1
EXHIBIT 10.15
LEASE AGREEMENT
THIS LEASE made and entered into this 27th day of July, 1999, by and between
JMT, LLC hereinafter referred to as "Landlord," and Firstate Bank of Colorado
hereinafter referred to as "Tenant,"
WITNESSETH
WHEREAS, Tenant is desirous of leasing and hiring from Landlord certain premises
in that certain retail project located at 0000 X. 000xx Xxxxxx xx Xxxxxxxx,
Xxxxxxxx, comprising three buildings collectively hereinafter referred to as the
"Project", also known as parcel number 171901214016 and legally described as
Yorktown Amended Xxx, Xxxxx 0, Xxx 0X and 2B.
NOW THEREFORE, it is mutually agreed by and between the parties as follows:
1. Description of Property and Term:
(a) For and in consideration of the agreement of Tenant to pay the rent and
other sums herein provided for and to perform the terms, covenants and
conditions on its part herein contained, the full performance and observance of
which and all thereof being hereby agreed by Tenant to be conditions precedent
and subsequent to the covenants on the part of Landlord, and, at the option of
Landlord, to the continuance of this lease, Landlord hereby leases to Tenant,
and Tenant hereby hires and takes from Landlord approximately 6,000 square feet,
comprising the entire Building C, shown on the attached Exhibit "A", located in
Thornton, Colorado, and more particularly designated on the floor plan attached
hereto as Exhibit "B" and made a part of this lease, and hereinafter referred to
as the "premises."
(b) The term of this lease shall be for a period of sixty (60) months,
commencing on the day that possession is tendered to Tenant, which Landlord
estimates will be August 1, 1999. Upon such tender, Tenant agrees to take
possession of the premises. In the event that the premises are not ready for
occupancy on or before August 1, 1999, for any reason, Landlord shall not be
liable and the rent will commence when substantially completed as evidenced by a
certificate of occupancy issued by the City of Xxxxxxxx.
2. Rent:
(a) Tenant agrees to pay, as rent at Landlord's offices, the sum of $6,000.00
per month ($12.00/s.f.), in advance on the first day of each calendar month
during the lease term, without any deduction or offset whatsoever. If the lease
term commences on any day other than the first day of the calendar month, a pro
rata fraction of a full month's rent shall be paid on the first day of said
lease term and a corresponding pro rata fraction shall be paid for the partial
month at the end of said lease term. Tenant further agrees to pay Landlord any
excise, sales or privilege tax imposed or levied by any government or
governmental agency upon Landlord on account et this lease or the rent paid
hereunder. A late charge equal to 5% of the rent payment due hereunder shall be
paid by Tenant for each rent payment more than 10 days in arrears, for each
month said payment is in arrears.
(b) Contemporaneously with the execution of this lease, Tenant has deposited
with Landlord the sum of $0.00 receipt of which is hereby acknowledged by
Landlord, as security (but not as a trust fund) for the performance by Tenant of
all the terms, covenants and conditions of this lease to be kept and performed
by Tenant. Such security deposit shall be returned to Tenant, without interest,
upon the termination of this lease, provided Tenant has complied with all of the
terms, covenants and conditions hereof.
(c) Tenant's rent shall increase annually, commencing with the first calendar
month of the subsequent year, by an amount equal to multiplying the monthly rent
times the increase in the Consumer Price Index ("CPI") if the CPI increased over
the previous calendar year.
3. Use of Premises:
(a) Tenant shall use the premises for General Office and for no other purpose.
2
(b) Tenant shall not commit, or suffer to be committed, any nuisance or other
act or thing against public policy, or which may disturb the quiet enjoyment of
any other tenant of the Project. Tenant agrees not to deface or damage the
Project in any manner or overload the floors of the premises.
(c) Tenant agrees not to use or permit the use of the premises or any part
thereof for any purpose prohibited by law, and Tenant agrees, at its sole
expense, to comply with and conform to all the requirements of all governmental
authorities having jurisdiction thereof, present or future, relating in any way
to the condition, use and occupancy of the premises throughout the entire term
of this lease.
