Exhibit 10.14
LEASE AGREEMENT
BY AND BETWEEN
STAVOLA LEASING, LLC
656 SHREWSBURY AVE.
TINTON FALLS
AND
TWO RIVER COMMUNITY BANK
APRIL , 2000
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TABLE OF CONTENTS
-----------------
Demised Premises
1
Article One
Term
1
Article Two
Payment Of Rent
2
Article Three
Repairs And Care
3
Article Four
Landlord's Responsibility For Repair & Care
4
Article Five
Glass, etc. Damage Repairs
4
Article Six
Alternations, Improvements
4
Article Seven
Signs
5
Article Eight
Compliance With Laws
6
Article Nine
Liability Insurance
6
Article Ten
Assignment
7
Article Eleven
Restriction of Use
9
Article Twelve
Mortgage Priority
9
Article Thirteen
Condemnation, Eminent Domain
10
Article Fourteen Fire &
Other Casualty
10
Article Fifteen
Reimbursement of Landlord
11
Article Sixteen
Inspection & Repair
11
Article Seventeen Right to Exhibit
12
Article Eighteen Increase
of Insurance Rates
12
Article Nineteen Removal of
Tenant's Property
13
Article Twenty
Remedies Upon Tenant's Default
13
Article Twenty-One Termination on Default
14
Article Twenty-Two Non-Liability of
Landlord
15
Article Twenty-Three Non-Waiver of Landlord
16
Article Twenty-Four Non-Performance by Landlord
16
Article Twenty-Five Validity of Lease
16
Article Twenty-Six Notices
16
Article Twenty-Seven Title & Quiet Enjoyment
17
Article Twenty-Eight Entire Contract
17
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Article Twenty-Nine Mechanic's Liens
17
Article Thirty
Security
17
Article Thirty-One Due Date for Payment
18
Article Thirty-Two Habitual Late Payment
Clause
18
Article Thirty-Three Non-Sufficient Funds Clause
18
Article Thirty-Four Late Fee
18
Article Thirty-Five Application of Minimum Rent
19
Article Thirty-Six Interest
19
Article Thirty-Seven Attorney's Fees
19
Article Thirty-Eight Refuse Removal
19
Article Thirty-Nine Operating Expenses (CAM
Charges)
20
Article Forty
H.V.A.C.
20
Article Forty-One Holdover
20
Article Forty-Two Parking of
Business Use Vehicles
21
Article Forty-Three Liability
21
Article Forty-Four Surrender of Premises
21
Article Forty-Five Tenant's Compliance
With Environmental, Health and
Safety Requirements
21
Article Forty-Six Conformity with
Laws & Regulations
24
Article Forty-Seven Waiver of Trial by Jury
24
Article Forty-Eight Estoppel Certificate
24
Article Forty-Nine General Provisions
25
Article Fifty
Broker
26
Signatures
26
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LEASE
-----
THIS LEASE, dated this -- day of April, 2000, by and between
STAVOLA
LEASING, LLC, a New Jersey limited
liability company,
having an office at
175
Drift Road, Tinton Falls, New Jersey,
07724, (mailing address, P.O. Box #482,
Red Bank, New Jersey 07701), hereinafter referred to as "Landlord", and TWO
RIVER COMMUNITY BANK, a New Jersey banking
corporation,
with office located
at
1250 Highway 35 South, Middletown, New Jersey 07748 hereinafter
referred to as
"Tenant".
W I T N E S S E T H
- - - - - - - - - -
DEMISED PREMISES
In consideration of the rents and covenants herein set forth
herein,
Landlord hereby leases to Tenant,
and Tenant hereby
rents from Landlord,
the
premises containing approximately 3650 square feet,
actual square footage to be
determined located at the 656 Shrewsbury
Avenue, Tinton Falls, New Jersey, as
depicted on Schedule A (hereinafter called "Leased Premises" or "Demised
Premises") and other improvements thereon, hereinafter collectively called
"Building". This Lease shall be for the Term
set forth below and subject to the
terms and conditions set forth in this
Lease and the Schedules attached hereto.
It is understood and agreed that the architectural design,
aesthetic
appeal and use of the Building is and shall
remain always in the sole control of
Landlord. Notwithstanding anything to the contrary contained
herein, Landlord
does hereby reserve the right from time to
time or at any time to make changes
and additions, without restrictions, to the Building, improvements or other
areas, including without limitation, eliminating land, adding other lands,
decreasing or changing the Building, except the Demised Premises, which are
deemed desirable by Landlord, and the making of such changes or
additions shall
not invalidate or affect this Lease or
any rights hereunder
nor constitute an
eviction of Tenant or a breach of this Lease, nor give rise to any claim for
damages.
