Lease of Commercial Building
This Lease Agreement is made __________________ (date) ,
between __________________ (Name of Lessor) , a corporation organized and existing
under the laws of the state of __________________ (name of state) , with its principal
office located at _____________________________________________ (street
address, city, county, state, zip code) , referred to herein as a Lessor
and __________________ (Name of Lessee) , a corporation organized and existing
under the laws of the state of __________________ (name of state) , with its principal
office located at _____________________________________________ (street
address, city, county, state, zip code) , referred to herein as Lessee.
Whereas, Lessor is the sole owner of the Premises (the Premises) described in Exhibit
A attached hereto and made a part hereof; and desires to lease the Premises to a
suitable Lessee for business purposes; and
Whereas, Lessee desires to lease the Premises for the purpose of conducting the
business of _____________________________________________ (type of business) ;
and
Whereas, the parties desire to enter a lease agreement defining their rights, duties, and
liabilities relating to the Premises;
Now, therefore, for and in consideration of the matters described above and of the
mutual benefits and obligations set forth in this Lease Agreement, the parties agree as
follows:
I. Subject and Purpose. Lessor hereby leases the building and land located
at _____________________________________________ (street address, city,
county, state, zip code) , and more particularly described in Exhibit A attached hereto
and made a part hereof, to Lessee for Lessee's use as follows: (description of use) .
II. Term and Rent.
A. Lessor demises the above-described Premises for a term of _______
(number) years, commencing on __________________ (date) , and terminating
on __________________ (date) , at __________________ (time of day) , or
sooner as provided in this Lease Agreement, at the annual rental of
$ __________________ , payable in equal installments of $ __________________
in advance on the first day of each month for that month's rental, during the term
of this Lease Agreement.
B. All rental payments shall be made to Lessor at the address specified
above.
C. Lessee shall pay the rent as specified in this Section II and in Section III
below.
III. Additional Rent. All taxes, charges, costs, and expenses that Lessee assumes
or agrees to pay under this Lease Agreement, together with all interest and penalties
that may accrue in the event of the failure of Lessee to pay those items, and all other
damages, costs, expenses, and sums that Lessor may suffer or incur or that may
become due by reason of any default of Lessee or failure by Lessee to comply with the
terms and conditions of this Lease Agreement shall be deemed to be additional rent,
and, in the event of nonpayment, Lessor shall have all the rights and remedies as
provided in this Lease Agreement for failure to pay rent.
IV. Alterations, Additions, and Improvements.
A. Subject to the limitation that no substantial portion of the building on the
Premises shall be demolished or removed by Lessee without the prior, express,
and written consent of Lessor, and, if necessary, of any mortgagee, Lessee may
at any time during the Lease term, subject to the conditions set forth below and
at _______ (his/her) own expense, make any alterations, additions, or
improvements in and to the Premises and the building. Alterations shall be
performed in a satisfactory manner and shall not weaken or impair the structural
strength or lessen the value of the building on the Premises or change the
purposes for which the building, or any part of the building, may be used.
B. Conditions with respect to alterations, additions, or improvements are as
follows:
1. Before commencement of any work, all plans and specifications
shall be filed with and approved by all governmental departments or
authorities having jurisdiction and any public utility company having an
interest in such matters, and all work shall be done in accordance with the
requirements of local regulations. The plans and specifications for any
alterations estimated to cost $ __________________ or more shall be
submitted to Lessor for written approval prior to commencing work.
2. Prior to commencement of any work, Lessee shall pay the amount
of any increase in premiums on insurance policies provided for in this
Lease Agreement because of endorsements to be made covering the risk
during the course of work. In addition, if the estimated cost of work shall
exceed $ __________________ , Lessee shall, without cost to Lessor,
furnish Lessor with a performance bond written by a surety acceptable to
Lessor in an amount equal to the estimated cost of the work, guaranteeing
the completion of work, free and clear of liens, encumbrances, and
security interests, according to the approved plans and specifications.
C. All alterations, additions, and improvements on or in the Premises at the
commencement of the term and that may be erected or installed during the term
shall become part of the Premises and the sole property of Lessor, except that all
moveable trade fixtures installed by Lessee shall be and remain the property of
Lessee.
