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HomeMy WebLinkAbout0610S. Lessor o44rees to ay all foxes, assessments, chorges a expenses that moy b• levied or assessed against said leased premises including all buildings, structures, improvements ond equipment thereon belon Ing to Lessor, for ond during the term of this ~eose, and to submit to lessee, upon r•gwst, receipts a other sotisfoetory •vl~ine• showing such payments. Lessee agrees to pay all foxes ond any other chorges that moy b• levied or assessed against ifs equipment ond property located on said leased premises. In event Lessa should fall or refuse to pay such foxes a assessments before delingwnt, Lessee shall hove the right but not the obligation to pay some for the account of Lessor. In the event Lessee pot's such foxes or assessments of the Lessa, Lessa agrees to reimburse Lessee therefore upon demand and until repaid to Lessee such expenditure, so made by Lessee fa tM account of Lessor, shall boor interest of the rote o~ 69i per annum. In the event Lessee pays such taxes or assessments of the Lessor Lessee shall be subrogated to all the rights of the holder of sJch Iten ond in the event of o foreclosure of any such lien on~ tM sale of the leased premises, Lessee shall have the right to buy in said leased premises for its own account. 6. lessee o~roes, upon tM •xeeution of this loose by Lessee, to procure of Lessor's sole cost and expense, insurone• on the buildings, structwes ond. improvements now constructed a to be constructed on said leased premises in some insurone cowpony or companies authorised to do business in the State in which the property is situated, for the sound voles against fire ond extended coverage (provided such insuronee is obtainable by Lessee) with loss clauses pa able solely to Lessee, its successors a assigns, and to keep such insurance in full force ond effect ~a ond during the period any buildings, structures ond improvements ore being constructed on the leased premises ond thereafter during the original term of this loose. Lessa shall, upon receipt of Lessee's tnvolee therefor, promptly reimburse Lessee in cosh for the premiums on such insuronee. In event of domoge to a destruction of the buildings, structures or improvements on said leased premises during the original term of this loose from an insured cause, lessee shall hove tM •:elusive right to adjust and settle all losses (which od)ustment and settlement shall be cpnelustve ond binding on Leslor) std to collect and receipt for any and all moneys that may become payable a+d eolleetibl• upon such policy or policies, or any of them, ond Lessee shall hovetM option to (1) use any insurance proceeds so collected by it fa the repair a restoration of sold buildings, structures ond improvements to the some condition os existed prior to such domoge a destruction, in oeeadane• with any ordinances, lows a regulations then in effect, and if thore should b• any insurance proceeds collected by Lessee in excess of the cost of such repairs of restoration, Lessee sha+1 pay some tp Lessa; provided, however, that Lessee shall not be oblige»d, •x. grossly a impliedly, to expend mac ~on the omount'bF insurance proceeds collected by it in making such repairs a restora- tion, ond if the insurance proceeds ore insufficient to place said buildings, structures and improvements in the some condition as existed pior to such domoge or destruction, then lessor agrees to pay Lessee, upon demand, the amount by which the cost of repairing or restoring said buildings, structures and improvements to the some condition as existed prig to such domoge a destruction exceeds the insurances proceedq so eollee»d by lessee, or (~) pay over to tM book named in the Assignment of Rents attached hereto so moth pf;fhi insurone proceeds os ore necessary to pay in full the unpaid principal balance ond occrwd interest owjng op.thpt certaiis~noie-ieferred to in sold Assignment of Rents (wMther a not then due) ond pay the remoinde• of the insurone• proceeds, if any, over to Lessa, less any amounts due ond owing to Lessee by Lessor, irrespective of how such indebtedness may hove arisen, a (3) in event the insurance proceeds colleted by lessee ore insufficient to discharge all indebtedness owing by Lessa to Lessee ond also discharge the unpaid prineipol balance ond accrued interest owing on said note, ond in event Lessee elects not to use said proceeds for repair a nstaotion of the aforesaid improvements, then Lessa covenants ond agrees, on demand of Lessee, to pay over to Lessee on amount in cash which, when added to the insurance proceeds so collected by Lessee, will be sufficient to pay all indebtedness owing by Lessor to Lessee ond discharge the aforesaid note, principo) and accrued interest. On receipt of said cask amount from Lessa, Lessee will pay over to the bank o sufficient amount to discharge the note in full, whether or not then.due. Upon the expiration of the original term of this (ease, any w~expired policies procured by Lessee shall, of the option of Lessee, be coneelled and surrendered, in which event Lessee shall reimburse Lessor fa any unearned prNnfums received by Lessee from the insurone cowponies as o result of the eoncellotion and sunender of such policies. ~ - ~ 7. It is agreed that if the leased