55 YEAR SUB- LEASE AGREEMENT
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SUB-LEASE AGREEHENT
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WITNESS this Sub-Lease Agreement made and entered into
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'this 23rd day of April, 1975, by and between J. A. HADLEY, SR. and
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,BRADY NELSON, hereinafter called the "Sub-Lessors"; and AL ROGERO
,: AND ASSOC lATE S, INC., a Flori da co rpor a don. here inafter calle d
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, S . NALL joined by her husband. JAMES B, NALL. lease d un to ALBER!
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: the Assignment: to the parties hereto, are attached hereto and
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: marked. res pe c ti ve 1y. Exhib it' A, Exhibit B. and Exhib it C. and
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lease and leasehold property unto the Sub-Lessee herein.
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NOW, THEREFORE, for the rental consideration and
<Lessors hereby sub-lease and sub-let unto the Sub-Lessee their
,to all of the terms and provisions hereinafter set forth. the Sub- :il
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The rental consideration for this Sub-Lease is Five
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total one-fourth (1/4) interest in said Nall Lease and leasehold
!,premises for the full lease term of fifty-five (55) years.
qThousand Dollars ($5,000.00) per year for the full lease term of
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::fifty-five (55) years. which shall be payable to the respective
!Sub-Lessors as follows: $4,000.00 to J. A. Hadley, Sr., who holds
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l;a four-fifths (4/5) of a one-fourth (1/4) interest in said lease-
i!hold; and $1,000.00 to Brady Nelson, who holds a one-fifth (1/5) of
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l,a one-fourth
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;iF~ve Thousand Dollars ($5.000.00) per year is referred to herein as
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'j"base rental" to be paid in advance by the Sub-Lessee herein to the
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:'Sub-Lessors herein, and shall remain constant for the first fou~ ,.,1
i:years of the term. Any addition to said rental as hereinafter pro-l
;!vided shall be calculated and paid to the respective Sub-Lessors i~l
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said
(1/4) interest in said leasehold.
The said SUD;l of
!;proportion to their interests aforesaid in said leasehold.
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"leasehold property as expeditiously as possible, buti.t is agreed
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!!between the parties that the rental payments herein provided for
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:;the Sub-Lessors shall -d~t become payable until a sub-lease has bee '!
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!lconsumatedby the Sub-Lessee; in other words, if the Sub-Lessee 't'
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idoes not sub-lease the said leasehold property for a period of tim !,
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no rental payments shall be due or payable to the Sub-Lessors for Ii
;ithe years or pro rata portion thereof involved in said period of Iii
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"time. It is further understood and agreed that the rental payment~i
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':herein provided shall not become due and payable until and unless 1i
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. payments and other obligations provided to the owners and Lessors II'
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under the NaIl Lease. However, it is further provided that, excepr
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with the written consent of the Sub-Lessors herein, the Sub-Lessee II
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It is the intention of the Sub-Lessee to sub-lease
.sufficient amount of rent has been collected by and paid to the
Sub-Lessee under its sub-lease contract to fully pay the rental
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i!term. Thereafter rental shall be adjusted at the end of each three
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, JI(3) year period of the term except that such future r:ntal adjust~.
I!mentsshall be determined by comparing the Hbase index"with the
~said "Consumer Price Index" for the last month of the ).ast:. imme-
lidiatelY past three (3) year period. ,
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II Adjustments in rentals shall be paid with the next en- f
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ilsuingpayment of rentals. It is understood and agreed, however, I
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iithat in no event shall the rental for the fifth (5th) through fiftlf
dfifth (55th) year of this lease be less than the sum of FIVE THOU- ~
iisAND ($5,000.00) DOLLARS per year,except as otherwise herein pro-I
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iivided. I
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:1 Annual rental shall. be paid in advance on the tenth "
;;day of each year during the term ,hereof, with any adjustments as .
determined above, to be paid within thirty (30) days after publica-I
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,i tion of said Price Index figures. I
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i;herein shall not sub-lease said leasehold property except for a
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;rental consideration sufficient to provide for the full payment of
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,the rental payable/to the owners and Lessor under the Nall
Lease,
provided/.
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r' The U. S. Department of Labor, Bureau of Labor Statistic~
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lll'consumer Price Index for Urban Wage Earners and Clerical Workers" t
~las of April 1, 1974, shall be use.d as the "base index" and shall bel
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liused as a base for determining future rental. After the fourth (4t
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nyear of the term, the "base rental" of FIVE :THOUSAND ($5,000.00)
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;~DOLLARS per year shall be increased or decreased by the same per-
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;:Rental
the payment or the rental to the Sub-Lessors as herein
After the end of the fourth (4th) year of this term,
shall be adjusted and paid as follows:
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';centage of increase or decrease which is determined by comparing'
iIthe "base index" with said "C~nsumer Price Index for Urban Wage
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!;Earners and Clerical Workers" for the last month of -the first four
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I; (4) year period of this lease.