V. Repairs. Lessee shall, at all times during the term of this Lease Agreement and
at its own cost and expense, repair, replace, and maintain in a good, safe, and
substantial condition all buildings and any improvements, additions, and alterations to
such buildings, on the Premises and shall use all reasonable precaution to prevent
waste, damage, or injury to the Premises.
VI. Taxes.
A. Lessee shall pay, on or before the last day on which payment may be
made without penalty or interest, all taxes, assessments, or other governmental
charges that shall or may during the Lease term be imposed on, or arise in
connection with the use of, the Premises or any part of the Premises.
B. Lessee shall pay all taxes assessed in lieu of or in addition to the above
under all present or future laws of all governmental authorities.
C. Lessee shall have the right to apply for the conversion of any special
assessment for local improvements in order to cause them to be payable in
installments. On the conversion, Lessee shall be obligated to pay only those
installments that may become due during the term of this Lease Agreement.
D. Lessee shall within __________________ (number) days after the time
provided for the payment of any tax or other governmental charge by Lessee
produce and exhibit to Lessor satisfactory evidence of the payment.
E. It is the intention of the parties that the rent specified in this Lease
Agreement is net rental, and Lessor shall receive such rent free from all taxes
that are made payable by Lessee.
VII. Utilities. All applications and connections for necessary utility services on the
Premises shall be made in the name of Lessee only. Lessee shall be solely liable for
utility charges as they become due, including but not limited to those for sewer, water,
gas, electricity, and telephone services.
VIII. Security Deposit.
A. Lessee shall deposit $ __________________ with Lessor, which amount
shall be held by Lessor as security for the full and timely performance by Lessee
of the terms and conditions of this Lease Agreement and for the payment of any
final judgment that may be rendered against Lessee for a breach of those terms
and conditions. No interest shall be paid on the deposit.
B. The rights of Lessor against Lessee for a breach of this Lease shall in no
way be limited or restricted by the security deposit. Lessor shall have the
absolute right to pursue any available remedy to protect its interests, as if this
security deposit had not been made.
C. The security deposit shall be returned to Lessee at the expiration of this
Lease Agreement provided that all the terms and conditions contained in this
Lease Agreement have been fully performed by Lessee.
D. Should the Premises be sold, Lessor may transfer or deliver the security
deposit to the purchaser of the interest, and Lessor shall then be discharged from
any further liability with respect to the security deposit.
IX. Insurance
A. During the term of this Lease Agreement and for any further time that
Lessee shall hold the Premises, Lessee shall obtain and maintain at _______
(his/her) expense the following types and amounts of insurance:
1. Fire insurance. Lessee shall keep all buildings, improvements, and
equipment on the Premises, including all alterations, additions, and
improvements, insured against loss or damage by fire, with all standard
extended coverage that may be required by any first mortgagee, and
against loss or damage due to war, if that insurance is available and
required by any first mortgagee. The insurance shall be in an amount
sufficient to prevent Lessor and Lessee from becoming coinsurers under
provisions of applicable policies of insurance, but in any event, in an
amount not less than _______ % of the full insurable value of the
Premises, excluding the cost of excavation and of foundations. If at any
time there is a dispute as to the amount of such insurance, the same shall
be settled by arbitration.
2. Personal injury and property damage insurance. Insurance against
liability for bodily injury and property damage and machinery insurance, all
to be in amounts and in forms of insurance policies as may from time to
time be required by Lessor, shall be provided by Lessee. This requirement
shall specifically include plate glass insurance, covering the glass on the
Premises.
3. Rent Insurance. Rent insurance in an amount not less than the
annual net rent plus the estimated annual taxes, utilities, and
assessments, together with annual premiums for insurance required in this
section, shall be obtained by Lessee.
4. Other insurance. Lessee shall provide and keep in force other
insurance in amounts that may from time to time be required by Lessor
against other insurable hazards as are commonly insured against for the
type of business activity that Lessee will conduct.
