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Home My Public Portal About063-2008 - Lease - Richmond City Employees Credit UnionLEASE THIS LEASE AGREEMENT, dated this —26th day of _June , 2008, by and between the City of Richmond, Indiana, an Indiana municipality, acting by and through its Board of Public Works and Safety, hereinafter referred to as "LESSOR", and the Richmond City Employees Federal Credit Union, hereinafter referred to as "LESSEE". WITNES SETH: In consideration of the covenants and terms hereinafter set forth, Lessor and Lessee agree as follows: 1. PREMISES — Lessor, in consideration of payment and the other terms and conditions contained herein, does hereby lease to Lessee a portion of Lessor's property commonly known as that portion consisting of three (3) rooms located on the east side, south corridor, second floor in the Richmond Municipal Building, 50 North 5th Street, Richmond, Indiana 47374, the boundaries of which are marked in red on the attached Exhibit "A" hereto, which is incorporated herein by reference, and which property is hereinafter referred to as the "Leased Premises". The sole use of the Leased Premises by Lessee shall be as general office space. 2. TERM — The term of this Lease Agreement shall be for a period of two (2) years commencing on the —1st day of _July , 2008, and continuing through the —3 oth day of _June , 2010. Notwithstanding such two-year term, in the event the Leased Premises are needed for another project associated with its business, Lessor shall have the right to terminate this Lease early with at least 180 days prior written notice to Lessee. 3. RENT — Lessee shall pay to Lessor the rental sum of One Hundred Dollars ($100.00) per month, which sum shall be payable monthly on the fifteenth (15th) day of each month, for the preceding month, during the term of this Lease. 4. OPTION TO RENEW — Provided Lessee is not in default at such time, it shall have the exclusive option to renew the Lease for an additional term of two (2) years upon the same terms, conditions and provisions contained herein, provided that Lessor does not have another use for the Leased Premises at such time. Lessee must give Lessor written notice of its intention to exercise the option to renew at least 180 days prior to the expiration of the term herein. Within sixty (60) days thereafter, Lessor shall notify Lessee in writing whether the Lease may be renewed for the additional two year period, or if another use will be required, in which event this lease shall terminate at the end of the original two year period. Contract No. 63-2008 5. TAXES — Lessor shall pay for and be responsible for payment of any taxes, charges and assessments which become due upon the Leased Premises during the term hereof, or any renewal thereof, due to Lessee's use thereof, provided, Lessee shall reimburse Lessor for the payment of all such taxes. 6. USE OF PREMISES — Lessee shall not permit the Leased Premises to be used for any unlawful purpose or in any unlawful manner, nor permit any activity which would constitute a nuisance. Lessee shall not commit waste upon the premises and shall conduct all business in compliance with applicable laws, ordinances and regulations of any public authority now or hereafter affecting the Leased Premises. 7. COVENANTS OF LESSOR — Lessor covenants and warrants that it has the lawful right and authority to enter into this Lease, and that upon the performance of all covenants contained herein, Lessee shall have the peaceful and quiet enjoyment and use of the Leased Premises without hinderance on the part of Lessor or any other party claiming title through said Lessor. Lessor shall continue to have access across the Leased Premises, however, in order to have access to any other portion of Lessor's property or for the maintaining of any equipment of Lessor located on or about the Leased Premises. 12. DEFAULT — In the event Lessee fails to pay any rent when due; or if Lessee fails to perform any other of the terms, conditions and covenants of this Lease; or if Lessee shall become bankrupt or insolvent, or files any debtor proceeding pursuant to any statute either of the United States or of any State either by a Petition in Bankruptcy or for the appointment of a receiver or trustee of all or a portion of Lessee's property; or if Lessee shall abandon said premises, or suffer this Lease to be taken under any writ of execution; then Lessor shall have the right to call the Lessee into default of this Lease. In the event of such default, Lessor shall give Lessee ten (10) days written notice in which time Lessee shall