(d) No goods, merchandise or materials shall be kept, stored or sold by Tenant
on or about the premises which are in any way hazardous, and Tenant shall not
suffer or permit any acts of omission or commission to be done on or about the
premises which will increase the existing rate of fire insurance. If the said
insurance rate is increased by such an act, then the increased cost of such
insurance on the Project shall be paid by Tenant to Landlord with the next
succeeding installment of rent. Tenant, at its sole expense, shall comply with
any and all requirements of any insurance organization or company necessary for
the maintenance of reasonable fire and public liability insurance covering the
premises and the Project.
4. SERVICES:
(a) DEFINING OPERATING EXPENSES: The term "Operating Expenses" refers to the
aggregate of all expenses, costs and disbursements of every kind and nature
relating to or incurred or paid in connection with the ownership, operation and
maintenance of the Project, equipment, fixtures, and facilities used in
connection therewith, including, but not limited to wages and salaries of all
employees directly engaged in the operation, maintenance or security of the
Project, including taxes, insurance and benefits relating thereto; the cost of
all labor, supplies, materials and tools used in the operation and maintenance
of the Project; management fees; the cost of all accounting expenses incurred in
connection with the ownership and operation of the building and Land; the cost
of all utilities for the Project, including but not limited to, the cost of
water and power for heating, lighting, air conditioning and ventilating; the
cost of all maintenance and service agreements for the Project and equipment
therein or thereon, including, but not limited to, security service, window
cleaning, elevator maintenance (if any) and janitorial service; the cost of all
insurance relating to the Project, including, but not limited to, the cost of
casualty, and liability insurance applicable to the Project and Landlord's
personal property used in connection therewith; Taxes (defined in Paragraph 5);
the cost of repairs, refurbishing, restoration and general maintenance; a
reasonable amortization charge on account of any capital expenditure incurred
(i) to comply with any governmental rule, regulation, law or otherwise, or (ii)
to effect a reduction in the Operating Expenses of the Project; and, all other
items constituting operating and maintenance costs in connection with the
Project according to generally accepted accounting principles. Except as
specifically provided in the immediately preceding sentence, Operating Expenses
shall not include the following: (i) depreciation, (ii) leasing commissions,
iii) repairs and restorations paid for by the proceeds of any insurance policy
or (iv) construction of improvements of a capital nature, (v) income and
franchise taxes other than that portion, if any, of income and franchise taxes
which may hereafter be assessed and paid in lieu of or as a substitute in whole
or in part for Taxes.
(b) ARRANGING FOR SERVICES: Landlord will contract, arrange or be responsible
for all services or liabilities of any kind and nature relating to or in
connection with the ownership, operation and maintenance of the Project,
equipment, fixtures, and facilities describe above in Paragraph 4(a) as
Operating Expenses, except that Tenant will contract and arrange separately with
utility provider for gas and electric services and shall be responsible for all
services within its premises including but not limited to janitor services and
ballast replacement. Landlord shall not be liable for the stoppage or
interruption of any of said services or utilities caused by riots, strikes,
labor disputes, accidents, necessary repairs or conditions beyond Landlord's
control. Tenant agrees not to connect to or alter any utilities or equipment
provided by Landlord without the consent of Landlord.
(c) PAYING FOR SERVICES: Tenant will be responsible for paying its pro rata
share of all Operating Expenses (defined above) as additional rent each month
excluding those services contracted for separately (as previously agreed to with
Landlord). Beginning each calendar year, Tenant will pay one twelfth (1/12) of
its annual pro rata share of the projected amount for Operating Expenses for the
coming calendar year. At the end of the year, Landlord will reconcile the
estimate to the actual Operating Expenses at the end of each year and credit or
debit Tenant accordingly, which will apply to the very next rent payment due.
For
3
purposes of this lease, Tenant's pro rata share of these Operating Expenses
shall be determined by multiplying the total Operating Expenses or estimated
Operating Expenses by .3727 (6,000/16,098).
