Exhibit 10.2
Lease Agreement with Vineland Construction Company
THIRD ADDENDUM TO LEASE AGREEMENT
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THIS THIRD ADDENDUM TO LEASE AGREEMENT made this 21st day of November,
1995 by and between Vineland Construction Co., a New Jersey corporation with
offices located at 00 Xxxx Xxxx Xxxxxx, Xxxxxxxx, Xxx Xxxxxx 00000 (hereinafter
referred to as the " Landlord") and Sun National Bank, a New Jersey corporation
with offices at 000 Xxxxxx Xxxxxx, Xxxxxxxx, Xxx Xxxxxx 00000 (hereinafter
referred to as "Lessee").
WITNESSETH:
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That the Landlord and Lessee entered into that certain Lease Agreement
dated October 3, 1986, as amended by that certain Addendum to Lease dated
November 19, 1987, and that certain First Addendum to Lease Agreement dated
December 6, 1990 (collectively, the "Lease"), whereby Lessee leased
approximately 4,510 square feet of commercial space (the "Premises") on the
first floor of the building (the "Building") situated at 000 Xxxx Xxxxxx Xxxxxx
(the "Land") in the City of Vineland, and State of New Jersey, and that the
Landlord and Lessee desire to amend the Lease upon the following terms,
covenants and conditions.
ARTICLE I Term
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Lessee agrees to exercise its option to extend the Lease term for an
additional five-year term pursuant to Paragraph 1 of the Addendum to Lease
dated November 19, 1987, extending the expiration date to October 31, 2012.
ARTICLE 2 The Lease
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All other terms and conditions of the Lease, a copy of which is attached
hereto as Exhibit "A" and incorporated herein by reference, shall continue in
full force and effect without modification.
IN WITNESS WHEREOF, the parties hereto have affixed their hands and seals
or caused these presents to be signed and sealed by their duly authorized
representatives the day and year first above written.
EXECUTED BY LESSEE, this 21st day of November, 1995.
By:
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Title: President & CEO
For: Sun National Bank
EXECUTED BY LANDLORD, this 24 day of November, 1995.
By: /s/Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
President
For: Vineland Construction Co.
SECOND AMENDMENT TO LEASE AGREEMENT
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THIS SECOND AMENDMENT TO LEASE AGREEMENT made this first day of September,
1994 by and between Vineland Construction Co., a New Jersey, corporation with
offices located at 00 Xxxx Xxxx Xxxxxx, Xxxxxxxx, New, Jersey 08360(hereinafter
referred to as the "Landlord") and Citizens' Investments, Inc., a New Jersey
corporation with offices at 00 Xxxxxxxx Xxxx, Xxxxxxx, Xxx Xxxxxx 00000
(hereinafter referred to as "Lessee")
W I T N E S S E T H:
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That the Landlord and Lessee entered into that certain Lease Agreement
dated October 3, 1986, as amended by that certain First Addendum to Lease
Agreement dated December 6, 1990 (the "Lease"), whereby Lessee leased
approximately 9,010 square feet of office space (the "Premises") on the third
floor of the building (the "Building") situated at 000 Xxxx Xxxxxx Xxxxxx (the
"Land") in the City of Vineland, and State of New Jersey, and that the Landlord
and Lessee desire to amend the Lease upon the following terms, covenants and
conditions.
ARTICLE 1 Premises
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(a) Effective September 1, 1994, the demised Premises shall consist of
Fourteen Thousand Two Hundred Ninety Two (l4,292) square feet, constituting the
entire third floor of the Building.
(b) The Landlord shall re-let and deliver the Premises to Lessee in its
present condition, and supply Lessee with a key. Lessee has examined the
Premises, and accepts them in their present condition and without any
representations on the part of the Landlord or the Landlord's agents as to the
present or future condition of the Premises.
ARTICLE 2 The Lease
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All other terms and conditions of the Lease, a copy of which is attached
hereto as Exhibit "A" and incorporated herein by reference, shall continue in
full force and effect without modification.
ARTICLE 3 Term
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Lessee agrees to exercise its option to extend the Lease term for an
additional five-year term pursuant to Paragraph 1 of the First Addendum to
Lease, thereby extending the expiration date to October 31, 2012.
IN WITNESS WHEREOF, the parties hereto have affixed their hands and seals
or caused these presents to be signed and sealed by their duly authorized
representatives the day and year first above written.
EXECUTED BY LESSEE, this first day of September, 1994.
By: /s/
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Title:
For: Citizens Investments, Inc.
EXECUTED BY LANDLORD, this first day of September, 1994.
By: /s/Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
President
For: Vineland Construction Co.
RIDER ATTACHED TO BUSINESS LEASE
between CITIZENS INVESTMENT, INC.
and
NFI INDUSTRIES
dated November 1, 1987
Thirtieth.-Notwithstanding anything to the contrary in the printed portions
of this lease, it is the intention of the Landlord and the Tenant that the rent
herein specified shall be net to the Landlord in each year during the term of
this lease. Accordingly, all costs, expenses and obligations of every kind
relating to the leased property which may arise or become due during the term of
this lease, shall be paid by the Tenant, and the Landlord shall be indemnified
by the Tenant against such costs, expenses and obligations.
The net rent shall be paid to the Landlord without notice or demand and
without abatement, deduction or set-off. The net rent shall be paid in equal
monthly installments in advance on the first day of each calendar month during
the term of this lease.
Furthermore, it is the intention of the parties that the Landlord shall
receive the rents, additional rents, and all sums payable by the Tenant under
this lease, free of all taxes, expenses, charges, damages and deductions of any
nature whatsoever, and the Tenant covenants and agrees to pay all sums which
except for this lease would have been chargeable against the leased property or
payable by the Landlord. The Tenant shall, however, be under no obligation to
pay interest on any mortgage on the fee of the leased property, any franchise or
income tax payable by the Landlord or any gift, inheritance, transfer, estate,
or succession tax by reason of any present future law which may be enacted
during the term of this lease.
The common charges for the operation and maintenance of the building,
including, but not limited to, fire insurance on the building, real estate
taxes, snow removal, landscape and gardening, repair and maintenance of common
areas of building and grounds, and any other common items shall be apportioned
to the Tenant based on the proportion of the Tenant occupancy of the building to
the total square footage of the building.
Thirty-first.-The Landlord shall maintain the roof and exterior walls of
the building and keep same in good condition. The Tenant shall be responsible
for the maintenance and repair of the areas occupied by the Tenant.
Thirty-second.-After the first year anniversary date and each year
thereafter, the monthly rental shall be increased based upon the percentage
increase in the Consumer Price Index (CPI).
CPI shall mean the Consumer Price Index for the urban wage earners and
clerical workers for all items as published by the United States Department of
Labor, Bureau of Labor Statistics. If the CPI or successor or substitute index
shall no longer be published, the parties shall use such other reliable
governmental or impartial index or publication which reasonably reflects the
change in the Cost of Living or the fluctuation in the purchasing power of the
U.S. Dollar between the periods set forth above for determination of the Annual
Minimum Rent during the Lease Term. In no event shall the monthly rental for the
Lease Term be less than the rental of the previous period.