have the right to cure such default, but if such cure has not been performed within the ten (10) day period, (or in the case of any default other than the payment of rent, a thirty (30) day period), Lessor shall have the right to take any one or more of the following remedies: a. Lessor may, at its option, declare all installments of rent due and payable, and upon such acceleration, sue for the balance due during the term of this Lease. b. Lessor may, without further notice, immediately re-enter and take possession of the Leased Premises without terminating this Lease, and sublease said premises for the account of Lessee, holding Lessee responsible and liable for the difference in any rent received from the sublessee, and for the costs and expenses required in procuring said sublease, including, but not limited to costs of repair, brokerage fees, and attorney's fees. In the event of such re-entry, Lessor may remove all persons and property from the Leased Premises and store such property in a public warehouse at the cost of and for the benefit of Lessee, all without notice of legal process and without being guilty of trespass or being responsible for the loss and/or damage to the property removed. 2 C. Lessor may terminate this Lease and remove Lessee from the possession of the Leased Premises and use its best efforts to lease the premises to another, while holding Lessee responsible for all rents and other payment due until the effective date of such new leasing in addition to all cost of such removal. In the event any default hereunder, but for the payment of rent, cannot reasonably be cured within thirty (30) days after notice, Lessee shall have such additional time as may be reasonably necessary to remedy the same, provided that Lessee in good faith diligently proceeds and continues to thereafter prosecute the cure of such default. Lessor may, without obligation, cure at any time and without notice any default by Lessee under this Lease and recover from Lessee on demand all costs and expenses incurred in such cure, including without limitation, reasonable attorney's fees, and interest on the amount of the costs and expenses so incurred at the rate of 15% per annum. No remedy herein stated is intended to be exclusive of any other remedy and Lessor shall also have available any and all other remedies available to it pursuant to law. The failure or delay by Lessor to exercise any right of default shall not impair any such right following further act of default and shall not be construed to be a waiver to exercise such right upon any subsequent default by Lessee. The thirty (30) day right to cure previously described above shall not be available to Lessee in excess of three (3) times per each year of the Lease term herein. Shall it be necessary for Lessor to enforce any of the obligations of Lessee under this Lease, Lessee further agrees to pay all reasonable costs of enforcement, including, but not limited to, reasonable attorney's fees, whether or not suit is required against Lessee. 13. NOTICES — Any notice or consent required to be given in writing pursuant to the terms contained herein shall be sufficient if mailed, return receipt requested, to the following addresses: Lessor: Vicki Robinson, Director of Purchasing City of Richmond, Indiana 50 N. 5th Street Richmond, IN 47374 Lessee: Clara Mathews, General Manager Richmond City Employees Federal Credit Union 50 N. 5th Street Richmond, IN 47374 or such other address as may be specified from time to time in writing and delivered to the other party. 14. CONTROLLING LAW AND BINDING EFFECT — This Lease shall be construed pursuant to the laws of the State of Indiana and if any term or condition shall to any extent be deemed invalid or unenforceable, the remainder of this Lease shall be valid and enforceable to the extent permitted by law. This lease shall further be binding upon and inure to the benefit of the parties, their agents, successors and assigns. IN WITNESS WHEREOF, the parties, through their duly authorized representatives, sign and execute this Lease as of the date first above written, although the signatures may be on different dates. Date: June 30, 2008 Approved—S/S Sarah L. Hutton Sarah L. Hutton, Mayor LESSOR City of Richmond, Indiana By and through its Board of Public Works and Safety By: S/S Vicki Robinson Vicki Robinson, President S/S Dian Lawson Dian Lawson, Member S/S Mary Jo Flood Mary Jo Flood, Member LESSEE RICHMOND CITY EMPLOYEES FEDERAL CREDIT UNION By its Board of Trustees S/S Tammy Glenn, Board President 6/25/08 S/S Clara Mathews (Title-printed)_Mana e r Date June 25, 2008 0