EXHIBIT 10.1
AGREEMENT TO LEASE DATED AUGUST 20, 1996,
BETWEEN XXXXXX X. XXXXXXXX
AND DECATUR FIRST BANK GROUP, INC.
XXXXXXX & ASSOCIATES, INC.
Brokers
000 XXXXXX XXXXXX XXXXXXXX
XXXXX #000
XXXXXXX, XXXXXXX 00000
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000-000-0000
August 20, 1996
AGREEMENT TO LEASE
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Xxxxxx X. Xxxxxxxx does hereby agree to lease 0000 Xxxxxxxx Xxxxx, Xxxxxxx Xx.
legal attached, being also approximately 5400 sq. ft. building, to Decatur
First Bank Group, Inc. under the terms and conditions listed below.
1.
LEASE TERM
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Lease becomes effective 06-01-97 and expires 06-01-2002, said lease is subject
to obtaining necessary approvals to open the bank proposed by DFBG, Inc.
2.
SUBLET
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Xxxxxxxx agrees to allow DFBG to sublet from Atlanta Gas Light until 06-01-97.
3.
OPTION
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Xxxxxxxx offers DFBG an option to purchase said building for $500,000. Sale
must include an exchange of similar type property so as to facilitate Xxxxxxxx
not absorbing any capital tax liability.
4.
AGENCY
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Xxxxxxx & Associates, Inc. represents Xxx Xxxxxxxx in this transaction and
there are no other agents or broker representatives for either lessee or
lessor.
5.
RENTAL
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Building having approximately 5400 sq. ft. said rate shall be $10.00 per sq.
ft. over the 5-year term making a monthly rental of $4,500 per month. Said
rate is to be paid to Xxxxxxx & Associates, P.0. Xxx 00000, Xxxxxxx, Xx. 00000.
6.
SECURITY DEPOSIT
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Landlord requires no security deposit. Landlord requires tenant to pay 1st and
last months rent in advance.
7.
TAX STOP
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Tax base year will be 1996 taxes. Any increase over the lease term from the
1996 amount shall be paid as additional rental by DFBG.
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8.
REPAIRS
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Xxx Xxxxxxxx shall be responsible for roof and exterior walls only. All other
repairs and maintenance of structure or systems to be done by lessee.
9.
INSURANCE
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Lessee shall maintain minimum of $2,000,000 public liability insurance and
indemnify and hold harmless landlord from any and all liability with respect to
the lessee's tenancy during entire lease period.
10.
STIPULATION
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Lessee has the right to cancel said lease agreement until 3-1-97. If Lessee
cancels lease they agree to forfeit 1st and last months rent, but if not
cancelled effective 3-1-97, said lease becomes binding on both parties.
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
Lessee
Decatur First Bank Group
/s/ Xxxx X. Xxxxxx
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Accepted
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