ARTICLE ONE
TERM
The Term of
this Lease shall commence August 1, 2000 ("Term
Commencement Date") and, except as may
otherwise be provided
herein, the Term
shall expire at the end of ten (10) years
from the Term
Commencement Date.
The
Demised Premises shall be used and occupied only
for and for no other purposes
than a retail bank and bank administrative offices to conduct any banking
activities permitted under the laws of the
State of New Jersey and any other use
is a violation of this restriction. Rent shall commence thirty (30) days from
the Term Commencement Date (Rent
Commencement Date).
Landlord and Tenant
agree
to execute a writing setting forth the Term
Commencement
Date, the
Expiration
Date and Rent Commencement Date.
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ARTICLE TWO
PAYMENT OF RENT
2.01 Minimum
Rent. Tenant covenants to pay to Landlord without
notice, demand, setoff, deduction or
abatement at Landlord's address first above
set forth, or at such other place as may
hereafter be
designated in writing by
Landlord, on the days and in the manner herein prescribed for the payment
thereof, guaranteed minimum rent and
additional rent for the Demised Premises as
set forth in this Article.
Tenant covenants
to pay a fixed
guaranteed
minimum annual rent,
herein called "Minimum Rent", as
follows:
YEAR 1:
$26.00/SF
$94,900.00/YEAR
$7,908.33/MONTH
YEAR 2:
$27.04/SF
$98,700.00/YEAR
$8,225.00/MONTH
YEAR 3:
$28.12/SF
$102,638.00/YEAR $8,553.17/MONTH
YEAR 4:
$29.24/SF
$106,725.00/YEAR $8,893.75/MONTH
YEAR 5:
$30.41/SF
$111,000.00/YEAR $9,250.00/MONTH
YEAR 6:
$31.68/SF
$115,440.00/YEAR $9,620.00/MONTH
YEAR 7:
$32.90/SF
$120,084.00/YEAR $10,007.00/MONTH
YEAR 8:
$34.22/SF
$125,000.00/YEAR $10,416.67/MONTH
YEAR 9:
$35.59/SF
$129,900.00/YEAR $10,825.00/MONTH
YEAR 10:
$37.00/SF
$135,050.04/YEAR $11,254.17/MONTH
The Minimum Rent shall be payable in the
monthly amounts in advance on the first
day of each month throughout the Term of
this Lease, however,
the first month's
Minimum Rent shall be payable in advance
upon execution of this
Lease, and the
second month's Minimum Rent payable in advance on the first
day of the month
following the Term Commencement Date. The
Minimum Rent for a period of less than
one calendar month shall be prorated.
2.02 Additional
Rent. In addition to the Minimum Rent
stipulated
herein, Tenant covenants and agrees to pay to Landlord as additional rent,
hereafter "Additional Rent", all other sums and charges
which are, pursuant to
the terms of this Lease, to be paid as
Additional Rent by the Tenant. Except as
otherwise provided in this Lease,
Additional
Rent shall be due and
payable on
the first day of the month following the
date on which Tenant is given notice of
Additional Rent due.
2.03 Late Payment. In the event Tenant shall fail to pay any part
of
Minimum Rent and/or Additional Rent when due in accordance
with terms of this
Lease, and such default shall continue for 10 days then, in addition to the
Landlord's rights as contained in Article 20, interest shall at Landlord's
option accrue thereon at the rate of fifteen
(15%) percent per
annum from the
tenth day after the due date to the date of
payment.
