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HomeMy WebLinkAboutGround LeaseP c-AA F 104-, r\ e, GROUND LEASE between Brazos Gateway Place Development, Ltd., as Landlord and City Bank, as Tenant GROUND LEASE This lease is entered into by and between Brazos Gateway Place Development, Ltd. ( "Landlord "), a Texas limited partnership, and City Bank ( "Tenant "), a Texas banking association and is effective on the date executed by the last of the Landlord and Tenant (the "Effective Date "). ARTICLE 1. DEMISE OF LEASED PREMISES In consideration of the mutual covenants and agreements of this lease, and other good and valuable consideration, Landlord demises and leases to Tenant, and Tenant leases from Landlord, the premises (the "Premises ") situated in College Station, Brazos County, Texas, legally described on Exhibit A attached to this lease, and made a part of this lease for all purposes. The Premises are a part of the shopping center known as the Gateway at University (the "Center"). Tenant is to have and to hold the Premises, together with all rights, privileges, easements, appurtenances, and immunities belonging to or in any way appertaining to them, as set forth in C lease. Tenant's planned construction requires additional area outside of the original premises to comply with the City of College Station requirements for building setback from lot lines. Landlord created additional area, designated on Exhibit A as a 0.03 acre shared area (the "Shared Area ") to allow for Tenant's drive through overhang to comply with the set back requirements. Landlord and Tenant agree that Landlord will have the right to use the Shared Area for all purposes that do not prohibit Tenant's use of the Premises. ARTICLE 2. LEASE TERM Rental Commencement Date; Term 2.01. The initial term of this lease is four hundred twenty (420) months, beginning on the Rental Commencement Date, and ending on the last day of the four hundred twentieth (420th) month following the Rental Commencement Date (the "Initial Term "), unless terminated sooner as provided in this lease. The initial Term and any extension thereof pursuant to Section 2.02 below are referred to as the "Term" in this lease. The "Rental Commencement Date" shall be the earlier of: (a) three hundred sixty (360) days after Landlord delivers the Premises to Tenant in accordance with Section 7.02; and (b) the date on which Tenant opens for business to the public. Right to Extend 2.02, Tenant shall have the right to extend the Term for five (5) consecutive five (5) year periods (each a "Renewal Period ") by giving Landlord written notice of Tenant's intention to do so within the last two years before the Initial Term or Renewal Period, as applicable, expires but no later than three hundred and sixty (360) days before the initial Term or Renewal Period, as the case may be, expires; provided, however, that with respect to the first Renewal Period only, if Tenant fails to timely notify Landlord that Tenant is exercising its option as to such Renewal Period Landlord will deliver written notice to Tenant advising Tenant of such failure and Tenant thereafter may exercise its option to extend the Term for the first Renewal Period by delivering written notice of such exercise to Landlord within ten (10) days after delivery of Landlord's notice. If Tenant, after having received such notice from Landlord, fails to deliver notice of the exercise of such option to Landlord within ten (10) days following delivery of the notice, Tenant's option to extend the Term for the first Renewal Period and any subsequent Renewal Period(s) automatically shall terminate without notice to or action by any person and shall be of no further force and effect. Termination 2.03. This lease will terminate without further notice when the Term expires. Holdover 2.04. If Tenant holds over and continues in possession of the Premises after the Term (or any extension) expires, other than as provided in Section 2.02, Tenant will be considered to be occupying the Premises as a tenant at sufferance and shall be subject to, at Landlord's option, immediate eviction and removal. Tenant shall pay for each month or partial month as Base Rent an amount equal to the greater of (a) one hundred fifty percent (150 %) of the Base Rent in effect immediately before the Term expired, or (b) one and one -half times the fair market rental value of the Premises, as determined in Landlord's sole discretion. ARTICLE 3. RENT Minimum Base Rent 3.01. Commencing on the Rental Commencement Date and continuing through the initial Term, Tenant will pay Landlord minimum annual rent ( "Base Rent ") as follows: City Bank Lease -2- City Bank Lease ARTICLE 8. COMMON AREAS Common Area 8.01. The term "Common Area" is defined for all purposes of this lease as that part of the Center intended for the common use of all tenants, including parking area, sidewalks, landscaping, curbs, private streets and alleys, lighting facilities and the like, but excluding space in buildings (or any future buildings) designed