utilized, it is agreed by
the parties that any adjustment to the monthly rent shall be no lower than the
greater of $3850.00 or the rent charged during the previous years monthly rent.
In the event of breach of this lease contract, the Landlord shall have
the right to cause all rent due or to become due during the term or any
extension thereof previously agreed to by the parties, to be and become
immediately due and payable. NOTICES, PARTIES AND NON-WAIVERS:
All notices required or permitted by the terms of this lease Agreement
shall be sent by mail to the Tenant at Montague Avenue, Greenwood, S. C. or to
the Landlord at P. O. Box 701, Greenwood, S.C. or at such other address as may
be designated by the parties.
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All covenants, conditions, agreements and undertakings herein contained
shall extend to and be binding upon the parties, their respective heirs,
administrators, executors, successors and assigns. No delay or omission by
either party hereto to exercise any right or power accruing upon non-compliance,
default or breach of covenants by the other party shall be construed as a waiver
of such power or right or impair the right of such party to exercise any power,
right or accruing on account of any subsequent non-compliance, default, nor the
breach of the same covenant or any other covenant contained in this agreement.
IN WITNESS WHEREOF, the parties hereto have hereunder set their hands
and seals this 11th day of June, 1996.
WITNESS: (AS TO LANDLORD)
/s/ XXX XXX XXXXXXXXX /s/ XXXXXX X. XXXXXXX
XXXXXX X. XXXXXXX
/s/ XXXXX XXXXX
WITNESS: (AS TO TENANT) COMMUNITY CAPITAL
CORPORATION
/s/ XXX XXX XXXXXXXXX BY: /s/ XXXXX X. XXXXX
/s/ XXXXX XXXXX Its: Chief Financial Officer
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STATE OF SOUTH CAROLINA )
)
) PROBATE
COUNTY OF GREENWOOD )
PERSONALLY appeared before me the undersigned witness who, being first
duly sworn, says that (s)he saw the within-named Xxxxxx X. Xxxxxxx sign, seal,
and as his act and deed deliver the within written document and that (s)he with
the other witness above, witnessed the execution thereof.
/s/ XXX XXX XXXXXXXXX
witness
SWORN to before me this 11th day of June, 1996.
/s/ XXXXXX X. XXXXXXXXX
NOTARY PUBLIC FOR SOUTH CAROLINA
My Commission Expires: 5/28/02
STATE OF SOUTH CAROLINA )
)
) PROBATE
COUNTY OF GREENWOOD )
PERSONALLY appeared before me the undersigned witness who, being first
duly sworn, says that (s)he saw the within-named Community Capital Corporation,
by Xxxxx X. Xxxxx, Chief Financial Officer, sign, seal, and as his act and deed
deliver the within written document and that (s)he with the other witness above,
witnessed the execution thereof.
/s/ XXX XXX XXXXXXXXX
witness
SWORN to before me this 11th day of June, 1996.
/s/ XXXXXX X. XXXXXXXXX
NOTARY PUBLIC FOR SOUTH CAROLINA
My Commission Expires: 5/28/02
