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HomeMy WebLinkAbout966359COMMERCIAL_LEASE AGREEMENT 141 i HWl. 89 kIptne. kk This Lease Agreement "Lease is entered into effective the date of last signature affixed hereto by and between Grand Teton Realty. a Wyoming limited liability company "Landlord "),GTR. 1 "Tenant WITNESSETH: WI ILRILAS, Landlord is the owner of certain real property and improvements located in Lincoln County. Wyoming which is more particularly described as Lot 608C. of the LakeView Estates Subdivision in the Town of Alpine. and upon which are located certain buildings and improvements (collectively referred to as the "Property. WIIEREAS, the parties hereto desire to enter into a written lease agreement providing the terms. covenants and conditions for the occupancy of the Leased Premises by Tenant. NOW, Ii R RLFORF, in consideration of the mutual covenants. agreements, undertakings and benefits to the parties. and for other good and valuable consideration. the parties agree as follows: 1. LEASE OF LEASED PREMISES: Under and in accord with the terms and conditions of this Lease. Landlord agrees to lease to Tenant and Tenant agrees to lease from Landlord that portion of the Property referred to as 141 U.S. HWY. 89. Alpine. Wyoming 83128(the "Leased Premises Portions of Building Leased to GTR, LLC.: Commercial Space described as approximately 40' x 59' on the Street Level on the Far West Portion of the building or approximately 2360 sq.ft. 2. Commercial Space described as approximately 40' x 22' on the Basement Level on the Far West Portion of the building that is considered finished basement space along with approximately 40' x 57' of basement space considered "un- finished" and storage area for a total basement area of approximately 3160 sq.ft. 3. Commercial Apartment space located above the existing Commercial Space located on the second floor along with the staircase and staircase landing area as approximately 40'x 40'on the Second level for a total of 1600 sq.ft. i 111 exterior decking around all areas described above along with all parking area's located outside the above leased space to the end of the subject property line east to west. All exterior signage space allowed for 141 1 i.S. I IWY 89. Alpine Wyoming by the Town of Alpine, Wyoming through registered signage permits. Commercial Lease Agreement Page Iofy.:' RECEIVED 8/22/2012 at 12:07 PM RECEIVING 966359 BOOK: 792 PAGE: 187 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Tenant Initials COMMERCIAL_LEASE AGREEMENT 141 U.S. HWY. 89 Alpine, WY. This Lease Agreement "Lease is entered into effective the date of last signature affixed hereto by and between Grand Teton Realty, a Wyoming limited liability company "Landlord "),GTR, 1 IC. "Tenant WITNESSETH: WHEREAS, Landlord is the owner of certain real property and improvements located in Lincoln County, Wyoming which is more particularly described as Lot 608C. of the LakeView Estates Subdivision in the Town of Alpine, and upon which are located certain buildings and improvements (collectively referred to as the "Property. WHEREAS, the parties hereto desire to enter into a written lease agreement providing the terms, covenants and conditions for the occupancy of the Leased Premises by Tenant. NOW, THEREFORE, in consideration of the mutual covenants, agreements, undertakings and benefits to the parties, and for other good and valuable consideration, the parties agree as follows: 1. LEASE OF LEASED PREMISES: Under and in accord with the terms and conditions of this Lease, Landlord agrees to lease to Tenant and Tenant agrees to lease from Landlord that portion of the Property referred to as 141 U.S. HWY. 89, Alpine, Wyoming 83128(the "Leased Premises Portions of Building Leased to GTR, LLC.: 1. Commercial Space described as approximately 40' x 59' on the Street Level on the Far West Portion of the building or approximately 2360 sq.ft. 2. Commercial Space described as approximately 40' x 22' on the Basement Level on the Far West Portion of the building that is considered finished basement space along with approximately 40' x 57' of basement space considered "un- finished" and storage area for a total basement area of approximately 3160 sq.ft. 3. Commercial Apartment space located above the existing Commercial Space located on the second floor along with the staircase and staircase landing area as approximately 40'x 40'on the Second Level for a total of 1600 sq.ft. 4. All exterior decking around all areas described above along with all parking area's located outside the above leased space to the end of the subject property line east to west. 5. All exterior signage space allowed for 141 U.S. HWY 89, Alpine Wyoming by the Town of Alpine, Wyoming through registered signage permits. Commercial Lease Agreement Page I of 12 Tenant Initials 2. INITIAL TERM OF LEASE: The initial term of the Lease shall be for One year, commencing on August 01, 2012 and terminating at noon on July 31, 2013, unless sooner terminated or extended under the provisions of the Lease. Unless the lease is renewed pursuant to Section 4 below, Tenant's holding over past the expiration of the initial term of the Lease shall be considered a tenancy on a month to month basis. 