EXHIBIT 10.(a)(3)
THIS LEASE, made the 1st day of February, 1995, between 000 Xxxxxxx
Xxxxxx Corporation, hereinafter called the Landlord, and Patriot National Bank,
having its principal office located at 000 Xxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx
00000, hereinafter called the Tenant.
WITNESSETH: That the Landlord has leased, and does hereby lease to the
said Tenant, the certain parking area located at 00-00 Xxxx Xxxxxx, Xxxxxxxx,
Xxxxxxxxxxx together which property is to be used in common with other tenants
of the Landlord of the rear parking facilities owned by the Landlord, for the
term of Ten (10) Years to commence from the 1st day of February, 1995, and to
end on the 31st day of January, 2005, for the annual rent of $18,000.00 payable
in equal monthly payments in advance of $1,500.00 each for the term of this
lease due and payable on the first (1st) day of each month. It is further agreed
that any such rental payment not received by the Landlord on or before the tenth
(10th) day of any month shall bear a late charge of 5% of the amount then due.
Rental payments shall be mailed to the Landlord at 000 Xxxxxxx Xxxxxx, Xxxxxxxx,
XX 00000, or as subsequently directed in writing by the Landlord.
Said premises are to be used and occupied for a parking lot for the
tenant, upon the conditions and covenants following:
1. The LANDLORD covenants with the said Tenant that Landlord has good
right to lease the premises in manner aforesaid, and that the Landlord will
suffer and permit said Tenant (Tenant keeping all the covenants on Tenant's
part, as hereinafter contained) to occupy, possess and enjoy said premises
during the term aforesaid, without
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hindrance or molestation from Landlord or any person claiming by, from or under
Landlord.
2. The TENANT covenants with the said Landlord to hire said premises
and to pay the rent therefore as aforesaid, that Tenant will commit no waste,
nor suffer the same to be committed thereon, nor injure nor misuse the same; and
also that Tenant will not assign this lease nor underlet a part or the whole of
said leased premises, nor use the same for any purpose but that hereinbefore
authorized, without written permission from said Landlord but will deliver up
the same at the expiration or sooner determination of the tenancy in as good
condition as they are now in, ordinary wear, damages by the elements or other
unavoidable casualties excepted.
3. Tenant agrees that the said Landlord and the Landlord's agents and
other representatives shall have the right to enter into and upon said premises,
or any part thereof, at all reasonable hours for the purpose of examining the
same, or making such repairs or alterations therein as may be necessary for the
safety and preservation thereof. The Tenant agrees to permit the Landlord or the
Landlord's agents to show the premises to persons wishing to lease or purchase
the same; and the Tenant further agrees that on and after the fourth month, next
preceding the expiration of the term hereby granted, the Landlord or the
Landlord's agents shall have the right to place notices on the front of said
premises, or any part thereof, offering the premises "To Let" or "For Sale," and
the Tenant hereby agrees to permit the same to remain thereon without hindrance
or molestation.
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4. TENANT shall have the obligation, as a term of this agreement, to
construct and maintain the parking lot to service the demised premises, at its
sole cost and expense.
5. PROVIDED, HOWEVER, and it is further agreed that if the said rent
shall remain unpaid for 10 days after the same shall become due and payable as
aforesaid, or if the said Tenant shall assign this Lease, or underlet or
otherwise dispose of the whole or any part of said demised premises, or use the
same for any purpose but that hereinbefore authorized or make any alteration
therein, without the consent of the Landlord in writing, or shall commit waste
or suffer the same to be committed on said premises, or injure or misuse the
same, or if the Tenant shall file a petition in bankruptcy or be adjudicated a
bankruptcy or make an assignment for the benefit of creditors, or take advantage
of any insolvency act, then this Lease shall thereupon, by virtue of this
express stipulation therein, expire and terminate, and the Landlord may at any
time thereafter, re-enter said premises, and the same have and possess as of
Landlord's former estate, and without such re-entry, may recover possession
thereof in the manner prescribed by the statute relating to summary process; it
being understood that no demand for rent, and no re-entry for condition broken,
as at common law, shall be necessary to enable the Landlord to recover such
possession pursuant to said statute relating to summary process, but that all
right to any such demand, or any such re-entry is hereby expressly waived by the
said Tenant.
6. AND IT IS FURTHER AGREED that after default made in any of the
covenants herein contained, the acceptance of rent or failure to re-enter by the
Landlord shall not be held to be a waiver of the Landlord's right to terminate
the lease, and the
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Landlord may re-enter and take possession of said premises the same as if no
rent had been accepted after such default.
7. AND IT IS FURTHER AGREED between the parties hereto, that whenever
this Lease shall terminate either by lapse of time or by virtue of any of the
express stipulations therein, the said Tenant hereby waives all right to any
notice to quit possession, as prescribed by the statute relating to summary
process.
8. AND IT IS FURTHER AGREED that in case said Tenant shall, with the
written consent of the said landlord endorsed hereon, or on the duplicate
hereof, at any time hold over the said premises, beyond the period above
specified as the termination of this Lease, then the said Tenant shall hold said
premises upon the same terms, and under the same stipulations and agreements as
are in this Lease contained, and no holding over by said Tenant shall operate to
renew this Lease without such written consent of said Landlord.
9. PROVIDED that the Tenant is not in default of the terms and
conditions of this Lease, the Tenant shall have the right to renew this Lease
for a period of five (5) years at the same terms and conditions, except that the
rental amount shall be increased each year by an amount equal to 10% of the
previous year's rental for each of said five (5) years; and further provided
that the Tenant gives notice in writing to the Landlord of the exercise of his
intention to negotiate a renewal no later than One Hundred Eighty (180) days
prior to the termination of this Lease. In the event the property, of which the
demised premises are a part, is sold or conveyed, this paragraph providing the
Tenant an opportunity to renew, shall be of no force and effect.
