Exhibit 10.7
Ground Lease for Temporary
Headquarters location dated January 6, 2006.
Exhibit 10.7
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STATE OF
SOUTH CAROLINA )
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GROUND LEASE
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COUNTY OF
GREENVILLE )
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THIS
GROUND LEASE (“Lease”) is made this 6 th day
of January, 2006, by and between Verdae Development, Inc.
and Woodvan, LLC (collectively “Lessor”) and
BankGreenville , a South Carolina banking corporation
(“Lessee”),
WITNESSETH:
In
consideration of the Rent reserved and the mutual covenants and
agreements herein contained, Lessor and Lessee, and their
respective successors and assigns, do hereby covenant and agree as
follows:
1.
Premises . Lessor hereby agrees to lease unto Lessee that
piece, parcel or lot of land (the “Demised Premises”),
located in the City of Greenville, Greenville County, South
Carolina, more particularly described on Exhibit A, attached hereto
and incorporated herein by reference.
2.
Term . The initial term (“Initial Term”) of this
Lease shall commence on January 6, 2006 (the “Commencement
Date”) and terminate on the last day of July, 2006, unless
sooner terminated as provided in this Lease. Lessee may extend this
Lease for up to six (6) consecutive one (1) month terms (each a
“Renewal Term”) by giving Lessor written notice of
extension at least ten (10) days prior to the end of the Initial
Term or any Renewal Term.
3.
Rent . Lessee agrees to pay Lessor rent for the Demised
Premises during the Initial Term and any Renewal Terms in the
amount of One Thousand, Two Hundred Fifty and 00/100 ($1,250.00)
per month (the “Rent”). The Rent shall be paid in
advance, without demand, on or before the first day each month,
commencing on the first day of the Initial Term; provided, however,
that if the Commencement Date as established in Paragraph 2 above
is a day other than the first day of the month, the Rent for the
first month of the Lease Term shall be prorated from said
Commencement Date to the end of said month. Rent and all other sums
payable by Lessee to Lessor hereunder shall be payable c/o Coldwell
Banker Commercial Caine Company, 200 East Broad Street, Suite 200,
Greenville, SC 29601, or at such other place as Lessor may specify,
in writing, from time to time.
4.
Construction and Use by Lessee . Lessee may construct on the
Demised Premises a temporary banking office and any appurtenances
thereto, including, but not limited to a drive through window, an
ATM site, parking areas, driveways, sidewalks, and landscaping
(said improvements are hereinafter collectively referred to as the
“Building”) only to conduct a retail banking business
and all associated operations. Lessee shall pay all costs and
expenses in connection with the construction of the Building
including, but not limited to the costs of labor, materials,
contractors, licenses, permits, tap fees, and utility installation
fees. The design and construction of the Building shall comply with
all applicable building codes and zoning and land use laws, rules,
and regulations, and Lessee’s use and occupancy of the
Demised Premises shall at all times be in compliance with all
applicable laws as well as any applicable covenants and
restrictions.
5.
Maintenance and Repair of Building and Demised Premises .
Lessee covenants and agrees that it shall, at its expense, keep and
maintain the Building and Demised Premises in good order and
repair, including regular landscaping maintenance.
6.
Payment of Taxes and Assessments . All taxes, levies and
assessments upon the Demised Premises during the term of this Lease
shall be paid by the Lessee. Taxes for the first and last months of
the term shall be prorated. If the Demised Premises are part of a
larger tax parcel, Lessee’s share shall be only that portion
of the total taxes that apply to the Demised Premises.
7.
Insurance .
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A.
Lessee shall, at all times during this Lease, have and maintain at
its expense adequate fire and extended casualty coverage insurance
on the Building for not less than its full insurable value. Lessee
shall deliver to Lessor a certificate or other evidence that the
above required insurance is being maintained by Lessee. Lessee
shall solely responsible for any insurance to cover its personal
property contained within the Building.
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B.
Lessee shall, at all times during this Lease, have and maintain at
its expense a policy of comprehensive public liability insurance,
including property damage, with respect to the Building and Demised
Premises. This policy shall provide coverage in at least the
following limits: bodily injury $1,000,000 each occurrence and
property damage $100,000 each occurrence. In addition to the
Lessee, the policy shall also name the Lessor as an additional
insured at the cost of the Lessee. Lessee shall deliver to the
Lessor a certificate or other evidence that this public liability
insurance coverage is being maintained by the Lessee.
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8.
Payment of Operating Expenses . During the term of this
Lease, Lessee shall pay for all water, sewer, gas, electricity, and
any other utilities used on the Demised Premises, and for all
janitorial and landscaping services rendered to the Demised
Premises.
9.
Assignment and Transfer . Lessee may not assign this Lease
or sublet all or any portion of the Demised Premises without
Lessor’s prior written consent. In the event of any permitted
assignment or sublease under this Paragraph, Lessee shall remain
liable to Lessor for Lessee’s obligations hereunder unless
specifically released in writing by Lessor.
10.
Default . Any one or more of the following events shall
constitute and be referred to as a
“Default”:
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A.
Lessee fails to pay any monthly installment of Rent, or any other
payments or charges required to be paid by Lessee under the terms
of this Lease, including, but not limited to taxes, insurance
premiums, and utility bills, within five (5) days after Lessor
gives Lessee written notice of said default; or
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B.
Lessee breaches any other term, condition or covenant of this Lease
required to be observed or performed by Lessee, and said breach is
not cured within thirty (30) days after Lessor gives Lessee written
notice of said breach; provided, that in the event said breach
cannot be cured within said thirty (30) day period, but Lessee
commences to cure said breach within said thirty (30) day period
and diligently and in good faith cures said breach within a
reasonable time, Lessee shall be deemed to have timely cured said
breach.
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11.
Remedies . In the event of Default by Lessee, Lessor, in
addition to any other rights and remedies available at law or in
equity, may:
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A.
Make any payment or comply with any term, condition, or covenant
required to be made or performed by Lessee, and such amounts so
expended by Lessor shall bear interest at the rate of two (2%)
percent per annum above the prime rate of Wachovia Bank from and
including the date of expenditure, and such amounts, together with
accrued interest, shall be due and payable by Lessee to Lessor no
later than the installment of Rent due immediately after the date
of such expenditure by Lessor;
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B.
Enter the the Demised Premises for the purpose of correcting or
remedying any Default by Lessee;
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C.
Terminate this Lease and declare all Rent and other amounts due
under the full remaining term of this Lease immediately due and
payable; or
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D.
Take possession of the Demised Premises, with or without
terminating this Lease, and relet the Demised Premises on
reasonable terms negotiated in the sole discretion of Lessor. In
the event of reletting, if the Rent collected by Lessor is
insufficient to pay the Rent and all additional amounts payable by
Lessee under this Lease, together with the reasonable costs of
repairs, alterations, or redecoration necessary for reletting,
Lessee shall remain liable for said deficiency.
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E.
The failure of Lessor to exercise any remedy it may have upon
Default of Lessee shall not be deemed a waiver of any subsequent
Default by Lessee.
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12.
Liens . Lessee shall not allow any mechanics, judgment, tax,
or other lien arising out of an obligation of Lessee to be filed
against the Demised Premises. In the event of the imposition of any
such lien for which Lessee is responsible, Lessee covenants and
agrees to cause the Demised Premises to be released from said lien
within thirty (30) days after the date of filing thereof, whether
by paymen