2.04 Option
to Extend Term. So long as Tenant has not been in
default during the Term of this Lease or
any previous
option period, Tenant
shall have the option to renew the within Lease for two (2), five (5) year
periods. The First Option Period shall
commence the day after the expiration of
the original Lease Term and end five years
thereafter. The Second
Option Period
shall commence the day after the
expiration of the
First Option Period and end
five (5) years thereafter. Tenant covenants to pay a fixed
guaranteed Minimum
Rent for the First and Second Option
Periods as follows:
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FIRST,
FIVE (5) YEAR OPTION
YEAR 11:
$38.48/SF
$140,448.00/YEAR $11,704.00/MONTH
YEAR 12:
$40.02/SF
$146,073.00/YEAR $12,172.75/MONTH
YEAR 13:
$41.62/SF
$151,920.00/YEAR $12,660.00/MONTH
YEAR 14:
$43.28/SF
$157,980.00/YEAR $13,165,00/MONTH
YEAR 15:
$45.00/SF
$164,250.00/YEAR $13,687.50/MONTH
SECOND,
FIVE (5) YEAR OPTION
YEAR 16
$46.80/SF
$170,820.00/YEAR $14,235.00/MONTH
YEAR 17
$48.67/SF
$177,648.00/YEAR $14,804.00/MONTH
YEAR 18:
$50.62/SF
$184,764.00/YEAR $15,397.00/MONTH
YEAR 19:
$52.64/SF
$192,132.00/YEAR $16,011.00/MONTH
YEAR 20:
$54.75 SF
$199,821.00/YEAR $16,651.80/MONTH
Tenant must exercise each renewal option in
writing, by certified
mail, return
receipt requested, to Landlord, no later than one hundred
eighty (180) days
prior to the expiration date of original Lease Term or prior renewal term,
as
applicable. Time is "of the essence" with
respect to the exercising all renewal
options.
2.05 Utilities.
Tenant shall pay when
due all the rents or charges
for all utilities used by the Tenant, which are or may be assessed or
imposed
upon the Leased Premises, or which are or may be charged to
the Landlord by the
suppliers thereof during the Term hereof,
and if not paid, such rents or charges
shall be added to and become payable as
Additional Rent with
the installment of
rent next due or within thirty (30) days of
demand therefor,
whichever occurs
sooner. If separately metered, Tenant shall
register all utility accounts in its
own name.
ARTICLE THREE
REPAIRS AND CARE
Tenant has examined
the Leased
Premises and has
entered into this
Lease without any representation on the
part of the Landlord as to the condition
thereof. Landlord shall deliver Leased Premises to Tenant in "as-is"
clean
condition, with all walls, partitions, lighting and other fit up, excluding
existing bank counters and bank
equipment.
Landlord shall make
every effort to
provide the bank vault that is currently located in the Leased Premises,
provided however, in the event that the bank vault
is removed,
Landlord and
Tenant shall adjust the Minimum Rent to
provide for the cost of a suitable vault
of the same standard and specification as the existing vault. The Tenant
shall
take good care of the Leased Premises and shall, at the Tenant's own cost and
expense, make all repairs, including
painting and decorating, and shall maintain
the Leased Premises in good condition and state of repair, and at the end or
other expiration of the Term hereof,
shall deliver the
Leased Premises in good
order and condition, wear and tear from a reasonable
use thereof, and damage by
the elements not resulting from the neglect or fault of the
Tenant, excepted.
The Tenant shall neither encumber nor
obstruct the sidewalks, driveways, yards,
entrances, hallways and stairs, but shall
keep and maintain the same in a clean
condition, free from debris, trash, refuse,
snow and ice.
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ARTICLE FOUR
LANDLORD'S RESPONSIBILITY FOR REPAIR & CARE
Tenant stipulates
and agrees
that the only duty of
Landlord for
repair and care of the Leased Premises is the duty to repair, care for and
maintain the structural elements of the Building
housing the Leased
Premises.
Interior and exterior doors provide access
to or through the Leased Premises are
non-structural elements and any and all
damage to such doors, no matter what the
cause may be, shall be the repair,
replacement and maintenance responsibility of
the Tenant. Landlord shall maintain all other doors in
the Common Areas of the
Building. Tenant is advised to protect all
non-structural
elements with proper
insurance. Any and all requests to Landlord
from Tenant for repair must be sent
to Landlord by certified mail.
ARTICLE FIVE
GLASS, ETC. DAMAGE REPAIRS
In case of the
destruction of, or any
damage to, the glass
in the
Leased Premises, or the destruction or damage of any kind whatsoever to the
Leased Premises, the Tenant shall repair the said
damage or replace or restore
any destroyed parts of the Leased Premises, as speedily as possible,
at the
Tenant's own cost and expense.
