HomeMy Public PortalAbout2011.11.18 MLP Investment Properties, LLC Commerial Lease Agreement��Y
C o m m e r c i a l L e a s e A g r e e m e n t
T h i s C o m m e r c i a l L e a s e A g r e e m e n t ( " L e a s e " ) i s m a d e a n d e f f e c t i v e N o v e m b e r 1 8 , 2 0 1 1 , b y a n d b e t w e e n M L P
I n v e s t m e n t P r o p e r t i e s , L L C , a n I d a h o L i m i t e d L i a b i l i t y C o m p a n y ( " L a n d l o r d " ) a n d t h e C i t y o f M c C a l l , I d a h o ( " T e n a n t " ) .
L a n d l o r d i s t h e o w n e r o f l a n d a n d i m p r o v e m e n t s c o m m o n l y k n o w n a n d n u m b e r e d a s 1 3 8 8 8 H i g h w a y 5 , L a k e F o r k ,
I d a h o 8 3 6 3 5 ( t h e " B u i l d i n g " ) . L a n d l o r d m a k e s a v a i l a b l e f o r l e a s e a p o r t i o n o f t h e B u i l d i n g d e s i g n a t e d a s t h r e e ( 3 )
p a r k i n g b a y s i n B u i l d i n g 3 ( t h e " L e a s e d P r e m i s e s " ) .
L a n d l o r d d e s i r e s t o l e a s e t h e L e a s e d P r e m i s e s t o T e n a n t , a n d T e n a n t d e s i r e s t o l e a s e t h e L e a s e d P r e m i s e s f r o m
L a n d l o r d f o r t h e t e r m , a t t h e r e n t a l a n d u p o n t h e c o v e n a n t s , c o n d i t i o n s a n d p r o v i s i o n s h e r e i n s e t f o r t h .
T H E R E F O R E , i n c o n s i d e r a t i o n o f t h e m u t u a l p r o m i s e s h e r e i n , c o n t a i n e d a n d o t h e r g o o d a n d v a l u a b l e c o n s i d e r a t i o n , i t
i s a g r e e d :
1 . T e r m . L a n d l o r d h e r e b y l e a s e s t h e L e a s e d P r e m i s e s t o T e n a n t , a n d T e n a n t h e r e b y l e a s e s t h e s a m e f r o m L a n d l o r d ,
o n a M o n t h - t o - M o n t h b a s i s , b e g i n n i n g N o v e m b e r 1 8 , 2 0 1 1 , a n d e n d i n g o n A p r i l 3 0 , 2 0 1 1 .
2 . R e n t a l . T e n a n t s h a l l p a y t o L a n d l o r d d u r i n g t h e I n i t i a l T e r m r e n t a l o f $ 2 2 5 . 0 0 p e r m o n t h ( $ 7 5 . 0 0 p e r p a r k i n g b a y ) ,
p a y a b l e i n m o n t h l y i n s t a l l m e n t s . E a c h i n s t a l l m e n t p a y m e n t s h a l l b e d u e i n a d v a n c e o n t h e f i r s t d a y o f e a c h c a l e n d a r
m o n t h d u r i n g t h e l e a s e t e r m t o L a n d l o r d a t 5 7 8 W . W a t e r s f o r d D r i v e , E a g l e , I d a h o 8 3 6 1 6 o r a t s u c h o t h e r p l a c e
d e s i g n a t e d b y w r i t t e n n o t i c e f r o m L a n d l o r d o r T e n a n t . T h e r e n t a l p a y m e n t a m o u n t f o r a n y p a r t i a l c a l e n d a r m o n t h s
i n c l u d e d i n t h e l e a s e t e r m s h a l l b e p r o r a t e d o n a d a i l y b a s i s .
3 . U s e . N o t w i t h s t a n d i n g t h e f o r g o i n g , T e n a n t s h a l l n o t u s e t h e L e a s e d P r e m i s e s f o r t h e p u r p o s e s o f s t o r i n g ,
m a n u f a c t u r i n g o r s e l l i n g a n y e x p l o s i v e s , f l a m m a b l e s o r o t h e r i n h e r e n t l y d a n g e r o u s s u b s t a n c e , c h e m i c a l , t h i n g o r
d e v i c e . T h e L e a s e d P r e m i s e s s h a l l o n l y b e u s e d f o r t h e s t o r a g e o f v e h i c l e s o w e d b y t h e C i t y o f M c C a l l .
4 . I n s u r a n c e .