4. RENEWAL OPTION: Provided that the Tenant is not otherwise in default in the performance of any of Tenant's obligations hereunder, Tenant shall have the option to renew this Lease for Twenty Five (25) additional terms of One(1) years. The option renewal date shall be a date 30 (30) days prior to the expiration date of the term or renewal term of this Lease. Provided that Tenant has notified Landlord in writing to renew this Lease on or before the option renewal date, renewal shall be on the same terms and conditions set forth herein unless otherwise agreed to in writing by the parties prior to the effective date of such renewal. 5. RENT AND PAYMENTS: a. 5.1 DEFINITIONS: The following definitions shall apply: a. OPERATING EXPENSES: The term "Operating Expenses" shall include, the following costs paid by Landlord on a calendar year basis: casualty and liability insurance premiums; and all other expenses reasonably incurred in the maintenance, operation and care of the Property. Also specifically included are real estate taxes, which shall mean all taxes and assessments levied, assessed or imposed at any time by any governmental authority upon or against the Property, and also any tax or assessment levied, assessed or imposed at any time by any governmental authority in connection with the receipt of income or rents from the Leased Premises to the extent that same shall be in lieu of all or a portion of any of the aforesaid taxes or assessments upon or against the Leased Premises. 5.2 BASE RENT: BASE RENT: Tenant covenants and agrees to pay Landlord, during the term of the Lease a minimum annual base rent of Thirty Thousand Dollars and NO /100 ($30,000.00) in equal monthly installments of Two Thousand Five Hundred Dollars and NO /100 ($2,500.00) payable in advance on or before the 10` day of each and every month during the term hereof. 5.3 PAYMENTS OF RENT: All payments of rent shall be paid to Landlord at PO BOX 3890, Alpine, WY 83128 unless directed otherwise by Landlord. The rent shall be deemed paid upon receipt by Landlord; unless the manner of presentation of the rent is retuned uncollectible. Commercial Lease Agreement Page 2 of 12 Tenant Initials 00189 6. SECURITY DEPOSIT: Tenant shall upon execution of this Lease deposit with Landlord the sum of Five Hundred Dollars and NO /100 ($500.00) cash or other immediately collectable funds as a security deposit for the purposes stated hereafter. Should Tenant fail to make any payment required by this Lease to be made to Landlord, Landlord may, at Landlord's sole discretion but without prejudice to any other rights or remedies Landlord has under this Lease, deduct from the security deposit the amount of any such unpaid sum(s). Landlord shall give Tenant reasonably prompt written notice of Landlord's deduction of any amount from the Security Deposit. Within thirty (30) banking days after the end of the lease term (including any authorized renewal term), and provided that Tenant is not then in default of any of Tenant's obligations under this Lease, Landlord shall return to Tenant the balance of the Security Deposit, less any amounts deducted by Landlord as allowed by this Section 6. 7. LATE RENT CHARGES: In the event the monthly rent payments (including base rent or additional rent) are not paid within five (5) days of the due date, a late charge equal to five percent (5 of the amount unpaid shall be paid by Tenant to Landlord. 8. USE OF THE LEASED PREMISES: Tenant's use of the Leased Premises shall be restricted to any Commercial, Retail. Food Service. Office Space or Apartment residences as allowed by applicable zoning laws for Alpine. Wyoming. Tenant shall use the Leased Premises only for purposes not prohibited by the laws, regulations, covenants and ordinances of the United States, the State of Wyoming, Lincoln County, and the Town of Alpine. Tenant shall not use or keep any substance or material in or about the Leased Premises which may vitiate or endanger the validity of the insurance on the Leased Premises or increase the hazard of the risk. Tenant shall comply with all federal, state, and local laws or ordinances applicable to hazardous materials used or stored upon the Leased Premises, including the development of all required or appropriate plans for handling and disposing of same. 9. ACCEPTANCE OF LEASED PREMISES: Tenant's taking possession of the Leased Premises shall be conclusive evidence as against Tenant that the Leased Premises were in good and satisfactory condition when possession of same was taken. Landlord as a condition of the lease will make the following improvements to the leased space prior to the beginning of January 2013. 