5. Taxes:
In addition to the rent payments herein above provided for Tenant shall pay, at
its own cost, all lawful taxes, charges and assessments, both general and
special, of every kind, as shall or may hereafter be imposed, levied or assessed
upon the premises, or any part thereof, or interest therein, or any improvements
that may hereafter be made upon said premises, or every kind and character,
including all assessments for local or special improvements and all water rents,
which may be made by any governmental authority, upon or against the premises at
any time during the term of this lease; provided, that as to any assessments for
a local or special improvement, the Tenant, is such election exists, may elect
to pay such assessment in installments and shall not be obligated to pay any
installment falling due subsequent to the term of this lease.
In no event shall the term "Taxes or Assessments" as used herein include any
federal, state or local income taxes levied or assessed on Landlord, nor any
inheritance, estate, successor, or transfer or gift taxes imposed upon Landlord.
Tenant shall make prompt payment of all such taxes and assessments herein above
agreed to be paid as and when the same become legally due and payable, and shall
never suffer or permit any default in the payment thereof, which, by any then
provision of any law, would warrant or allow any official or officials to
proceed in any manner to enforce the collection thereof, and will, annually,
before any such taxes, charges or assessments, or other levies become
delinquent; and shall deliver to Landlord the official receipt of the
governmental agency imposing such tax showing payment in full of all taxes,
charges, or assessments, or other levies then due. If, at any time, any such tax
or assessment that Tenant is obligated to pay shall become delinquent, and
Tenant shall fail to pay the same, Landlord may pay same, and from the time of
payment by Landlord, the sum so paid shall bear interest at the rate of eighteen
percent (18%) per annum, and the amount so paid shall, at the option of the
Landlord be deemed and taken as, and is hereby declared to be, so much
additional rent for the above demised premises to be due and payable by the
Tenant, and the same may be collected as any other rent, and, in addition
thereto, whatever penalty or forfeiture is herein provided for the non payment
of rent shall exist and be available to the Landlord and operate against the
Tenant for nonpayment of such taxes, charges, or assessments.
The Tenant shall have the right to contest the imposition or exaction of any
tax, charges, or assessments in any proceeding or court; provided, however, that
if the Tenant determines to engage in such contest, it shall make suitable
provision, satisfactory to Landlord, guaranteeing the payment of all taxes,
costs and expenses, in the event the Tenant does not prevail; and Provided,
further, that such action or proceeding shall be wholly at the expense of the
Tenant.
6. No Representations:
It is mutually agreed that no representations, warranties, covenants or
agreements, expressed or implied, have been made, other than as expressly set
forth herein.
7. Acceptance of Premises:
No representations, except such as are contained herein, have been made to
Tenant respecting the condition of the premises. By entry hereunder, Tenant
accepts the premises as being free from defects and in good, clean and sanitary
order, condition and repair, and agrees to keep the premises in such condition.
Tenant further agrees on the last day of the term hereby created, or sooner
termination of this lease, to surrender unto Landlord the premises in the same
condition as when received, ordinary wear and tear excepted.
8. Destruction of Premises:
In the event of a partial or total destruction of the premises during the lease
term from any cause other than by failure or neglect on the part of the Tenant
to perform or observe any term, covenant or condition hereof, Landlord shall
forthwith repair the same, unless Landlord shall elect to terminate this lease
as hereinafter set forth. Such destruction shall in nowise annul or void this
lease, except that Tenant shall be entitled to a proportionate reduction of the
rent while such repairs are being made, such proportionate reduction to be based
upon the extent to which the making of such repairs shall interfere with
business carried on by Tenant
4
on or about said premises. In respect to any damage or destruction which
Landlord is obligated to repair or may elect to repair under the terms of the
paragraph, Tenant hereby waives all rights under any law in existence during the
term of this lease authorizing the termination of a lease upon the complete or
partial destruction of the leased premises. In the event that the premises are
partially or totally destroyed by a cause or casualty other than those covered
by fire and extended coverage insurance, or in the event that the premises is
destroyed by any cause or casualty to the extent of not less than thirty-three
and one-third percent (33 1/3%) of the replacement cost thereof, whether the
premises be damaged or not. Landlord may elect to terminate this lease by giving
notice to Tenant within ninety (90) days after the occurrence of such
destruction.