B. All insurance provided by Lessee as required by this section shall be
carried in favor of Lessor and Lessee as their respective interests may appear. In
the case of insurance against damage to the Premises by fire or other casualty,
the policy shall provide that loss, if any, shall be adjusted with and be payable to
Lessor. If requested by Lessor, any insurance against fire or other casualty shall
provide that loss shall be payable to the holder under a standard mortgage
clause. Rent insurance and use and occupancy insurance may be carried in
favor of Lessee, but Lessee, by executing this Lease, assigns the proceeds to
Lessor to be held by Lessor as security for the payment of the rent and any
additional rent under this Lease Agreement until restoration of the Premises. All
insurance shall be written with responsible companies that Lessor shall approve,
and the policies shall be held by Lessor or, when appropriate, by the holder of
any mortgage, in which case copies of the policies or certificates of insurance
shall be delivered by Lessee to Lessor. All policies shall require ____________
(number) days' notice by registered mail to Lessor of any cancellation or change
affecting any interest of Lessor.
X. Unlawful or Dangerous Activity. Lessee shall neither use nor occupy the
Premises or any part of the Premises for any unlawful, disreputable, or ultrahazardous
business purpose nor operate or conduct _______ (his/her) business in a manner
constituting a nuisance of any kind. Lessee shall immediately, on discovery of any
unlawful, disreputable, or ultrahazardous use, take action to halt such activity.
XI. Indemnification. Lessee shall indemnify Lessor against any and all expenses,
liabilities, and claims of every kind, including reasonable counsel fees, by or on behalf of
any person or entity arising out of either: (i) a failure by Lessee to perform any of the
terms or conditions of this Lease Agreement; (ii) any injury or damage happening on or
about the Premises; (iii) failure to comply with any law of any governmental authority; or
(iv) any mechanic's lien or security interest filed against the Premises or equipment,
materials, or alterations of buildings or improvements on the Premises.
XII. Default or Breach. Each of the following events shall constitute a default or
breach of this Lease Agreement by Lessee:
A. If Lessee, or any successor or assignee of Lessee while in possession,
shall file a petition in bankruptcy or insolvency or for reorganization under any
bankruptcy act, or shall voluntarily take advantage of any such act by answer or
otherwise, or shall make an assignment for the benefit of creditors.
B. If involuntary proceedings under any bankruptcy law or insolvency act
shall be instituted against Lessee or if a receiver or trustee shall be appointed of
all or substantially all of the property of Lessee, and such proceedings shall not
be dismissed or the receivership or trusteeship vacated within (number) da ys
after the institution or appointment.
C. If Lessee shall fail to pay Lessor any rent or additional rent when the rent
shall become due and shall not make the payment within (number) days after
notice by Lessor to Lessee.
D. If Lessee shall fail to perform or comply with any of the conditions of this
Lease Agreement and if the nonperformance shall continue for a period
of __________________ (number) days after notice of nonperformance given by
Lessor to Lessee or if the performance cannot be reasonably had within
the __________________ (number) -day period, Lessee shall not in good faith
have commenced performance within the __________________ (number) -day
period and shall not diligently proceed to completion of performance.
E. If Lessee shall vacate or abandon the Premises.
F. If this Lease Agreement or the estate of Lessee under this Lease
Agreement shall be transferred to or shall pass to or devolve on any other person
or party, except in the manner permitted in this Lease Agreement.
G. If Lessee fails to take possession of the Premises on the term
commencement date, or within __________________ (number) days after notice
that the Premises are available for occupancy, if the term commencement date is
not fixed in this Lease Agreement or shall be deferred as provided in this Lease
Agreement.
XIII. Effect of Default. In the event of any default under this Lease Agreement, as set
forth in Section XII, the rights of Lessor shall be as follows:
A. Lessor shall have the right to cancel and terminate this Lease Agreement,
as well as all of the right, title, and interest of Lessee under this Lease
Agreement, by giving to Lessee not less than __________________
(number) days' notice of the cancellation and termination. On expiration of the
time fixed in the notice, this Lease Agreement and the right, title, and interest of
Lessee under this Lease Agreement shall terminate in the same manner and with
the same force and effect, except as to Lessee's liability, as if the date fixed in
the notice of cancellation and termination were the end of the term originally set
forth in this Lease Agreement.
