HomeMy WebLinkAboutLEASE OF REAL ESTATE - 92-00004 - Gallery Photo Lab - New Buildingti
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LEASE, OF RAT. ESTATE AND OPTION TO PURCHASE
THIS AGREEMENT, made and entered into this day of
April, 1992, by and between W. KEITH WALKER and CHARLOTTE
WALKER, husband and wife, of 852 North Salem Road, Rexburg,
Idaho 83440; RAY WALKER and Y v, A WALKER, husband and wife, of
1270 Barney Dairy Road, Rexburg, Idaho83440; JOAN JOHNSON and
LEE JOHNSON, wife and husband, of 1010 North 1000 East,
Rexburg, Idaho 83440; DARLENE DAVIDSON and FARRELL DAVIDSON,
wife and husband, of 1058 North 1000 East, Rexburg, Idaho
83440; SHARON ORME and ROBERT ORMEr wife and husband, of 1721
East 100 North, Rexburg, Idaho 83440 and LOIS W. GROVER and
DEAN R. GROVER, husband and wife, of 192 East orth,
Rexburg, Idaho $3440, all hereinafter collectively referred to
as "Landlord", and VAL GROVER and TERES -A , . GR 0 Rf husband and
wife, of 269 Easy 1000 NRexburg,
referred to as "Tenants",
WITNESSETH:
1. Property Leased.
Idaho 8344of hereinafter
Landlord does hereby lease tO Tenants and Tenants do
hereby lease from Lan o , that certain real property situated
in Madison County, Idaho, and described as follows, to --wig;
From the Northwest earner of Block 2 of the original
Rexburg townsit+e North 244.q0 feet; East 740.44 feet to
the point of beginning ; thence East 192.Q5 feet to a
point; thence South 150.00 feet tO a point; thence West
192.05 feet to a pink • thence North 150 .p4 feet to the
paint of beginning. Contains x.66 ages more or leis.
Sub4
ject tO a 10 foot wide utility easement along the
eastern property,
2* Term Of Lease .
The lease shall run for a term of 15 years commencing
th,
April 10, 1992, and continu@
lng to April 10, 20078
3* Consideration for Lease.
Tenants have, concurrently with the execution ion of this
Lease, paid the full consideration for the within Lease
and
Option to Purchase individually to the respective Landlords,
There is no further considerat-
I-on far the Lease nor for the
I
option to purchaser nor f or conveyance of tie property u ject
to this Lease upon exercise of
end of the
term
of
the lease ..
4
10
of
Premises,
--
lk-
th,
April 10, 1992, and continu@
lng to April 10, 20078
3* Consideration for Lease.
Tenants have, concurrently with the execution ion of this
Lease, paid the full consideration for the within Lease
and
Option to Purchase individually to the respective Landlords,
There is no further considerat-
I-on far the Lease nor for the
I
option to purchaser nor f or conveyance of tie property u ject
to this Lease upon exercise of
end of the
term
of
the lease ..
4
Use
- MMMMMMMMW�
of
Premises,
--
the option to purchase or at
the
Tenants shall use the premises tv conduct and carry on
a photographic business or any other business or use that
Tenants, at Tenants' sole discretivn may choose to carry on,
5. Improvements
MIM=6�
it is understood that tenants, at Tenants' sole
discretion, may construct such �.mprovements, i
buildings and other improvements of whatever
k�.ndornature on
the premises as deemed desirable by Tenants,
without permission
Of Landlord and such improvements shall belong to Tenants,,
�� Tenants shall, in connect
i -on with construCtion or
improvementsf observe all applicable laws?
regulations pertaining thereto b
6 Repairs and Mal
intenance A
erection Of
rules and
Tenants, at Tenants' expense shall be
responsible for
all repairs and maintenance of the premises and the
improvements thereon,
LEASE
8583C OF REAL ESTATE AND OPTION TO PURCHASE AGE 2
?. Taxes, Utilities mmm-and - �OL-her Expenses.
Tenants shall be responsible to timely day for all
expenses attendant with or associated in ani way wi the
premises and the use thereof r including, but not iimited to,
all utilityi tax and any and all other expenses in anyway
arising out of or CCxT]neCtE?d with ownership and/or use of the
premises.