10. TRADE FIXTURES: Trade fixtures installed by Tenant in the Leased Premises shall remain the property of the Tenant and shall be removable at any time by it on or before the termination of this Lease by lapse of time or otherwise. Any such trade fixtures not removed at or prior to the termination shall become the property of Landlord. Commercial Lease Agreement Page 3 of 12 Tenant Initials C3 00190 11. ALTERATIONS AND IMPROVEMENTS: 11.1. Tenant shall leave the Premises in substantially the same condition in which they are at the outset of the Lease, reasonable wear and tear accepted. Landlord has reviewed and Landlord hereby agrees to the Tenant improvements in Schedule B as an attachment to this lease as well as all items in Additional Provisions Item 32 of this contract. 11.2 Upon expiration or termination of this Lease all Tenant Improvements made to the Leased Premises by Tenant shall revert by operation of law to the ownership of Landlord. The parties hereby agree that all displays, work benches and other trade installations are trade fixtures as defined hereunder and are subject to removal and possession by Tenant upon the Termination of the Lease. Tenant shall promptly sign and deliver to Landlord any legal documents that Landlord, in Landlord's reasonable discretion, may require to evidence such ownership in Landlord. 12. TAXES AND ASSESSMENTS: Landlord is paying all real estate taxes, real estate assessments, and any and all other governmental charges, assessments or taxes payable in respect to the Leased Premises. 13 UTILITIES: Tenant shall be responsible to establish applicable utility accounts and directly pay the charges for electricity and gas service, and phone, internet, television and any other telecommunication utilities used in the Leased Premises. Water, sewer, garbage, utilities, are billed to Landlord and sent to Landlord to pay. 14. REPAIR AND MAINTENANCE: 14.1 Tenant shall, at its sole expense: a. Maintain all portions of the interior of the Leased Premises, including, without limitation all fixtures and equipment, all light fixtures and light bulbs, and all glass windows and doors in or part of the Leased Premises in at least as good order and repair as such items exist at the time of commencement of the initial Lease term, reasonable wear and tear excepted. 14.2 Landlord shall, at its expense: a. As needed the Landlord will keep the foundation and the structural soundness of the exterior walls and roof of the building in which the Leased Premises is located in good repair (ordinary wear and tear excepted) and, when necessary in Landlord's discretion, replace the roof or paint the exterior of the building. All exterior roofing materials and paint colors will be approved by Tenant so that Tenants operation of existing business is not harmed. Commercial Lease Agreement Page 4 of 12 Tenant Initials 001.01. b. Maintain all commonly used portions of the Property in a clean and orderly condition to include all snow removal, lot sweeping and landscaping. c. Maintain and/or repair as necessary the underground utility lines servicing the Property and Leased Premises. d. Pay any and all fines or penalties assessed by any governmental authority if the building in which the Leased Premises is located fails to meet codes and regulations of governmental authorities during the Lease term with respect to items for which the Landlord is responsible for maintenance and repair under this Lease. e. In accord with the provisions of Section 22 of this Lease, make all repairs to the Leased Premises when such repairs are necessitated by fire, flood, acts of God, earthquake or other natural causes, or by the acts or omission of other tenants of the Building or Landlord or Landlord's employees or agents. 15. INSURANCE: 15.1 LANDLORD'S INSURANCE OBLIGATION: Landlord shall purchase and maintain throughout the terms of this Lease fire, earthquake and extended "all- risk" casualty insurance upon the Property and Leased Premises. Such insurance shall be maintained with an insurance company authorized to do business in Wyoming in an amount sufficient to rebuild the improvements on the Property during the term of the Lease. In addition, Landlord shall purchase Commercial general liability insurance against claims for bodily injury, personal injury, and property damage occurring at or on the Property in such amounts as Landlord deems necessary or appropriate. Such liability insurance will protect both Landlord and Tenant, at Landlord's option, Landlord's lender, and does replace or supplement the liability insurance this Lease obligates Tenant to carry. 