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Title: |
Lease Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 9KB of 85KB total |
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Price: |
$43 |
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ID: |
#1234857 |
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LEASE AGREEMENT
By and between
REC LC, LLC
and
HOLIDAY RV SUPERSTORES, INC.
September ___, 2002
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
ARTICLE 1 - DEMISE OF PREMISES...................................................1
ARTICLE 2 - TERM.................................................................2
ARTICLE 3 - RENT.................................................................2
ARTICLE 4 - TITLE AND CONDITION..................................................2
ARTICLE 5 - USE..................................................................3
ARTICLE 6 - NONTERMINABILITY.....................................................3
ARTICLE 7 - ALTERATIONS..........................................................4
ARTICLE 8 - TRADE FIXTURES, TRADE................................................4
ARTICLE 9 - CASUALTY AND CONDEMNATION............................................4
ARTICLE 10 - MAINTENANCE AND REPAIRS.............................................6
ARTICLE 11 - TAXES AND COMPLIANCE WITH LAWS......................................6
ARTICLE 12 - UTILITY CHARGES.....................................................7
ARTICLE 13 - INSURANCE...........................................................7
ARTICLE 14 - SUBORDINATION AND NON-DISTURBANCE...................................8
ARTICLE 15 - HOLDING OVER........................................................8
ARTICLE 16 - DEFAULT BY LESSEE AND REMEDIES......................................9
ARTICLE 17 - LIMITATION OF LANDLORD'S PERSONAL LIABILITY........................10
</TABLE>
2
<PAGE>
<TABLE>
<S> <C>
ARTICLE 18 - RIGHT OF ENTRY.....................................................11
ARTICLE 19 - LESSOR RELEASED FROM LIABILITY FOR DAMAGES.........................11
ARTICLE 20 - HOLD HARMLESS......................................................11
ARTICLE 21 - SURRENDER..........................................................12
ARTICLE 22 - FULL NET RENT......................................................12
ARTICLE 23 - SERVICE OF NOTICE..................................................13
ARTICLE 24 - SUCCESSORS AND ASSIGNS.............................................13
ARTICLE 25 - RECORDING..........................................................13
ARTICLE 26 - AMENDMENTS.........................................................13
ARTICLE 27 - ESTOPPEL CERTIFICATE...............................................14
ARTICLE 28 - INVALIDITY OF PROVISIONS...........................................14
ARTICLE 29 - CAPTIONS...........................................................14
ARTICLE 30 - ENTIRE AGREEMENT...................................................14
ARTICLE 31 - MECHANIC'S LIENS...................................................14
ARTICLE 32 - WAIVER OF TRIAL BY JURY............................................15
ARTICLE 33 - ENVIRONMENTAL MATTERS..............................................15
ARTICLE 34 - FINANCIAL STATEMENTS...............................................17
ARTICLE 35 - QUIET ENJOYMENT....................................................17
</TABLE>
3
<PAGE>
<TABLE>
<S> <C>
ARTICLE 36 - ASSIGNMENT AND SUBLETTING..........................................17
ARTICLE 37 - ADVANCES BY LESSOR.................................................18
ARTICLE 38 - NO MERGER..........................................................18
ARTICLE 39 - MISCELLANEOUS......................................................18
ARTICLE 40 - SECURITY DEPOSIT...................................................19
</TABLE>
4
<PAGE>
EXHIBIT A
LEASE AGREEMENT
THIS LEASE AGREEMENT, made and entered into as of the ____ day of
September, 2002, by and between REC LC, LLC, a Minnesota limited liability
company (hereinafter referred to as "Lessor"), and HOLIDAY RV SUPERSTORES, INC.,
a Delaware corporation (hereinafter referred to as "Lessee").
Capitalized terms not otherwise defined when they first appear are
defined in Appendix 1.
WITNESSETH:
ARTICLE 1 - DEMISE OF PREMISES
The Lessor, having full authority to make this lease and the agreements
hereinafter set forth ("this Lease"), and in consideration of the rents herein
agreed to be paid and of the covenants and agreements agreed to herein by Lessee
hereby, demises and leases to Lessee and Lessee hereby leases from Lessor all of
Lessor's right, title and interest in the premises and property located in the
City of Las Cruces, County of Dona Ana, and State of California, described as
follows:
LOT 1, USRS TRACT 9D-75A, Plat No. 1, in the City of Las
Cruces, Dona Ana County, New Mexico, as the same is shown and
designated on Plat No. 2486, thereof filed for record in the
Office of the County Clerk of said county on February 1, 1994, and
recorded in Book 18, pages 7-8, Plat records, Dona Ana County, New
Mexico,
together with the building, improvements and fixtures located on said property
(collectively, the "Improvements") and all rights, easements and appurtenances
relating thereto. Said real property, Improvements, rights, easements and
appurtenances are hereinafter referred to as the "Demised Premises."
Lessee agrees that, during the term of this Lease, Lessee is obligated
to and shall perform all obligations of the owner of the Demised Premises and
pay all expenses which the owner of the Demised Premises may be required to pay
in order to be in compliance with Legal Requirements and with any reciprocal
easement agreement or any other agreement or document of record now, or of
record in the future if created or filed by or with the consent of Lessee,
affecting the Demised Premises (other than any security document filed by or
relating to Mortgage), herein referred to collectively as the "REA", and that
Lessee shall comply with all of the terms and conditions of Legal Requirements
and the REA during the term of this Lease, to the extent such obligations,
expenses, terms and conditions pertain to the Demised Premises.
<PAGE>
ARTICLE 2 - TERM
This Lease is for a term (the "Term") of fifteen (15) years commencing
September ___, 2002 and ending September ___, 2017, unless sooner terminated
according to the terms and conditions of this Lease. In addition to the rights
of the Lessor contained in Article 16 hereof, at the option of the Lessor, the
Lessor may elect to terminate the Term in the event of a Change of Control, in
the event Lessee ceases to use the Demised Premises for the purpose set forth in
Article 5, or if Lessee abandons the Demised Premises.
ARTICLE 3 - RENT
Lessee shall pay to Lessor annual base rent for the Demised Premises
(the "Basic Rent") in the amount of One Hundred Twenty-Six Thousand Dollars
($126,000) payable in equal monthly installments of Ten Thousand Five Hundred
Dollars ($10,500) through and including the month of April 2007, in the amount
of One Hundred Forty Thousand Four Hundred Dollars ($140,400) payable in equal
monthly installments of Eleven Thousand Seven Hundred Dollars ($11,700) for the
months of May, 2007 through April, 2012 and in the amount of One Hundred
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