EXHIBIT 10.12
LEASE AGREEMENT BETWEEN THE COMPANY AND XXXX X. XXXXXXX
REAL ESTATE LEASE
STATE OF GEORGIA )
) LEASE
COUNTY OF RICHMOND )
1. PARTIES
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This lease is made this 21st day of December, 1998, by and between Xxxx X.
Xxxxxxx, his successors and assigns, hereinafter called LESSOR, and Xxxxxxx &
Co., Inc., a Georgia Corporation, hereinafter called LESSEE.
2. TERM OF LEASE
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The term of the lease shall be for fifteen years.
3. COMMENCEMENT
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The lease shall commence on the day that Augusta-Richmond County issues a
certificate of occupancy and the LESSEE and the LESSOR agree that the building
is complete and ready for occupancy or the date the LESSEE takes possession of
the demised premises, whichever comes first.
Regardless, commencement will not begin until the premises are in
compliance with all laws, regulations, or ordinances which may be required for
use of the premises by the occupant.
When the commencement day is determined, the LESSOR and LESSEE agree to
execute an amendment to this lease setting forth the commencement date.
4. PREMISES
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This lease covers a building to be erected on Stevens Creek Road in
Richmond County, Georgia, the layout has been agreed to and attached marked
Exhibit 'A'. The building shall be known as Suite A of Riverwatch Commons and
contains 2964 square feet.
5. RENT
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The first month's rent and each month's rent throughout the term of the
lease shall be $2,717.00. Should the lease term begin on any day other than the
first of the month, the rent shall be prorated where each subsequent payment of
rent shall be due on the first of the month throughout the term of this lease.
The rental payment shall be payable to Xxxx X. Xxxxxxx, located at 000
Xxxxxxxxxx Xxxx Xxxxxxxxx, Xxxxx, XX 00000.
Should the LESSEE fail to pay any installment upon the day the same is due,
the LESSOR has the option of declaring the entire balance of the full lease term
due and payable, without notice to the LESSEE, and time is of the essence of
this agreement.
6. TAXES, INSURANCE, AND MAINTENANCE
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This is to be a triple net lease. All taxes, insurance, maintenance and
improvements to the property are to be paid by the LESSEE at its sole expense.
The LESSEE is to maintain the proper insurance on the improvements to cover the
replacement value. The LESSEE is also to maintain the proper liability insurance
at a level that is mutually agreeable to the LESSOR. This liability policy is to
protect the LESSOR as well as the LESSEE.
7. LIABILITY FOR DAMAGES
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The LESSEE is to hold the LESSOR harmless from any and all claims that may
arise as a result of the execution of this lease with the LESSOR, or occupancy
of space by the LESSEE, or the LESSEE's assigns.
IN WITNESS WHEREOF, the parties hereto have cause these presents to be executed
this lease the day and year first above written.
WITNESSES:
By:
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(LESSEE) Xxxxxxx & Co., Inc.
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(LESSOR) Xxxx X. Xxxxxxx