16. ASSIGNMENT, SUBLEASE AND MORTGAGE BY TENANT: 16.1 Tenant shall have the right to Sublease, pledge, or otherwise encumber this Lease or the Leased Premises, in whole or in part, or sublet the whole or permit the use of the whole or any part thereof by any sub tenant, licensee or concessionaire without Landlord's written consent Commercial Lease Agreement Page 5 of 12 Tenant Initials 00192 17. TENANT'S COVENANTS: Tenant covenants that Tenant will: a. Comply with all laws, orders, regulations, rules, ordinances and covenants of any state or federal statute, local ordinance, or other regulation applicable to Tenant and/or its use of the Leased Premises. b. Give to Landlord prompt written notice of any accident, fire or damage occurring on or to the Leased Premises. c. Keep the Leased Premises sufficiently heated to a minimum of 60 degrees to prevent freezing of pipes, waterlines and fixtures. d. Keep the Leased Premises orderly, clean, sanitary and free from insects, vermin, pets, pests or nuisances and not commit, or suffer to be committed, any waste of the Leased Premises. e. Permit no one other than employees, agents, customers, servants and business invitees to remain in or loiter upon the Leased Premises. 18. LANDLORD'S COVENANT: The Landlord covenants as follows: a. Upon Tenant paying the rent and performing the covenants upon its part to be performed herein, Tenant shall peacefully and quietly have, hold and enjoy the Leased Premises during the entire term hereof. b. To use commercially reasonable efforts to not allow any hazardous, noxious or other activity to occur in the Building or its adjacent sidewalks or parking lot that will impair Tenant's use of the Leased Premises. To not lease to any other tenant providing any of the same types of commercial, retail, food and or beverage services, operations or businesses that could be a direct competitor of Tenant. If adjoining spaces owned by Landlord are leased for Commercial Activities, or Residential Rentals of any kind, Landlord will require any such tenant to take reasonable measures to reduce and minimize odors entering the Leased Premises, including but not necessarily limited to ventilation and waste disposal procedures and Smoking. c. To require other Tenants, upon renewal of any existing leases, and to require any new tenants in the Building, to purchase and maintain sufficient insurance coverage and impose reasonable restrictions on such other tenants and to manage the Building and common areas adequately to reasonably protect Tenant's personal property from injury caused by other Tenants d. To perform all of the responsibilities enumerated in Paragraph 5.1of the Lease and any and all other services, maintenance or responsibilities of Landlord. Commercial Lease Agreement Page 6 of 12 Tenant Initials c5 00193 19. DAMAGE OR DESTRUCTION TO LEASED PREMISES: 20. DEFAULT REMEDIES: 19.1 If the Leased Premises shall be damaged by fire, the elements, unavoidable accident or other casualty, without the fault or negligence of Tenant, or Tenant's, employees, agents, visitors, licensees, invitees or sub tenants, and the Leased Premises are not thereby rendered untenantable in whole or in part, Landlord shall, at its expense, cause such damage to be repaired within a reasonable time, and the rent shall not be abated. If, by reason of such occurrence, the Leased Premises shall be rendered untenantable only in part, Landlord shall cause the damage to be repaired within a reasonable time, and the rent during such period of repair, shall be abated proportionately to the portion of the Leased Premises rendered untenantable. If, by reason of such occurrence, the Leased Premises shall be rendered wholly untenantable, Landlord shall cause such damage to be repaired within a reasonable time, and the rent during such period of repair shall be abated in whole. There shall be no extension of the term of this Lease by reason of such abatement. Notwithstanding the foregoing provisions, if the Leased Premises shall be rendered wholly untenantable by reason of such occurrence and the Leased Premises cannot be repaired within three (3) months from the date such damage occurs, Landlord or Tenant shall, at their option, have the right to declare the balance of the term of this Lease to be null and void. 20.1 Events of Default by Tenant: Tenant shall be in default of this Lease if