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HomeMy WebLinkAboutJSA Development, LLC-2/6/2012BUSINESS PROPERTY LEASE This Business Property Lease (the "Lease") is made and entered into as of February 7, 2012, by and between JSA Development, LLC (the "Landlord"), whose address for the purpose of this Lease is 315 E. 5th Street, Waterloo, Iowa, 50703, and City of Waterloo, Iowa (the "Tenant"), whose address for the purpose of this Lease is 1101 Campbell St, Waterloo, Iowa 50701, (319) 291-4370. 1. PREMISES AND TERM. The Landlord, in consideration of the rents herein reserved and of the agreements and conditions herein contained, on the part of the Tenant to be kept and performed, leases unto the Tenant and Tenant hereby rents and leases from Landlord, according to the terms and provisions herein, a portion of the building located at 304 West Fifth Street, Waterloo, Iowa, commencing on the date of this Lease and ending at midnight on the last day of the Lease term, which shall be on the 31st day of July 31, 2012 , upon the condition that the Tenant pays rent therefor, and otherwise performs as in this Lease provided. Notwithstanding the foregoing, either party may terminate this Lease at any time upon thirty (30) days' advance written notice to the other party. The parties agree that Tenant is renting space front two bays of space (East corner) (approximately a 40 feet by 60 feet m/I area) located on the first floor closest to the Jefferson Street frontage, and is not renting any other or additional space in the premises. Tenant acknowledges that he has inspected the premises, takes them in AS -IS condition, and is satisfied with same. Tenant agrees to cooperate with any request by Landlord to relocate the rented space, either within the same building or to any other suitable property owned by Landlord. 2. PAYMENTS. (a) RENT. Tenant agrees to pay to Landlord as rental for said term, as follows: $ 1.000.00 per month, with rent due no later than the first of each month of this lease. (b) SECURITY DEPOSIT. In addition to the above monthly rentals, Tenant shall also pay a security deposit in the amount of $ 0 , due and payable upon execution of this Lease. 3. POSSESSION. Tenant shall be entitled to possession on the first day of the term of this Lease, and shall yield possession to the Landlord at the time and date of the close of this Lease term, except as herein otherwise expressly provided. Should Landlord be unable to give possession on said date, Tenant's only damages shall be a rebating of the pro rata rental. Tenant acknowledges and agrees that Landlord and other persons may make joint use of the premises for storage or other purposes. Tenant agrees to keep the premises secure by keeping all doors and windows locked. Tenant's liability in respect of such other business and uses is limited as set forth in paragraph 12 below. 4. USE OF PREMISES. Tenant covenants and agrees during the term of this Lease to use and to occupy the leased premises only for storage of a boat and trailer, or such other lawful use as Landlord may permit in advance. Landlord has not reviewed zoning or other applicable legal requirements or limitations imposed by any local, state, or federal governmental authority that may affect Tenant's use of the premises, and Landlord makes no representation or warranty that the premises is suitable for Tenant's intended use. Tenant shall conduct its own review of applicable law and shall be solely responsible for meeting all legal requirements, including but not limited to building permits, licensure, or governmental approval. 5. QUIET ENJOYMENT. Landlord covenants that its estate in said premises is fee simple and that the Tenant on paying the rent herein reserved and performing all the agreements by the Tenant to be performed as provided in this Lease, shall and may peaceably have, hold and enjoy the demised premises for the term of this Lease free from molestation, eviction or disturbance by the Landlord or any other persons or legal entity whatsoever, subject to shared use as described in paragraph 3 above. Landlord shall have the right to mortgage all of its right, title, interest in said premises at any time without notice, subject to this Lease. 6. CARE AND MAINTENANCE OF PREMISES. (a) Tenant takes said premises in their present condition except for such repairs and alterations as may be expressly herein provided. (b) Tenant will make no unlawful use of said premises and agrees to comply with all valid regulations of the Board of Health, municipal ordinances, the laws of the State of Iowa and the federal government, but this provision shall not be construed as creating any duty by Tenant to members of the general public. Tenant will not allow trash or debris of any kind to accumulate on said premises in, on, or about the premises, and it will remove same from the premises at its own expense. 