Rider
November 1, 1987
Thirty-third.-Landlord shall be responsible for the construction of the
shell space of the Leased Premises, including the demising walls, framed doorway
openings and doors, electrical and water and sanitary sewer service connections,
and the exterior and glass wall of the building, but not including the interior
finish of any such walls (such work, the "Landlord's Work"). All Landlord's work
shall be done in a good and workmanlike manner and in compliance with all
applicable laws, ordinances, regulations and orders of governmental authorities,
and with all applicable codes and rules of all insurers of the Building. Tenant
shall have the right to inspect the Landlord's work at reasonable times and
shall promptly give notice to Landlord of any observed defects.
Promptly, upon completion of the Landlord's work, and in no event later
than fifteen (15) days following the completion of the Landlord's Work, Tenant
shall, at its sole cost and expense, through contractors approved by Landlord,
commence all work required of Tenant for the finishing, improving, equipping and
furnishing of the Leased Premises for the uses permitted hereunder (such work
the "Tenant's Work"). Prior to the commencement of any such construction, Tenant
shall submit all plans and specifications therefore to Landlord's construction
representative for its approval, which approval shall not be unreasonably
withheld or delayed. All costs and expenses of such construction, direct and
indirect, shall be the sole responsibility of Tenant.
All Tenant's Work shall be done in a good and workmanlike manner and in
compliance with all applicable laws, ordinances, regulations and orders of
governmental authorities, and with all applicable codes and rules of insurers
insuring the Building. Landlord shall also have the right to approve working
drawings.
Prior to commencement of construction, Tenant shall deliver to Landlord a
certificate of structural engineer or other professional acceptable to Landlord,
to the effect that the floor load will not exceed the floor bearing capacity of
pounds per square foot, live and dead load.
Tenant shall complete such construction within ninety (90) days following
the completion of the Landlord's Work, subject to Force Majeure, any one of
which shall extend the completion date for the Tenant's Work for a period equal
to the total duration of such Force Majeure. All of the terms, provisions and
conditions of this Lease shall apply during the construction of the Tenant's
Work.
A 880 - Lease of Business Premises.
XXXXXX XXXXXXXX, INC., LAW BLANK PUBLISHERS
This Lease, dated the 17th day of December 1987
Between CITIZENS INVESTMENT, INC.
Parties hereinafter referred to as the Landlord, and
NFI INDUSTRIES
hereinafter referred to as the Tenant,
WITNESSETH: That the Landlord hereby demises and leases unto the
Tenant, and the Tenant hereby hires and takes from the Landlord
for the term and upon the rentals hereinafter specified, the
premises described as follows, situated in the City of Vineland
County of Cumberland and State of New Jersey, 4,274 Sq. Ft. of
open space on the 3rd floor of 000 Xxxxxx Xxxxxx, Xxxxxxxx, Xxx
Xxxxxx 00000
Premises
Term The term of this demise shall be for ONE (1) year
beginning November 1, 1987 and ending October 31 1988 .
The rent for the demised term shall be TWELVE ($12.00)
Rent DOLLARS per sq. ft., FIFTY-ONE THOUSAND TWO HUNDRED EIGHTY-EIGHT
($ 51,288.00---), which shall accrue at the yearly rate of
The said rent is to be payable monthly in advance on the
first day of each calendar month for the term hereof, in
installments as follows:
Payment of
Rent FOUR THOUSAND TWO HUNDRED SEVENTY-FOUR ($4,274.00) DOLLARS per
month at the office of Citizens Investment, Inc., 000 Xxxxxx
Xxx., Xxxxxxxx, XX 00000 or as may be otherwise directed by
the Landlord in writing.
THE ABOVE LETTING IS UPON THE FOLLOWING CONDITIONS:
First.-The Landlord covenants that the Tenant, on paying the
Peaceful said rental and performing the covenants and conditions in this
Possession Lease contained, shall and may peaceably and quietly have, hold
and enjoy the demised premises for the term aforesaid.
Second.-The Tenant covenants and agrees to use the demised
premises as an office facility
Purpose
and agrees not to use or permit the premises to be used for any
other purpose without the prior written consent of the Landlord
endorsed hereon.
Third.-The Tenant shall, without any previous demand
Default in therefor, pay to the Landlord, or its agent, the said rent at the
Payment of times and in the manner above provided. In the event of the
Rent non-payment of said rent, or any installment thereof,at the times
and in the manner above provided, and if the same shall remain in
Abondonment default for ten days after becoming due or if the Tenant shall be
of Premises dispossessed for non-payment of rent, or if the leased premises
shall be deserted or vacated, the Landlord or its agents shall
Re-entry and have the right to and may enter the said premises as the agent of
Reletting by the Tenant, either by force or otherwise, without being liable
Landlord for any prosecution or damages therefor, and may relet the
premises as the agent of the Tenant, and receive the rent
Tenant Liable therefor, upon such terms as shall be satisfactory to the
for Deficiency Landlord, and all rights of the Tenant to repossess the premises
under this lease shall be forfeited. Such re-entry by the
Lien of Landlord shall not operate to release the Tenant from any rent to
Landlord to be paid or covenants to be performed hereunder during the full
Secure term of this lease. For the purpose of reletting, the Landlord
shall be authorized to make such repairs or alterations in or to
Performance the leased premises as may be necessary to place the same in good
Attorney's order and condition. The Tenant shall be liable to the Landlord
Fees for the cost of such repairs or alterations, and all expenses of
such reletting. If the sum realized or to be realized from the
reletting is insufficient to satisfy the monthly or term rent
provided in this lease, the Landlord, at its option, may require
the Tenant to pay such deficiency month by month, or may hold the
Tenant in advance for the entire deficiency to be realized during
the term of the reletting. The Tenant shall not be entitled to
and surplus accruing as a result of the reletting. The Landlord
is hereby granted a lien, in addition to any statutory lien or
right to distrain that may exist, on all personal property of the
Tenant in or upon the demised premises, to secure payment of the
rent and performance of the covenants and conditions of this
lease. The Landlord shall have the right, as agent of the Tenant,
to take possession of any furniture, fixtures or other personal
property of the Tenant found in or about the premises, and sell
the same at public or private sale and to apply the proceeds
thereof to the payment of any monies becoming due under this
lease, the Tenant hereby waiving the benefit of all laws
exempting property from execution, levy and sale on distress or
judgment. The Tenant agrees to pay, as additional rent, all
attorney's fees and other expenses incurred by the Landlord in
enforcing any of the obligations under this lease.
Fourth.-The Tenant shall not sub-let the demised premises
Sub-letting nor any portion thereof, nor shall this lease be assigned by
and the Tenant without the prior written consent of the Landlord
Assignment endorsed hereon.
Fifth.-The Tenant has examined the demised premises, and
Condition of accepts them in their present condition (except as otherwise
Premises, expressly provided herein) and without any representations on the
Repairs part of the Landlord or its agents as to the present or future
condition of the said premises. The Tenant shall keep the demised
premises in good condition, and shall redecorate, paint and
renovate the said premises as may be necessary to keep them in
repair and good appearance. The Tenant shall quit and surrender
the premises at the end of the demised term in as good condition
as the reasonable use thereof will permit. The Tenant shall not
make any alterations, additions, or improvements to said premises
without the
Alterations prior written consent of the Landlord. All erections,
and alterations, additions and improvements, whether temporary or
Improvements permanent in character, which may be made upon the premises
either by the Landlord or the Tenant, except furniture or movable
Sanitation, trade fixtures installed at the expense of the Tenant, shall be
Inflammable the property of the Landlord and shall remain upon and be
Materials surrendered with the premises as a part thereof at the
termination of this Lease, without compensation to the Tenant.
