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LEASE OF BUSINESS ESTABLISHMENT
This Lease Agreement is made and entered into by and between [name] and spouse, [name] (“Landlord”), and [name] (“Tenant”).
In consideration of the obligation of Tenant to pay the rent provided in this Lease and in consideration of the other terms, covenants, and conditions of this Lease, Landlord hereby demises and leases to Tenant, and Tenant hereby takes from Landlord:
(1) the real property, together with all improvements, described in Exhibit “A” attached hereto and made a part hereof for all purposes; and
(2) the fixtures and equipment described in Exhibit “B” attached hereto and made a part hereof for all purposes (the “leased premises”),
to have and to hold for a term commencing on 2024, and ending 2024, on the following terms and conditions:
1. ACCEPTANCE OF EXISTING PREMISES
1.1 Tenant acknowledges that it has, prior to the execution of this Lease, inspected the leased premises, and that Tenant accepts the leased premises in their “as is” condition. By occupying the leased premises, Tenant shall be deemed to have accepted the premises and to have acknowledged that the premises comply fully with Landlord’s covenants under this Lease.
2. RENT
2.1 Rental shall accrue under this Lease from the commencement date of this Lease as defined above, and shall be payable at the place designated for the delivery of notices to Landlord at the time of payment.
2.2 Tenant shall pay to Landlord rental in the aggregate amount of $[Amount], payable in advance in equal monthly installments of $[Amount] per month for the first [number] [Number of months] of this Lease and $[Amount] per month for the final [number] [Number of months] of this Lease.
2.3 The first such monthly installment shall be due and payable on or before the commencement date, and an additional monthly installment in like amount shall be due and payable on or before the first day of each and every succeeding calendar month during the term of this Lease.
2.4 Notwithstanding the foregoing, Tenant shall pay to Landlord contemporaneously with the execution of this Lease the sum of $[Amount] as a security deposit, to be held by Landlord without interest and to be applied to the first and last accruing installments of Rental under this Lease.
3. USE AND CARE OF PREMISES
3.1 The leased premises shall be used and occupied only for the purpose of operating [describe type of business] and for no other purposes without the prior written consent of Landlord.
3.2 Tenant shall not at any time leave the leased premises vacant, but shall in good faith continuously throughout the term of this Lease conduct and carry on in the leased premises the type of business for which the demised premises are leased, and shall keep the leased premises open to the public for business during normal business hours.
3.3 Tenant shall not, without Landlord’s prior written consent, keep anything within the leased premises or use the leased premises for any purpose which increases the insurance premium cost or invalidates any insurance policy carried on the leased premises.
3.4 All property kept, stored or maintained within the leased premises by Tenant shall be at Tenant’s sole risk.
3.5 Tenant shall not, without Landlord’s prior written consent, conduct within the leased premises any objectionable activity, nor permit any objectionable or unpleasant odors to emanate from the premises, nor take any other action that would disturb or endanger the public.
3.6 Tenant shall take good care of the leased premises and keep them free from waste at all times. Tenant shall keep the leased premises, including show windows, signs, sidewalks, serviceways, and loading areas adjacent to the premises neat, clean, and free from dirt or rubbish at all times, and shall store all trash and garbage within the leased premises, arranging for the regular pickup of such trash and garbage at Tenant’s expense.
4. MAINTENANCE AND REPAIR OF PREMISES
4.1 Tenant shall keep the leased premises in good, clean condition and shall make all needed repairs, including, but not limited to, the foundation, exterior walls, and roof.
4.2 Tenant shall comply at its sole cost and expense with all laws, ordinances, and regulations applicable to the leased premises.
4.3 Tenant shall be obligated to make any structural changes or alterations to the leased premises which may be required or necessary for its clients or customers in accordance with the Americans with Disability Act or any other state or federal legislation which may require changes or improvements to the premises.
4.4 Such changes shall be made with plans and specifications that are approved by the Landlord.
4.5 If any repairs required to be made by Tenant hereunder are not made within ten (10) days after written notice delivered to Tenant by Landlord, Landlord may at its option make such repairs without liability to Tenant for any loss or damage which may result to its stock or business by reason of such repairs, and Tenant shall pay to Landlord on demand as additional rental under this Lease the cost of the repairs together with interest at the maximum legal rate in effect in the State of __________ from the date of payment by landlord until repaid by Tenant.
4.6 The landlord shall make repairs to the parking and common areas. The landlord shall not be liable for improvements which may be required or necessary for its clients or customers in accordance with the Americans with Disability Act or any other state or federal legislation.
4.7 At the expiration of this Lease, Tenant shall surrender the leased premises in good condition, reasonable wear and tear, loss by fire, or other unavoidable casualty, alone excepted.