ARTICLE SIX
ALTERATIONS, IMPROVEMENTS
6.01 Tenant shall make no alterations, decorations, installations,
additions or improvements (hereinafter "Tenant Changes") in or to the Demised
Premises without in each instance obtaining the Landlord's prior written
consent, and then only by contractors or mechanics subject to Landlord's
approval, which shall not be unreasonably withheld and in conformance with
detailed plans and specifications previously submitted to the Landlord and
subject to the Landlord's prior written approval. All Tenant Changes shall be
done at Tenant's sole cost and expense and at such
times and in such manner as
Landlord may from time to time designate. All Tenant Changes upon the Demised
Premises, made by either party (excepting
only Tenant's movable trade fixtures)
shall, unless Landlord shall elect
otherwise (which election may be made at any
time prior to expiration or other termination of this Lease), become the
property of Landlord, and shall remain upon, and be surrendered with, the
Demised Premises as a part thereof at the
end of the Term. In the event Landlord
shall elect otherwise as to any Tenant Changes
upon the Demised
Premises, the
same shall be removed by Tenant and Tenant
shall restore the Demised Premises to
the condition existing immediately prior to
such Tenant Changes and such removal
and restoration shall be at Tenant's own
cost and expense,
which covenant shall
survive the termination of this Lease.
6.02 Tenant agrees
that any Tenant
Changes shall be done in a good
and workmanlike manner, in conformity with
the plans and specifications approved
by Landlord, and shall comply with all laws,
ordinances and
regulations of all
public authorities having jurisdiction over the Tenant
Changes. All salvage
in
connection therewith shall be properly
disposed of by the Tenant.
6.03 Tenant agrees that it will also procure all necessary permits
before making any Tenant Changes.
Landlord agrees that,
without cost or expense
to Landlord, it will cooperate
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with Tenant in obtaining such permits.
Tenant agrees to pay
when due the entire
cost of any work done by or for Tenant
upon the Demised Premises so that the
Demised Premises shall at all times be free of
liens for labor or
materials.
Tenant agrees to require all contractors and materialmen to waive any and
all
rights they may have to any mechanics
notices of intention
and mechanics liens.
Tenant also agrees to indemnify and save Landlord harmless from any and all
liens, and any and all injury, loss, claims, or damages to any person or
property occasioned by or in connection
with any Tenant Changes.
6.04 Prior to the
commencement of any
Tenant Changes that
involve
any structural elements of the Demised Premises, Tenant shall also, if
requested, furnish and deliver to the Landlord, at Tenant's sole cost and
expense, performance and payment bonds from
a recognized surety
licensed to do
business in the State of New Jersey for the
performance and
payment of Tenant's
Changes. Such bonds are subject to the Landlord's approval as to form and
amount. Tenant shall not be required to post bonds for
nonstructural
Tenant
Changes.
6.05 All Tenant
Changes shall be performed in such manner as not to
interfere with the occupancy of any other tenant in the
Building nor delay or
impose any additional expense upon Landlord
in the construction,
maintenance or
operation of the Building. Throughout the
performance of Tenant Changes, Tenant,
at its expense, shall carry or cause to be carried, and duly maintained,
worker's compensation and employers
liability insurance in statutory limits, and
general public liability insurance insuring the Landlord against any an all
liability or claims of liability
arising out of the
performance
of the Tenant
Changes, occasioned by or resulting
from any accident or
otherwise in or about
the Leased Premises for injuries to any person or persons
for limits not less
than $1,000,000.00 for injuries to one
person and $3,000,000.00 for injuries to
more than one person, in any one accident
or occurrence, and for
loss or damage
to the property of any persons, for not less than $1,000,000.00, for any
occurrence in or about the Building,
on which Landlord and
its managing
agent,
if any, shall be named as parties insured,
with insurers reasonably satisfactory
to Landlord. Tenant shall furnish Landlord with evidence satisfactory to
Landlord that such insurance is in effect
before the
commencement
of Tenant
Changes and, on request, at reasonable intervals thereafter during the
construction of Tenant's Changes.
ARTICLE SEVEN
SIGNS
Tenant shall not place nor allow to be placed any flashing lights,
sound devices, advertisements or signs of any
kind whatsoever upon, in or about
the Leased Premises or any part thereof,
except for a design
and structure and
in or at such places as may be indicated and consented to by Landlord in
writing. In the case the Landlord or the Landlord's agents, employees or
representatives shall deem it necessary to remove any such signs in order
to
paint or make any repairs, alterations or improvements in or upon the Leased
Premises, or any part thereof, they may be so removed.