for rental for commercial purposes, as the same may exist from time to time, and further excluding streets and alleys maintained by a public authority. Landlord reserves the right at its sole discretion to change from time to time the size, dimensions and location of the Common Area; the size, dimension, boundaries, type, identity and location of any buildings, parking and Common Area; the entrances, exits, lanes, size, boundaries and location of the parking areas; and has the further right to construct any structure, temporary or permanent, on any part of the Common Area without the consent of Tenant, subject to no restriction except that without the prior consent of Tenant, there shall be no material impairment of the size, dimension, or access of the Premises. Tenant and its employees, customers and invitees shall have the nonexclusive right to use the Common Area as constituted from time to time in common with Landlord, other tenants of the Center and other persons entitled to use the same, and subject to reasonable rules and regulations governing use as Landlord may from time to time prescribe. Tenant shall not solicit any business within the Common Area or take any action that would interfere with the rights of other persons to use the Common Area. Landlord may temporarily close any part of the Common Area for such periods of time as may be necessary to make repairs or alterations, or as otherwise provided herein. Regulation of Common Area 8.02. Tenant's employees' use of the Common Area may be restricted by Landlord from time to time. Landlord shall have the right, but not the obligation, to maintain and operate lighting facilities on all the parking areas, including, without limitation, the right to discourage non - customer parking, to designate and regulate employee parking areas, and to do and perform such other reasonable acts with respect to the Common Area as in the judgment of Landlord and Landlord's counsel may be legally necessary, including temporarily closing any part of the Common Area to prevent a dedication thereof to the public or to prevent the public from obtaining prescriptive rights. Security in Common Area 8.03. Tenant specifically acknowledges that Landlord has no duty to provide security for any portion of the Center, including without limitation the Premises and the Common Area, and Tenant has assumed sole responsibility and liability for the security of itself, its guests, licensees and permitees and their respective property, in, on or about the Center, including without limitation the Premises and the Common Area. Tenant acknowledges that Landlord may from time to time at its discretion employ or engage at the Center a courtesy patrol, which will not constitute a security force or be considered providing security hereunder or for any other purpose. Notwithstanding anything herein to the contrary, Tenant expressly acknowledges and agrees that to the extent Landlord elects to provide any security, Landlord is not warranting the efficacy of any such security personnel, services, procedures or equipment and that Tenant is not relying and shall not hereafter rely on any such personnel, services, procedures or equipment. Landlord shall not be responsible or liable in any manner for failure of any such security personnel, services, procedures or equipment to prevent or control, or apprehend any one suspected of, personal injury or property damage in, on or around the Center. Parking Areas -14- Tenant. The Negotiation Period will begin on the day Landlord provides to Tenant in writing in accordance with Article 18.23 above notice of its intent to market the property for sale and ends at 5:00 P. M. central time on the thirtieth (301h) day after the notice was provided. Tenant shall, before 5:00 P.M. on the fifth (5th) day after Landlord provides notice of its intent to market the Fee Simple Interest for sale, notify Landlord in accordance with Article 18.23 above that it will negotiate with Landlord to purchase the Fee Simple Interest. If (i) Tenant fails to notify Landlord within the five (5) day period that it will negotiate with Landlord; or (ii) the Landlord and Tenant have not executed a binding contract satisfactory to Landlord for the sale of the Fee Simple interest within the Negotiation Period, then the ROFN shall terminate forever and Landlord will be free thereafter to advertise, list, negotiate and sell the Fee Simple Interest free of the ROFN. City Bank Lease LANDLORD: Brazos Gateway Place Development, Ltd. By: BGPD Management, L.L.C., its general partner - David W. Scarmardo, Manager Date: TENANT: City Bank, a Texas banking as ociation Thomas H. Aughinbauglf III, Branch President Date: /0 — - o . J - -1J11 vm f 1../:,J13 •:atFll ( . FalY / m .17 lti m • Exhibit "A" Page 1 of 2 Pages City Bank Lease EXHIBIT A LEGAL DESCRIPTION OF PREMISES PC,' Ft. -35-- .61 • o s∎e211 1.14P00 ..71-00/ t• .4 7.4 \ C t 7.441' Pte 1 9105M HiJ UK Mkt y -w.c :r.vs SURVEY PLAT CfTt 6ltK 4.7.18 1 CflE (NET) 0.7% A. RE (CROSS) %.R f'._?,ti(.