!'shall be the rental for the next ensuing three (3) years of the
The adjusted rental thus determine
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f. 1.4286 PAGl
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If said Index shall no longer be published, then anothe
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index generally recognized as authoritative shall be substituted b ;
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, agreement, and if the parties shall not agree, such substituted in!
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'dex shall be selected by the then presiding judge of the Circuit Iii
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In any even t ,the Iii
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l'base used by any index or as revised on the existing index shall 1
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; Court of the Sixth Judicial Circuit in and for Pinellas County,
Florida, upon the application of either party.
'ireconciled to the index published as of April 1, 1974.
Base rental (plus proportionate adjustments) shall be
;,paid as follows: $4,000.00 to J. A. Hadley, Sr. at his office in
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,:Humboldt, Tennessee; and $1,000.00 to Brady Nelson at his residence i
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;:Humboldt, Tennessee; or at such other place or places as the Sub-'
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iiLessors may from time to time in writing specify to the Sub-Lessee.
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f,All rental shall be payable without notice or demand.
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Any rental payment, if not paid within thirty (30) days
:iafter its due date, shall bear interest at the rate of ten per cen J
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All rentals shall be payable in current legal tender of II
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lithe United States as the same is constituted by law at the time th~1
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Sub-Lessors I
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.. in the mode or time of payment of the rental upon any occasion !
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,shall not be construed as a continuation, waiver, .:;: as a waiver;' 0,1
'. the provisions of this p.aragraph, or as requiring a Simi~ar change I
"or indulgence by the Sub-Lessors on any subsequent OSUcbc_aLse10anse'. the 1'..,1..
;. As a part of the consideration for this .
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,Sub-Lessee covenants and agree'9that it will assume and perform I
~i each and every obligation to be performed by the original Lessee I.
i under all the terms and provisions of the Origi.nai Lease c;ontract,",
',a copy of which is attached hereto and which is 'inc;rp~rate~"~~r~:t
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,in, for the full term of the Original Leas,e, Contract and this S~- i I
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Lease Contract, including the prompt payment of all rentals due by I
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'j (10%) per annum until paid.
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~irental becomes due, extension, indulgence or change by
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the original Lessee to the original Lessors under said Original
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,Lease Contract; the payment of all taxes and assessments against
"the lease d premises; indemn i t Y and liab i li ty ins ur ance ; fire, win _,
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.,storm and hazard insurance on the premises and any improvement i I
i,thereto; and all other obligations imposed upon the original Less
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,and to this end the Sub-Lessee herein covenants and agrees to in-
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:by reason of the failure of the Sub-Lessee to fully perform all
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.'demnify and hold harmless the Sub-Lessors herein against any loss,
damage or expense of any kind or character caused the Sub-Lessors
'obligations to be performed by the original Lessee under the
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:,of the Original Lease Contract.
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It is specfically understood and agreed that nothing con
f,tained in this Sub-Lease Agreement shall require or obligate the
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;~ub-Lessors to subordinate this sub-lease to any mortgage, lien, :
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hypothecation or other lien created by the Sub-Lessee Or arising bYi~
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In the event of default on the part of the Sub-Lessee im II
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any of its obligations, rental and otherwise, under the terms here-I
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;.of, the Sub-Lessors agree to extend to the Sub-Lessee no less favorf-
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::through, under or against the Sub-Lessee.
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'able treatment than is provided under the terms of Article XXIV
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U(Default Clause) of the original NaIl Lease.
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,; WITNESS the execution of this Sub-Lease Agreemen t, the
i!day and date first above set forth, the same being executed on
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i;behalf of the corporate party by its duly authorized officer.
l~igned, sealed and delivered bi
',the Sub-Lessors. J. A. Hadley, Sr.
:;and Brady Nelson, in the presence
'of:
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Signed; sealed and delivered by
the Sub-Lessee, Al Rogero and
.Associates, Inc., in the presence
of:
Sub-Lessee
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By
AL ROGERO AND ASSOCIATES, INC.
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STATE OF TENNESSEE
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COUNTY OF GIBSON:
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" On this the
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23rd day of April, 1975, before me, the
"undersigned authority, personally appeared J. A. HADLEY, SR. and
l!BRADY NELSON, known to me to be the parties whose names are sub-
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!~scribedto the within instrument and acknowledged that they exe-
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'icuted the same for the purpose, therein contained.
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IN W~TNESS WHEREOF, I have hereunto set my hand and
~;pfficial seal.
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'~<i;~,:;:":;;MJ~'COmmiss ion ~xpires:
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!eSTATE OF FLORIDA
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On this jS-;-" 'day of " 1975, before me, the
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under-t
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iCOUNTY OF P INELLAS :
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isigned authority, personally appeared ALBERT L. ROGERO, SR.,
:to me to be the person who ex~cuted the foregoing instrument as
,President of the corporation named therein, and acknowledged that
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'official seal.
IN WITNESS WHEREOF, I have hereunto set my
;;said corporation.
l,he executed the same as such official in the name and on behalf
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Hy Commission Expires: ."'..'/111'1.,,;....1.
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