THIS LEASE is entered into the day indicated above, (the “Commencement Date”) by and between The “Tenant”) and Atlas Real Estate & Management (the “Landlord”). Tenant and Landlord may thereafter be referred to collectively as “the Parties.”
RECITALS
WHEREAS, the Tenant wishes to rent a building and surrounding property currently owned by Landlord; and
WHEREAS, the Landlord wishes to rent the building and surrounding property to Tenant; and
WHEREAS, the Landlord and the Tenant wish to formalize their relationship, and by signing this Lease Agreement agree to adopt the terms of this Lease Agreement, signifying that they have negotiated Lease terms that are satisfactory to Landlord and Tenant.
NOW THEREFORE, in consideration of the mutual covenants and representations herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
1. PREMISES
In consideration of the rents, covenants and agreements contained herein, Landlord leases to Tenant, and Tenant leases from Landlord certain commercial space more particularly described as _______ (Referred to herein as the “Premises”).
2. TERM
2.1 Length of Lease Term. The Lease Term shall be for a period of __ (years), or a total of ___(months). After the lease term ends, the term will continue on a month to month basis until either party gives a thirty (30) day written notice to the other.
2.2 Commencement Date and Obligation to Pay Rent. The Commencement Date for this Lease Agreement and Tenant’s obligation to pay rent hereunder shall commence upon the following date: March 16,2021 and end upon the following date October 31,2021.
3. RENT
Monthly Rent. Tenant agrees to pay to Landlord at such place as Landlord may designate, without prior demand therefore and without any deduction or set off whatsoever, and as fixed minimum rent, the sum of $___ month for the Lease Term in advance on the 1st day of each calendar month during the term of the Lease. If the rent has not been received by 9:00 a.m. on the sixth day after rent is due, then a three (3) day notice may be posted.
3.1 Rental Collection Charge. In the event that rent is not received prior to 9:00 a.m. on the sixth day after rent is due, regardless of cause, Tenant further agrees to pay a late charge of $10.00 per day to the Landlord for every day the rent is late. Late charges will be retroactive to the first day of the month.
3.2 Dishonored Funds. There will be a $25.00 minimum fee charged for the following negligent actions: Partial or non-sufficient funds, dishonored funds from depository financial institutions, inaccurate account information.
3.3 SECURITY DEPOSIT. Upon the due execution of this Agreement, Tenant shall deposit with Landlord the sum of ____ DOLLARS ($___ receipt of which is hereby acknowledged by Landlord, as security for any damage caused to the Premises during the term hereof, or for cleaning that is required to re-let the Premises. Upon vacating premises, return of keys to the Landlord, and termination of this Agreement according to the terms herein agreed upon, Landlord will inspect the Premises thoroughly and assess any damages and/or needed repairs, cleaning, etc. Any additional cleaning or repairs done by Landlord will be charged to Tenant and taken out of any refund the Tenant may receive. The remainder of the Security Deposit will be returned to Tenant with a written explanation of deductions, within thirty (30) working days after Tenant has vacated the Premises, provided that Tenant complies with all of the following conditions:
A. Tenant stays the full term of the Agreement.
B. A thirty (30) day written notice of Intent to move given to the Landlord a minimum of thirty (30) days prior to vacating.
C. The Premises are clean, and are in as good condition as when this Agreement was entered into excluding normal wear and tear that is accepted.
The Security Deposit may, at the Landlord’s sole discretion, be used by the Landlord to satisfy any outstanding Lease Payments. Should the Landlord use the Security Deposit to satisfy outstanding Lease Payments, Tenant, upon ten (10) days written notice of the offset, shall be required to pay to Landlord such amounts as will return the Security Deposit to the full amount set forth above. Should the original Security Deposit amount be used to satisfy outstanding Lease Payments, any additional Security Deposit shall be considered rent.
4. USE
Tenant agrees to and does hereby accept the Premises in its present “as is” condition. Landlord agrees that Tenant may use the Premises for any legal use.
