COMMERCIAL
LEASE CONTRACT
THIS
LEASE, made this 1st day of November, 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 1868 Tucker Industrial Drive .
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 1 rst day of November, 2008, and
ending on the 31st day of October, 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
$16,185.08, subject to 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 agrees to keep in good
repair the roof, foundations, and exterior walls of the Premises
(exclusive of all glass and exclusive of all exterior doors), and
underground utility and sewer pipes outside the exterior walls of
the Building, except repairs rendered necessary by the negligence
of Tenant, its agents, employees, or invitees. Landlord gives to
Tenant exclusive control of the Premises and shall be under no
obligation to inspect said Premises. Tenant shall promptly report
in writing to Landlord any defective condition known to it which
Landlord is required to repair, and failure to so report such
defects shall make Tenant responsible to Landlord for any liability
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.
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 effective sixty (60) days
after receipt of such notice, and which notice shall eliminate
necessity of compliance with such requirement by the party
giving
|
