HomeMy WebLinkAboutLease Agreement with Bobcat Investments LLC 2022Lease Agreement
This Agreement made this 6th Day of October, 2022 by and between
Bobcat Investments LLC, Greg Thomason, Manager, hereafter called "Landlord"
and City of Rexburg, hereafter called "Tenant"
1. Premises and Terms:
The property shall be leased for commercial purposes. Landlord does
hereby lease unto the Tenant and the Tenant does hereby lease from the
Landlord at address: 15 East Main St., Rexburg, Idaho, the front reception
area, the front office/Suite 101 and Suite 103 with the back foyer area to be
shared with the Tenant of Suite 102.
2. Rent:
During the term of the Lease the Tenant shall pay to the Landlord a monthly
rent of $ 1,200 due on the 1St day of each month beginning Month October 6,
2022.
A late fee of $25 will be assessed after the 5th day of the month if payment is
not made before the 6th day of the month.
3. Furnishings:
Existing furnishings may be used by the tenant unless otherwise noted.
4. Utilities:
This is a Net Lease in which the Tenant shall be responsible for the electric
and gas utilities.
5. Insurance:
Tenant is required to carry general liability and personal property insurance,
Bobcat Investments LLC is to be named as an Additional Insured, Primary and
Non-Contributory with Wavier of Subrogation in favor of Bobcat Investments
LLC on the general liability including 30 day written notice of cancellation.
Endorsements must be provided with certificate, blanket forms not
accepted. The Landlord will be held harmless and not be responsible for any
loss or damage to said personal property used by the Tenant.
Limits of Insurance Required to Carry.
Occurrence - $1,000,000
Aggregate - $2,000,000
Property Rented to You - $300,000
6. Maintenance and Repair:
The Tenant shall maintain the lease property in good condition reasonable
wear and tear excepted. The Tenant and occupant of Suite 102 will work out
the details of care of the restrooms and the clearing of the sidewalk from ice
and snow. The Tenant may make cosmetic changes such as paint without
permission. Repairs to the furnace and air-conditioner will be paid by the
Landlord. Please contact the Landlord for other maintenance issues at 208-
709-7878.
Parking: Three Parking Passes are provided and are valid to be used in the
parking lot just north and east of the building. Please do not park in designated
parking for Police or Wells Fargo.
The Tenant is aware of the personal property owned by the Landlord and
agrees that these items may be removed by the Landlord at any time during
the Lease.
7. Option to Renew:
The Tenant shall have the option to renew the lease agreement for
successive periods of time. This Lease Agreement is set until October 1st,
2025 and will be on a month to month basis thereafter until a new lease
agreement is signed. Either party must give sixty-day notice to terminate
this agreement.
8. Applicable Law:
The law of the State of Idaho shall govern the rights and duties of the parties
to this Lease and the interpretation of its provisions.
Dated this: Month_____, Day____, Year ____
_______________________________________________________________
City of Rexburg, Jerry Merrill, Mayor
______________________________________________________________
Bobcat Investments LLC, Greg Thomason, Manager
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