Sidewalks The Tenant further agrees to keep said premises and all parts
thereof in a clean and sanitary condition and free from trash,
inflammable material and other objectionable matter. If this
lease covers premises, all or a part of which are on the ground
floor, the Tenant further agrees to keep the sidewalks in front
of such ground floor portion of the demised premises clean and
free of obstructions, snow and ice.
Sixth.-In the event that any mechanics' lien is filed
against the premises as a result of alterations, additions or
Mechanics' improvements made by the Tenant, the Landlord, at its option,
Liens after thirty days' notice to the Tenant, may terminate this lease
and may pay the said lien, without inquiring into the validity
thereof, and the Tenant shall forthwith reimburse the Landlord
the total expense incurred by the Landlord in discharging the
said lien, as additional rent hereunder.
Seventh.-The Tenant agrees to replace at the Tenant's
Glass expense any and all glass which may become broken in and on the
demised premises. Plate glass and mirrors, if any, shall be
insured by the Tenant at their full insurable value in a company
satisfactory to the Landlord. Said policy shall be of the full
premium type, and shall be deposited with the Landlord or its
agent.
Eighth.-The Landlord shall not be responsible for the
loss of or damage to property, or injury to persons, occurring in
or about the demised premises, by reason of any existing or
Liability of future condition, defect, matter or thing in said demised
Landlord premises or the property of which the premises are a part, or for
the acts, omissions or negligence of other persons or tenants in
and about the said property. The Tenant agrees to indemnify and
save the Landlord harmless from all claims and liability for
losses of or damage to property, or injuries to persons occurring
in or about the demised premises.
Ninth.-Utilities and services furnished to the demised
Services premises for the benefit of the Tenant shall be provided and paid
and for as follows: water by the Tenant ; gas by the tenant ;
Utilities electricity by the tenant heat by the tenant; refrigeration by
the tenant ; hot water by the tenant
The Landlord shall not be liable for any interruption or delay in
any of the above services for any reason.
Tenth.-The Landlord, or its agents, shall have the right to
Right to enter the demised premises at reasonable hours in the day or
Inspect and night to examine the same, or to run telephone or other wires, or
Exhibit to make such repairs, additions or alterations as it shall deem
necessary for the safety, preservation or restoration of the
improvements, or for the safety or convenience of the occupants
or users thereof (there being no obligation, however, on the part
of the Landlord to make any such repairs, additions or
alterations), or to exhibit the same to prospective purchasers
and put upon the premises a suitable "For Sale" sign. For three
months prior to the expiration of the demised term, the Landlord,
or its agents, may similarly exhibit the premises to prospective
tenants, and may place the usual "To Let" signs thereon.
Eleventh.-In the event of the destruction of the demised
premises or the building containing the said premises by fire,
Damage by explosion, the elements or otherwise during the term hereby
Fire, created, or previous thereto, or such partial destruction
Explosion, thereof as to render the premises wholly untenantable or unfit
The Elements for occupancy, or should the demised premises be so badly injured
or Otherwise that the same cannot be repaired within ninety days from the
happening of such injury, then and in such case the term hereby
created shall, at the option of the Landlord, cease and become
null and void from the date of such damage or destruction, and
the Tenant shall immediately surrender said premises and all the
Tenant's interest therein to the Landlord, and shall pay rent
only to the time of such surrender, in which event the Landlord
may reenter and re-possess the premises thus discharged from this
lease and may remove all parties therefrom. Should the demised
premises be rendered untenantable and unfit for occupancy, but
yet be repairable within ninety days from the happening of said
injury, the Landlord may enter and repair the same with
reasonable speed, and the rent shall not accrue after said injury
or while repairs are being made, but shall recommence immediately
after said repairs shall be completed. But if the premises shall
be so slightly injured as not to be rendered untenantable and
unfit for occupancy, then the Landlord agrees to repair the same
with reasonable promptness and in that case the rent accrued and
accruing shall not cease or determine. The Tenant shall
immediately notify the Landlord in case of fire or other damage
to the premises.
Twelfth.-The Tenant agrees to observe and comply with all
Observation laws, ordinances, rules and regulations of the Federal, State,
of Laws, County and Municipal authorities applicable to the business to be
Ordinances, conducted by the Tenant in the demised premises. The Tenant
Rules and agrees not to do or permit anything to be done in said premises,
Regulations or keep anything therein, which will increase the rate of fire
insurance premiums on the improvements or any part thereof, or on
property kept therein, or which will obstruct or interfere with
the rights of other tenants, or conflict with the regulations of
the Fire Department or with any insurance policy upon said
improvements or any part thereof. In the event of any increase in
insurance premiums resulting from the Tenant's occupancy of the
premises, or from any act or omission on the part of the Tenant,
the Tenant agrees to pay said increase in insurance premiums on
the improvements or contents thereof as additional rent.
Thirteenth.-No sign, advertisement or notice shall be
Signs affixed to or placed upon any part of the demised premises by the
Tenant, except in such manner, and of such size, design and color
as shall be approved in advance in writing by the Landlord.
Fourteenth.-This lease is subject and is hereby subordinated
Subordination to all present and future mortgages, deeds of trust and other
to Mortgages encumbrances affecting the demised premises or the property of
and Deeds of which said premises are a part. The Tenant agrees to execute, at
Trust no expense to the Landlord, any instrument which may be deemed
necessary or desirable by the Landlord to further effect the
subordination of this lease to any such mortgage, deed of trust
or encumbrance.
Fifteenth.-In the event of the sale by the Landlord of the
Sale of demised premises, or the property of which said premises are a
Premises part, the Landlord or the purchaser may terminate this lease on
the thirtieth day of April in any year upon giving the Tenant
notice of such termination prior to the first day of January in
the same year.
Sixteenth.-The rules and regulations regarding the demised
premises, affixed to this lease, if any, as well as any other and
Rules and further reasonable rules and regulations which shall be made by
Regulations the Landlord, shall be observed by the Tenant and by the Tenant's
of Landlord employees, agents and customers. The Landlord reserves the right
to rescind any presently existing rules applicable to the demised
premises, and to make such other and further reasonable rules and
regulations as, in its judgment, may from time to time be
desirable for the safety, care and cleanliness of the premises,
and for the preservation of good order therein, which rules, when
so made and notice thereof given to the Tenant, shall have the
same force and effect as if originally made a part of this
lease. Such other and further rules shall not, however, be
inconsistent with the proper and rightful enjoyment by the Tenant
of the demised premises.
Seventeenth. - In case of violation by the Tenant of any of
the covenants, agreements and conditions of this lease, or of the
Violation of rules and regulations now or hereafter to be reasonably
Covenants, established by the Landlord, and upon failure to discontinue such
Forfeiture of violation within ten days after notice thereof given to the
Lease, Tenant, this lease shall thenceforth, at the option of the
Re-entry Landlord, become null and void, and the Landlord may re-enter
by Landlord without further notice or demand. The rent in such case shall
become due, be apportioned and paid on and up to the day of such
re-entry, and the Tenant shall be liable for all loss or damage
resulting from such violation as aforesaid. No waiver by the
Landlord of any violation or breach of condition by the Tenant
shall constitute or be construed as a waiver of any other
violation or breach of condition, nor shall lapse of time after
Non-waiver breach of condition by the Tenant before the Landlord shall
of Breach exercise its option under this paragraph operate to defeat the
right of the Landlord to declare this lease null and void and to
re-enter upon the demised premises after the said breach or
violation.
