LEASE AGREEMENT
,
I
LEASE AGREEMENT
THIS LEASE, made this
27th
day of
May
A.D.1987, between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CLEAR-
WATER, FLORIDA, a public agency, hereinafter called "Lessor", and the
BILGORE GROVES and
BILGORE LIQUIDATING 'l'RUST, hereinafter called "Lessee";
WIT N E SSE T H:
That in consideration of the covenants herein contained on the
part of the Lessee to be kept and performed, the said Lessor does hereby
lease to the said Lessee the following described property, including all
improvements thereon, located in pinellas County, Florida, to wit:
Lots 6, 7 and 8, Block 5, MAGNOLIA PARK SUBDIVISION,
according to the map or plat thereof recorded in Plat
Book 3, Page 43, Public Records of Pinellas County,
Florida.
TO HAVE AND TO HOLD the same for the term of two (2) years from
March 1, 1987, said Lessee paying therefor the rental of Nine Thousand Six
Hundred Dollars, payable Four Hundred Dollars per month.
In consideration of the premises the parties mutually covenant
and agree as follows:
1. The Lessee shall have the right to enter upon said property
and maintain, use and occupy the building thereon; provided, however, that
said Lessee shall, when exercising the privileges herein granted, leave the
premises in as clean and good a condition as when entered upon.
2. The Lessee agrees that it will at its sole expense make any
interior repairs to the premises it deems necessary, as well as any
structural and exterior repairs to the premises.
3. Either party may terminate this Agreement upon giving ninety
(90) days written notice to the other party.
4. The Lessee shall not use said premises for any purposes other
than as outlined herein and will quit and deliver up said premises at the
end of said term in a good condition and all improvements to the premises
shall be the property of the Lessor.
Further, if the Lessee shall violate
any of the covenants or terms of this Lease, then said Lessor shall be en-
titled to immediately re-enter and retake possession of the premises upon
fifteen (15) days written notice to the Lessee, and all rights of the
Lessee shall immediately terminate.
Lessee
agrees
that
it will,
prior
to
using
the
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facilities, obtain and keep in force during the term of this Agreement, a
liability and property damage insurance policy covering said facilities in
the minimum limits of $300,000/$500,000 and $100,000 fire and extended
coverage which said policies shall name the Lessor as an additional
insured.
A certificate of said insurance shall be furnished to the City
Clerk. If the premises are rendered untenantable, the payment of rent will
abate during the time reasonably necessary to accomplish repairs and
restoration.
If
the leased premises are so extensively damaged by some
casualty that it shall be determined by the Lessor as being impractical or
inequitable to repair and restore such leased premises then this lease
shall thereupon terminate, unless the Lessee notifies Lessor that it will
restore such premises at its own expense.
6. The Lessee agrees and covenants to properly maintain the
property in a clean and satisfactory condition; and agrees to pay before
becoming delinquent all bills for electrical service, other utilities and
any real property taxes that may be assessed and levied on the property,
and any improvement thereon during the term of this Agreement.
Any taxes
for a portion of any year shall be prorated between the parties.
7. Any improvement which has been erected on the premises herein
described by the Lessee shall become the property of the Lessor at the
expiration or termination of this Agreement or any extension hereof.
8. This Lease shall not be assigned to another party without
first obtaining the written consent and permission of the Lessor.
IN WITNESS WHEREOF, the parties have caused these presents to be
executed the day and year first above written.
Seal:
BILGORE LIQUIDATING TRUST
BILGORE GROVES
By fJ/;~
a~ /~~7'.
Trustee /
By:
"Lessees"
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF CLEARWATER, FL RIDA:
By:
Attest:
~LL. ..~:~-"=.
-- Cl ty Clerk
"Lessor"
BILGORE 4/13/87