9. Eminent Domain
If any part of the premises shall be taken for public or quasi-public use by
right of eminent domain, or transferred by agreement in connection with such
public or quasi-public use, with or without any condemnation action or
proceeding being instituted, this lease shall terminate as of the date title
shall vest in the condemnor. All compensation or damages awarded upon such
taking or transfer shall go to Landlord and Tenant shall have no claim thereto.
10. Alterations and Improvements
(a) Landlord agrees to deliver the premises to Tenant "as is" without any
warranty for their suitability for Tenant's intended use, except that the roof
and heat and air-conditioning system will be in good repair. Tenant shall
construct and install at its sole expense any and all leasehold improvements and
fixtures, subject to the terms and conditions herein contained, it being
expressly understood that Landlord's sole construction obligation is to provide
the shell as shown on Exhibit A. Tenant agrees not to make any alterations of or
additions to the premises without the prior written consent of Landlord.
Landlord hereby consents to the alterations as proposed on Exhibit B. All
alterations of or additions to the premises except movable trade fixtures and
equipment shall take place under the supervision of Landlord and shall become a
part of the realty. Tenant shall keep the premises and the improvements thereon
free and clear of all liens arising out of or claimed by reason of any work
performed, material furnished or obligations incurred by or at the instance of
Tenant, and indemnify and save Landlord and the premises and the Project
harmless of all such liens or claims of lien and all attorney's fees and other
costs and expenses incurred by reason thereof. Color and material of drapes
installed by Tenant shall be subject to approval of Landlord.
(b) Anything in this lease to the contrary notwithstanding' Landlord and Tenant
agree that the ownership, right to possession and control of all carpet
installed in the premises, shall vest in Landlord. Tenant hereby agrees to use
pads to protect the carpet under each chair and further agrees to repair,
replace and maintain (except for janitorial service) the carpet in the premises.
(c) Landlord shall have the right at any time to alter repair or improve the
premises and the Project, and Landlord and its representatives for that purpose
may enter on and about the premises and the Project with such material as
Landlord may deem necessary , and may erect scaffolding and all other necessary
structures on or about the premises and the Project. Tenant waives any claim for
damages including loss of business resulting therefrom. In the exercise of its
rights under this sub-paragraph, Landlord shall not unreasonably interfere with
the conduct of Tenant's business.
11. Liability/Insurance
(a) Tenant agrees that Landlord shall not at any time or to any extent
whatsoever be liable, responsible or in anywise accountable for any loss,
injury, death or damage to persons or property, from any cause or causes
whatsoever, except that caused by the negligence of Landlord, its agents or
employees, which at any time may be suffered or sustained by Tenant, or by any
person whosoever arising out of any such loss, injury, death or damage, except
that caused by the negligence of Landlord, its agents or employees, however
occurring. Tenant agrees to pay for all damages done to the premises or to the
Project by Tenant or any person or persons permitted on the premises by Tenant.
(b) Landlord shall maintain, during the Term of this Lease, fire and extended
coverage insurance ("Insurance") insuring the Project and the premises, but
excluding Tenant's goods, furniture, property or Tenant's improvements in the
premises, against damage or loss from fire or other casualty normally insured
5
against under the terms of standard policies of fire and extended coverage
insurance. Tenant shall be responsible for providing, at Tenant's own expense,
all insurance coverage necessary for Tenant's goods, furniture, Tenant's
improvements or other property placed in the premises. During the term of this
Lease, Tenant, at its sole cost, shall obtain and maintain with insurance
companies with at least an A M Best's "B" rating, comprehensive public liability
insurance insuring Tenant, Landlord and Landlord's assignees, if any, against
liability for injury to persons or property occurring in or about the Premises
or Project, or arising out of the ownership, maintenance, use or occupancy
thereof by Tenant, its directors, officers, managers, partners, employees,
agents, invitees, guests, or any parties contracting with Tenant. The liability
under such insurance shall not be less than $500,000.00 for anyone person
injured and/or killed and not less than $1,000,000.00 for anyone accident, and
not less than $100,000.00 for personal property damage per accident. A
certificate of such insurance shall be furnished to Landlord, and such policy
shall provide that it may not be altered or canceled without given ten (10) days
prior notice to Landlord.