Eighteenth.-All notices and demands, legal or otherwise,
incidental to this lease, or the occupation of the demised
Notices premises, shall be in writing. If the Landlord or its agent
desires to give or serve upon the Tenant any notice or demand, it
shall be sufficient to send a copy thereof by registered mail,
addressed to the Tenant at the demised premises, or to leave a
copy thereof with a person of suitable age found on the premises,
or to post a copy thereof upon the door to said premises. Notices
from the Tenant to the Landlord shall be sent by registered mail
or delivered to the Landlord at the place hereinbefore designated
for the payment of rent, or to such party or place as the
Landlord may from time to time designate in writing.
Nineteenth.-It is further agreed that if at any time during
Bankruptcy the term of this lease the Tenant shall make any assignment for
Insolvency, the benefit of creditors, or be decreed insolvent or bankrupt
Assignment according to law, or if a receiver shall be appointed for the
for Benefit Tenant, then the Landlord may, at its option, terminate this
of Creditors lease, exercise of such option to be evidenced by notice to that
effect served upon the assignee, receiver, trustee or other
person in charge of the liquidation of the property of the Tenant
or the Tenant's estate, but such termination shall not release or
discharge any payment of rent payable hereunder and then
accrued, or any liability then accrued by reason of any agreement
or covenant herein contained on the part of the Tenant, or the
Tenant's legal representatives.
Twentieth.-In the event that the Tenant shall remain in the
Holding Over demised premises after the expiration of the term of this lease
by Tenant without having executed a new written lease with the Landlord,
such holding over shall not constitute a renewal or extension of
this lease. The Landlord may, at its option, elect to treat the
Tenant as one who has not removed at the end of his term, and
thereupon be entitled to all the remedies against the Tenant
provided by law in that situation, or the Landlord may elect, at
its option, to construe such holding over as a tenancy from month
to month, subject to all the terms and conditions of this lease,
except as to duration thereof, and in that event the Tenant shall
pay monthly rent in advance at the rate provided herein as
effective during the last month of the demised term.
Twenty-first.-If the property or any part thereof wherein
Eminent the demised premises are located shall be taken by public or
Domain, quasi-public authority under any power of eminent domain or
Condemnation condemnation, this lease, at the option of the Landlord, shall
forthwith terminate and the Tenant shall have no claim or
interest in or to any award of damages for such taking.
Twenty-second.-The Tenant has this day deposited with the
Security Landlord the sum of $ as security for the full and
faithful performance by the Tenant of all the terms, covenants
and conditions of this lease upon the Tenant's part to be
performed, which said sum shall be returned to the Tenant after
the time fixed as the expiration of the term herein, provided the
Tenant has fully and faithfully carried out all of sail terms,
covenants and conditions on Tenant's part to be performed. In
the event of a bona fide sale, subject to this lease, the
Landlord shall have the right to transfer the security to the
vendee for the benefit of the Tenant and the Landlord shall be
considerately released by the Tenant from all liability for the
return of such security; and the Tenant agrees to look to the new
Landlord solely for the return of the said security, and it is
agreed that this shall apply to every transfer or assignment made
of the security to a new Landlord. The security deposited under
this lease shall not be mortgaged, assigned or encumbered by the
Tenant without the written consent of the Landlord.
Twenty-third.-Any dispute arising under this lease shall
be settled by arbitration. Then Landlord and Tenant shall each
Arbitration choose an arbitrator, and the two arbitrators thus chosen shall
select a third arbitrator. The findings and award of the three
arbitrators thus chosen shall be final and binding on the parties
hereto.
Twenty-fourth.-No rights are to be conferred upon the Tenant
Delivery of until this lease has been signed by the Landlord, and an executed
Lease copy of the lease has been delivered to the Tenant.
Lease Twenty-fifth.-The foregoing rights and remedies are not
Provisions Not intended to be exclusive but as additional to all rights. and
Exclusive remedies the Landlord would otherwise have by law.
Twenty-six.-All of the terms, covenants and conditions of
Lease Binding this lease shall inure to the benefit of and be binding upon the
on Heirs, respective heirs, executors, administrators, successors and
Successors, assigns of the parties hereto. However, in the event of the death
Etc. of the Tenant, if an individual, the Landlord may, at its option,
terminate this lease by notifying the executor or administrator
of the Tenant at the demised premises.
Twenty-seventh.-This lease and the obligation of Tenant to
pay rent hereunder and perform all of the other covenants and
agreements hereunder on part of Tenant to be performed shall in
nowise be affected, impaired or excused because Landlord is
unable to supply or is delayed in supplying any service
expressly or impliedly to be supplied or is unable to make, or is
delayed in making any repairs, additions, alterations or
decorations or is unable to supply or is delayed in supplying any
equipment or fixtures if landlord is prevented or delayed from so
doing by reason of governmental preemption in connection with the
National Emergency declared by the President of the United States
or in connection with any rule, order or regulation of any
department or subdivision thereof of any governmental agency or
by reason of the conditions of supply and demand which have been
or are affected by the war.
Twenty-eighth.-This instrument may not be changed orally.
Twenty-ninth.-Tenant shall, at its own cost and expense,
obtain public liability insurance in the sum of $1,000,000
combined single limit. Tenant agrees to furnish Landlord with a
certificate of insurance as evidence of its having obtained and
requested insurance and having paid premium thereof. /s/initialed
IN WITNESS WHEREOF, the said Parties have hereunto set their hands and
seals the day and year first above written.
Witness: /s/ (SEAL)
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Landlord
/s/ By /s/
----------------------------------------- ----------------------------------
/s/ /s/ (SEAL)
----------------------------------------- -------------------------------------
Tenant
GUARANTY
In consideration of the execution of the within lease by the Landlord, at
the request of the undersigned and in reliance of this guaranty, the undersigned
hereby guarantees unto the Landlord, Its successors and asignees, the prompt
payment of all rent and the performance of all of the terms, covenants and
conditions provided in said lease, hereby waiving all notice of default, and
consenting to any extensions of time or changes in the manner of payment or
performance of any of the terms and conditions of the said lease the Landlord
may grant the Tenant, and further consenting to the assignment and the
successive assignments of the said lease, and any modifications thereof,
including the sub-letting and changing of the use of the demised premises, all
without notice to the undersigned. The undersigned agrees to pay :he Landlord
all expenses incurred in enforcing the obligations of the Tenant under the
within lease and in enforcing this guaranty.
Witness: (SEAL)
------------------------------------- ------------------------
------------------------------------- ------------------------ (SEAL)
Date:
-----------------------------------------
================================================================================
LEASE
================================================================================
Landlord
to
Tenant
================================================================================
Premises leased:
From:
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To:
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ASSIGNMENT AND ACCEPTANCE OF ASSIGNMENT
For value received the undersigned Tenant hereby assigns all of said
Tenant's right, title and interest in and to the within lease from and after
unto
heirs, successors, and assigns, the demised premises to be used and occupied for
and for no other purpose, it being expressly agreed
that this assignment shall not in any manner relieve the undersigned assignor
from liability upon any of the covenants of this lease.
Witness: (SEAL)
------------------------------------- ------------------------
------------------------------------- ------------------------ (SEAL)
Date:
-----------------------------------------
In consideration of the above assignment and the written consent of the
Landlord thereto, the undersigned assignee, hereby assumes and agrees from and
after to make all payments and to perform all covenants and conditions
provided in the within lease by the Tenant therein to be made and performed.
