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EXHIBIT 10.11
LEASE AGREEMENT
ALLISON, ADCOCK, RANKIN, LLC
LESSOR
P.O. Box 1735
Conway, Arkansas 72033
501-336-0050
AND
HOME BANCSHARES INC.
LESSEE
KNOW ALL MEN BY THESE PRESENTS:
THAT
ALLISON, ADCOCK, RANKIN, LLC, hereinafter referred to as Lessor
does
hereby lease, let and rent unto HOME BANCSHARES INC, hereinafter
called Lessee,
for considerations and terms hereinafter set out, the following
described
premises located in Conway, Arkansas:
1.
DEMISED PREMISES: Suite 122, First State Plaza, 1475 Hogan Road,
Conway,
Arkansas.
2.
LEASE TERM: This Lease shall be effective for a primary term of
three
(3) years, beginning August 1, 2005 and ending July 31, 2008.
3.
RENT: The lessee shall pay to Lessor a monthly rental of $1350.00
to be
paid by the first of each month. A late fee of 5% shall be assessed
for any
payment that is not received by the 10 of each month.
4.
EXTENSIONS: The Lessee shall have the right to extend this lease
for two
(2) additional terms of three (3) years each from the expiration of
the primary
term hereof. Should the Lessee choose to exercise this option, the
monthly
rental will increase 6% for the first term, and 6% for the second
term. The
Lessee shall give the Lessor sixty (60) days notice prior to
exercising its
option.
5.
BUILDING USE: It is understood and agreed that the premises shall
not be
used for any other purpose than for a bank services office, without
the written
consent of the Lessor. Lessee may assign this lease to other
persons only with
the written approval of the Lessor. Said approval may not be
unreasonably
withheld.
6.
TAXES, INSURANCE AND HOLD HARMLESS AGREEMENT: The Lessor will pay
all
real estate taxes on said property during the term of this lease,
and will, at
its election, keep said improvements insured against such hazards
and for such
amounts as it sees fit, at its own expense.
If
the Premises are so substantially damaged by fire or other casualty
as
to be untenantable, in whole or in at least twenty-five percent
(25%) part
thereof, either party may terminate this Lease by providing Notice
to the other,
but if the damage is such that the Premises can be repaired and
restored within
one hundred twenty (120) days, the Lease shall not terminate, but
Landlord shall
repair the Premises within one hundred twenty (120) days of the
date of
destruction and Tenant's rent shall abate during the restoration
period in
proportion to the untenantable area. On completion of restoration,
rent shall
recommence in the full amount, but if restoration is not
substantially completed
within one hundred twenty (120) days, Tenant may within ten (10)
days thereafter
terminate this Lease.
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It
is understood and agreed that lessee shall carry public
liability
insurance with minimum limits of $1,000,000.00 covering the
premises and the use
and occupancy of the same, including any adjoining sidewalk, with
first party
named as additional insured, and shall furnish a copy of said
policy to Allison,
Adcock, Rankin, LLC. Lessee shall also be responsible for insuring
its personal
property within the building. The Lessor shall not be responsible
for damage of
any kind to Lessee's personal property or bodily injury.
Lessee assumes all risk of and liability for damages to persons or
property
arising during the terms of the lease, in connection with the
Premises, or use
thereof, and shall indemnify and hold harmless Lessor and the
property of
Lessor, including the leased Premises, from any and all claims,
liability, loss,
damage, or expenses resulting from a