5. LAWS, WASTE, NUISANCE
Tenant covenants that it: (a) will comply with all governmental laws, ordinances, regulation, and requirements, now in force or which hereafter may be on force, of any lawful governmental body or authorities having jurisdiction over the Premises; (b) will keep the Premises and every part thereof in a clean, neat, and orderly condition, free of objectionable noise, odors, or nuisances, and will in all respects and at all times fully comply with all health and police regulation; and (c) shall not suffer, permit, or commit any waste.
6. MAINTENANCE
Maintenance by Tenant. Tenant, at its sole cost and expense, shall be entirely responsible for the property including Tenant shall at all times keep the Premises, including exterior entrances, all glass and show window moldings and sidewalks (whether included in the description of the Premises or adjoining the same) and all partitions, doors, fixtures, equipment, and appurtenances thereof, including lighting, heating and plumbing fixtures; sewage facilities, electric motors, and any air-conditioning system, in good order, condition, and repair, including the replacement thereof when necessary, and including reasonably periodic painting as determined by Landlord. It is agreed that Landlord shall not be liable for any damage occasioned by Tenant’s failure to keep the Premises in repair, and the Landlord shall not be liable to the Tenant for any damage done or occasioned by the plumbing, gas, water, steam, sewer or other pipes bursting or leaking or the running of any washstand, tank, toilet, or waste pipe under the demised premises. Tenant shall, at their sole expense, maintain the exterior of the Building, including the walls, foundations, and the structural portion of the Premises, in good condition and repair. Tenant shall also be responsible to repair, maintain, and replace the parking lot, sidewalks, sewer and water lines, the interior and exterior of the Premises including walls, utilities, roof, etc.
7. ALTERATIONS
Tenant shall not make or cause to be made any alterations, additions or improvements or cause to be installed any trade fixtures, exterior signs, floor coverings, interior or exterior lighting, plumbing fixtures or shades or awnings, or make any change to the store front, without first obtaining Landlord’s written approval. In the event the Landlord consents to the making of any alteration, addition, or improvements to the Premises by Tenant, the same shall be made at Tenant’s sole cost and expense. All such work with respect to any alteration, additions, and changes shall be done in a good and workmanlike manner and diligently prosecuted to completion such that, except as absolutely necessary during the course of such work, the Premises shall at all times be a complete operating unit. Any such alterations, additions, or changes shall be performed and done strictly in accordance with all laws and ordinances relating thereof. Any alteration, additions, or improvements to or of the Premises, including, but not limited to, wall covering, paneling, and built-in cabinet work, but accepting movable furniture and trade fixtures, shall at once become a part of the realty and shall be surrendered with the Premises unless Landlord otherwise elects at the end of the term thereof.
8. MECHANIC’S LIEN
Should any mechanic’s or other lien be filed against the Premises, or any part thereof by reason of Tenant’s acts or omissions or because of a claim filed against Tenant, Tenant shall cause the same to be canceled and discharged of record by bond or otherwise within ten (10) days after notice by Landlord.
9. UTILITIES
Landlord shall not be liable in the event of any interruption in the supply of any utility services to the Premises. Tenant agrees that if any equipment installed by Tenant shall require additional utility facilities, the same shall be installed at Tenant’s expense in accordance with plans and specifications to be approved in writing by the Landlord. Tenant shall be solely responsible for and shall promptly pay all charges for use of consumption for heat, sewer, water, gas, electricity, and or other utility services. Should Landlord elect to supply any utility services, Tenant agrees to purchase and pay for the same as additional rent at the applicable rates charged by the utility company furnishing the same.
10. INSURANCE
10.1 Fire Insurance on Real Estate. Tenant agrees to keep the building on the premises insured against fire, casualty, vandalism and other loss, and Tenant agrees that all merchandise, fixtures, equipment and all other personal property owned by Tenant located within the demised premises shall be at the Tenant’s risk.
10.2 Fire Insurance on Tenant’s Fixtures. At all times during the term hereof, Tenant shall keep in force at its sole cost and expense, fire insurance and extended coverage in companies acceptable to Landlord, equal to the replacement cost of Tenant’s improvements, trade fixtures, furnishings, equipment, and contents upon the Premises, and naming Landlord as an insured.