Witness: (SEAL)
------------------------------------- ------------------------
------------------------------------- ------------------------ (SEAL)
Date:
-----------------------------------------
CONSENT TO ASSIGNMENT
The undersigned Landlord hereby consents to the assignment of the within
lease to on the express conditions that the original Tenant
, the assignor, herein, shall remain liable
for the prompt payment of the rent and the performance of the covenants provided
in the said lease by the Tenant to be made and performed, and that no further
assignment of said lease or sub-letting of any part of the premises thereby
demised shall be made without the prior written consent of the undersigned
Landlord.
-------------------------------
Landlord
Date: By
----------------------------------------- -------------------------------
A 880 - Lease of Business Premises
XXXXXX XXXXXXXX, INC., LAW BLANK PUBLISHERS
This Lease, dated the Third day of October 1986
Between
Vineland Construction Company
hereinafter referred to as the Landlord, and
Sun National Bank
hereinafter referred to as the Tenant,
WITNESSETH: That the Landlord hereby demises and leases unto the
Tenant, and the Tenant hereby hires and takes from the Landlord
for the term and upon the rentals hereinafter specified, the
premises described as follows, situated in the 000 Xxxxxx
Xxxxxx xx Xxxxxxxx Xxxxxx of Cumberland and State of New Jersey
Premises
The term of this demise shall be for twenty years
Term beginning upon completion of bldg. 19 and ending 19 ,
by Landlord
The rent for the demised term shall be 10 dollars per square
Rent foot as finally determined by actual measurement($ ),
which shall accrue at the yearly rate of
upon completion of the building.
The said rent is to be payable monthly in advance on the
first day of each calendar month for the term hereof, in
instalments as follows:
Payment of If occupancy begins on a day other than the first month the
Rent first month's rent will be prorated to the end of the month.
at the office of Vineland Construction Company or as may be
otherwise directed by the Landlord in writing.
THE ABOVE LETTING IS UPON THE FOLLOWING CONDITIONS:
Peaceful First.-The Landlord covenants that the Tenant, on paying the
Possession said rental and performing the covenants and conditions in this
Lease contained, shall and may peaceably and quietly have, hold
and enjoy the demised premises for the term aforesaid.
Second.-The Tenant covenants and agrees to use the demised
premises as a bank branch and activities normal and usual to the
operation of a bank or bank branch.
Purpose
and agrees not to use or permit the premises to be used for any
other purpose without the prior written consent of the Landlord
endorsed hereon.
Third.-The Tenant shall, without any previous demand
Default in therefor, pay to the Landlord, or its agent, the said rent at the
Payment of times and in the manner above provided. In the event of the
Rent non-payment of said rent, or any instalment thereof at the times
and in the manner above provided, and if the same shall remain in
Abondonment default for ten days after becoming due or if the Tenant shall be
of Premises dispossessed for non-payment of rent, or if the leased premises
shall be deserted or vacated, the Landlord or its agents shall
Re-entry and have the right to and may enter the said premises as the agent of
Reletting by the Tenant, either by force or otherwise, without being liable
Landlord for any prosecution or damages therefor, and may relet the
premises as the agent of the Tenant, and receive the rent
Tenant Liable therefor, upon such terms as shall be satisfactory to the
for Deficiency Landlord, and all rights of the Tenant to repossess the premises
under this lease shall be forfeited. Such re-entry by the
Lien of Landlord shall not operate to release the Tenant from any rent to
Landlord to be paid or covenants to be performed hereunder during the full
Secure term of this lease. For the purpose of reletting, the Landlord
shall be authorized to make such repairs or alterations in or to
Performance the leased premises as may be necessary to place the same in good
Attorney's order and condition. The Tenant shall be liable to the Landlord
Fees for the cost of such repairs or alterations, and all expenses of
such reletting. If the sum realized or to be realized from the
reletting is insufficient to satisfy the monthly or term rent
provided in this lease, the Landlord, at its option, may require
the Tenant to pay such deficiency month by month, or may hold the
Tenant in advance for the entire deficiency to be realized during
the term of the reletting. The Tenant shall not be entitled to
and surplus accruing as a result of the reletting. The Landlord
is hereby granted a lien, in addition to any statutory lien or
right to distrain that may exist, on all personal property of the
Tenant in or upon the demised premises, to secure payment of the
rent and performance of the covenants and conditions of this
lease. The Landlord shall have the right, as agent of the Tenant,
to take possession of any furniture, fixtures or other personal
property of the Tenant found in or about the premises, and sell
the same at public or private sale and to apply the proceeds
thereof to the payment of any monies becoming due under this
lease, the Tenant hereby waiving the benefit of all laws
exempting property from execution, levy and sale on distress or
judgment. The Tenant agrees to pay, as additional rent, all
attorney's fees and other expenses incurred by the Landlord in
enforcing any of the obligations under this lease.
Fourth.-The Tenant shall not sub-let the demised premises
Sub-letting nor any portion thereof, nor shall this lease be assigned by
and the Tenant without the prior written consent of the Landlord
Assignment endorsed hereon.
Fifth.-The Tenant has examined the demised premises, and
Condition of accepts them in their present condition (except as otherwise
Premises, expressly provided herein) and without any representations on the
Repairs part of the Landlord or its agents as to the present or future
condition of the said premises. The Tenant shall keep the demised
premises in good condition, and shall redecorate, paint and
renovate the said premises as may be necessary to keep them in
repair and good appearance. The Tenant shall quit and surrender
the premises at the end of the demised term in as good condition
as the reasonable use thereof will permit. The Tenant shall not
make any alterations, additions, or improvements to said premises
without the
Alterations prior written consent of the Landlord. All erections,
and alterations, additions and improvements, whether temporary or
Improvements permanent in character, which may be made upon the premises
either by the Landlord or the Tenant, except furniture or movable
Sanitation, trade fixtures installed at the expense of the Tenant, shall be
Inflammable the property of the Landlord and shall remain upon and be
Materials surrendered with the premises as a part thereof at the
termination of this Lease, without compensation to the Tenant.
Sidewalks The Tenant further agrees to keep said premises and all parts
thereof in a clean and sanitary condition and free from trash,
inflammable material and other objectionable matter. If this
lease covers premises, all or a part of which are on the ground
floor, the Tenant further agrees to keep the sidewalks in front
of such ground floor portion of the demised premises clean and
free of obstructions, snow and ice.
Mechanics' Sixth.-In the event that any mechanics' lien is filed
Liens against the premises as a result of alterations, additions or
improvements made by the Tenant, the Landlord, at is option,
after thirty days' notice to the Tenant, may terminate this lease
and may pay the said lien, without inquiring into the validity
thereof, and the Tenant shall forthwith reimburse the Landlord
the total expense incurred by the Landlord in discharging the
said lien, as additional rent hereunder.
Glass Seventh,-The Tenant agrees to replace at the Tenant's
expense any and all glass which may become broken in and on the
demised premises. Plate glass and mirrors, if any, shall be
insured by the Tenant at their full insurable value in a company
satisfactory to the Landlord. Said policy shall be of the full
premium type, and shall be deposited with the Landlord or its
agent.