B. Lessor may elect, but shall not be obligated, to make any payment
required of Lessee in this Lease Agreement or comply with any Agreement, term,
or condition required by this Lease Agreement to be performed by Lessee.
Lessor shall have the right to enter the Premises for the purpose of correcting or
remedying any such default and to remain until the default has been corrected or
remedied, but any expenditure for the correction by Lessor shall not be deemed
to waive or release the default of Lessee or the right of Lessor to take any action
as may be otherwise permissible under this Lease Agreement in the case of any
default.
C. Lessor may reenter the Premises immediately and remove the property
and personnel of Lessee, and store the property in a public warehouse or at a
place selected by Lessor, at the expense of Lessee. After reentry, Lessor may
terminate the Lease on giving __________________ (number) days' written
notice of termination to Lessee. Without the notice, reentry will not terminate this
Lease Agreement. On termination, Lessor may recover from Lessee all damages
proximately resulting from the breach, including the cost of recovering the
Premises and the value of the balance of this Lease Agreement over the
reasonable rental value of the Premises for the remainder of the Lease term,
which sum shall be immediately due Lessor from Lessee.
D. After reentry, Lessor may relet the Premises or any part of the Premises
for any term without terminating this Lease Agreement, at the rent and on the
terms as Lessor may choose. Lessor may make alterations and repairs to the
Premises. The duties and liabilities of the parties if the Premises are relet as
provided in this Section shall be as follows:
1. In addition to Lessee's liability to Lessor for breach of the Lease,
Lessee shall be liable for all expenses of the reletting, for the alterations
and repairs made, and for the difference between the rent received by
Lessor under the new lease agreement and the rent installments that are
due for the same period under this Lease Agreement.
2. Lessor shall have the right, but shall not be required, to apply the
rent received from reletting the Premises to: (i) reduce the indebtedness of
Lessee to Lessor under this Lease Agreement, not including indebtedness
for rent; (ii) expenses of the reletting and alterations and repairs made;
(iii) rent due under this Lease Agreement; or (iv) payment of future rent
under this Lease Agreement as it becomes due.
3. If the new Lessee does not pay a rent installment promptly to
Lessor and the rent installment has been credited in advance of payment
to the indebtedness of Lessee other than rent, or if rentals from the new
Lessee have been otherwise applied by Lessor as provided for in this
section and during any rent installment period are less than the rent
payable for the corresponding installment period under this Lease
Agreement, Lessee shall pay Lessor the deficiency separately for each
rent installment deficiency period and before the end of that period. Lessor
may at any time after a reletting terminate this Lease Agreement for the
breach on which Lessor had based the reentry and subsequently relet the
Premises.
E. After reentry, Lessor may procure the appointment of a receiver to take
possession and collect rents and profits of the business of Lessee. The receiver
may carry on the business of Lessee and take possession of the personal
property used in the business of Lessee, including inventory, trade fixtures, and
furnishings, and use them in the business without compensating Lessee.
Proceedings for the appointment of a receiver by Lessor or the appointment of a
receiver and the conduct of the business of Lessee by the receiver shall not
terminate and forfeit this Lease Agreement unless Lessor has given written
notice of termination to Lessee as provided in this Lease Agreement.
XIV. Destruction of Premises
A. In the event of a partial destruction of the Premises during the term of this
Lease Agreement from any cause, Lessor shall promptly repair such damage,
provided the repairs can be made within __________________ (number) days
under the laws and regulations of applicable governmental authorities. Any
partial destruction shall neither annul nor void this Lease Agreement, except that
Lessee shall be entitled to a proportionate reduction of rent while the repairs are
being made, any proportionate reduction being based on the extent to which the
making of repairs shall interfere with the business carried on by Lessee on the
Premises. If the repairs cannot be made in the specified time, Lessor may, at
Lessor's option, make repairs within a reasonable time, this Lease Agreement
continuing in full force and effect and the rent to be proportionately rebated as
previously set forth in this section. If Lessor does not elect to make repairs that
cannot be made in the specified time or those repairs cannot be made under the
laws and regulations of the applicable governmental authorities, this Lease
Agreement may be terminated at the option of either party. In the event of any
partial destruction that Lessor is obligated to repair or may elect to repair under
the terms of this section, the provisions of __________________ (citation of
statute) , authorizing Lessee to make repairs at the expense of Lessor, are
waived by Lessee.