7. END OF TERM. Tenant agrees that upon the termination of this Lease it will surrender, yield up and deliver the leased premises in good and clean condition, except the effects of ordinary wear and tear and depreciation arising from lapse of time, or damage not covered by insurance. 8. ASSIGNMENT AND SUBLETTING. Tenant may not assign this Lease or sublet the premises or any part thereof without the Landlord's written permission, which shall not be unreasonably withheld. Landlord's interest in this Lease shall be automatically assigned to any person or entity that may, in connection with a sale of the premises, succeed to Landlord's ownership interest in the premises. 9. INSURANCE. (a) Landlord is providing no insurance for the benefit of Tenant. Landlord and Tenant will each keep its respective property interests in the premises and its liability in regard thereto, and the personal property on the premises, reasonably insured against hazards and casualties: that is, fire and those items usually covered by extended coverage. To the extent permitted by their policies, Landlord and Tenant waive all rights of recovery against each other. (b) Tenant will not do or omit the doing of any act which would vitiate any insurance, or increase the insurance rates in force upon the real estate improvements on the premises or upon any personal property of the Tenant upon which the Landlord by law or by the terms of this Lease, has or shall have a lien. 10. INDEMNITY. Except as to any negligence of the Landlord or its agents in the performance of any obligation of Landlord under this Lease, and to the extent not covered by insurance maintained by Landlord or Tenant, Tenant will protect, indemnify, and save harmless the Landlord from and against any and all loss, costs, damage, and expenses of any kind whatsoever, including but not limited to attorneys' fees and expenses, occasioned by, or arising out of, any accident or other occurrence causing or inflicting injury and/or damage to any person or property, happening or done in, upon, or about the leased premises, or due directly or indirectly to the tenancy, use, or occupancy thereof, or any part thereof by the Tenant or any person claiming through or under the Tenant, including but not limited to service providers, agents, or invitees of Tenant or persons who suffer injury, loss, or damage directly or indirectly by the acts or omissions of such persons. The provisions of this paragraph shall not apply with respect to any loss or damage relating to the property on the premises of persons other than Landlord, unless such loss or damage arises out of the negligence or wrongful acts or omissions of Tenant, its service providers, agents or invitees. The provisions of this paragraph shall survive the expiration, abandonment, or termination of this Lease. 11. TERMINATION OF LEASE AND DEFAULTS OF TENANT. (a) TERMINATION UPON EXPIRATION OR UPON NOTICE OF DEFAULTS. This Lease shall terminate upon expiration of the demised term. Tenant shall be in default of this Lease if (i) Tenant fails to make any payment of rental herein when such payment becomes due, or (ii) Tenant breaches any other terms or provision of this Lease. Upon default in payment of rental herein or upon any other default by Tenant in accordance with the terms and provisions of this Lease, this Lease may at the option of the Landlord be canceled and forfeited, provided, however, before any such cancellation and forfeiture except as provided in 11(b) below, Landlord shall give Tenant a written notice specifying the default, or defaults, and stating that this Lease will be canceled and forfeited ten (10) days after the giving of such notice, unless such default, or defaults, are remedied within such grace period. In addition to or as an alternative to the foregoing rights and remedies, Landlord may exercise any other rights or remedies available under applicable law. (b) BANKRUPTCY OR INSOLVENCY OF TENANT. In the event Tenant is adjudicated a bankrupt or in the event of a judicial sale or other transfer of Tenant's leasehold interest by reason by any bankruptcy or insolvency proceedings or by other operation of law, but not by death, and such bankruptcy, judicial sale, or transfer has not been vacated or set aside within ten (10) days from the giving of notice thereof by Landlord to Tenant, then and in any such events Landlord may, at its option, immediately terminate this Lease and, upon giving of ten (10) days' written notice by Landlord to Tenant, re-enter said premises, all to the extent permitted by applicable law. (c) In (a) and (b) above, waiver as to any default shall not constitute a waiver of any other or subsequent default. 