12. Entry by Landlord
Landlord and its representatives shall have the right to enter the premises at
all reasonable times to inspect the same, to make repairs and to maintain the
Project, to post such reasonable notices as Landlord may desire to protect its
rights, or, during the sixty (60) days prior to the expiration of this lease, to
exhibit the premises to prospective tenants and to place upon the doors or in
the windows of the premises any usual or ordinary "to let" or "to lease" signs.
13. Tenant's Fixtures
Tenant, at any time Tenant is not in default hereunder, may remove its movable
trade fixtures and equipment, and upon expiration or termination of this lease,
if so requested by Landlord, shall remove all fixtures and equipment installed
on the premises by Tenant, whether or not such fixtures and equipment are
fastened to the Project and regardless of the manner in which they are so
fastened; provided, however, the Tenant shall fully repair damage of any kind or
character occasioned by the removal of any such fixtures or equipment and shall
leave the premises and Project in a good, clean and sanitary condition.
14. Abandonment
Tenant shall not vacate or abandon the premises at any time during the term of
this lease; and, if Tenant shall vacate, abandon or surrender the premises or be
dispossessed by process of law or otherwise, any personal property left on the
premises shall be deemed to be abandoned at the option of Landlord.
15. Transfer of Landlord's Interest
Landlord hereby reserves the right to sell, assign or transfer this lease upon
the condition that in such event this lease shall remain in full force and
effect, subject to the performance by Tenant of all the terms, covenants and
conditions on its part to be performed. Upon any such sale, assignment or
transfer, other than merely as security, Tenant agrees to look solely to the
responsibility of assignee or transferee with respect to all matters in
connection with this lease and Landlord shall be released from any further
obligations hereunder. If any security deposit has been made by Tenant
hereunder, Landlord may transfer such security deposit to such assignee or
transferee and thereupon Landlord shall be discharged from any further liability
in reference thereto.
16. Assignment and Subletting
(a) Tenant shall not assign this lease, nor sublet all or any portion of the
premises, nor permit the use of all or any part of the premises by persons other
than Tenant, its servants and agents, without the prior written consent of
Landlord, and any such assignment, sublease or permission without such consent
shall be void and, at the option of Landlord, shall terminate this lease.
(b) Tenant agrees that in the event any proceedings under the Bankruptcy Act or
any amendment thereto be commenced by or against Tenant, and, if against Tenant,
said proceedings shall not be dismissed before either an adjudication in
bankruptcy or the confirmation of a composition, arrangement or plan or
reorganization, or in the event Tenant be adjudged insolvent or make an
assignment for the benefit of its creditors, or if a writ of attachment or
execution be levied on the leasehold estate hereby created and be not released
or satisfied within fifteen (15) days thereafter, or if a receiver be appointed
in any proceeding or action to which Tenant is a party with authority to take
possession or control of the premises or the business
6
conducted thereon by Tenant and such receiver be not discharged within a period
of fifteen (15) days after his appointment, any such event shall constitute a
breach of this lease by Tenant and, at the option of Landlord and without notice
or entry or other action, Landlord shall terminate this lease and also all
rights of Tenant under this lease and any and all persons claiming under Tenant,
in and to the premises.
17. Rules and Regulations
The Landlord shall have the right from time to time to prescribe rules and
regulations, which, in its judgement, may be desirable, for the use, entry,
operation and management of the premises and the Project, each of which rules
and regulations shall become a part of this lease. Tenant agrees to comply with
such rules and regulations.