Any signs permitted
by
the Landlord shall, at all times, conform
with all municipal ordinances or other
laws and regulations applicable thereto.
Tenant recognizes and stipulates that a
violation of this covenant is a material
and substantial breach of the terms and
grounds for termination and eviction,
for which Landlord may
institute summary
dispossess action in a court of competent
jurisdiction.
Tenant shall have
the
right to seek
5
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approval of a time and temperature sign to be placed at a location to be
approved by Landlord. Tenant shall secure all necessary
governmental
approvals
for such signage.
If Tenant's
sign is in
undesirable
condition and/or disrepair,
Landlord may require Tenant to repair/replace sign immediately upon written
notice from Landlord, which notice will state the conditions found to be in
disrepair. If Tenant does not repair or
replace such sign,
Landlord may remove
sign at Tenant's expense.
ARTICLE EIGHT
COMPLIANCE WITH LAWS
Tenant shall
promptly comply with all laws, ordinances, rules,
regulations, requirements and directives of the federal,
state and
municipal
governments or public authorities and of all their departments, bureaus and
subdivisions applicable to and affecting
the Demised
Premises, their use and
occupancy, the correction, prevention and abatement or
nuisances, violations or
other grievances in, upon or connected with the
Demised Premises,
during the
Term hereof, and shall promptly comply with all orders, regulations,
requirements and directives of the Board of Fire Underwriters or similar
authority and of any insurance companies
which have issued or are about to issue
policies of insurance covering the Demised Premises and its contents,
for the
prevention of fire or other casualty,
damage or injury, at the Tenant's own cost
and expense.
ARTICLE NINE
LIABILITY INSURANCE
9.01 Tenant,
at Tenant's
own cost and
expense, shall obtain or
provide and keep in full force for the
benefit of the Landlord, during the Term
hereof, general public liability insurance
insuring the Landlord against any and
all liability or claims of liability
arising out of,
occasioned by or resulting
from any accident or otherwise in or about the Leased
Premises for injuries
to
any person or persons for limits not less
than $1,000,000.00 for injuries to one
person and $3,000,000.00 for injuries to more than one person, in any one
accident or occurrence, and for loss or damage to the
property of any persons,
for not less than $1,000,000.00. The policy
or policies of insurance shall be of
a company or companies authorized to do business in New Jersey and shall be
delivered to the Landlord, together with
evidence of the payment of the premiums
therefor, not less than fifteen days prior to the commencement of the Term
hereof or of the date when the Tenant
shall enter into possession, whichever
occurs sooner. At least thirty (30) days prior to
the expiration or termination
date of any policy, the Tenant shall deliver a renewal or replacement policy
with proof of the payment of the premium
therefor. The Tenant also agrees to and
shall save, hold and keep harmless and
indemnify Landlord
from and for any and
all payments, expenses, costs, attorney
fees and from and for any and all claims
and liability for losses or damage to the
property or injuries to persons
occasioned wholly or in part by or resulting
from any acts or
omissions by the
Tenant or the Tenant's agents, employees, guests, licensees, invitees,
subtenants, assignees or successors, or for any cause or reason whatsoever
arising out of or by reason of the
occupancy by the Tenant and the conduct
of
Tenant's business.
In the event that at any time during the Term or any Renewal Term
of
this Lease, Landlord shall be advised by its
insurance representatives that
increases in one or more insurance
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coverages are reasonably necessary to comply with insurance company
recommendations, Tenant shall secure such increases in coverage to the
extent
that such coverages are available.
9.02 All of the aforesaid insurance and any other insurance
policies
of the Tenant shall be considered primary insurance, and except for workers
compensation, shall be issued in the name of Tenant and Landlord and any
designees and/or mortgagees of Landlord,
as additional
insureds, and shall be
written by one or more qualified,
licensed insurance
companies satisfactory
to
Landlord and in form satisfactory to Landlord, which approval shall not be
unreasonably withheld; all such insurance policies shall
contain
endorsements
providing for at least thirty (30) days
prior written notice
to Landlord of any
material change in or cancellation of such
policy or coverage.
9.03 Tenant shall be solely responsible for payment of
premiums and
Landlord (or its designee) shall not be required to pay any premium for
such
insurance. Tenant shall deliver to Landlord at least
thirty (30) days prior to
the time such insurance is first required to be carried by Tenant, and
thereafter at least forty-five (45) days
prior to the expiration of such policy,
either a duplicate original or certificate of insurance and true copy of all
policies procured by Tenant in compliance
with obligations
hereunder,
together
with satisfactory evidence of the payment
of the premiums therefor, it being the
intention of the parties hereto that the insurance required under the terms
hereof shall be continuous during the
entire term of this lease and renewal, if
any, and any other period of time during which, pursuant to the term hereof,
said insurance is required.
