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Exhibit 10.32
LEASE AGREEMENT
(Hedden-Empire Building)
THIS LEASE is made and entered into this 20th day of November,
1998, by and between BRUCE E. LEE and TABLE BUTTE CATTLE COMPANY, a
Montana corporation, of 208 North 29th Street, Suite 221, P.O. Box
1222, Billings, MT 59103, hereinafter referred to as "Lessor" and
ONE EIGHTY COMMUNICATIONS, INC., a Washington corporation, of 118
North Stevens Street, Spokane, WA 99201, and 210 North 29th Street,
Billings, MT 59101, hereinafter referred to as "Lessee".
WITNESSETH
Lessor does lease, let and demise unto Lessee the commercial
rental space located at 210 North 29th Street, Billings, MT 59101,
more particularly described as follows:
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Approximately 4 , 300
square feet of space in the Hedden-Empire Building (202-212 North
29th Street, Billings, MT) being that portion of that space
commonly referred to as 210 North 29th Street, as shown on attached
Exhibit "A".
1.
The parties agree that the term of this lease shall be for a period
commencing December 6, 1998, and ending on June 30, 2006.
2.
Lessee covenants and agrees to pay Lessor at its address above a
monthly rent of Two Thousand Three Hundred Dollars ($2,300.00) due
and payable in advance on the first day of the month. The first
month’s rent shall be prorated, and shall be paid upon
execution of this lease. Provided, however, that beginning July 1,
2003, Lessee shall pay to Lessor a monthly rent of Two Thousand
Four Hundred Ninety Dollars ($2,490.00). !
3.
Lessee may, by written notice, delivered to Lessor on or before the
expiration of the primary term, extend this lease agreement for an
additional five (5) years, which extended term commences on July 1,
2006, and ends on June 30, 2011, upon the same terms, conditions
and covenants as set forth herein except that the fixed monthly
rent shall be the sum of Two Thousand Five Hundred Ninety Dollars
($2,590.00), provided that said rent as of July 1, 2007, shall be
increased by the change in the Consumer Price Index, as published
by the United States Government, using July 1, 2004, as the base
date. Thereafter, each year during this option term, as of July 1,
the monthly rent shall be increased by the change in the Consumer
Price Index for the preceding year.
4.
Lessee may, by written notice, delivered to Lessor on or before the
expiration of the first option term, provided that Lessee has
exercised such first option, extend this lease agreement for an
additional five (5) years, which extended term commences on
July 1, 2011, and ends on June 30, 2016, upon the
same terms, conditions and covenants as set forth herein except
that the fixed monthly rent shall continue to be increased on July
1 of each year, including the beginning date of the option term, by
the change in the Consumer Price Index for the preceding
year.
5.
Lessee shall not be required to pay Lessor a security deposit.
6.
Lessee shall have shared use of the foyer and restrooms, with Heros
or successor tenants.
7.
The property is leased "as is". Lessee, at its sole and separate
expense, shall provide any and all leasehold
and/or premises improvements that it shall deem necessary or
advisable for its purpose, including without limitation any
interior demising walls, ceiling, carpet and other flooring,
interior HVAC separation and any desired interior and exterior
electrical or plumbing modifications or upgrade. Lessee shall have
the option, at its expense, to cut in and install exterior windows
to the side alley, provided that this shall be done with
Landlord’s prior approval of the design to accommodate a
future exterior doorway to the side alley. Any structural
alterations or additions shall be first approved by Lessor, which
approval shall not be unreasonably withheld.
8.
Lessee shall be entitled to possession of the premises and may
actually begin any construction as of December 6, 1998, provided
that Lessee shall have access to the premises at all reasonable
times after the execution of this lease until such date for the
purpose of planning, specifications and bidding.
9.
Lessee shall have the right, at Lessee’s expense, to place
reasonable and appropriate exterior signage on the premises in
keeping with city codes.
10.
Lessee shall have reasonable access to the remainder of the
Hedden-Empire Building for communications linage and cabling, and
shall have the right to place a communication antenna on the roof
top, and shall have access to the roof top for such purposes.
Lessee may place a back-up electric generator on the premises, and
may do so in its interior space, provided that as an alternative,
the generator may be placed in the basement parking garage or on
the roof of the building, or otherwise situated, as the parties may
mutually agree. If the generator is to be powered by natural gas,
said natural gas shall be separately metered from that natural gas
used by the building at large and paid for separately by
Lessee.
11.
It is the intent of the parties that Lessee pay for its own
electrical and gas usage in the premises, separate and in addition
to the rent provided herein, and the parties recognize that the
premises are not now separately metered from Hero’s. The
existing electrical and gas accounts shall be placed in the
separate name of Lessee for which Lessee shall be liable to the
provider. The parties agree to each bear one-half
the cost of separate metering. If such separate metering should
prove not be feasible in the mutual judgment of the parties, the
parties shall rely upon fair estimates and historical usages to
determine as practical as possible under the circumstances
Lessee’s electric and gas usage including without limitation
lighting, kitchen, computer, communications equipment, general
duplex and air conditioning and heat usages, and Lessor shall be
responsible, on a reimbursement basis, for that used by
Hero’s or successor tenants.
12.
Lessee does hereby covenant and agree with Lessor that Lessee
shall:
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a)
Pay the rent at the time and place in the manner aforesaid;
b)
Use and occupy the leased premises in a careful and proper
manner;
c)
Not commit any waste therein;
d)
Not use or occupy the leased premises for any unlawful purpose and
will conform to and obey all present and future laws and ordinances
and all rules, regulations, requirements and orders of all
governmental authorities or agencies respecting the use and
occupation of the leased premises;
e)
Maintain the interior of the leased premises including exterior
glass in a safe condition and as good condition as the same at the
commencement of this lease, reasonable wear and tear excepted;
f)
Permit Lessor to enter on the leased real estate premises at all
reasonable times to examine the condition of the same;
g)
Assume all risk of loss as to Lessee’s own fixtures, contents
and personal property;
h)
Not assign or sublet, in whole or in part, this lease or the leased
premises, without the prior written consent of Lessor, which
consent shall not be unreasonably withheld;
i)
Pay all personal property taxes and license fees levied on its
personal property and leasehold improvements situated upon the
premises;
j)
Provide and use chair mats under all rolling chairs such as to
protect the carpet;
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13.
Lessor covenants and agrees with Lessee that Lessor shall:
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a)
Pay all charges for water rendered to the leased commercial
space;
b)
Pay the real estate property taxes and special assessments on the
leased real estate during the duration of this lease agreement;
c)
Provide five-nights-per-week standard janitorial service to the
leased premises.
14. &n
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