A . I f t h e L e a s e d P r e m i s e s o r a n y o t h e r p a r t o f t h e B u i l d i n g i s d a m a g e d b y f i r e o r o t h e r c a s u a l t y r e s u l t i n g f r o m a n y a c t
o r n e g l i g e n c e o f T e n a n t o r a n y o f T e n a n t ' s a g e n t s , e m p l o y e e s o r i n v i t e e s , r e n t s h a l l n o t b e d i m i n i s h e d o r a b a t e d w h i l e
s u c h d a m a g e s a r e u n d e r r e p a i r , a n d T e n a n t s h a l l b e r e s p o n s i b l e f o r t h e c o s t s o f r e p a i r n o t c o v e r e d b y i n s u r a n c e .
B . L a n d l o r d s h a l l m a i n t a i n f i r e a n d e x t e n d e d c o v e r a g e i n s u r a n c e o n t h e B u i l d i n g a n d t h e L e a s e d P r e m i s e s i n s u c h
a m o u n t s a s L a n d l o r d s h a l l d e e m a p p r o p r i a t e . T e n a n t s h a l l b e r e s p o n s i b l e , a t i t s e x p e n s e , f o r f i r e a n d e x t e n d e d
c o v e r a g e i n s u r a n c e o n a l l o f i t s p e r s o n a l p r o p e r t y , i n c l u d i n g r e m o v a b l e t r a d e f i x t u r e s , l o c a t e d i n t h e L e a s e d P r e m i s e s .
5 . D e f a u l t . I f d e f a u l t s h a l l a t a n y t i m e b e m a d e b y T e n a n t i n t h e p a y m e n t o f r e n t w h e n d u e t o L a n d l o r d a s h e r e i n
p r o v i d e d , a n d i f s a i d d e f a u l t s h a l l c o n t i n u e f o r f i f t e e n ( 1 5 ) d a y s a f t e r w r i t t e n n o t i c e t h e r e o f s h a l l h a v e b e e n g i v e n t o
T e n a n t b y L a n d l o r d , o r i f d e f a u l t s h a l l b e m a d e i n a n y o f t h e o t h e r c o v e n a n t s o r c o n d i t i o n s t o b e k e p t , o b s e r v e d a n d
p e r f o r m e d b y T e n a n t , a n d s u c h d e f a u l t s h a l l c o n t i n u e f o r t h i r t y ( 3 0 ) d a y s a f t e r n o t i c e t h e r e o f i n w r i t i n g t o T e n a n t b y
L a n d l o r d w i t h o u t c o r r e c t i o n t h e r e o f t h e n h a v i n g b e e n c o m m e n c e d a n d t h e r e a f t e r d i l i g e n t l y p r o s e c u t e d , L a n d l o r d
m a y d e c l a r e t h e t e r m o f t h i s L e a s e e n d e d a n d t e r m i n a t e d b y g i v i n g T e n a n t w r i t t e n n o t i c e o f s u c h i n t e n t i o n , a n d i f
p o s s e s s i o n o f t h e L e a s e d P r e m i s e s i s n o t s u r r e n d e r e d , L a n d l o r d m a y r e e n t e r s a i d p r e m i s e s . L a n d l o r d s h a l l h a v e , i n
a d d i t i o n t o t h e r e m e d y a b o v e p r o v i d e d , a n y o t h e r r i g h t o r r e m e d y a v a i l a b l e t o L a n d l o r d o n a c c o u n t o f a n y T e n a n t
d e f a u l t , e i t h e r i n l a w o r e q u i t y . L a n d l o r d s h a l l u s e r e a s o n a b l e e f f o r t s t o m i t i g a t e i t s d a m a g e s .
6 . C o n d e m n a t i o n . I f a n y l e g a l l y , c o n s t i t u t e d a u t h o r i t y c o n d e m n s t h e B u i l d i n g o r s u c h p a r t t h e r e o f w h i c h s h a l l m a k e
t h e L e a s e d P r e m i s e s u n s u i t a b l e f o r l e a s i n g , t h i s L e a s e s h a l l c e a s e w h e n t h e p u b l i c a u t h o r i t y t a k e s p o s s e s s i o n , a n d
L a n d l o r d a n d T e n a n t s h a l l a c c o u n t f o r r e n t a l a s o f t h a t d a t e . S u c h t e r m i n a t i o n s h a l l b e w i t h o u t p r e j u d i c e t o t h e r i g h t s
o f e i t h e r p a r t y t o r e c o v e r c o m p e n s a t i o n f r o m t h e c o n d e m n i n g a u t h o r i t y f o r a n y l o s s o r d a m a g e c a u s e d b y t h e
c o n d e m n a t i o n . N e i t h e r p a r t y s h a l l h a v e a n y r i g h t s i n o r t o a n y a w a r d m a d e t o t h e o t h e r b y t h e c o n d e m n i n g a u t h o r i t y .