5. ALTERATIONS AND FIXTURES
5.1 Tenant shall not make any alterations, additions, or improvements to the leased premises without the prior written consent of Landlord, except for the installation of unattached movable trade fixtures.
5.2 All alterations, additions, improvements, and fixtures, other than unattached, movable trade fixtures, that may be made or installed by either party on the leased premises shall become the property of Landlord at the termination of this Lease for any reason whatsoever, and at the termination of this Lease shall remain on and be surrendered with the leased premises, unless Landlord requests their removal, in which event Tenant shall remove the same and restore the leased premises to their original condition at Tenant’s expense. Any linoleum, carpeting, or other floor covering of similar character that may be cemented or otherwise affixed to the floor of the demised premises, and any paneling or other wall covering, shall also become the property of Landlord, all without credit or compensation to Tenant.
5.3 Tenant shall not suffer any lien to remain against or imposed on the leased premises or the realty of which it is a part, by reason of any alteration, repair, labor performed, or materials furnished to the leased premises for or on behalf of Tenant, and Tenant will discharge and bond around or sue for removal of any such lien or charge immediately after the lien attaches or the charge becomes due and payable.
6. SIGNS AND STORE FRONTS
6.1 Tenant shall not, without Landlord’s prior written consent, (a) make any changes to the store front; (b) install any exterior lighting, shades, or awnings, or any exterior decorations or paintings; or (c) erect, install, or change any signs, window or door lettering, placards, decorations, or advertising media of any type which can be viewed from the exterior of the leased premises, excepting only dignified displays of customary type for its display windows.
6.2 Landlord shall not unreasonably withhold consent to any of the above items.
7. UTILITIES
7.1 Tenant shall promptly pay all charges for electricity, water, telephone service, and other utilities furnished to the leased premises.
7.2 Landlord shall not be liable for any interruption or impairment whatsoever in utility services.
8. INSURANCE AND INDEMNITY
8.1 Landlord shall not be liable to Tenant or to any other person on the leased premises for any loss or damage to the person or property of Tenant or such other person caused by any act of negligence whatsoever or due to improper construction, condition, or repair of the building, and Tenant hereby agrees to indemnify Landlord and hold it harmless from any loss, expense, or claim arising out of any such damage or injury including but limited to that caused solely or in part by the negligence of the Landlord..
8.2 Landlord shall procure and maintain throughout the term of this Lease a policy or policies of insurance, at Tenant’s sole cost and expense, insuring Landlord as well as Tenant from all claims, demands, or actions arising out of Tenant’s use and occupancy of the leased premises. The property damage insurance shall have limits of liability of not less than [specify policy limits], and the public liability insurance shall have limits of liability of not less than [specify policy limits] for injury to or death of one person and [specify policy limits] for injury to or death of more than one person in any one accident. In addition, Landlord will procure and maintain throughout the term of this Lease a policy or policies of fire and extended coverage insurance at Tenant’s sole cost and expense on the building, fixtures, and equipment, constituting the leased premises, insuring all such property for its full value. All insurance shall be carried with companies satisfactory to Tenant.
8.3 As additional rental, the Tenant agrees to pay to the Landlord, on demand, all premiums for liability insurance and fire and extended coverage insurance provided for above. Tenant will pay these sums within ten (10) days after the Landlord presents a statement to Tenant for the premiums. Such a statement presented by Landlord shall constitute sufficient evidence of the amount for which Tenant is liable under this paragraph.
9. NON-LIABILITY FOR CERTAIN DAMAGES
9.1 Landlord shall not be liable to Tenant for any injury to person or damage to property caused by escape or leakage of gas, water, steam, electricity, or oil on or into the leased premises, nor shall Landlord be liable to Tenant for any loss or damage that may be occasioned by or through the acts or omissions of any persons whatsoever.
10. ACCESS TO PREMISES
10.1 Landlord shall have the right to enter upon the leased premises at all reasonable hours for the purpose of inspection. Landlord shall not be liable to Tenant for any expense, loss, or damage caused by any such entry on the leased premises.
11. DAMAGE BY CASUALTY
11.1 Tenant shall give immediate written notice to Landlord of any damage caused to the leased premises by fire or other casualty.
11.2 In the event that the leased premises are damaged or destroyed by fire or other casualty insurable under standard fire and extended coverage insurance and Landlord does not elect to terminate the Lease as provided below, Landlord shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the leased premises. If the leased premises are damaged or destroyed by fire or other casualty so as to render untenantable more than fifty percent (50%) of the floor area of the entire building in which the leased premises are located, Landlord may elect either to terminate this Lease or to proceed to rebuild and repair the leased premises. Landlord shall give written notice to Tenant of its election within sixty (60) days after the occurrence of the casualty and, if it elects to rebuild and repair, shall proceed to do so with reasonable diligence and at its sole cost and expense.