Eighth.-The Landlord shall not be responsible for the
loss of or damage to property, or injury to persons, occurrlng in
or about the demised premises, by reason of any existing or
Liability of future condition, defect, matter or thing in said demised
Landlord premises or the property of which the premises are a part, or for
the acts, omissions or negligence of other persons or tenants in
and about the said property. The Tenant agrees to indemnify and
save the Landlord harmless from all claims and liability for
losses of or damage to property, or injuries to persons occurring
in or about the demised premises.
Ninth.-Utilities and services furnished to the demised
Services premises for the benefit of the Tenant shall be provided and paid
and for as follows: water by the Tenant ; gas by the tenant ;
Utilities electricity by the tenant heat by the tenant; refrigeration by
the tenant ; hot water by the tenant
The Landlord shall not be liable for any interruption or delay in
any of the above services for any reason.
Tenth.-The Landlord, or its agents, shall have the right to
Right to enter the demised premises at reasonable hours in the day or
Inspect and night to examine the same, or to run telephone or other wires, or
Exhibit to make such repairs, additions or alterations as it shall deem
necessary for the safety, preservation or restoration of the
improvements, or for the safety or convenience of the occupants
or users thereof (there being no obligation, however, on the part
of the Landlord to make any such repairs, additions or
alterations), or to exhibit the same to prospective purchasers
and put upon the premises a suitable "For Sale" sign. For three
months prior to the expiration of the demised term, the Landlord,
or its agents, may similarly exhibit the premises to prospective
tenants, and may place the usual "To Let" signs thereon.
Eleventh.-In the event of the destruction of the demised
premises or the building containing the said premises by fire,
Damage by explosion, the elements or otherwise during the term hereby
Fire, created, or previous thereto, or such partial destruction
Explosion, thereof as to render the premises wholly untenantable or unfit
The Elements for occupancy, or should the demised premises be so badly injured
or Otherwise that the same cannot be repaired within ninety days from the
happening of such injury, then and in such case the term hereby
created shall, at the option of the Landlord, cease and become
null and void from the date of such damage or destruction, and
the Tenant shall immediately surrender said premises and all the
Tenant's interest therein to the Landlord, and shall pay rent
only to the time of such surrender, in which event the Landlord
may reenter and re-possess the premises thus discharged from this
lease and may remove all parties therefrom. Should the demised
premises be rendered untenantable and unfit for occupancy, but
yet be repairable within ninety days from the happening of said
injury, the Landlord may enter and repair the same with
reasonable speed, and the rent shall not accrue after said injury
or while repairs are being made, but shall recommence immediately
after said repairs shall be completed. But if the premises shall
be so slightly injured as not to be rendered untenantable and
unfit for occupancy, then the Landlord agrees to repair the same
with reasonable promptness and in that case the rent accrued and
accruing shall not cease or determine. The Tenant shall
immediately notify the Landlord in case of fire or other damage
to the premises.
Twelfth.-The Tenant agrees to observe and comply with all
Observation laws, ordinances, rules and regulations of the Federal, State,
of Laws, County and Municipal authorities applicable to the business to be
Ordinances, conducted by the Tenant in the demised premises. The Tenant
Rules and agrees not to do or permit anything to be done in said premises,
Regulations or keep anything therein, which will increase the rate of fire
insurance premiums on the improvements or any part thereof, or on
property kept therein, or which will obstruct or interfere with
the rights of other tenants, or conflict with the regulations of
the Fire Department or with any insurance policy upon said
improvements or any part thereof. In the event of any increase in
insurance premiums resulting from the Tenant's occupancy of the
premises, or from any act or omission on the part of the Tenant,
the Tenant agrees to pay said increase in insurance premiums on
the improvements or contents thereof as additional rent.
Thirteenth.-No sign, advertisement or notice shall be
Signs affixed to or placed upon any part of the demised premises by the
Tenant, except in such manner, and of such size, design and color
as shall be approved in advance in writing by the Landlord.
Fourteenth.-This lease is subject and is hereby subordinated
Subordination to all present and future mortgages, deeds of trust and other
to Mortgages encumbrances affecting the demised premises or the property of
and Deeds of which said premises are a part. The Tenant agrees to execute, at
Trust no expense to the Landlord, any instrument which may be deemed
necessary or desirable by the Landlord to further effect the
subordination of this lease to any such mortgage, deed of trust
or encumbrance.
Fifteenth.-In the event of the sale by the Landlord of the
Sale of demised premises, or the property of which said premises are a
Premises part, the Landlord or the purchaser may terminate this lease on
the thirtieth day of April in any year upon giving the Tenant
notice of such termination prior to the first day of January in
the same year.
Sixteenth.-The rules and regulations regarding the demised
premises, affixed to this lease, if any, as well as any other and
Rules and further reasonable rules and regulations which shall be made by
Regulations the Landlord, shall be observed by the Tenant and by the Tenant's
of Landlord employees, agents and customers. The Landlord reserves the right
to rescind any presently existing rules applicable to the demised
premises, and to make such other and further reasonable rules and
regulations as, in its judgment, may from time to time be
desirable for the safety, care and cleanliness of the premises,
and for the preservation of good order therein, which rules, when
so made and notice thereof given to the Tenant, shall have the
same force and effect as if originally made a part of this
lease. Such other and further rules shall not, however, be
inconsistent with the proper and rightful enjoyment by the Tenant
of the demised premises.
Seventeenth. - In case of violation by the Tenant of any of
the covenants, agreements and conditions of this lease, or of the
Violation of rules and regulations now or hereafter to be reasonably
Covenants, established by the Landlord, and upon failure to discontinue such
Forfeiture of violation within ten days after notice thereof given to the
Lease, Tenant, this lease shall thenceforth, at the option of the
Re-entry Landlord, become null and void, and the Landlord may re-enter
by Landlord without further notice or demand. The rent in such case shall
become due, be apportioned and paid on and up to the day of such
Non-waiver re-entry, and the Tenant shall be liable for all loss or damage
of Breach resulting from such violation as aforesaid. No waiver by the
Landlord of any violation or breach of condition by the Tenant
shall constitute or be construed as a waiver of any other
violation or breach of condition, nor shall lapse of time after
breach of condition by the Tenant before the Landlord shall
exercise its option under this paragraph operate to defeat the
right of the Landlord to declare this lease null and void and to
re-enter upon the demised premises after the said breach or
violation.
Eighteenth.-All notices and demands, legal or otherwise,
incidental to this lease, or the occupation of the demised
Notices premises, shall be in writing. If the Landlord or its agent
desires to give or serve upon the Tenant any notice or demand, it
shall be sufficient to send a copy thereof by registered mail,
addressed to the Tenant at the demised premises, or to leave a
copy thereof with a person of suitable age found on the premises,
or to post a copy thereof upon the door to said premises. Notices
from the Tenant to the Landlord shall be sent by registered mail
or delivered to the Landlord at the place hereinbefore designated
for the payment of rent, or to such party or place as the
Landlord may from time to time designate in writing.
Nineteenth.-It is further agreed that if at any time during
Bankruptcy the term of this lease the Tenant shall make any assignment for
Insolvency, the benefit of creditors, or be decreed insolvent or bankrupt
Assignment according to law, or if a receiver shall be appointed for the
for Benefit Tenant, then the Landlord may, at its option, terminate this
of Creditors lease, exercise of such option to be evidenced by notice to that
effect served upon the assignee, receiver, trustee or other
person in charge of the liquidation of the property of the Tenant
or the Tenant's estate, but such termination shall not release or
discharge any payment of rent payable hereunder and then
accrued, or any liability then accrued by reason of any agreement
or covenant herein contained on the part of the Tenant, or the
Tenant's legal representatives.