premises shall become untenantobl• (by untenantoble is meant a condition which renders the leased premises svbstontiolly valueless for the purposes for which they ore leased hereunder) duridg th!! original term of this lease, for any reason, the Lessee hereunder shall not b• entitled to terminate this lease, but the origirdtl;term of this •I~ase shall be extended fa o period equal to the period of such untenontobility. The obligation of the Lessee hereunder to pay rental shall, at the election of Lessee, be abated during the period of such untenontobility provided, however, if Lessee elects to pay the rentals accruing during such period of untenontobility then Lessee shall b• given credit for the rentals so paid for such period of untenontobility on the first rentals accruing during the period the original term of this loose is extended br reason of such untenontobilit~r. It is further agreed that notwithstanding anything contained herein to the contrary, Lessee shall have and is hereby granted the unconditional right ond option to cancel ond terminate this lease of any time during any extended term of this lease upon giving thirty (30) days prior written notice thereof to Lessor, and upon such concellotion ond termination Lessee shall b• released and discharged from any further rental payments or other obligations under this lease. 8. Lessee oyroes that it will pay the rent at the time, place ond in the manner herein provided; that it will not commit or suffer waste on the leased premises; that it will not use the premises fa any immoral or unlawful purpose, or permit the same to be so used; that it will deliver up the leased premises at the end of this lease; ond that it will comply with all valid lows, ordinances, rules ond regulations of any governmental authority respecting the conduct of its business on the leased premises. • 9. If Lessee shall foil to keep any of the covenants and agreements on its port to be kept and performed os herein contained, ond if said default is not corrected by Lessee within thirty (30) dogs after written notice of such default has been given by Lessor_to L~sse~~or.if Lessee shall be adjudged o bankrupt, or shell woke assignment (or the benefit of its creditors, or if the interest of Lessee hereunder shall be sold under execution or other legal process; it shall be lawful for Lessor to enter upon the loosed premises and again hove, reyyassess ond enjoy the some as if this lease hod not been mode, and thereupon, this loose and everything herein contained shall cease, terminate ond be utterly void of the option of Lessor. 10. All structures, gasoline looks, including those which moy be underground, pumps, air compressors ond other equipment which may be installed or placed upbn the loosed premises by a for the account of Lessee, the title thereto being vested in lessee, ore to remain and be the property of Lessee, ond_ Lessee shall hove the right ond privilege of removing. any ond all such property ond equipment at any time during tM continwnce of this loose, ond within thirty (30) days thereafter. 11. Lessor further covenants and agrees with Lasses that Lessor is legally seized of an absolute estate in fee simple in the loosed premises (and .Lessa agrees, upon request of Lessee, to submit to Lessee evidence satisfactory to Lessee showing that Lassa has on absolute estate in fee simple in said premises, free ond clew of all liens ond encumbrances); that Lessor has the right to loose the some; that Lessor will warrant ond defend sold premises unto Lessee against the lawful claims of all persons whomsoever; that the rents being paid in the manner herein provided, and the covenants, conditions and agreements herein being all ond singular kept, fulfilled and performed by Lessee, Lessee shall lawfully, peaceably ond quietly hold, -occupy ond enjoy sold premises during the term herein granted, without any let, hindrance ejection or molestation by Lessa, a any p~ rson claiming under Lessa, and that sold premises ore free ond clear of ol~ encumbrances whatsoever. In event bf any default by Lessa, all costs ond expenses, including advonrements, court costs ond ottaney's fees, incurred by Lessee in protecting the rights herein grunted, shall ~• repaid bar Lessor to Lessee upon demand, odd until repaid to Lessee such expenditures, se mode by Lessee, shall boor interest et the rote of 6X per annum. _ ~ 12. Lessee shall hove the right to paint any buildings, structures ond/or improvements of Lessor situated upon the loosed premises in accordance with the color scheme or combination now a hereafter used by Lessee of its service stations generally. 13. Lessee shall hove the right to assign this loose or sublet the loosed premises, ond the terms, conditions ond covenants hereof shall extend to, b• binding upon and inure to the benefit of the successive heirs, executors, odministrotors, successors and osslgns of the parties hereto, respectively, and shall run with the loud, but no assignment or subletting by lessee shall relieve Lessee of any of the obligations herein contained on the part of Lessee to be kept ond performed. No assignment of Lessor's rights hereunder shall be binding on Lessee until Lessee has received o certifiedcopyof the instrument effecting such assignment. Bt~K~~a ~ ~i~~ <__~ -_ -- _