B. Should the building in which the Premises are situated be destroyed to the
extent of not less than _______ % of the replacement cost, this Lease Agreement
shall be terminated.
XV. Condemnation. Rights and duties in the event of condemnation are as follows:
A. If the whole of the Premises shall be taken or condemned by any
competent authority for any public or quasi-public use or purpose, this Lease
Agreement shall cease and terminate as of the date on which title shall vest in
that authority, and the rent reserved under this Lease Agreement shall be
apportioned and paid up to that date.
B. If only a portion of the Premises shall be taken or condemned, this Lease
Agreement shall not cease or terminate, but the rent payable after the date on
which Lessee shall be required to surrender possession of such portion shall be
reduced in proportion to the decreased use suffered by Lessee as the parties
may agree or as shall be determined by arbitration.
C. In the event of any taking or condemnation in whole or in part, the entire
resulting award of consequential damages shall belong to Lessor without any
deduction from such award for the value of the unexpired term of this Lease
Agreement or for any other estate or interest in the Premises now or later vested
in Lessee. Lessee assigns to Lessor all _______ (his/her) right, title, and interest
in any and all such awards.
D. In the event of a partial taking, Lessee shall promptly proceed to restore
the remainder of the building on the Premises to a self-contained architectural
unit. Lessor shall pay to Lessee the cost of restoration, but in no event shall such
cost exceed a sum equal to the amount of the separate award made to and
received by Lessor for consequential damages. If there is no separate award for
consequential damage, the value shall be fixed and settled by arbitration as
provided in this Lease Agreement. The balance of any separate award or
allocated amount not so used shall belong to and be retained by Lessor as its
sole property.
E. In case of any governmental action not resulting in the taking or
condemnation of any portion of the Premises but creating a right to
compensation for such action or if less than a fee title to all or any portion of the
Premises shall be taken or condemned by any governmental authority for
temporary use or occupancy, this Lease Agreement shall continue in full force
and effect without reduction or abatement of rent, and the rights of the parties
shall be unaffected by the other provisions of this Section but shall be governed
by applicable law.
XVI. Subordination. This Lease Agreement and all rights of Lessee under this Lease
Agreement shall be subject and subordinate to the lien of any and all mortgages that
may now or in the future affect the Premises, or any part of the Premises, and to any
and all renewals, modifications, or extensions of any such mortgages. Lessee shall on
demand execute, acknowledge, and deliver to Lessor, without expense to Lessor, any
and all instruments that may be necessary or proper to subordinate this Lease
Agreement and all rights in this Lease Agreement to the lien of any such mortgage or
mortgages. If Lessee shall fail at any time to execute, acknowledge, and deliver any
such subordination instrument, Lessor, in addition to any other remedies available in
consequence of such failure, may execute, acknowledge, and deliver the subordination
instrument as Lessee's attorney-in-fact and in Lessee's name. Lessee irrevocably
makes, constitutes, and appoints Lessor, its successors and assigns, its attorney-in-fact
for that purpose.
XVII. Access to Premises; Signs Posted by Lessor. Lessee shall permit Lessor or
its agents to enter the Premises at all reasonable hours to inspect the Premises or
make repairs that Lessee may neglect or refuse to make in accordance with the
provisions of this Lease Agreement and also to show the Premises to prospective
buyers. At any time within __________________ (number) months prior to the
expiration of the term of this Lease Agreement, Lessor may show the Premises to
persons wishing to rent them. Lessee shall, within __________________
(number) months prior to expiration of the term of this Lease Agreement, permit the
usual notices of “For Rent” and “For Sale” to be placed on the Premises and to remain
on the Premises without hindrance and molestation.
XVIII. Easements, Agreements or Encumbrances. The parties shall be bound by all
existing easements, Agreements, and encumbrances of record relating to the Premises,
and Lessor shall not be liable to Lessee for any damages resulting from any action
taken by a holder of an interest pursuant to the rights of that holder.