Twentieth.-In the event that the Tenant shall remain in the
Holding Over demised premises after the expiration of the term of this lease
by Tenant without having executed a new written lease with the Landlord,
such holding over shall not constitute a renewal or extension of
this lease. The Landlord may, at its option, elect to treat the
Tenant as one who has not removed at the end of his term, and
thereupon be entitled to all the remedies against the Tenant
provided by law in that situation, or the Landlord may elect, at
its option, to construe such holding over as a tenancy from month
to month, subject to all the terms and conditions of this lease,
except as to duration thereof, and in that event the Tenant shall
pay monthly rent in advance at the rate provided herein as
effective during the last month of the demised term.
Twenty-first.-If the property or any part thereof wherein
Eminent the demised premises are located shall be taken by public or
Domain, quasi-public authority under any power of eminent domain or
Condemnation condemnation, this lease, at the option of the Landlord, shall
forthwith terminate and the Tenant shall have no claim or
interest in or to any award of damages for such taking.
Twenty-second.-The Tenant has this day deposited with
the Landlord the sum of $xxxx as security for the full and
faithful performance by the Tenant of all the terms, covenants
and conditions of this lease upon the Tenant's part to be
performed, which said sum shall be returned to the Tenant after
the time fixed as the expiration of the term herein, provided the
Tenant has fully and faithfully carried out all of said terms,
covenants and conditions on Tenant's part to be performed. In
the event of a bona fide sale, subject to this lease, the
Landlord shall have the right to transfer the security to the
vendee for the benefit of the Tenant and the Landlord shall be
considered released by the Tenant from all liability for the
return of such security; and the Tenant agrees to look to the new
Landlord solely for the return of the said security, and it is
agreed that this shall apply to every transfer or assignment made
of the security to a new Landlord. The security deposited under
this lease shall not be mortgaged, assigned or encumbered by the
Tenant without the written consent of the Landlord.
Twenty-third.-Any dispute arising under this lease shall
be settled by arbitration. Then Landlord and Tenant shall each
Arbitration choose an arbitrator, and the two arbitrators thus chosen shall
select a third arbitrator. The findings and award of the three
arbitrators thus chosen shall be final and binding on the parties
hereto.
Twenty-fourth.-No rights are to be conferred upon the Tenant
Delivery of until this lease has been signed by the Landlord, and an executed
Lease copy of the lease has been delivered to the Tenant.
Lease Twenty-fifth.-The foregoing rights and remedies are not
Provision Not intended to be exclusive but as additional to all rights. and
Exclusive remedies the Landlord would otherwise have by law.
Twenty-six.-All of the terms, covenants and conditions of
Lease Binding this lease shall inure to the benefit of and be binding upon the
on Heirs, respective heirs, executors, administrators, successors and
Successors, assigns of the parties hereto. However, in the event of the death
Etc. of the Tenant, if an individual, the Landlord may, at its option,
terminate this lease by notifying the executor or administrator
of the Tenant at the demised premises.
Twenty-seventh.-This lease and the obligation of Tenant to
pay rent hereunder and perform all of the other covenants and
agreements hereunder on part of Tenant to be performed shall in
nowise be affected, impaired or excused because Landlord is
unable to supply or is delayed in supplying any service
expressly or impliedly to be supplied or is unable to make, or is
delayed in making any repairs, additions, alterations or
decorations or is unable to supply or is delayed in supplying any
equipment or fixtures if landlord is prevented or delayed from so
doing by reason of governmental preemption in connection with the
National Emergency declared by the President of the United States
or in connection with any rule, order or regulation of any
department or subdivision thereof of any governmental agency or
by reason of the conditions of supply and demand which have been
or are affected by the war.
Twenty-eighth.-This instrument may not be changed orally.
Twenty-ninth.-Tenant shall, at its own cost and expense,
obtain public liability insurance in the sum of $1,000,000
combined single limit. Tenant agrees to furnish Landlord with a
Certificate of Insurance as evidence of its having obtained and
requested insurance and having paid premium thereof.
IN WITNESS WHEREOF, the said Parties have hereunto set their hands and
seals the day and year first above written.
Witness: CITIZENS INVESTMENT, INC. (SEAL)
-------------------------------------
Landlord
/s/ By /s/
----------------------------------------- ----------------------------------
/s/ NFI INDUSTRIES (SEAL)
----------------------------------------- -------------------------------------
Tenant
By /s/Xxxxxxx Xxxxx
-----------------------------------
RIDER ATTACHED TO BUSINESS LEASE
between VINELAND CONSTRUCTION COMPANY
and
SUN NATIONAL BANK
dated October 3, l986
Thirtieth-Notwithstanding anything to the contrary in the printed portions
of this lease it is the Intention of the Landlord and the Tenant, that the rent
herein specified shall be net to the Landlord in each year, during the term of
this lease. Accordingly, all costs, expenses, and obligations of every kind
relating to the leased property which any arise or become due during the term of
this lease shall be paid by the Tenant, and the Landlord shall be Indemnified by
the Tenant against such costs, expenses, and obligations.
The net rent shall be paid to the Landlord without notice or demand and
without abatement, deduction, or set-off. The net rent shall be paid in equal
monthly installments in advance on the first day of each calendar month during
the term of this lease.
Furthermore, it is the intention of the parties that the Landlord shall
receive the rents, additional rents, and all sums payable by the Tenant under
this lease free of all taxes, expenses, charges, damages, and deductions of any
nature whatsoever and the Tenant covenants and agrees to pay all sums which
except for this lease would have been chargeable against the leased property or
payable by the landlord. The Tenant shall, however, be under no obligation to
pay interest on any mortgage on the fee of the leased property, any franchise
or income tax payable by the Landlord or any gift, inheritance, transfer,
estate, or succession tax by reason of any present or future law which may be
enacted during the term of this lease.
The common charges for the operation and maintenance of the building,
including, but not limited to, fire insurance on the building, real estate
taxes, snow removal, landscape and gardening, repair and maintenance of common
areas of building and grounds, and any other common items shall be apportined to
the Tenant based on the proportion of the Tenant occupancy of the building to
the total square footage of the building.
Thirty-first.-The Landlord shall maintain the roof and exterior walls of
the building and keep same in good condition. The Tenant shall be responsible
for the maintenance and repair of the areas occupied by Tenant.
Thirty-second.-After the first year anniversary date and each year
hereafter, the monthly rental shall be increased based upon the percentage
increase in the Consumer Price Index (CPI).
CPI shall mean the Consumer Price Index for urban wage earners and clerical
workers for all items as published by the United States Department of Labor,
Bureau of Labor Statistics. If the CPI or successor or substitute index shall no
longer be published, the parties shall use such other reliable governmental or
impartial index or publication which reasonably reflects the change in the Cost
of Living or the fluctuation in the purchasing power of the U.S. Dollar between
the periods set forth above for determination of the Annual Minimum Rent during
the Lease Term. In no event shall the monthly rental for the Lease Term be less
than the rental of the previous period.
Thirty-third.-Landlord shall be responsible for the construction of the
shell space of the Leased Premises, including the demising walls, framed doorway
openings and doors, electrical and water and sanitary sewer service connections
and the exterior and glass wall of the building, but not including the interior
finish of any such walls (such work, the "Landlord's Work"). All Landlord's work
shall be done in a good and workmanlike manner and in compliance with all
applicable laws, ordinances, regulations and orders of governmental authorities,
and with all applicable codes and rules of all insurers of the Building. Tenant
shall have the right to inspect the Landlord's work at reasonable times and
shall promptly give notice to Landlord of any observed defects.