7. Notice. Any notice required or permitted under this Lease shall be deemed sufficiently given or served if sent by
United States certified mail, return receipt requested, addressed as follows:
If to Landlord to: MLP Investment Properties, LLC, Attention Mark Pasculli, 578 W. Watersford Drive, Eagle, Idaho
83616, (208) 573-0960, mark@ctridaho.com.
If to Tenant to: City of McCall, Attention Department of Public Works, 216 E. Park Street, McCall, Idaho 83638, (208)
634-8945, sdevere@mccall.id.us.
Landlord and Tenant shall each have the right from time to time to change the place notice is to be given under this
paragraph by written notice thereof to the other party.
8. Waiver. No waiver of any default of Landlord or Tenant hereunder shall be implied from any omission to take any
action on account of such default if such default persists or is repeated, and no express waiver shall affect any default
other than the default specified in the express waiver and that only for the time and to the extent therein stated. One
or more waivers by Landlord or Tenant shall not be construed as a waiver of a subsequent breach of the same
covenant, term or condition.
9. Headings. The headings used in this Lease are for convenience of the parties only and shall not be considered in
interpreting the meaning of any provision of this Lease.
10. Successors. The provisions of this Lease shall extend to and be binding upon Landlord and Tenant and their
respective legal representatives, successors and assigns.
11. Consent. Landlord shall not unreasonably withhold or delay its consent with respect to any matter for which
Landlord's consent is required or desirable under this Lease.
12. Compliance with Law. Tenant shall comply with all laws, orders, ordinances and other public requirements now
or hereafter pertaining to Tenant's use of the Leased Premises. Landlord shall comply with all laws, orders, ordinances
and other public requirements now or hereafter affecting the Leased Premises.
13. Final Agreement. This Agreement terminates and supersedes all prior understandings or agreements on the
subject matter hereof. This Agreement may be modified only by a further writing that is duly executed by both
parties.
14. Governing Law. This Agreement shall be governed, construed and interpreted by, through and under the Laws of
the State of Idaho.
IN WITNESS WHEREOF, the parties have executed this Lease as of the day and year first above written.
Landlord Tenant
By:
Its:
Date:
ksigt
Its:
Date: IL5,219
7. Notice. Any notice required or permitted under this Leese shall be deemed sufficiently given or served if sent by
United States certified mall, return receipt requested! addressed es follow. :
if to Landlord to: MLP =repeltes, LLC, nttartivn Mark p asculli. 578 a.ercford Drive, E_ao a -,eh
83616, (208) 573 0960, mark@ctridahc.coni.
If to Tenant to: City of McCall, Attention Department of Public Works, 216 E. Park Street, McCall, Idaho 83638, (208)
634-8945, sdevere@mccall.id.us.
Landlord and Tenant shalt each have the right from time to time to change the place notice is to be given under this
paragraph by. written notice thereof to the other party.
S. Waiver. No waiver of any default of Landlord or Tenant hereunder shall be implied from any omission to take any
action on account of such default if such default persists or is repeated, and no express waiver shall affect any default
other than the default specified in the express waiver and that only for the time and to the extent therein stated. One
or more waivers by Landlord or Tenant shall not be construed as a waiver of a subsequent breach of the same
covenant, term or condition.
9. Headings. The headings used in this Lease are for convenience of the parties only and shall not be considered in
interpreting the meaning of any provision of this Lease.
10. Successors. The provisions of this Lease shall extend to and be binding upon Landlord and Tenant and their
respective legal representatives, successors and assigns.
11. Consent. Landlord shall not unreasonably withhold or delay its consent with respect to any matter for which
Landlord's consent is required or desirable under this Lease.
12. Compliance with Law. Tenant shalt comply with all laws, orders, ordinances and other public requirements now
or hereafter pertaining to Tenant's use of the Leased Premises. Landlord shall comply with all laws, orders, ordinances
and other public requirements now or hereafter affecting the Leased Premises.
13. Final Agreement. This Agreement terminates and supersedes all prior understandings or agreements on the
subject matter hereof. This Agreement may be modified only by a further writing that is duly executed by both
parties.
14, Governing Law. This Agreement shall be governed, construed and interpreted by, through and under the Laws of
the State' of Idaho.
IN WIT - - i EREOF, the parties have executed this Lease as of the day and year first above written.
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