any one or more of the following occurs: a. Tenant fails to observe or perform any of the non financial covenants, agreements, conditions or undertakings herein contained to be kept, observed and performed by Tenant, and such failure shall continue for thirty (90) days after written notice thereof to Tenant 21. Cumulative Remedies: During the continuance of this Lease, Landlord and Tenant shall have all rights and remedies which this Lease and the laws of the State of Wyoming accrue to them. All rights and remedies accruing to Landlord or Tenant shall be cumulative; that is, Landlord or Tenant may pursue any and/or all rights that the law and this Lease afford to them, in whatever order Landlord or Tenant desires and the law permits without being compelled to resort to any one remedy in advance of any other. 22. PAYMENT AFTER TERMINATION: No payments of money by Tenant to Landlord after the termination of this Lease, in any manner or after the giving of any notice by Landlord to Tenant shall reinstate, continue or extend the term of this Lease or affect any notice given to Tenant prior to the payment of such money. Commercial Lease Agreement Page 7 of 12 Tenant Initial O'01_9t 23. INDEMNIFICATION: 23.1 Landlord shall indemnify Tenant and save it harmless from and against any and all claims, actions, damages, liability and expense (including attorney's fees) in connection with loss of life, personal injury or damage occurring in or about, or arising out of or from the Property and adjacent sidewalks and loading areas, occasioned wholly or in part by any act or omission of Landlord or Landlord's employees. 23.2 In the event Landlord is made a party to any litigation commenced by or against Tenant, its agents, licensees, business invitees, concessionaires, contractors, customers, employees or sub tenants, occasioned wholly or in part by any act or omission of Tenant, its agents, licensees, business invitees, concessionaires, contractors, customers, employees or tenants, Tenant shall protect and hold Landlord harmless and shall pay all costs, expenses and reasonable attorneys' fees incurred or paid by Landlord in connection with such litigation. 23.3 In the event Tenant is made a party to any litigation commenced by or against Landlord, its agents, employees, or contractors, occasioned wholly or in part by any act or omission of Landlord or its agents, employees, or contractors, Landlord shall protect and hold Tenant harmless and shall pay all costs, expenses and reasonable attorneys' fees incurred or paid by Tenant in connection with such litigation. 24. ATTORNEYS' FEES: Should either party secure the services of counsel for the purposes of enforcing any of the provisions of this Lease, then the prevailing party as that term is determined by the court shall be entitled to collect from the other party all of the prevailing party's reasonable expenses incurred in conjunction with such legal consultation or proceeding, including reasonable attorney's fees and disbursements, court costs, and reasonable expenses incurred by the prevailing party in conjunction with such matters. 25. LANDLORD'S ACCESS: Landlord or its agents shall have the right to enter the Leased Premises at all reasonable times, upon reasonable notice to Tenant or Tenant's employees or agents, in order to examine the Leased Premises, to show it to prospective purchasers, or to make repairs, improvements, or additions including signs, as Landlord may deem necessary or desirable. Any time that Tenant changes the locks on access doors to the Leased Premises, Tenant shall immediately provide Landlord with a key to such locks. 26. NOTICES: All notices to be given by either party hereto to the other, or by Landlord to any guarantor of Tenant's obligations, if any "Guarantor shall be deemed to have been fully given, made or sent when made in writing and sent by email (so long as delivery confirmation is obtained) or by certified or registered United States Mail, postage prepaid or by commercial delivery such as UPS or FedEx, and addressed or emailed to: Commercial Lease Agreement Page 8 of 12 Tenant Initials 00195 27. First Right of Refusal: Landlord shall give Tenant First Right of Refusal for any space that becomes available at above location by the cancellation or termination of the other Tenants Lease. Landlord shall give Tenant the First Right of Refusal to purchase subject building from Landlord upon a receipt of a written contract to purchase subject property between Landlord and any Second or Third Party Buyer for the same sales price Landlord has a written contract to purchase from any Second or Third Party Buyer. Tenant shall have 30 days upon notification to exercise option of First Right of Refusal to lease or purchase at current market rates based on existing lease rates or Purchase Contracts paid to or Promised to Landlord as a part of rents or Purchase. 