11.3 Landlord’s obligation to rebuild and repair under this Article XI shall be limited to restoring the damaged portion of the leased premises to substantially the condition in which Landlord had placed the leased premises at the time of Landlord’s original tender of possession to Tenant, as modified by ordinary wear and tear preceding the damage or destruction. Tenant agrees that, promptly after completion of any such work by Landlord, it will proceed with reasonable diligence and at its sole cost and expense to rebuild, repair and restore its signs, fixtures, and equipment, and perform any other work necessary to open the leased premises for business.
11.4 During any period of reconstruction or repair of the leased premises, this Lease shall continue in full force and effect, except that the Rental shall be abated for the length of time necessary for the reconstruction or repairs in proportion to the amount of floor area of the leased premises rendered unusable. There shall be no abatement of any other amounts payable by Tenant under the terms of this Lease.
11.5 Any insurance against casualty loss which may be carried by either Landlord or Tenant shall be under the sole control of the party carrying the insurance, and the other party shall have no interest in any proceeds of that insurance. Landlord and tenant hereby expressly waive any cause of action or right of recovery which either of them may hereafter have against the other for any loss or damage to the leased premises or to the contents of the premises belonging to either caused by fire, explosion, or other risk covered by the __________ standard form of fire and extended coverage policy.
12. EMINENT DOMAIN
12.1 If the whole or any substantial part of the leased premises should be taken for any public or quasi public use under any law, ordinance, or regulation or by right of eminent domain or by private purchase in lieu thereof, then it is agreed that at the option of either party to this Lease, this Lease shall be canceled as of the date of the taking, and both parties shall be relieved of all obligations imposed by this Lease.
12.2 Should this Lease contract be canceled by any such event, it is agreed that the Tenant shall have the right to recover only such damages suffered or sustained by Tenant as are the result of the taking of the property belonging to Tenant.
12.3 It is expressly understood and agreed that the Tenant shall have no claim against the Landlord and shall not have any claim or right to any portion of any amount that may be awarded as damages or paid as a result of any such involuntary conversion, whether brought about by suit or agreement, for the cancellation of the Lease or for Tenant’s leasehold interest.
12.4 It is expressly understood and agreed that any and all such amounts shall belong to the Landlord. All rights of the Tenant to damages for cancellation of lease or loss of leasehold, if any, are hereby assigned by the Tenant to the Landlord.
12.5 If less than a substantial portion of the leased premises should be taken for any public or quasi public use under any law, ordinance, or regulation or by right of eminent domain or by private purchase in lieu thereof, this Lease shall not terminate. But the Rental under this Lease during the unexpired portion of this Lease shall be reduced as of the date of the taking in proportion to the ratio that the number of usable feet taken bears to the total number of usable feet in the leased premises. In the event of a taking such as that set out in this paragraph it is agreed that the Tenant shall have the right to recover only such damages suffered or sustained by Tenant as are the result of the taking of property which belongs to the Tenant. It is expressly understood and agreed that the Tenant shall have no claim against the Landlord and shall not have any claim or right to any portion of any amount that may be awarded as damages or paid as a result of such taking for the loss of any part of Tenant’s leasehold interest. It is expressly understood that any and all of such amounts shall belong to the Landlord and all rights of the Tenant to damages for the loss of leasehold interest, if any, are hereby assigned by the Tenant to the Landlord.
13. ASSIGNMENT AND SUBLETTING
13.1 Tenant shall not assign or in any manner transfer this Lease or any estate or interest in this Lease, or sublet the leased premises or any part of the premises without the prior written consent of Landlord. Consent by Landlord to one or more assignments or sublettings shall not operate as a waiver of Landlord’s rights as to any subsequent assignments and sublettings. Notwithstanding any assignment or subletting, Tenant shall at all times remain fully responsible and liable for the payment of the rent specified in this Lease and for compliance with all of its other obligations under this lease.
13.2 In the event of the transfer and assignment by Landlord of its interest in this Lease and in the building containing the leased premises to a person, firm, or corporation assuming Landlord’s obligations under this Lease, Landlord shall be released from any further obligations under this Lease. Tenant agrees to look solely to the responsibility of the successor in interest of the Landlord. Any security given by Tenant to secure performance of its obligations under this Lease may be assigned and transferred by Landlord to a successor in interest of Landlord and Landlord shall thereby be discharged of any further obligation for the security.