18. Signs
(a) Landlord will allow Tenant to erect a sign along 120th Avenue for the
benefit of itself and six (6) other Tenants in Project. Tenant will be given the
most prominent and largest name strip on said monument sign. Tenant will pay for
seventy-five percent (75%) and Landlord will pay for twenty-five percent (25%)
of the costs of such a sign.
(b) Tenant shall not place or permit to be placed any sign, advertisement,
notice or other display on any part of the inside or outside of the premises,
except of such color, size and style and in such locations as shall be
designated by Landlord. Tenant, upon request of Landlord, shall immediately
remove any sign, advertisement, notice or other display which Tenant has placed
or permitted to be placed on any part of the inside or outside of the premises,
which in the opinion of Landlord, is objectionable, offensive or not in good
taste, and if Tenant shall fail to do so, Landlord may enter the premises and
remove the same at the expense of Tenant.
19. Default
(a) If Tenant shall fail to pay any part of the rent herein provided or any
other sum required by this lease to be paid to Landlord at the times or in the
manner provided, or if default shall be made in any of the other covenants or
conditions on its part agreed to be performed, besides other rights or remedies
it may have, under this lease or otherwise, if such failure to pay rent or such
other sum or such default shall continue for ten (10) days after written notice
thereof from Landlord to Tenant, then Landlord, may either (i) terminate this
lease, or (ii) re-enter the premises by summary proceedings or otherwise, remove
all persons and property from the premises without liability to any person for
damages sustained by reason of such removal, and re-let the premises at such
rent and upon such other terms and conditions as Landlord in its sole discretion
may deem advisable. In such event, Tenant shall remain liable for the monthly
rent reserved in this lease, plus the reasonable cost of obtaining possession of
and re-letting the premises and of any repairs and alterations necessary to
prepare them for re-letting, less the rents received from such re letting, if
any. Any and all monthly deficiencies so payable by Tenant shall be paid monthly
on the date herein provided for the payment of rent. No such re-entry or taking
possession of the premises by Landlord shall be construed as an election on its
part to terminate this lease unless a written notice of such intention be given
to Tenant or unless the termination thereof be decreed by a court of competent
jurisdiction. Notwithstanding any such re-letting without termination, Landlord
may at any time thereafter elect to terminate this lease for such previous
breach. Should Landlord at any time terminate this lease for any breach, in
addition to any other remedies it may have, it may recover from Tenant all
damages it may incur by reason of such breach, including the cost of recovering
the premises, and including the worth at the time of such termination of the
excess, if any, of the amount of rent and charges equivalent to rent reserved in
this lease for the remainder of the stated term over the then reasonable rent
value of the premises for the remainder of the stated term, all of which amounts
shall be immediately due and payable from Tenant to Landlord.
(b) All remedies herein conferred upon Landlord shall be cumulative and no one
exclusive of any other remedy conferred herein or by law. If Tenant is in
default, Landlord may prevent removal of property from the premises by any
lawful means it deems necessary to protect its interests.
20. Attorney Fees
(a) If any person not a party to this lease shall institute an action against
Tenant in which Landlord, involuntarily and without cause, shall be made a party
defendant, Tenant shall indemnify and save Landlord
7
harmless from all liabilities by reason thereof, including reasonable attorney
fees and all costs incurred by Landlord in such action.
(b) If an action shall be brought to recover any rent under this lease, or for
or on account of any breach of or to enforce or interpret any of the terms,
covenants or conditions of this lease, or for the recovery of possession of the
premises, the prevailing party shall be entitled to recover from the other
party, as part of prevailing party's costs, a reasonable attorney's fee, the
amount of which shall be fixed by the court and shall be made a part of any
judgement rendered.
21. Holding Over
Should Tenant hold possession hereunder after the expiration of the lease term
hereby created with the consent of Landlord, Tenant shall become a tenant on a
month-to month tenancy upon all the terms, covenants and conditions herein
specified.