28. Survivorship of Lease Agreement: In the event that the Landlord should sell subject property to ANY buyers whatsoever, the terms and conditions of this lease will survive, and will transfer and encumber ANY sales transaction as a deed restriction for subject property. No future owner of Subject property will have any rights whatsoever to terminate this lease agreement as long as the Tenant is performing in good faith under the terms of this Lease Agreement up to and including the Tenants rights to renew Lease Agreement enumerated in Paragraph 4 of the Lease. To Landlord: To Tenant: Grand Teton Realty P.O. Box 3890 Alpine, Wyoming. 83128 Name: GTR, LLC. Mailing: P.O. Box 3034 Alpine, Wyoming 83128 City, State, Zip: Jackson, WY. 83001 or at such other place as may be designated by either party from time to time in writing, in the same manner as provided herein; provided, however, hand delivery of notices to the Tenant at the Leased Premises or to any Guarantor shall also be valid notice under this Lease. 29. MEMORANDUM OF LEASE: The parties may execute a short-form memorandum of this Lease in recordable form which may, at either party's option, be placed of record in the Lincoln County Real Estate records. 30. NO PARTNERSHIP: No partnership or joint venture is created by this Lease. The Landlord and Tenant shall be construed to be that relationship of landlord and tenant only. Commercial Lease Agreement Page 9 of 12 Tenant Initials 00].90, 31. MISCELLANEOUS: b. The parties hereto acknowledge and agrees that neither party has relied upon any statement, representation, agreement or warranty, except such as are expressly stated herein, and that no amendment or modification of this Lease shall be valid or binding unless expressed in writing and executed by the parties hereto in the same manner as the execution of this Lease. c. No waiver of any breach of any one or more of the conditions or covenants in this Lease by either party hereto shall be deemed to imply or constitute a waiver of any succeeding or other breach hereunder. d. The language of this Lease shall be construed under Wyoming law as a whole as though written by both Landlord and Tenant according to its fair meaning and not strictly for nor against either Landlord or Tenant. e. The headings used in this Lease are for convenience only and are not to be used in its construction. Whenever used, the singular shall include the plural, the plural the singular and the use of any gender shall include all genders. 32. Additional Provisions: a. Landlord will continue to remodel All Leased Space to GTR, LLC leased portion of building for Tenants use. Which shall include but not be limited to the following to the complete and sole satisfaction of GTR, LLC.: a. Time is of the essence for this Lease. f. This Lease may be executed in multiple counterparts, each of which shall be deemed to be an original. Re- finish existing wood flooring in the Commercial Space to the satisfaction of Tenant. 2. Re- finish existing Vinyl flooring in Commercial Space with an Apoxy flooring application to the satisfaction of the Tenant. 3. Make all proposed changes as outlined in Exhibits A -1, A -2, E -1, P -lthat have been proposed for Town of Alpine approval. Exhibits A -1, A -2, E -1, P -1 shall be attached collectively as Attachment B. Commercial Lease Agreement Page 10 of 12 Tenant Initials 15 00107 B IN WITNESS WHEREOF, the parties hereto have executed this Lease to be effective as of the date of last signature affixed below. LANDLORD: Grand Teton Realty By: 1 Date: 7 6 Michael Simmons- Broker TENANT: GTR, LLC. cia Simmons -Owner Commercial Lease Agreement Page 11 of 12 Date: Tenant Initial 00198 EXHIBIT A Statement of Rent Calculation Form Lease Year Commencing August 01, 2012 1. Monthly Base Rent. Minimum Base Rentl $2500.00 TOTAL MONTH RENT: $2500.00 Commercial Lease Agreement Page 12 of 12 Tenant Initials 00199 Page 13 of Commercial Lease Agreement Signature Acknowledgements: State of: Wyoming County of: Lincoln The foregoing instrument was acknowledged before me by Grand Teton Realty by Michael Simmons�,,� This 7?) day of A1/C', c�Q /pZ Witness my hand and Official Seal. (Notarial Seal) This (Notarial Seal) My Commission Expires: State of: Wyoming County of: Lincoln The foregoing instru. ent was ackno edged before me by GTR,LLC by Tricia Simmon Witness my hand and Official Seal. My Commission Expires: 1 day of 11 171 1,011, Avi2 JS7 Notary Public 00200 ;r 6 e Z z 00201 C 6 m x m r 0 3 LQ E N p D- m d 1. 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