XIX. Quiet Enjoyment. Lessor warrants that Lessee shall be granted peaceable and
quiet enjoyment of the Premises free from any eviction or interference by Lessor if
Lessee pays the rent and other charges provided in this Lease Agreement and
otherwise fully and punctually performs the terms and conditions imposed on Lessee.
XX. Liability of Lessor. Lessee shall be in exclusive control and possession of the
Premises, and Lessor shall not be liable for any injury or damages to any property or to
any person on or about the Premises or for any injury or damage to any property of
Lessee. The provisions of this Lease Agreement permitting Lessor to enter and inspect
the Premises are made to insure that Lessee is in compliance with the terms and
conditions of this Lease Agreement and to insure that Lessee makes repairs which
Lessee has failed to make. Lessor shall not be liable to Lessee for any entry on the
Premises for inspection purposes.
XXI. Rent Abatement. No abatement, diminution, or reduction of rent shall be
claimed or allowed to Lessee or any person claiming under it under any circumstances,
whether for inconvenience, discomfort, interruption of business, or otherwise, arising
from the making of alterations, improvements, or repairs to the Premises, because of
any governmental laws, or arising from and during the restoration of the Premises after
their destruction or damage by fire or other cause, or the taking or condemnation of a
portion only of the Premises, except as provided in Section XV.
XXII. Representations by Lessor. At the commencement of the term, Lessee shall
accept the buildings and improvements and any equipment in their existing condition
and state of repair, and Lessee agrees that no representations, statements, or
warranties, express or implied, have been made by or on behalf of Lessor in respect to
the buildings, improvements, and equipment, except as contained in the provisions of
this Lease Agreement. Lessor shall in no event be liable for any latent defects.
XXIII. Assignment, Mortgage or Sublease. Neither Lessee nor its successors or
assigns shall assign, mortgage, pledge, or encumber this Lease Agreement or sublet
the Premises, in whole or in part, or permit the Premises to be used or occupied by
others, nor shall this Lease Agreement be assigned or transferred by operation of law
without the prior, express, and written consent in writing of Lessor in each instance. If
this Lease is assigned or transferred or if all or any part of the Premises is sublet or
occupied by anybody other than Lessee, Lessor may, after default by Lessee, collect
rent from the assignee, transferee, subtenant, or occupant and apply the net amount
collected to the rent reserved in this Lease Agreement. However, any such assignment,
subletting, occupancy, or collection shall not be deemed a waiver of any Agreement or
condition of this Lease Agreement or the acceptance of the assignee, transferee,
subtenant, or occupant as Lessee. Lessee shall continue to be liable under this Lease
Agreement in accordance with its terms and conditions and shall not be released from
the performance of the terms and conditions of this Lease Agreement. The consent by
Lessor to an assignment, mortgage, pledge, or transfer shall not be construed to relieve
Lessee from obtaining the express written consent of Lessor to any future transfer of
interest.
XXIV. Option to Renew. Lessor grants to Lessee an option to renew this Lease
Agreement for _______________ (number) years at a rental of $ __________________
per month, with all other terms and conditions of the renewal Lease to be the same as
those in this Lease Agreement. To exercise this option, Lessee must give Lessor written
notice of the intention to do so at least __________________ (number) days before this
Lease Agreement expires.
XXV. Surrender of Possession.
A. Lessee shall, on the last day of the term or on earlier termination and
forfeiture of this Lease Agreement, peaceably and quietly surrender and deliver
the Premises to Lessor free of subtenancies, including all buildings, additions,
and improvements constructed or placed on the Premises by Lessee, except
moveable trade fixtures, all in good condition and repair.
B. If Lessor so elects, any trade fixtures or personal property not used in
connection with the operation of the Premises and belonging to Lessee, if not
removed at the termination or forfeiture of this Lease Agreement, shall be
deemed abandoned and become the property of Lessor without any payment or
offset for such fixtures or property. At Lessor's election, Lessor may remove such
fixtures or property from the Premises and store them at the risk and expense of
Lessee.
C. Lessee shall repair and restore all damage to the Premises caused by the
removal of equipment, trade fixtures, and personal property.
