COMMERCIAL
LEASE CONTRACT
THIS
LEASE, made this 1st day of June, 2008, by and between
Ronald D. Ordway , first party (hereinafter called
“Landlord”), and Video Display Corp. , second
party (hereinafter called “Tenant”),
1.
PREMISES. The Landlord, for and in consideration of the
rents, covenants, agreements, and stipulations hereinafter
mentioned, reserved, and contained, to be paid, kept, and performed
by the Tenant, has leased and rented, and by these presents does
lease and rent, unto the said Tenant, and said Tenant hereby agrees
to lease and take upon the terms and conditions which hereinafter
appear, the following described property (hereinafter called the
“Premises”), to-wit:
and being known
as 4601 Lewis Road, Stone Mountain, GA. 30084
No easement for
light or air is included in the premises.
2.
TERM. To have and to hold the same for a term of
120 months, beginning on the 1st day of June, 2008, and ending
on the 31st day of May, 2018, at midnight, unless sooner terminated
as hereinafter provided.
3.
RENTAL. Tenant agrees to pay Landlord, by payments to
Landlord at Landlord’s office located at 1868 Tucker
Industrial Drive, promptly on the first day of each month in
advance, during the term of this Lease, a monthly rental of
$10,000.00, subject to five percent (5%) annual increases in the
cost of living as hereinafter computed.
4.
UTILITY BILLS. Tenant shall pay all utility bills,
including, but no limited to, water, sewer, gas, electricity, fuel,
light, and heat bills, for the Premises, and Tenant shall pay all
charges for garbage collection services or other sanitary services
rendered to the Premises or used by Tenant in connection therewith.
If Tenant fails to pay any of said utility bills or charges for
garbage collection or other sanitary services, Landlord may pay the
same and such payment may be added to the rental of the Premises
next due as additional rental.
5.
USE OF PREMISES. The Premises shall be used for general
office and warehouse purposes and no other. The Premises shall not
be used for any illegal purposes; or in any manner to create any
nuisance or trespass; or in any manner to vitiate the insurance or
increase the rate of insurance on the Premises.
6.
ABANDONMENT OF PREMISES. Tenant agrees not to abandon or
vacate the Premises during the period of this Lease, and agrees to
use said Premises for the purpose herein leased until the
expiration hereof.
7.
REPAIRS BY LANDLORD. Landlord has leased the facilities
to the Tenant on a triple net basis which is understood by both
parties as causing the Tenant to be responsible for any and all
repairs and maintenance of the building and property and included
equipment. Tenant shall promptly report in writing to Landlord any
defective condition known to it which Tenant is required to repair,
and failure to so report such defects shall not relieve the Tenant
from his financial responsibility to Landlord for any damages
incurred by Landlord by reason of such defects.
8.
REPAIRS BY TENANT. Tenant accepts the Premises in their
present condition and as suited for the uses intended by Tenant.
Tenant shall, throughout the initial term of this Lease and all
renewals
thereof, at its
expense, maintain the Premises in good order and repair, including
the building and other improvements located thereon, except those
repairs expressly required to be made by Landlord. Tenant further
agrees to care for the grounds around the building, including the
mowing of grass, paving, care of shrubs, and general landscaping.
Tenant agrees to return said Premises to Landlord at the expiration
or prior to termination, of this Lease in as good condition and
repair as when first received, natural wear and tear, damage by
storm, fire, lightning, earthquake, or other casualty alone
excepted.. Tenant agrees to keep in good repair the roof,
foundations, and exterior walls of the Premises (including all
glass and all exterior doors), and underground utility and sewer
pipes outside the exterior walls of the Building, except repairs
rendered necessary by the negligence of Landlord, its agents,
employees, or invitees. Landlord gives to Tenant exclusive control
of the Premises and shall be under no obligation to inspect said
Premises.
9.
DESTRUCTION OF, OR DAMAGE TO PREMISES. If the Premises
are totally destroyed by storm, fire, lightning, earthquake, or
other casualty, this Lease shall terminate as of the date of such
destruction, and rental shall be accounted for as between Landlord
and Tenant as of that date. If the Premises are damaged but no
wholly destroyed by any such casualties, rental shall abate in such
proportion as use of the Premises has been destroyed, and Landlord
shall restore the Premises to substantially the same condition as
before damage as speedily as practicable, whereupon full rental
shall recommence.
10.
INDEMNITY. Tenant agrees to indemnify and save harmless
the Landlord against all claims for damages to persons or property
by reason of use or occupancy of the Premises, and all expenses
incurred by Landlord because thereof, including attorneys’
fees and court costs.
11.
GOVERNMENTAL ORDERS. Tenant agrees, at its own expense,
to promptly comply with all requirements of any legally constituted
public authority made necessary by reason of Tenant’s
occupancy of said Premises. Landlord agrees to promptly comply with
any such requirements if not made necessary by reason of
Tenant’s occupancy. It is mutually agreed, however, between
Landlord and Tenant, that if in order to comply with such
requirements, the cost to Landlord or Tenant, as the case may be,
shall exceed a sum equal to one (1) year’s rent, then
Landlord or Tenant who is obligated to comply with such
requirements is privileged to terminate this Lease by giving
written notice of termination to the other party, by certified
mail, which termination shall become
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