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10. AND IT IS FURTHER AGREED between the parties hereto, that the
Tenant shall comply with, and conform to all the Laws of the State of
Connecticut, and the by-laws, rules and regulations of the Town within which the
premises hereby leased are situated, relating to Health, Nuisance, Fire,
Highways and Sidewalks, so far as the premises hereby leased are, or may be
concerned; and to save the Landlord harmless from all fines, penalties and costs
for violation of or non-compliance with the same, and that said premises shall
be at all times open to the inspection of said Landlord and Landlord's agents,
to applicants for purchase or lease, and for necessary repairs. The Tenant
further agrees to keep the sidewalks fronting the leased premises and the said
parking area in neat order and condition, and free from obstructions and from
snow and ice, as required by local ordinances, rules and regulations.
11. AND IT IS FURTHER AGREED that the said Tenant shall pay all costs
and expenses, including Landlord's reasonable attorney's fees, incurred by
Landlord to collect unpaid rent, and/or upon any claim for damages suffered by
Landlord by the breach of any covenant or term hereof and/or upon the
enforcement of any of the terms or covenants hereof.
12. AND IT IS FURTHER AGREED and covenanted by the Landlord that the
Tenant will be responsible for normal maintenance and cleaning of the leased
area, and that no unreasonable accumulation of boxes, barrels, packages, waste
paper, or other articles shall be permitted in or upon the premises.
13. AND IT IS FURTHER AGREED Tenant shall have the right to place a
sign identifying the Tenant's occupancy. The Tenant shall obtain proper
municipal approval, if required, at its own cost.
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14. AND IT IS FURTHER AGREED that no broker was involved in this
transaction. Tenant states that no broker, real estate salesman or agent, or any
other party has discussed, shown or in any other way suggested, recommended or
shown the subject Premises to this Tenant. Tenant further states that no broker,
real estate agent or salesman has or has had an exclusive position either
spoken, written or implied, with this Tenant in his search for new office space,
and in the event any broker or agent makes a claim, the Tenant will save the
Landlord harmless from liability thereof, including all costs to defend an
action including reasonable attorney's fees.
15. AND IT IS FURTHER AGREED that the Tenant shall at all times keep in
force and pay premiums on policies of insurance protecting the Landlord and the
tenant against liability on account of death or personal injuries in connection
with the demised Premises. Said policy or policies or certificate of insurance
shall be delivered to and kept by the Landlord and may also cover the liability
of the Tenant. Said insurance shall be in amounts of not less than One Million
($1,000,000.00) Dollars for injury to one person and One Million ($1,000,000.00)
Dollars for injury to more than one person. Also Fifty Thousand ($50,000.00)
Dollars property damage liability insurance shall be kept in effect. If the
Tenant fails to furnish such insurance, the Landlord may effect the same and the
amount of insurance paid for such insurance shall be due and payable from the
Tenant as additional rent and may be added to any rent becoming due thereafter
and collectible with the same rights and remedies attaching in favor of the
Landlord as nonpayment of rent.
16. AND IT IS FURTHER AGREED that this Lease and the Tenant's interest
hereunder shall be subordinate to any mortgage or collateral assignment of
leases and
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rentals affecting the premises described in the Lease, granted to any mortgage
holder now or anytime in the future to secure any obligations of the Landlord to
any such mortgage holder. Upon request of any such mortgage holder, the Tenant
agrees to promptly execute and deliver any and all documents subordinating the
Tenant's rights under the Lease as aforesaid.
17. AND IT IS FURTHER AGREED that any improvements made by the Tenant
shall remain with the premises upon the termination of the tenancy and shall
become the property of the Landlord.
18. AND IT IS FURTHER AGREED TENANT shall have the option to construct
a drive through Teller facility at the demised premises and a new rental
agreement will be agreed upon by the parties, for a term consistent with the
Landlords lease at 000 Xxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx.
19. AND IT IS FURTHER UNDERSTOOD AND AGREED between the parties hereto
that the Tenant has inspected the leased premises, and that the Landlord has
made no representations upon which Tenant relies which are not embodied in this
Lease, and that the premises described in this Lease are leased in their present
condition.
THE COVENANTS AND AGREEMENTS herein contained shall be binding upon and
enure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and assigns. Wheresoever used herein, the
singular shall include the plural, the plural the singular, and the use of any
gender shall be applicable to all genders.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
and seals, and to a duplicate of the same tenor, the day and year first above
written.
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Signed, Sealed and Delivered
in the presence of
THE LANDLORD
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THE TENANT
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STATE OF )
) ss:
COUNTY OF )
On this day of February, 1995, before me, the undersigned
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officer, personally appeared, Xxxx XxXxxx, President of 000 Xxxxxxx Xxxxxx
Corp., known to me to be the person whose name is subscribed to the within
instrument and acknowledged that he, being duly authorized, executed the same
for the purposes therein contained.
IN WITNESS WHEREOF I hereunto set my hand.
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Notary Public
STATE OF CONNECTICUT )
) ss:
COUNTY OF FAIRFIELD )
On this day of February, 1995, before me, the undersigned
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officer, personally appeared, Xxxxxx Xxxxxxx, President of Patriot National
Bank, known to me to be the person whose name is subscribed to the within
instrument and acknowledged that he, being duly authorized, executed the same
for the purposes therein contained.
IN WITNESS WHEREOF I hereunto set my hand.
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Notary Public
