HomeMy WebLinkAboutVerve Kombucha - Lease Termination Agmnt - 11.6.2023LEASE TERMINATION AGREEMENT
This Agreement is entered into on ! V by � , 2023 by and between City of Waterloo,
Iowa ("Lessor") and Verve Kombucha, LLC ("Lessee").
WHEREAS, Lessor and Lessee are parties to a certain Lease Agreement dated May 29,
2018 (the "Lease"), for premises at 327 W. 3`d Street, Waterloo, Iowa (the "Premises"), and
WHEREAS, the parties desire to terminate the Lease before the scheduled expiration date,
and Lessor is willing to allow such termination on the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual promises exchanged herein and for
other consideration, the sufficiency of which is hereby acknowledged, the parties agree as
follows:
1. Termination. The Lease will end on November 7, 2023, and except as set forth in
Section 2 Lessee shall surrender possession of the Premises to Lessor on such date, shall cease
all activities on the Premises, and thereafter shall enter the Premises only for purposes of
inspecting and removing its equipment. Lessee shall deliver to Lessor all keys and key copies
possessed by Lessee, its owners, managers, and employees, but until removal of its equipment as
provided in Section 2 may keep one (1) key to facilitate such removal. Upon and after Lease
termination, after any entry by Lessee or its agents, Lessee shall lock the Premises and keep the
Premises secure against unauthorized entry. After its equipment is removed, Lessee shall
promptly deliver to Lessor any remaining keys in Lessee's possession.
2. Removal of Equipment. All furniture, fixtures and equipment shall remain upon
the Premises, and Lessee hereby surrenders any claim to ownership or possession of same and
waives any claim for compensation. Lessee shall remove its brewing equipment from the
Premises as soon as it is able to do so, but in any event within thirty (30) days of written notice
from Lessor.
3. Financial Responsibilities.
(a) Lessee will terminate its utilities account as of the last day of the Lease
term, but will pay before delinquency all bills for utilities provided to the Premises
through the Lease termination date.
(b) The parties acknowledge that Lessee owes to Lessor current and past -due
rent in the total amount of no less than $77,163.00, excluding interest or fees, and Lessor
hereby forgives such amount and waives any claim for payment or recovery of same.
(c) No later than December 31, 2023, Lessee shall pay to Lessor the sum of
$17,034.00 in guaranteed funds, which is reimbursement to Lessor for real estate taxes
that were Lessee's duty to pay under the Lease for tax installments due through
September 30, 2022, plus accrued interest. The parties acknowledge that Lessee is also
responsible under the Lease to pay tax installments due March 31, 2023, plus interest
accrued on delinquent payments, all of which payments and interest Lessor hereby
forgives and further waives any claim for payment or recovery of same.
4. Waiver and Release by Lessee. As of the termination date, Lessee waives,
releases and forever discharges any and all claim, right, title or interest in or to the Premises, and
agrees to indemnify and hold harmless the Lessor, its officials, employees and agents, from and
against any and all claims, demands, causes of action, costs, expenses, fines, fees, penalties, or
liabilities of any type or nature whatsoever, including but not limited to reasonable attorneys'
fees and expenses, arising from or in connection with the Lease or the Premises.
5. Waiver by Lessor. Subject to the foregoing covenants, promises, representations,
and waivers of Lessee, Lessor agrees to terminate and cancel the Lease with respect to each and
every duty of performance that is past due, presently due, or to come due in the future.
6. General Terms. This Agreement represents the entire agreement of the parties
with respect to the subject matter hereof. It may not be amended or altered except by a written
instrument signed by the parties. This Agreement is binding on the parties and the respective
successors and assigns of each.
IN WITNESS WHEREOF, the parties have executed this Lease Termination Agreement
by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA VERVE
By: By:
Quentin Hart, Mayoruchtman, an
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Attest: Xef(ey <FeCcFiCe DIGITAEY
Kelley Felchle, City Clerk
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