Promptly upon completion of the Landlord's work, and in no event later than
fifteen (15) days following the completion of the Landlord's Work, Tenant shall,
at its sole cost and expense, through contractors approved by Landlord, commence
all work required of Tenant for the finishing, improving, equipping and
furnishing of the Leased Premises for the uses permitted hereunder (such work
the "Tenant's Work"). Prior to the commencement of any such construction, Tenant
shall submit all plans and specifications therefore to Landlord's construction
representative for its approval, which approval shall not be unreasonably
withheld or delayed. All costs and expenses of such construction, direct and
indirect, shall be the sole responsibility of Tenant.
All Tenant's Work shall be done in a good and workmanlike manner and in
compliance with all applicable laws, ordinances, regulations and orders of
governmental authorities, and with all applicable codes and rules of insurers
insuring the Building. Landlord shall also have the right to approve working
drawings.
Prior to commencement of construction, Tenant shall deliver to Landlord a
certificate of structural engineer or other professional acceptable to Landlord
to the effect that the floor load will not exceed the floor bearing capacity of
125 pounds per square foot, live and dead load.
Tenant shall complete such construction within ninety (90) days following
the completion of Landlord's Work, subject to Force Majeure, any one of which
shall extend the completion date for the Tenant's Work for a period equal to the
total duration of such Force MaJeure. All of the terms, provisions and
conditions of this Lease shall apply during the construction of the Tenant's
Work.
-2-
GUARANTY
In consideration of the execution of the within lease by the Landlord at
the request of the undersigned and in reliance of this guaranty, the undersigned
hereby guarantees unto the Landlord, its successors and assigns, the prompt
payment of all rent and the performance of all of the terms, covenants and
conditions provided in said lease, hereby waiving all notice of default, and
consenting to any extensions of time or changes in the manner of payment or
performance of any of the terms and conditions of the said lease the Landlord
may grant the Tenant, and further consenting to the assignment and the
successive assignments of the said lease, and any modifications thereof,
including the sub-letting and changing of the use of the demised premises, all
without notice to the undersigned. The undersigned agrees to pay the Landlord
all expenses incurred in enforcing the obligations of the Tenant under the
within lease and in enforcing this guaranty.
Witness: (SEAL)
------------------------------------- ------------------------
------------------------------------- ------------------------ (SEAL)
Date:
-----------------------------------------
================================================================================
LEASE
================================================================================
Landlord
to
Tenant
================================================================================
Premises leased:
From:
--------------------------------------------------------------------------
To:
--------------------------------------------------------------------------
================================================================================
ASSIGNMENT AND ACCEPTANCE OF ASSIGNMENT
For value received the undersigned Tenant hereby assigns all of said
Tenant's right, title and interest in and to the within lease from and after
unto
heirs, successors, and assigns, the demised premises to be used and occupied for
and for no other purpose, it being expressly agreed
that this assignment shall not in any manner relieve the undersigned assignor
from liability upon any of the covenants if this lease.
Witness: (SEAL)
------------------------------------- ------------------------
------------------------------------- ------------------------ (SEAL)
Date:
-----------------------------------------
In consideration of the above assignment and the written consent of the Landlord
thereto, the undersigned assignee, hereby assumes and agrees from and after
to make all payments and to perform all covenants and conditions provided
in the within lease by the Tenant therein to be made and performed.
Witness: (SEAL)
------------------------------------- ------------------------
------------------------------------- ------------------------ (SEAL)
Date:
-----------------------------------------
CONSENT TO ASSIGNMENT
The undersigned Landlord hereby consents to the assignment of the within
lease to on the express conditions that the original Tenant
, the assignor, herein, shall remain liable
for the prompt payment of the rent and the performance of the covenants provided
in the said lease by the Tenant to be made and performed, and that no further
assignment of said lease or sub-letting of any part of the premises thereby
demised shall be made without the prior written consent of the undersigned
Landlord.
-------------------------------
Landlord
Date: By
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Addendum to lease between Vineland Construction Company, Landlord, and Sun
National Bank, Tenant dated October 3, 1986
Whereas the term of the original lease is for a period of twenty years it is
mutually agreed between the parties to include the following options:
1. After the expiration of the original term Sun National Bank has the option to
extend the term for an additional five (5) year term with all other terms and
conditions of the lease remaining in effect for the extended term. If Sun
National Bank desires to exercise this option it will notify Vineland
Construction Company in writing of its intention 180 days prior to the
expiration of the original term of its intention to exercise this option.
2. After the expiration of the first option term Sun National Bank has the
option to extend the term for an additional five (5) year term with all other
terms and conditions of the lease remaining in effect for the extended term. If
Sun National Bank desires to exercise this option it will notify Vineland
Construction Company in writing of its intention 180 days prior to the
expiration of the first option term of its intention to exercise this option.
3. After the expiration of the second option term Sun National Bank has the
option to extend the term for an additional five (5) year term with all other
terms and conditions of the lease remaining in effect for the extended term. If
Sun National Bank desires to exercise this option it will notify Vineland
Construction company in writing of its intention 180 days prior to the
expiration of the second option term of its intention to exercise this option.
4. After the expiration of the third option term Sun National Bank has the
option to extend the term for an additional five (5) years with all other terms
and conditions of the lease remaining in effect for the extended term. If Sun
National Bank desires to exercise this option it will notify Vineland
Construction Company in writing of its intention 180 days prior to the
expiration of the third option term of its intention to exercise this option.
In witness whereof landlord and tenant have signed, scaled, executed and
delivered this lease addendum on the nineteenth day of November in the year
nineteen hundred eighty seven.
ATTEST: LANDLORD:
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VINELAND CONSTRUCTION COMPANY
/s/ BY /s/
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ATTEST: TENANT:
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SUN NATIONAL BANK
/s/ /s/
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FIRST ADDENDUM TO LEASE BETWEEN VINELAND CONSTRUCTION COMPANY
AND SUN NATIONAL BANK DATED OCTOBER 3, 1986
1. In consideration of the sum of One Dollar ($1.00) cash in hand paid by
TENANT, and other good and valuable considerations, Sun National Bank, TENANT,
and Vineland Construction Company, LANDLORD, HEREBY AGREE to the following terms
to be incorporated into that Lease Agreement between Vineland Construction
Company, LANDLORD, and Sun National Bank, TENANT, dated October 23, 1986
concerning the demised premises located at 000 Xxxxxx Xxxxxx, Xxxxxxxx, Xxx
Xxxxxx. Except for the terms stated herein, the parties hereby confirm the terms
of the Lease Agreement as written therein.
2. The term of this demise shall be for Twenty Years beginning November 1,
1987 and ending October 31, 2007.
3. The rent for the demised term shall be Ten Dollars ($10.00) per square
foot for Four Thousand Five Hundred (4,510) square feet subject to the
provisions of paragraph Thirty-Second of the Lease.
IN WITNESS WHEREOF, the undersigned bind themselves as of this 6th Day of
December, 1990.
ATTEST: SUN NATIONAL BANK
/s/ BY /s/
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Secretary
VINELAND CONSTRUCTION COMPANY
ATTEST
/s/ BY /s/
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Ass't SECRETARY
