HomeMy WebLinkAboutIPE1031Rev279,LLC - Business Property Lease (1318 Martin Rd) - 4.5.2021 BUSINESS PROPERTY LEASE
This Business Property Lease (the "Lease") is made and entered into as of April 5 , 2021, by and
between the City of Waterloo, Iowa, an Iowa municipal corporation ("Landlord"), whose address for the purpose
of this Lease is 715 Mulberry Street, Waterloo, Iowa, 50703, and IPE1031 REV279, LLC ("Tenant"), whose
address for the purposes of this Lease is 1246 Martin Road, Waterloo, Iowa, 50701.
1. PREMISES AND TERM. In consideration of the rents herein reserved and of the agreements and
conditions herein contained, Landlord leases unto the Tenant, and Tenant hereby rents and leases from Landlord,
the following described real estate, situated in Black Hawk County, Iowa, to wit:
Tract"B", Brock Third Addition, City of Waterloo, Black Hawk County, Iowa,
with the improvements thereon and all rights, easements, and appurtenances belonging thereto, for a term
commencing upon the date hereof and continuing until and including the effective date of termination hereof, upon
the condition that the Tenant pays rent therefor and otherwise performs as provided in this Lease.
2. RENTAL. Tenant agrees to pay to Landlord as rental for said term, as follows: $1,000 (One-Thousand
Dollars and Zero Cents per year, in advance, due and payable upon signing of this Lease and on or before the
31st of March of each year thereafter during the term hereof.
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.
4. USE OF PREMISES. Tenant covenants and agrees during the term of this Lease to use and to occupy
the leased premises only for lawful purposes in its current condition.
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, except as otherwise provided herein.
6. CARE AND MAINTENANCE OF PREMISES. Tenant takes said premises in their present condition.
Landlord shall have no duty whatsoever to care for or maintain the premises or any part thereof. 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 of any kind to
accumulate on said premises, and it will remove same from the premises at its own expense. Tenant shall, after
taking possession of said premises and until the termination of this Lease and the actual removal from the
premises, at its own expense, care for and maintain the premises in a reasonably safe and serviceable condition
consistent with its own needs and pursuant to applicable law, ordinance or regulation. Tenant shall make no
structural improvements without the Landlord's prior written approval of the plans and specifications therefor.
Tenant shall be responsible for all necessary maintenance and upkeep of grounds to keep the premises well-
maintained, including but not limited to clearance of brush and trees.
7. FACILITY SERVICES. Tenant, during the term of this Lease, shall pay before delinquency all charges
for use of telephone, water, sewer, gas, electricity, power, garbage or trash disposal, and all other utilities or
services of whatever kind and nature which may be used in or upon the leased premises.
8. END OF TERM. Either party may terminate this Lease at any time upon ninety(90)day's advance written
notice to the other party. Landlord does not intend to terminate this Lease unless it has entered into an agreement
to sell the premises. Tenant agrees that upon the termination of this Lease it will surrender, yield up and deliver
the leased premises as required by Sections 3 and 4 and shall remove all of its personal property and equipment.
Tenant shall not continue to occupy the premises beyond the Lease term without the express prior written consent
of Landlord.
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9. ASSIGNMENT AND SUBLETTING. Tenant may assign this Lease or sublet the premises or any part
thereof without the prior written consent of Landlord, but in any such instance shall provide written notice of such
assignment or sublease to Landlord.
10. PROPERTY TAXES. The Property is currently tax exempt. Tenant shall be responsible to pay before
delinquency any general property taxes that may be assessed against the Property during the Term hereof.
11. INSURANCE. (a)Tenant agrees that it will at its own expense procure and maintain commercial general
liability insurance in the amount of not less than $1,000,000 per occurrence and $1,000,000 annual aggregate.
Such insurance shall cover liability arising from premises operations, independent contractors, personal injury,
products, and completed operations and liability assumed under an insured contract, including but not limited to
the activities of Tenant, its employees and agents. Certificates or copies of said policies, naming the Landlord as
an additional insured, and providing for thirty(30) days' advance notice to the Landlord before cancellation, shall
be delivered to the Landlord within no later than the date that Tenant begins to occupy the leased premises. A
renewal certificate shall be provided to Landlord prior to expiration of any policy.
(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.
(c) Tenant further agrees to comply with recommendations of Iowa Insurance Services Office, or its
successor office, and to be liable for and to promptly pay, as if current rental, any increase in insurance rates on
said premises due to increased risks or hazards resulting from Tenant's use of the premises.
12. INDEMNITY. Except as to any negligence of the Landlord or its agents in the performance of any
obligation of Landlord under this Lease, Tenant will protect, indemnify, and save harmless the Landlord, its
officers, officials, employees, and agents, from and against any and all claims, demands, causes of action, loss,
costs, expenses, damages and liabilities of any type or nature (including but not limited to attorneys' fees and
expenses) (each of the foregoing is a "Claim") 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. The foregoing indemnity shall include, but is not
limited to, Claims of Tenant or any third party for loss, damage or destruction of any personal property or fixtures
left on the premises after termination of the tenancy. The provisions of this paragraph shall survive the expiration,
abandonment, or termination of this Lease.
13. FIRE AND CASUALTY. In the event of a destruction or damage of the leased premises so that Tenant
is not able to conduct its business on the premises, and which damages cannot be repaired within sixty(60)days,
this Lease may be terminated at the option of either the Landlord or Tenant. Such termination in such event shall
be effected by written notice of one party to the other, within twenty(20)days after such destruction. Tenant shall
surrender possession within ten (10)days after such notice issues and,each party shall be released from all future
obligations hereunder, Tenant paying rental pro rata only to the date of such destruction.
14. CONDEMNATION. N/A.
15. 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 as set forth
in Section 8. Upon default by Tenant in accordance with the terms and provisions of this Lease, or upon Tenant's
abandonment of the premises by failure to engage in business activities on the premises for more than thirty(30)
consecutive business days, this Lease may at the option of the Landlord be canceled and forfeited, provided,
however, before any such cancellation and forfeiture 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. As an additional optional
procedure or as an alternative to the foregoing (and neither being exclusive of the other), Landlord may proceed
as provided in paragraph 22 below.
(b) Waiver as to any default shall not constitute a waiver of any other or subsequent default.
16. RIGHT OF EITHER PARTY TO MAKE GOOD ANY DEFAULT OF THE OTHER. N/A.
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17. SIGNS. Tenant shall not place any signs on the leased premises.
18. 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, salvaging 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 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.
19. LANDLORD'S LIEN AND SECURITY INTEREST. N/A.
20. SUBSTITUTION OF EQUIPMENT, MERCHANDISE. ETC. N/A.
21. OTHER PROVISIONS. (a) The premises is subject to a right of first refusal in favor of Tenant, pursuant
to the terms of a separate agreement between the parties.
22. 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.
23. NOTICES AND DEMANDS. Notices as provided for in this Lease shall be given to the parties hereto 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 the
United States mail and so deposited in a United States mail box.
24. 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.
25. CHANGES TO BE IN WRITING. None of the covenants, provisions, terms, or conditions of this Lease
shall be in any manner modified, waived, or abandoned, except by a written instrument duly signed and delivered
by the parties. 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.
26. 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.
IN WITNESS WHEREOF, the parties hereto have duly executed this Business Property Lease as of the date
first written above.
LANDLORD TENANT
City of Waterloo, Iowa IPE1031 REV279, LLC
By. By.
Quentin Hart, Mayor Title: Chief Executive Officer
Kelley �elcGcle
Attest:
Kelley Felchle, City Clerk
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