10.3 Liability Insurance. Tenant shall, during the entire term hereof, keep in full force and effect a policy of public liability and property damage insurance with respect to the Premises, the business operated by Tenant, and any subtenants, concessionaires, or licensees of Tenant in the Premises, with limits of public liability coverage of no less than $1,000,000 per person and $2,000,000 per occurrence and with lines of property damage liability coverage of not less than $100,000 per accident or occurrence.
11. CONDEMNATION
11.1 Total Condemnation. If the whole of the Premises shall be acquired or taken by condemnation proceeding, then this Lease shall cease and terminate as of the date of title vesting in such proceeding.
11.2 Partial Condemnation. If any part of the Premises shall be taken as aforesaid, and such partial taking shall render that portion not so taken unsuitable for the business of Tenant (except for the amount of floor space), then this Lease shall cease and terminate as aforesaid. If such partial taking is not extensive enough to render the Premises unsuitable for the business of Tenant, then this Lease shall continue in effect except that the minimum rent shall be reduced in the same proportion that area of the Premises taken bears to the original area demised and Landlord shall, upon receipt of the award in condemnation, make all necessary repair or alterations to the Premises.
11.3 Award. Tenant shall not be entitled to and expressly waives all claims to any condemnation award for any taking, whether whole or partial and whether for diminution in value of the leasehold or the fees, reduce Landlord’s award, to claim from the condemner, but not from the Landlord. Such compensation as may be recoverable by Tenant in its own right for damages to Tenant’s business and fixtures.
11.4 Definition. As used in this Section the term “condemnation proceeding” means any action or proceeding in which any interest in the Premises is taken by any public or quasi public purpose by any lawful authority through exercise of the power of eminent domain or right of condemnation or by purchase or otherwise in lieu thereof.
12. EVENTS OF DEFAULT: REMEDIES
12.1 Default by Tenant. Upon the occurrence of any of the following events, Landlord shall have the remedies set forth in Section 14.2:
(a) Tenant fails to pay any rental or other sum due hereunder within five (5) days after the same shall be due.
(b) Tenant fails to perform any other term, condition, or covenant to be performed by it pursuant to this Lease within fifteen (15) days after written notice of such default shall have been given to Tenant by Landlord.
12.2 Remedies. Upon the occurrence of the events set forth in Section 14.1, the Landlord shall have the option to take any or all of the following actions, without further notice or demand of any kind or any other person.
(a) Immediately renter and remove any persons and property from the Premises, storing said property in a public place, warehouse, or elsewhere at the cost of, and for the account of, Tenant, all without service of notice or resort to legal proves and without being deemed guilty of or liable in trespass. No such reentry or taking possession of the Premises by Landlord shall be construed an election on its part to terminate this Lease unless a written notice of such intention is given by Landlord to Tenant. No such action by Landlord shall be considered or construed to be a forcible entry.
(b) Tenant acknowledges and agrees that unpaid rent, late fees, and interest shall be a first lien upon the furniture, fixtures, stock in trade, and personal property of the Tenant used in or in connection with the business operated in said premises, and said furniture, fixtures and personal property shall not be removed from said premises until said rent and charges are fully paid.
(c) Collect by suit or otherwise each installment of rent or other sum as it becomes due hereunder, or enforce, by suit or otherwise, any other tom or provision hereof on the part of Tenant required to be kept or performed.
(d) Terminate this lease by written notice to Tenant. In the event of such termination, Tenant agrees to immediately surrender possession of the Premises. Should Landlord terminate this Lease, it may recover from Tenant all damages it may incur by reason of Tenant’s breach, including the cost of recovering the Premises, reasonable attorney’s fees, and the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this Lease for the remainder of the stated term over the then reasonable rental value of the Premises for the remainder of the stated term all of which amounts shall be immediately due and payable from Tenant to Landlord. In determining the rent which would be payable by Tenant hereunder subsequent to default, the rent for each year of the unexpired term shall be equal to the average minimum, percentage and additional rents paid by Tenant from the Commencement Date to the time of default, or during the preceding three (3) calendar years, whichever period is shorter.
