Fill and Sign the Vacant Car Lots for Lease Form

Lease or Rental of Vacant Lot Lease Agreement made on the ____ day of _____________, 20____, between __________________ (Name of Lessor), a corporation organized and existing under the laws of the state of _________________, with its principal office located at ______________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Lessor, and ______________________ (Name of Lessee), a corporation organized and existing under the laws of the state of ________________, 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 certain vacant land located at __________ ______________________________________________________________________ (street address, city, county, state, zip code) and more fully described below, which it desires to lease to Lessee; and Whereas, Lessee is a corporation that desires and is empowered to lease said property; and Whereas, the parties desire to enter into a lease agreement to define their respective rights, duties, and liabilities concerning such a lease; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Description of Premises and Purpose Lessor hereby leases to Lessee, for the purpose of conducting in and on such Premises a lawful business and for no other purpose, property located at ___________ _____________________________________________________________________ (street address, city, county, state, zip code) , and more particularly described in Exhibit A which is attached to and made a part of this Lease Agreement. Said property described in Exhibit A is hereafter referred to as Premises. 2. Term The initial term of this Lease Agreement shall be for ______ (number) years, commencing on ________________ (date), and ending on ________________ (date) . As used in this Lease Agreement, the expression term of this Lease Agreement refers to the initial term and to any renewal of this Lease Agreement as provided below. 3. Rent A. Lessee agrees to pay and Lessor agrees to accept $____________ for and as the monthly rent for the Premises commencing upon execution of this Lease Agreement. Such rent shall be paid in equal monthly installments in advance on the first day of every month during the term of this Lease Agreement. B. All rent payments shall be made in lawful money of the United States and shall be paid to Lessor at ____________________________________________ _________________________ (street address, city, county, state, zip code) , or to such other address as Lessor shall notify Lessee of in writing at _________ ________________________________________________________________ (street address, city, county, state, zip code) . 4. Utilities and Services Lessee shall at its own expense provide any and all utilities or services. Lessor does not warrant the quality or adequacy of the utilities or services, nor does Lessor warrant that any utilities or services will be free from interruption. 5. Lessee further agrees that: A. Condition of Premises: Upon the expiration of the Lease it shall return possession of the Premises in its present condition, reasonable wear and tear excepted. Lessee shall commit no waste to the Premises. B. Alterations: Lessee shall not make any material alterations to the Premises without Lessor’s prior written consent. However, Lessee is permitted to make landscaping additions and deletions to the property and location such as insertion of flower beds, or removal of trees for the creation of a recreation area. C. Compliance with Law: Lessee shall comply with all building, zoning and health codes and other applicable laws for the use of said Premises. D. Lessee’s Conduct: Lessee shall not conduct on Premises any activity deemed extra hazardous, or a nuisance. E. Right of Termination and Re-Entry: In the event of any breach of the payment of rent or any other allowed charge, or other breach of this Lease except as set forth in this paragraph, Lessor shall have full rights to terminate this Lease in accordance with state law and re-enter and reclaim possession of the Premises, in addition to such other remedies available to Lessor arising from said breach. In the event that the property is found by competent authority to be in violation of any ordinance or state law regarding waste on the property, the Lessor is granted the rights of re-entry and all other rights of exclusive possession and ownership five (5) days after mailing notice to the Lessee of such violation and the Lessor’s demand for repossession. The Lessee may maintain its rights of use and possession by curing the violation prior to repossession. 6. Subordination This Lease shall be subordinate to all present or future mortgages against the Premises. 7. Indemnity Lessee will indemnify and hold Lessor harmless from any liability for injury to or death of any person, including Lessee, or for damage to property arising from Lessee’s using and occupying the Premises or from the act or omission of any person or persons, including Lessee, in or about the Premises with Lessee’s express or implied consent. As of the execution of this Lease, Lessee will own a $___________ liability insurance policy for the Premises and will maintain such a policy during the term of this Lease. The company from whom the insurance is purchased must have a policyholder rating of at least A- rating by A.M. Best company and have a financial rating of seven (7) or greater. The Lessor must be listed as “Additionally Insured” on all policies. Certificates of Insurance indicating such policies are in force shall be provided to Lessor, without demand, on an annual basis (January 1). 8. Rights and Remedies Cumulative The rights and remedies under this Lease are cumulative, and either party’s using any one right or remedy will not preclude or waive that parties right to use any other. These rights and remedies are in addition to any other rights the parties may have by law, statute, ordinance, or otherwise. 9. Lessor’s Right to Perform If Lessee, by failing or neglecting to do or perform any act or thing provided in this Lease Agreement by it to be done or performed, shall be in default under this Lease Agreement and such failure shall continue for a period of ______ (number) days after written notice from Lessor specifying the nature of the act or thing to be done or performed, then Lessor may, but shall not be required to, do or perform or cause to be done or performed such act or thing (entering on the Premises for such purposes, if Lessor shall so elect), and Lessor shall not be held liable or in any way responsible for any loss, inconvenience, annoyance, or damage resulting to Lessee on account of that election. Lessee shall repay to Lessor on demand the entire expense incurred on account of the election, including compensation to the agents and employees of Lessor. Any act or thing done by Lessor pursuant to the provisions of this Section shall not be construed as a waiver of any such default by Lessee, or as a waiver of any covenant, term, or condition contained in this Lease Agreement, or of any other right or remedy of Lessor, under this Lease Agreement or otherwise. All amounts payable by Lessee to Lessor under any of the provisions of this Lease Agreement, if not paid when they become due as in this Lease Agreement provided, shall bear interest from the date they become due until paid at the rate of _____% per annum, compounded annually. 10. Effect of Lessee’s Holding Over Any holding over after the expiration of the term of this Lease Agreement, with the consent of Lessor, shall be construed to be a tenancy from month-to-month, at the same monthly rental as required to be paid by Lessee for the period immediately prior to the expiration of the term of this Lease Agreement, and shall otherwise be on the terms and conditions specified in this Lease Agreement, so far as applicable. 11. Governing Law This Lease Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _____________. 12. Entire Agreement This Lease Agreement shall constitute the entire agreement between the parties. Any prior understanding or representation of any kind preceding the date of this Lease Agreement shall not be binding on either party except to the extent incorporated in this agreement. 13. Modification of Agreement Any modification of this Lease Agreement or additional obligation assumed by either party in connection with this Lease Agreement shall be binding only if evidenced in a writing signed by each party or an authorized representative of each party. 14. Mandatory Arbitration Notwithstanding the foregoing, and anything herein to the contrary notwithstanding, 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. 15. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 16. 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. 17. 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. 18. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. _____________________ ____________________ (Name of Lessor) (Name of Lessee) By___________________________ By___________________________ _____________________ _____________________ (Name and Office in Corporation) (Name and Office in Corporation) Attach Exhibits Acknowledgment (form may vary state by state)