8. Indemnity Agreement.
.1
Tenants agree to indemnify and hold harmless Landlord
from any damage, claims
arising out of ownership
.1
premises
9 a
Ins,uranc-e .
liability and/or expenses, in anywise
and/or operation and/car use of the
Tenants shall keep the premises and all improvements
that may be constructed on the premises insured against
liability of ownership and/or use of the premises in an amount
Of at last $500,000,
Each party shall during the continuance, of thi-s P a �C3
have the right to insure,
against fare and other ��sur�ltyr his
own interest in any improvements upon or personal property
Within the premises, and neither party shall have the duty to
insure the interest of the other party,
Landlord and tenant and all parties Maiming under
them(
including any insurer) hereby mutually release and
discharge the other from all claims and liabilities arisin
9
from or caused by lass or damage to the premises, improvements
LEASE 4F REAE. ESTATE AND OPTION TO PURCHASE -- PAGE 3
85830
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?. Taxes, Utilities mmm-and - �OL-her Expenses.
Tenants shall be responsible to timely day for all
expenses attendant with or associated in ani way wi the
premises and the use thereof r including, but not iimited to,
all utilityi tax and any and all other expenses in anyway
arising out of or CCxT]neCtE?d with ownership and/or use of the
premises.
8. Indemnity Agreement.
.1
Tenants agree to indemnify and hold harmless Landlord
from any damage, claims
arising out of ownership
.1
premises
9 a
Ins,uranc-e .
liability and/or expenses, in anywise
and/or operation and/car use of the
Tenants shall keep the premises and all improvements
that may be constructed on the premises insured against
liability of ownership and/or use of the premises in an amount
Of at last $500,000,
Each party shall during the continuance, of thi-s P a �C3
have the right to insure,
against fare and other ��sur�ltyr his
own interest in any improvements upon or personal property
Within the premises, and neither party shall have the duty to
insure the interest of the other party,
Landlord and tenant and all parties Maiming under
them(
including any insurer) hereby mutually release and
discharge the other from all claims and liabilities arisin
9
from or caused by lass or damage to the premises, improvements
LEASE 4F REAE. ESTATE AND OPTION TO PURCHASE -- PAGE 3
85830
s.
IF
thereon, or any personal property therein, by fire or other
casualty, regardless of the cause of damage or lass, It is the
intent
of this agreement that each party may insure town
interest in the amount selected key such party, an neither
party shall make claim against the other
for 1oss by fire or
other casualty, which may be so insured, regardless of the
cause of, damage or loss,
10 Destruction of the Premises
Landlord shall have no responsibility in y e event of
any casualty loss of the premises and/arany improvements
located thereon arising for any reason,
11. Quiet enjoyment.
Landlord covenants and agrees that tenants, from the
commencement of this Lease shall and may peacably and quietly
4
have, hold and enjoy the ,premises during the continuance of
this Lease.,
12. Removal at End Of Term,
In the event that the, Option to purchase is not
exercised as hereinafter stated fullfee 4
simp e title to the
sub je4C t real Property, at the end of th�,S Leaser Shallass
automatically to Tenants and it is understood ancl agreed that
consideration paid at the beginning of the w thin Lease 0
i S the
full consideration for the within in Lease and such transfer,
Landlord shall execute
and deliver to Tenants, any instruments
necessary to convey such title at such time,
LEASE OF REAL ESTATE AND OPTION TO PURCHASE
8583C - PAGE 4
13- Remedies.
The parties hereto shall have such remedies, in
the
event of default, as are provided by law and equity,
14. Miscellaneous.
d
it IS understood that Tenants will be borrowing funds
for the construction of
improvements on the premises., The
inLandlord agrees to sign such deeds of trust to their under yg
interest in the property hereby
leased required y the lending
.0
institution to subordina andlords interest in the real
property to the lien of such loan, provided, that Landlords
shall
not be obligated to obligate themselves beyond
encumbering their interest in the subject real property as
security and Landlord shall not be personally responsibly for
payment of any obligations incurred under loans secured by the
property,
All of the provisions of this lease shall be binding
Upon the heirs, personal representatives, successorst and
assigns of the
parties hereto
The terms "Landlord"Al "Tenantwr "his" "he" and "him"
shall be construed as use
herein, to include singular and
plural and masculine and feminine gender and a corporate
entity,
to conform to the actual parties hereto,
Landlord shall have the right to enter upon the
premises at any reasonable time to inspect or examine any an
all Parts thereof,
LEASE OF REAL ESTATE AND OPTION 0RCHASE
85830 - PAGE 5
ft
Tenants shall save Landlord harmless and defend
Landlord of and from all claims/ ions, or causes of action
that may arise Out Of Tenants occupation and
Use of the
premises.