22. Subordination
Landlord expressly reserves the right at any time to place liens and
encumbrances on and against the premises and the Project, superior in lien and
effect to this lease and the estate created hereby. This lease, at the option of
Landlord, is and shall be subject, subordinate and inferior to the lien and
estate of any liens and encumbrances, renewals, extensions or replacements
thereof now or hereafter imposed by Landlord upon the premises or the Project.
Tenant agrees to execute and deliver upon demand such further instrument or
instruments subordinating this lease to any such liens or encumbrances as shall
be desired by Landlord, and hereby irrevocably appoints Landlord its attorney in
fact to execute and deliver any such instrument or instruments for or in the
name of Tenant.
23. Notices
All notices, demands or other writing in this lease provided to be given, made
or sent by either party hereto to the other shall be deemed to have been fully
given, made or sent when made in writing and deposited in the United States mail
certified or registered and postage prepaid and addressed as follows:
TO LANDLORD: TO TENANT: Firstate Bank on the leased premises
JMT, LLC COPY TO: Xx. Xxxxxxx X. Xxxxx,
c/o Xx. Xxxxxxx X. Xxxxx Firstate Bank of Colorado
00000 Xxxxx Xxxxxx 00000 Xxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000 Xxxxxxxxxx, Xxxxxxxx 00000
The address to which any notice demand or other writing may be given made or
sent to either party may be changed by written notice given by such party as
above provided.
24. Waiver
The waiver by Landlord of any breach of any term covenant or condition herein
contained shall not be deemed to be a waiver of such term, covenant or condition
herein contained. The subsequent acceptance of rent hereunder by Landlord shall
not be deemed a waiver of any preceding breach by Tenant of any term, covenant
or condition of this lease, other than the failure of Tenant to pay the
particular rent so accepted, regardless of Landlord's knowledge of such
preceding breach at the time of acceptance of such rent. None of the terms,
covenants or conditions of this lease can be waived by either Landlord or Tenant
except by appropriate written agreement duly executed by both of the parties
hereto.
25. Construction of Lease
The language in all parts of this lease shall in all cases be construed as a
whole according to its fair meaning and not strictly for nor against either
Landlord or Tenant. Paragraph headings in this lease are for convenience only
and are not to be construed as a part of this lease or in any way defining,
limiting or amplifying the provisions hereof. Time is of the essence of this
lease and of every term, covenant and condition hereof. The words "Landlord" and
"Tenant", as herein used, shall include the plural as well as the singular. The
neuter gender includes the masculine and feminine. In the event there is more
than one Tenant, the obligations to be performed shall be joint and several.
Landlord and Tenant agree that in the event any term, covenant or condition
herein contained is held to be invalid or void by any court of
8
competent jurisdiction, the invalidity of any such term, covenant or condition
shall in no way affect any other term, covenant or condition herein contained.
26. Successors and Assigns
Subject to the provisions of paragraph 16 hereof, all the terms, covenants and
conditions of this lease shall be binding upon and inure to the benefit of and
shall apply to the respective heirs, executors, administrators, successors,
assigns and legal representatives of Landlord and Tenant.
27. Reasonable Consent
Landlord agrees not to unreasonably withhold its approval of or consent to any
act of Tenant, where such approval or consent is required by the terms of this
lease.
28. Additional Provisions
A. Option to Renew
Should Tenant not be in default of any of the covenants or conditions of this
lease, by giving at least six months prior written notice to Landlord, Tenant
may have an option to an additional five (5) year term at the prevailing market
rate for similar quality office space in Thornton, Colorado.
IN WITNESS WHEREOF, the parties hereto have executed this instrument by proper
persons hereunto duly authorized so to do the day and year first herein above
written.
LANDLORD: JMT, LLC TENANT: Firstate Bank of Colorado
By: //XX Xxxxx By: // Xxxxxxxx X. Xxxxxxx
------------------- -----------------------------
Xxxxxxx X. Xxxxx Xxxxxxxx X. Xxxxxxx
Managing Member Senior Vice President