9.04 With respect to the Demised Premises and the contents,
improvements, and betterments therein, Landlord shall not be liable for any
damage by fire or other peril includable in the coverage afforded by the
standard form of all risk property
coverage insurance policy (whether or not
such coverage is in effect), no matter how caused, it being
understood that the
Tenant will look solely to Tenant's insurer
for reimbursement.
9.05 If as a result of the failure of Tenant to comply with the
foregoing provisions, Landlord is adjudged a co-insurer by its insurance
carrier, then any loss or damage Landlord
shall sustain by reason thereof shall
be borne by Tenant and shall be immediately paid by Tenant upon demand as
Additional Rent.
ARTICLE TEN
ASSIGNMENT
10.01 Tenant shall not assign, mortgage, hypothecate, pledge, or in
any manner, transfer this Lease or any estate
or interest hereunder
whether by
operation of law or otherwise (collectively "assign") and shall not sublet
the
Demised Premises or any part or parts
thereof ("sublet")
without the
previous
written consent of Landlord in each
instance. If Tenant
violates the provisions
of this Article 10, Landlord may, in addition to any
remedies it has under this
Lease, accept from any assignee, licensee,
concessionaire or anyone who claims a
right to any part of the interest of Tenant under this Lease (collectively
"assignee"), or anyone who occupies any part or the whole of the Demised
Premises ("sublessee"), the payment of Minimum Rent and
Additional Rent and/or
the performance of any of the other
obligations of Tenant
under this Lease, but
acceptance shall not be deemed to be a waiver
by Landlord of the breach by
Tenant of the provisions of this Article 10, nor
a recognition by Landlord that
any such assignee or
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sublessee has succeeded to the rights of Tenant
hereunder,
nor a release by
Landlord of Tenant from further performance by Tenant of the covenants on
Tenant's part to be performed under this
Lease; provided,
however, that the net
amount of rent actually collected from any such assignee
or sublessee shall
be
applied by Landlord to the rent to be paid
hereunder. Any consent by Landlord to
any such assignment, transfer, mortgage
license or concession or other matter or
thing contained in this Article 10
(collectively
"assignment")
or subletting
shall not in any way be construed
to relieve
Tenant from
obtaining the prior
written consent of Landlord to any other or
future assignment or subletting.
10.02 In the event of a merger or consolidation, or if at any time
during the Term of this Lease, (i) if the Tenant is a
corporation
and there
shall occur any change in the ownership of, or power to vote, the majority of
the outstanding capital stock of Tenant, or (ii)
if the Tenant is a partnership
and/or joint venture and the partners
and/or joint venturers, owners, or members
of any such partnership and/or joint venture change in any
manner, the Landlord
shall thereafter have the right, at its option, to terminate this Lease by
notice to Tenant. If such option is exercised,
the Term of this Lease
shall in
no event be earlier than the end of the calendar month in which occurs the
thirtieth (30th) day after the giving of
such notice.
In any such event,
the
collection of rent and/or acceptance by Landlord of the
performance
of any of
the obligations of Tenant under this Lease
shall not be deemed to be a waiver by
Landlord of any of its rights under the
provisions of this Section 10.02. This
Section 10.02 shall not be applicable
to any corporation in which all of the
outstanding voting stock is, on the date of this
Lease, listed on a national
securities exchange (as defined in the Securities Exchange Act of 1934, as
amended), or if sixty percent (60%) or more
of the outstanding
shares of such
voting stock is on such date owned by any
fifty (50) or more shareholders.
10.03 If Landlord consents in writing to an assignment or
subletting, then such consent to an
assignment
or subletting shall (unless
expressed clearly to the contrary in said
consent) be deemed
conditioned upon
Tenant's further compliance with the
following provisions:
(a) At Landlord's
option, the assignment and/or subletting must be,
respectively, of all of Tenant's leasehold interest and of the entire
Demised
Premises and, in the case of assignment,
shall also transfer to the assignee all
of the Tenant's rights in, and interest under, this Lease including the
security, if any, deposited hereunder.
