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Title: |
Commercial Lease |
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Entities: |
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Date: |
2004 |
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$35 |
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ID: |
#924798 |
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Exhibit 10(u)
COMMERCIAL LEASE
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THIS AGREEMENT, made and entered into this First day of September 2003,
between MERVIN D. LUNG BUILDING COMPANY, INC., an Indiana Corporation, of
St. Joseph County, State of Indiana, hereafter known as "LESSOR", and PATRICK
INDUSTRIES, INC., an Indiana corporation with principal offices in Elkhart
County, Indiana, hereinafter referred to as "LESSEE", for and in consideration
of the covenants and agreements hereinafter mentioned, that real estate located
in Elkhart County, State of Indiana, and more particularly described in ITEM 1.
LEASED PREMISES.
WHEREAS, LESSOR is owner of certain property situated in Elkhart,
Indiana; and
WHEREAS. LESSEE is desirous of leasing said property.
NOW, THEREFORE, in consideration of the mutual promises hereinafter
contained with applicable ordinances, laws and regulations, the parties agree as
follows:
1. LEASED PREMISES: the LESSOR hereby leases to LESSEE those premises
bearing the street address of 3905 Lexington Park Drive, Elkhart, Indiana,
46514, more particularly described as follows:
Part of the Northeast Fractional Quarter of Section Two (2),
Township Thirty-seven (37) North, Range Four (4) East,
Cleveland Township, Elkhart County, Indiana, and more
particularly described as follows:
Commencing at the Southeast corner of said quarter section;
thence due North along the east line of said quarter section
one thousand two hundred ninety-three and forty-five
hundredths (1293.45) feet to the south right-of-way of the
Penn Central Railroad; thence south eighty-nine (89) degrees
fifty-nine (59) minutes west along the south right-of-way line
of said railroad three hundred sixty-five (365) feet to the
point of beginning of this description; thence continuing
south, eighty-nine (89) degrees forty-nine minutes along the
south line of said railroad three hundred twenty-five (325)
feet; thence due south four hundred thirty-eight (438) feet to
the north right-of-way line of a 60-foot road; thence north
eighty-nine (89) degrees fifty-nine (59) minutes east along
the north line of said road three hundred twenty-five (325)
<PAGE>
feet; thence due north four hundred thirty-eight (438) feet to
the point of beginning.
2. TERM: The term of this Lease shall be for two years, from the 1st of
September 2003, through the 31st day of August, 2005.
3. RENTAL: Lessee agrees to pay to Lessor in advance of the first day
of each month throughout the term of this lease, a rental of Nine Thousand One
Hundred Forty Six Dollars and Forty Gents ($9,146.40) Dollars per month (40,381
sq ft including 1,056 sq ft of office). Lessee further agrees to pay all
insurance premiums for fire, extended coverage and hazard insurance on the
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