15. Option to Purchase,
Landlord does hereby grant to Tenants, in
consideration for the sums paid at the
,
time Of the -execution of
the within Lease and Option, an option tv be exercised at any
time during the term of this Lease at such time as apiat of
the leased property has been completed and recorded ire ordq=L
that the city Of Rexburg Wi].1 allow the transfer of the leased
property from the Landlord to Tenants in W MI
ch to purchase the
leased property for the amount heretofore paid as cons*
iderat'
-i on
for the Lease and the withi..
option.
6
It is understood that Landlord is presently preparing
a plat of the ground to be recorded in order to enable the
Landlord to transfer title of the property to Tenants.
Landlord will cooperate and use diligence in preparing theA lat
and recording the sarne in order that the option hereinraidped
for may be exercised at the earliest convenient date,
UPon exercise se. of the option, the parties agree to
promptly take all steps necessary to complete
transfer of the
4
property to Tenants by appropriate warranty deedr subject to
the loan indebtedness incurred to Westpne Bank for the buil
cling
of the improvements on the real estate, Landlords upon
exercise of the option herein provided, shall execute in fay
a
-4.
LEASE OF REAL ESTATE AND QPTION T
d 8583C C PAGE 6
of and deliver tO Tenants, a warranty deed subject to the
encumbrances that Tenants may h V on the premises.
exercise of the option? the sale of the premises shah be
without any warranty as to the condition of the premises or
improvements thereon,
m
Tenants agreeing that they have carefully
10
inspected the premises and that
they shall purchase the same as
is. Any warranty as to condition of the premises �.s expressly
disclaimed by Landlord,
16 . Recording Notice of Lease,------ ff&-A�
The parties agree that a notice of the within lease
shall be executed bY the parties concurrently with the si ni
n CJ
Of this leaseWhich notice shall be recorded in the Off icial
records of Madison County, Idaho,
LeaSe.
w.
Ray
Sy
IN WITNESS WHEREOF the4partes have executed this
"LANDLORD"
Keith
CLIL
ia Walker
"TENANT"
Val Gr vo er
T
-- -&-d a %J 4M
LEASE OF REAL ESTATE AND OPTION
8583C TO PURCHASE - PAGE 7
JV
f
.O.
Darlene Dav
-i d s o In
- il"AMMI
10
Lois W. Gro��r
STATE OF IDAHO,
SS.
,
County of Madison�--
On this
0 ay of April, 1992, before me, the
undersigned, a rotary Public in and for said State,ersan
P illy
appeared W. Keith Walker and Charlotte Walker,............ own tQ me to
be the persons whose names are subscribed to the withir,
instrument and acknowledged to me that t�y xU ed
the same.
IN WITNESS WHEREOF, I have hereunto set my and and
LEASE OF REAL ESTATE AND OPTION TO PURCHASE - PAGE 8
85830
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affixed my official seal the day and year in this certificate
first move written.
STATE OF IDAHO
Notary Publ�ic or T Ta
Residing at Rexburg,, -Idaho
91
My COmmissiOn Ex
v.op�i j; e s-10
:
L lt�
SS,
County of Madison.On th's
1 - 5Z )
�'day of April, 1992,. before me, the
undersigned, a Notary Public in and for sa�.d State, personally
appeared Ray Walker and Sylvia Walker, known tO me to be the
persons whose names are subscribed to the w'1thin. instrument and
acknowledged to me that they executed the same.
jIN �TTNESS WHEREOFr T have hereunto set my hand and
affixed my offical seal the day and year in this certificate
first above written.
2L, JA2-4
5
A- f
Notary Public fog I d ah.0'
Residing at Rexburg,Jdahv
My Cornmission Expires:
0 J-- t;l 6A, -
STATE OF IDAHQ, }
Ss.
