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EXHIBIT
(10)(VI)
GROUND LEASE
AGREEMENT
between
FRIENDLY ASSOCIATES XVIII
LLLP,
A NORTH CAROLINA LIMITED
LIABILITY LIMITED PARTNERSHIP,
(Landlord)
and
BANK OF OAK
RIDGE
(Tenant)
NGOP Lease-Bank of Oak Ridge 9 13
04
GROUND LEASE
AGREEMENT
FACE PAGE
LEASE
DATE:
as of the
13th day of September, 2004.
LANDLORD:
Friendly
Associates XVIII LLLP, a North Carolina Limited Liability Limited
Partnership
LANDLORD’S ADDRESS:
600 Green
Valley Road, Suite 300 Greensboro, North Carolina 27408
TENANT:
BANK OF OAK
RIDGE
TENANT’S TRADE NAME:
BANK OF
OAK RIDGE
TENANT’S ADDRESS:
P.O. Box 2
Oak Ridge, NC 27410
SHOPPING CENTER:
New
Garden Crossing
PREMISES:
Approximately 36,953 square feet of Ground Area in the Shopping
Center as outlined in red on the attached EXHIBIT A and known as
1597 New Garden Road, Greensboro. NC 27410.
LEASE
TERM:
A period of
twenty (20) years, beginning on November 1, 2004 and extending to
11:59 p.m. on October 31, 2024.
OPTIONS TO RENEW:
Four (4)
five (5) year Options to Renew (see $35 of the Lease Agreement for
special stipulations.)
RENT COMMENCEMENT:
The earlier
of (i) two hundred forty (240) days after Landlord delivers
Premises to Tenant as described in Section 4 or (ii) the date
Tenant opens for business.
MINIMUM RENT:
Years
1-5: Tenant shall pay to Landlord as Minimum Rental the sum
of Fifty-Nine Thousand Eight Hundred Sixty-Three and
92/100—Dollars ($59,863.92) a year.
.
Years
6-10: Tenant shall pay to Landlord as Minimum Rental the
sum of Sixty-Five Thousand Seven Hundred Seventy-Six and
32/100—Dollars ($65,776.32) a year
Years
11-15: Tenant shall pay to Landlord as Minimum Rental the
sum of Seventy-Two Thousand Four Hundred Twenty-Seven and
92/100—Dollars ($72,427.921 a year.
Years
16-20: Tenant shall pay to Landlord as Minimum Rental the
sum of Seventy-Nine Thousand Eight Hundred Eighteen and
48/100—Dollars ($79,818.48) a year.
Years
1-5 (OPTION PERIOD 1): Tenant shall pay to Landlord as
Minimum Rental the sum of Eighty-Seven Thousand Five Hundred
Seventy-Eight and 64/100—Dollars ($87,578.64) a
year.
NGOP Lease-Bank of Oak Ridge 9 13
04
Years
6-10 (OPTION PERIOD 2): Tenant shall pay to Landlord as
Minimum Rental the sum of Ninety-Six Thousand Four Hundred
Forty-Seven and 36/100—Dollars ($96,447,36) a
year.
Years
11-15 (OPTION PERIOD 3): Tenant shall pay to Landlord as
Minimum Rental the sum of One Hundred Six Thousand Fifty-Five and
16/100—Dollars ($106.055.16) a year.
Years
16-20 (OPTION PERIOD 4): Tenant shall pay to Landlord as
Minimum Rental the sum of One Hundred Sixteen Thousand Seven
Hundred Seventy- One and 52/100—Dollars ($116,771.52) a
year.
MONTHLY INSTALLMENTS
OF MINIMUM
RENT:
Years
1-5: Tenant shall pay to Landlord as Minimum Rental the sum
of Four Thousand Nine Hundred Eighty-Eight and 66/100—Dollars
($4,988.66) each month, payable in advance on or before the first
day of each month.
Years
6-10: Tenant shall pay to Landlord as Minimum Rental the
sum of Five Thousand Four Hundred Eighty- One and
36/100—Dollars ($5,481.36) each month, payable in advance on
or before the first day of each month.
Years
11-15: Tenant shall pay to Landlord as Minimum Rental the
sum of Six Thousand Thirty-Five and 66/100—Dollars
($6,035.66) each month, payable in advance on or before the first
day of each month
Years
16-20: Tenant shall pay to Landlord as Minimum Rental the
sum of Six Thousand Six Hundred Fifty-One and 54/100—Dollars
($6,651.54) each month, payable in advance on or before the first
day of each month.
Years
1-5 (OPTION PERIOD 1): Tenant shall pay to Landlord as
Minimum Rental the sum of Seven Thousand Two Hundred Ninety-Eight
and 22/100– Dollars ($7,298.22) each month, payable in
advance on or before the first day of each month.
Years
6-10 (OPTION PERIOD 2): Tenant shall pay to Landlord as
Minimum Rental the sum of Eight Thousand Thirty-Seven and
28/100—Dollars ($8,037.28) each month, payable in advance on
or before the first day of each month.
Years
11-15 (OPTION PERIOD 3): Tenant shall pay to Landlord as
Minimum Rental the sum of Eight Thousand Eight Hundred Thirty-Seven
and 93/100—Dollars ($8,837.93) each month, payable in advance
on or before the first day of each month.
ii
NGOP Lease-Bank of Oak Ridge 9 13
04
Years
16-20 (OPTION PERIOD 4): Tenant shall pay to Landlord as
Minimum Rental the sum of Nine Thousand Seven Hundred Thirty and
96/100—Dollars ($9,730.96) each month, payable in advance on
or before the first day of each month.
LATE
CHARGE:
One Hundred
Fifty and NO/100—Dollars ($150.00)
PERMITTED USE:
Solely for
the operation of a branch bank or financial institution which shall
receive deposits both in the form of savings accounts and checking
accounts and lend money as well as perform such other functions as
Tenant may desire of the functions that Tenant is now or hereafter
may be legally qualified and permitted to perform as or from a
branch bank premises or any other types of normal banking
transactions.
ESTIMATED
PAYMENTS
DURING FIRST
YEAR:
(a) For
Trash Removal:
Trash
removal shall be at Tenant’s sole expense.
(b)
For MaintainingCommon Facilities:
As its
contribution to the maintenance, repair and replacement of a
portion of the Common Areas in the Shopping Center contiguous to
the Premises, a monthly fee of $92.38 on the related Common Area as
depicted (crosshatched) on Exhibit A. For calculation purposes, the
monthly estimation of CAM costs shall be determined by multiplying
Tenant’s total square footage of ground area (36,953) square
feet by $.0025.
(c) For
Insurance:
Tenant shall
pay insurance at Tenant’s sole expense.
(d) For
Property Taxes:
Taxes are
estimated for the Year 2004 to be $.05 per square foot of the
Premises.