(e) Should Landlord renter, as provided above, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by Law, and whether or not it terminates this Lease, it may be necessary in order to relet the Premises, and relet the same or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable. Upon each such reletting all funds received by the Landlord from such reletting shall be applied, first, to the payment of any indebtedness other than rent due hereunder from Tenant to landlord; second, to the payment of any costs and expenses of such reletting, including brokerage fees and attorney’s fees and costs of any alterations and repairs; third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month are less than that to be paid during such month by Tenant hereunder, Tenant shall pay any such deficiency to the Landlord. Such deficiency shall be calculated and paid monthly. No such reentry and reletting of the Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to Tenant pursuant to subsection © above, or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach.
The remedies given to the Landlord in this Section 14 shall be in addition and supplemental to all other rights or remedies which landlord may have under laws now in force.
13. ACCESS TO PREMISES
Landlord shall also have the right to enter the Premises at all times to inspect or to exhibit the same to prospective purchasers, mortgagees, tenants, and Tenants, and to make such repairs, additions, alterations, or improvements as the landlord may deem desirable. Landlord shall be allowed to take all material upon said Premises that may be required therefore without the same constituting an actual or constructive eviction of Tenant in whole or in part and the rents reserved therein shall in no wise abate while said work is in progress by reason of loss or interruption of Tenant’s business or otherwise, and Tenant shall have no claim for damages. During the two (2) months prior to expiration of this lease or of any renewal term, the Landlord may place upon the Premises “To Let” or “For Sale” signs which Tenant shall permit to remain thereon.
14. RIGHT TO CURE
In the event of breach, default, or noncompliance hereunder by either Landlord or Tenant, the nonbreaching Party shall, before exercising any right or remedy available to it, give the breaching Party written notice of the claimed breach, default, or noncompliance, and allow five (5) days for the breaching party to cure any breach, default, or noncompliance. If the breach, default, or noncompliance is cured within the five (5) days following notice of the breach, the Parties agree that the breach is cured.
15. QUIET ENJOYMENT
Tenant, upon paying the rents and observing and performing all of the terms, covenants, and conditions on its part to be performed hereunder, shall peaceably and quietly enjoy the Premises for the term hereof
16. SURRENDER OF PREMISES
At the expiration of this Lease, assuming Tenant does not exercise its option to purchase, Tenant shall surrender the Premises in the same condition as they were in upon delivery of possession thereto under this Lease, reasonable wear and tear excepted, and shall deliver all keys to the Landlord. Before surrendering the Premises, the tenant shall remove all of its Personal Property and trade fixtures and such property or the removal thereof. If Tenant fails to remove its personal property and fixtures upon the expiration of this lease, the same shall be deemed abandoned and shall become the property of the Landlord. In case of damage or disfigurement of the walls or floors or other parts of the building caused by the removal of Tenant’s Personal Property, the cost of reasonable repairs of damage shall be borne by the Tenant.
17. HOLDING OVER
Any holding over after the expiration of the term hereof of any renewal term shall be construed to be a month to month tenancy, and Landlord and Tenant agree that they will agree upon the rental payment at that time.
19. ATTORNEY FEES
In the event that at any time during the term of this Lease either Landlord or the Tenant institutes any action or proceeding against the other relating to the provisions of this Lease or any default hereunder, then the unsuccessful party in such action or proceeding agrees to reimburse the successful patty for the reasonable expenses of such action including reasonable attorneys' fees, incurred therein by the successful party
20. INTEREST
If Tenant fails to pay, when the same is due and payable, any rent, additional rent, or other sum required to he paid by it hereunder, such unpaid amounts shall bear interest from the due date thereof to the date of payment at the rate of twenty four percent (24%) per annum in addition thereto.
21. MISCELLANEOUS PROVISIONS
21.1 No Partnership. Landlord does not by this Lease, in any way or for any purpose, become a partner or joint venturer of Tenant in the conduct of its business or otherwise The provisions of this Lease relating to percentage rent are included solely for the purpose of providing a method whereby rent is to be measured and ascertained
21.2 Force Majeure. Landlord shall be excused for the period of any delay in the performance of any obligations hereunder when prevented from so doing by cause or causes beyond Landlord's control, including labor disputes, civil commotion, war, governmental regulations or controls, fire or other casualty, inability to obtain any material or services, or acts of God.