COUntY of Madison, )
we
On this.1eday��.of April, 1992 , before rye, the
undersigned, a Notary Public in ani fQr said State, personally
appeared Joan Johnson and Lee Johnson, known to me to be the
persons who names are su�sc�ibed to the within instrUment and
acknowledged to me that they executed the same ,
LEASE OF REAL ESTATE AND OPTION TO PURCHASE - PAGE 9
8583C
Y
d
r
affixed my official seal the day and year in this certificate
first move written.
STATE OF IDAHO
Notary Publ�ic or T Ta
Residing at Rexburg,, -Idaho
91
My COmmissiOn Ex
v.op�i j; e s-10
:
L lt�
SS,
County of Madison.On th's
1 - 5Z )
�'day of April, 1992,. before me, the
undersigned, a Notary Public in and for sa�.d State, personally
appeared Ray Walker and Sylvia Walker, known tO me to be the
persons whose names are subscribed to the w'1thin. instrument and
acknowledged to me that they executed the same.
jIN �TTNESS WHEREOFr T have hereunto set my hand and
affixed my offical seal the day and year in this certificate
first above written.
2L, JA2-4
5
A- f
Notary Public fog I d ah.0'
Residing at Rexburg,Jdahv
My Cornmission Expires:
0 J-- t;l 6A, -
STATE OF IDAHQ, }
Ss.
COUntY of Madison, )
we
On this.1eday��.of April, 1992 , before rye, the
undersigned, a Notary Public in ani fQr said State, personally
appeared Joan Johnson and Lee Johnson, known to me to be the
persons who names are su�sc�ibed to the within instrUment and
acknowledged to me that they executed the same ,
LEASE OF REAL ESTATE AND OPTION TO PURCHASE - PAGE 9
8583C
d+r
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official sial the day
year in this certificate
first above written,
STATE OF IDAHO l 1
ss.
County of Madison.)
YelNotary Public for Ida-ho
Residing at Rexburg, Idaho
My Commission Expires;
..Pl- - / / 4db--
On this--ttt--a April �' of, 1992 bme. the
undersigned, a Notary Public in and for said. State, personally
appeared Darlene Davidson ,and Farrell Davidson, known to me to
be the persons whose names are subscribed to the within
instrument and acknowledged tQ me that they executed the same.
IN WITNESS WHEREOF
I have h�o set my and and
AGu ,Ely urriclal seal the day and year
first above written,
STATE or, zDAHo, �
County of Madison. ss}
an this V ("day Of Apr i 1,
in this certificate
- _ -now -ftff � a %.4Z 9,0
uIray dL xexburg, -Td�!hp
MY c:ommissian Expire:
undersigned,
1992, before me, the
a Notary Public �.n and for said Stater personally
appeared Sharon Orrne and Rob
ert Orme. known to me to be the
persons whose names ars subscribedto the within instrument and
LEASE OF REAL ESTATE AND OPTION TO PURCHASE - PAGE 10
8583C
A
acknowledged to me that they executed the same.,
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal the day and year in this certi fi-
cate
first above written,
Nota
ry Public for- Idaha
Residing at Rexburg Idaho
My Comm�.ssion Expires:
STATE OF IDAHO, lie
SS
County of Madison.)
Can this day Of April, 1992, before mer the
undersigned, a Notary Public in and for said state, personally
appeared Lois Wo Grover and Dean Re Grover, known to me to be
the persons whose names are subscribed to
the within instrument
and acknowledged to me that they executed the same,
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed f f 4 xed my Of f ficial seal thed
year iL n this certif icate
first above written.
Jr
No d r Public"fvr Idaho
Residing at Rexburg, Idaho
My Commissiona Expires:
d6—
STATE CSF IDAHO,
ss.
County of Madison.
On th
i s day Of April, x.992, before mer the
undersigned, a Notary Public in -andfar I
al State, personal)
Y
appeared Val Grover and Teresa Le Groper, known to me to be the
LEASE C]F REAL ESTATE AND dPTI4N T0 PURCHASE PAGE 11
8583C
jp
persons whose names are subscribed to the within instr and
acknowledged to me that they executed same.
IN WITNESS WHEREOF, I have here��n�n cznL-�- m, �...
affixed my Official sea!
first above written'.
JE11 iaanQ ana
the day and year in this cert
it cate
Notary Public fQr ,Idaho
Residing at Rexbur,gf Idaho
MY Commission Expires:
LEASE OF REAL ESTATE AND OpTIO RCHASE PAGE 12
8583C