XXIX. Remedies of Lessor.
A. In the event of a breach or a threatened breach by Lessee of any of the
terms or conditions of this Lease Agreement, Lessor shall have the right of
injunction to restrain Lessee and the right to invoke any remedy allowed by law
or in equity, as if the specific remedies of indemnity or reimbursement were not
provided in this Lease Agreement.
B. The rights and remedies given to Lessor in this Lease Agreement are
distinct, separate, and cumulative, and no one of them, whether or not exercised
by Lessor, shall be deemed to be in exclusion of any of the others in this Lease
Agreement, by law, or by equity provided.
C. In all instances under this Lease Agreement and in any suit, action, or
proceeding of any kind between the parties, it shall be presumptive evidence of
the fact of the existence of a charge being due if Lessor shall produce a bill,
notice, or certificate of any public official entitled to give notice to the effect that
such charge appears of record on the books in his or her office and has not been
paid.
D. No receipt of money by Lessor from Lessee after default or cancellation of
this Lease Agreement in any lawful manner shall: (i) reinstate, continue, or
extend the term or affect any notice given to Lessee; (ii) operate as a waiver of
the right of Lessor to enforce the payment of rent and additional rent then due or
falling due; or (iii) operate as a waiver of the right of Lessor to recover
possession of the Premises by proper suit, action, proceeding, or other remedy.
After: (1) service of notice of termination and forfeiture as provided in this Lease
Agreement and the expiration of the time specified in such notice; (2) the
commencement of any suit, action, proceeding, or other remedy; or (3) final order
or judgment for possession of the Premises, Lessor may demand, receive, and
collect any monies due, without in any manner affecting such notice, order, or
judgment. Any and all such monies so collected shall be deemed to be payment
on account of the use and occupation of the Premises or at the election of
Lessor, on account of the liability of Lessee under this Lease Agreement.
XXX. Severability. The invalidity of any portion of this Agreement will not and shall not
be deemed to affect the validity of any other provision. If any provision of this
Agreement is held to be invalid, the parties agree that the remaining provisions shall be
deemed to be in full force and effect as if they had been executed by both parties
subsequent to the expungement of the invalid provision.
XXXI. No Waiver. The failure of either party to this Agreement to insist upon the
performance of any of the terms and conditions of this Agreement, or the waiver of any
breach of any of the terms and conditions of this Agreement, shall not be construed as
subsequently waiving any such terms and conditions, but the same shall continue and
remain in full force and effect as if no such forbearance or waiver had occurred.
XXXII. Governing Law. This Agreement shall be governed by, construed, and enforced
in accordance with the laws of the State of __________________ (name of state).
XXXIII. Notices. Unless provided herein to the contrary, any notice provided for or
concerning this Agreement shall be in writing and shall be deemed sufficiently given
when sent by certified or registered mail if sent to the respective address of each party
as set forth at the beginning of this Agreement.
XXXIV. Mandatory Arbitration . Any dispute under this Agreement shall be required to
be resolved by binding arbitration of the parties hereto. If the parties cannot agree on
an arbitrator, each party shall select one arbitrator and both arbitrators shall then select
a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall
be governed by the rules of the American Arbitration Association then in force and
effect.
XXXV. Entire Agreement . This Agreement shall constitute the entire agreement
between the parties and any prior understanding or representation of any kind
preceding the date of this Agreement shall not be binding upon either party except to
the extent incorporated in this Agreement.
XXXVI. Modification of Agreement. Any modification of this Agreement or additional
obligation assumed by either party in connection with this Agreement shall be binding
only if placed in writing and signed by each party or an authorized representative of
each party.
XXXVII. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute but one and the same instrument.
XXXVIII. Compliance with Laws. In performing under this Agreement, all applicable
governmental laws, regulations, orders, and other rules of duly-constituted authority will
be followed and complied with in all respects by both parties.
XXXIX. Gender. Words used herein regardless of the gender specifically used, shall be
deemed and construed to any other gender, masculine, feminine or neuter, as the
context requires.
WITNESS our signatures as of the day and date first above stated.
________________________ ________________________
(Name of Lessor) (Name of Lessee)
By:________________________ By:_________________________
(Signature of Officer) (Signature of Officer)
________________________ ________________________
(P rinted Name & Office in Corporation) (P rinted Name & Office in Corporation)