12. RIGHT OF EITHER PARTY TO MAKE GOOD ANY DEFAULT OF THE OTHER. If default shall be made by either party in the performance of, or compliance with, any of the terms, covenants, or conditions of this Lease, and such default shall have continued for thirty (30) days after written notice thereof from one party to the other, the person aggrieved, in addition to all other remedies now or hereafter provided by law, may, but need not, perform such term, covenant, or condition, or make good such default, and any amount advanced shall be repaid forthwith on demand, together with interest at the rate of 10% per annum from the date of advance. 2 13. MECHANIC'S LIENS. Neither the Tenant nor anyone claiming by, through, or under the Tenant, shall have the right to file or place any mechanic's lien or other lien of any kind or character whatsoever upon said premises or upon any building or improvement thereon, or upon the leasehold interest of the Tenant therein, and notice is hereby given that no contractor, subcontractor, or anyone else who may furnish any material, service, or labor for any building, improvements, alteration, repairs or any part thereof, shall at any time be or become entitled to any lien thereon, and for the further security of the Landlord, the Tenant covenants and agrees to give actual notice thereof in advance to any and all contractors and subcontractors who may furnish or agree to furnish any such material, service, or labor. 14. RIGHTS CUMULATIVE. The various rights, powers, options, elections, and remedies of either party as provided in this Lease shall be construed as cumulative and no one of them as exclusive of the others or exclusive of any rights, remedies, or priorities allowed either party by law, and shall in no way affect or impair the right of either party to pursue any other equitable or legal remedy to which either party may be entitled as long as any default remains in any way unremedied, unsatisfied, or undischarged. 15. NOTICES AND DEMANDS. Notices as provided for in this Lease shall be given to a party hereto either by personal delivery or at the respective addresses designated on page one of this Lease unless either party notifies the other, in writing, of a different address. Without prejudice to any other method of notifying a party in writing or making a demand or other communication, such message shall be considered given under the terms of this Lease when sent, addressed as above designated, postage prepaid, by registered or certified mail, return receipt requested, by United States mail. Delivery shall be deemed to occur when notice is personally delivered or when mailed as stated above. 16. BINDING EFFECT. Each and every covenant and agreement herein contained shall extend to and be binding upon the respective heirs, personal representatives, successors, and assigns of the parties hereto; except that if any part of this Lease is held in joint tenancy, the successor in interest shall be the surviving joint tenant. 17. CHANGES TO BE IN WRITING. None of the covenants, provisions, terms, or conditions of this Lease to be kept or performed by Landlord or Tenant shall be in any manner modified, waived, or abandoned, except by a written instrument duly signed by the parties and delivered to the Landlord and Tenant. This Lease contains the entire agreement of the parties and supersedes any and all discussions, negotiations, understandings, or agreements pertaining to the subject matter hereof. 18. CONSTRUCTION. Words and phrases herein, including acknowledgment hereof, shall be construed as in the singular or plural number, and as masculine, feminine, or neuter, according to the context. 19. OTHER. (a) Renewal. Unless one party delivers to the other, no later than July 1, a notice of its intent not to renew this Lease, this Lease shall automatically renew on the same terms for an additional period of six months. This Lease may so renew for a number of successive six month terms. (b) Early termination. At its sole option, Landlord may terminate this Lease at any time by delivery of 60 - days' advance written notice to Tenant. In the event of termination, no refund shall be made to Tenant of amounts previously paid. IN WITNESS WHEREOF, the parties hereto have executed this Business Property Lease by their duly authorized representatives as of the date first written above. LANDLORD JSA Development, LLC By: Manager 3 TENANT Paul Hu,` • •irector of Leisure Service City of:,raterloo, Iowa