However,
notwithstanding anything to the
contrary in this Lease, Tenant, and the guarantor, if any, shall continue to
remain liable, jointly and severally, with any such assignee or
subtenant for
all of the obligations of "Tenant" under
this Lease.
(b) At the time of such assignment and/or subletting, this Lease
must be in full force and effect without
any breach or default thereunder on the
part of the Tenant.
(c) The assignee or sublessee shall assume, by written recordable
instrument, in form and content
satisfactory to Landlord, the due performance of
all of Tenant's obligations under this
Lease, including any
accrued obligations
at the time of the assignment or
subletting.
(d) A copy of the assignment or sublease and the original
assumption
agreement (both in form and content
satisfactory to the Landlord) fully executed
and acknowledged by the assignee and/or
sublessee together with a certified copy
of properly executed corporate resolutions
authorizing such documents, shall be
delivered to the Landlord within five (5) days from the
effective date of
such
assignment or subletting.
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(e) Any permitted
sublease or assignment
shall be on similar terms
as this Lease insofar as compliance with
laws and regulations and permitted uses
are concerned.
(f) Tenant shall reimburse Landlord's reasonable attorney's fees
for
examination of and/or preparation of any documents in connection with such
assignment and/or subletting.
(g) Landlord may, as a condition of consenting to any assignment or
subletting, require Tenant and any assignee or sublessee of Tenant to pay to
Landlord as Additional Rent any and all consideration payable to Tenant in
excess of the Minimum Rent required hereunder for the area involved for any
assignment or subletting, as and when such consideration is
payable pursuant to
the assignment or sublease. Said consideration to be computed on the basis of
average square foot rent for the gross
square footage Tenant has assigned or
sublet.
If this Lease is
assigned or if the
Demised Premises or any part
thereof be subleased or occupied by anybody
other than Tenant,
whether with or
without Landlord's consent, Landlord may collect from the
assignee,
sublessee,
occupant, licensee or concessionaire, any rental or other charges
payable by
Tenant under this Lease, and apply the amount collected to
the rental and other
charges herein reserved, but such collection by Landlord
shall not be deemed an
acceptance of the assignee, sublessee, occupant, licensee or
concessionaire as
tenant nor a release of Tenant from the
performance by Tenant of this Lease.
ARTICLE ELEVEN
RESTRICTION OF USE
The Tenant shall not
occupy or use the Leased Premises or any part
thereof, nor permit or suffer the same to
be occupied or used for any purposes
other than as herein limited, nor for any
purpose deemed unlawful, disreputable,
or extra hazardous, on account of fire or
other casualty.
ARTICLE TWELVE
MORTGAGE PRIORITY
This Lease
shall not be a lien
against the Leased Premises in
respect to any first mortgage that may hereafter be placed upon said Leased
Premises. The recording of such mortgage
shall have
preference and
precedence
and be superior and prior in lien to this Lease,
irrespective
of the date of
recording and the Tenant agrees to execute
any instruments,
without cost, which
may be deemed necessary or desirable,
to further effect the
subordination
of
this Lease to any such mortgage. A refusal by the Tenant to execute such
instruments shall entitle the Landlord to the option
of canceling this
Lease,
and the term hereof is hereby expressly
limited accordingly.
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ARTICLE THIRTEEN
CONDEMNATION, EMINENT DOMAIN
If the land and
premises leased
herein or of which the Leased
Premises are a part or any portion thereof,
shall be taken under
eminent domain
or condemnation proceedings, or if suit or other action shall
be instituted for
the taking or condemnation thereof, or if in lieu of any formal
condemnation
proceedings or actions, the Landlord shall grant an option to purchase
and or
shall sell and convey said premises or any
portion thereof, to
the governmental
or other public authority, agency, body or public utility,
seeking to take said
land and premises or any portion thereof,
then this Lease, at
the option of the
Landlord, shall terminate, and the Term
hereof shall end as of such date as the
Landlord shall fix by notice in writing
and the Tenant
shall have no claim
or
right to claim or be entitled to any
portion of any amount
which may be awarded
as damages or paid as the result of such
condemnation proceedings or paid as the
purchase price for such option, sale or conveyance in lieu of formal
condemnation proceedings and all rights of the Tenant to
damages, if any,
are
hereby assigned to the Landlord. The Tenant agrees to execute and
deliver any
instruments at the expense of the Landlord, as may be deemed necessary or
required to expedite