21.3 No Waiver. Failure by the Landlord to insist upon the strict performance of any provision or to exercise any option hereunder shall not be deemed a waiver of such breach. No provisions of this Lease shall be deemed to have been waived unless such waiver be in writing signed by Landlord.
21.4 Notices. Any notice, demand, request, or other instrument which may be or is required to be given under this lease shall be delivered in person or sent by United States certified or registered mail, postage prepaid, and shall be addressed (a) if to Landlord, at the place specified for payment of rent, and (b) if to Tenant, either at the Premises or at any other current address for Tenant which is known to Landlord. Either party may designate such other addresses as shall be given by written notice.
21.5 Partial Invalidity. If any provision of this lease or the application thereof to any person or circumstance shall to any extent be invalid, the remainder of this Lease or the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby and each provision of this Lease shall be valid and enforced to the fullest extent permitted by law.
21.6 No Broker’s commissions. The Parties agree that there are no claims for brokerage commissions or finder’s fees in connection with this Lease.
21.7 Provisions Binding, Etc. Except as otherwise provided, all provisions herein shall be binding upon and shall inure to the benefit of the parties, their legal representatives, heirs, successors, and assignees. Each provision to be performed by Tenant shall be construed to be both a covenant and a condition, and if there shall be more than one Tenant, they shall all be bound jointly and severally, by such provisions. In the event of any sale or assignment (except for purposes of security or collateral) by Landlord of the Premises, the Premises, or this Lease, Landlord shall, from and after the Commencement Date (irrespective of when such sale or assignment occurs), be entirely relieved of all of its obligations shall, as of the time of such sale or assignment or on the Commencement Date, whichever is later, automatically pass to Landlord’s successor in interest.
21.8 Entire Agreement, Etc. This Lease and the Exhibits, Riders, and/or Addenda, if any, attached hereto set forth the entire agreement between the parties. All Exhibits, Riders, or Addenda mentioned in this Leases are incorporated herein by reference. Any prior conversations or writings are merged herein and extinguished. No subsequent amendment to this lease shall be binding upon the Landlord of Tenant unless reduced to writing and signed. Submission of this Lease or examination does not constitute an option for the Premises and becomes effective as a lease only upon execution and delivery thereof by Landlord to Tenant. If any provision contained in a Rider of addenda is inconsistent with a provision in the body of this Lease, the provision contained in said Rider or addendum shall control. It is hereby agreed that this lease contains no restrictive covenants or exclusives in favor of Tenant. The captions and Section numbers appearing herein are inserted only as a matter of convenience and are not intended to define, limit, construe, or describe the scope or intent of any Section or Paragraph.
22. AUTHORITY OF SIGNATURES
Each person executing this lease individually and personally represents and warrants that he is duly authorized to execute and deliver the same on behalf of the entity for which he is signing (whether it be a corporation, general or limited partnership, or otherwise), and that this Lease is binding upon said entity in accordance with its teens.
REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK
IN WITNESS WHEREOF, the parties hereto have executed this Lease on the date set forth as the Commencement Date of this Agreement.
“LANDLORD” “TENANT”
Atlas Real Estate & Management, LLC
Brenda Lewis
By: Brenda Lewis
Its: Owner
Addendum Number __01___ Lease Agreement
The below-named Landlord(s) and Tenant(s), having entered into the Lease Agreement (Hereinafter “Lease Agreement”) on the hereby enter into this Addendum which is meant to supplement and not replace the Lease Agreement. The terms and conditions stated in the Lease Agreement shall remain in full force and effect. If any provisions stated in the Addendum or the Lease Agreement conflict with one another, the terms in this Addendum shall control with the remaining terms stated in the Lease Agreement in full force and effect. The parties acknowledge their intent to be bound by the terms stated in this Addendum.