14. PROPERTY TAXES
14.1 Tenant shall be liable for all taxes levied against personal property and trade fixtures placed by Tenant in the leased premises. If any such taxes for which Tenant is liable are levied against Landlord or Landlord’s property, and if Landlord elects to pay them, or if the assessed value of Landlord’s property is increased by inclusion of personal property and trade fixtures placed by Tenant in the Leased premises and Landlord elects to pay the taxes based on that increase, Tenant shall pay to Landlord on demand that part of the taxes attributable to Tenant’s personal property and trade fixtures.
14.2 As additional rental, the Tenant agrees to pay to the Landlord, on demand, an amount equal to any additions to or increases in any and all taxes, assessments, impositions, levies, charges, exercises, fees, licenses, and other sums levied, assessed, or imposed by any governmental authority (“taxes and assessments”) against the leased premises that shall become due and payable during the term of this Lease that are in addition to or greater than taxes and assessments for the year [specify year prior to commencement of lease]. Landlord shall be required to send Tenant copies of all tax bills pertaining to the leased premises. Provided, however, that for any partial tax year occurring during the term of this Lease, the Tenant shall be liable for only that portion of any such taxes and assessments as the number of days in the partial tax year bears to 365.
15. EVENTS OF DEFAULT AND REMEDIES
15.1 The following events shall be deemed to be events of default by Tenant under this Lease:
a. Failure of Tenant to pay when due any installment of rent or any other sums or charges due under this Lease.
b. Failure of Tenant comply with any term, provision, or covenant of this Lease, other than the payment of rent, and failure to cure that breach within thirty (30) days after written notice of the breach to Tenant.
c. Insolvency of Tenant, a transfer by Tenant in fraud of creditors, or assignment by Tenant for the benefit of creditors.
d. Commencement by or against Tenant proceedings in bankruptcy, or for reorganization of Tenant, or for the re-adjustment or arrangement of Tenant’s debts, whether under the Bankruptcy Act of the United States of America or under any other law, whether State or Federal, now or hereafter existing for the relief of debtors, or commencement of any analogous statutory or nonstatutory proceeding involving Tenant. The acceptance by Landlord of Tenant’s monthly payment as provided in this Lease subsequent to the occurrence of any such event of default, or that set forth in subparagraph (e) below, shall be as compensation for use and occupancy of the leased premises, and shall in no way constitute a waiver by Landlord of its right to exercise any of the remedies provided below on the occurrence of any event of default.
e. Appointment of a Receiver or Trustee for all or substantially all of the assets of Tenant.
f. Desertion or vacation by Tenant of any substantial portion of the premises.
15.2 On the occurrence of any of such events of default, Landlord shall have the option to pursue any one or more of the following remedies without any notice or demand whatsoever:
a. Termination of this Lease, in which event Tenant shall immediately surrender the leased premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the leased premises and expel or remove Tenant and any other person who may be occupying the premises or any part of the premises, by force if necessary, without liability for prosecution or any claim of damages; and Tenant agrees to pay to Landlord on demand the amount of all loss and damage that Landlord may suffer by reason of any such termination, whether through inability to relet the leased premises on satisfactory terms or otherwise.
b. Entry on and repossession of the leased premises and expulsion or removal of Tenant and any other person who may be occupying the premises or any part of the premises, by force if necessary, without liability for prosecution or for any claim for damages, and relet the leased premises and receive the rent; and Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such re-letting.
c. Entry on the leased premises, by force if necessary, without liability for prosecution or for any claim for damages, and performance of any of Tenant’s obligations under the terms of this Lease; and Tenant agrees to reimburse Landlord on demand for any expenses that Landlord may incur in thus effecting compliance with Tenant’s obligation under this Lease. Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such actions, whether caused by the negligence of Landlord or otherwise.
d. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies provided in this Lease or any other remedies provided by law, nor shall pursuit of any of the other remedies provided constitute a forfeiture or waiver of any rent due to Landlord under this Lease or of any damages accruing to Landlord by reason of the violation of any of the terms, provision, or covenants contained in this Lease. Forbearance by Landlord to enforce one or more of the remedies provided on an event of default shall not be deemed or construed to constitute a waiver of the default.
15.3 If, on account of any breach or default by Tenant in Tenant’s obligations under this Lease, it shall become necessary for Landlord to employ an attorney to enforce or defend any of Landlord’s rights or remedies, Tenant agrees to pay any reasonable attorney’s fees incurred by Landlord for that purpose.
16. LANDLORD’S LIEN
16.1 Tenant hereby grants to Landlord a valid first security interest on all the goods, chattels, furniture, trade fixtures, and property that tenant may own and have on the leased premises at any time or times during the term of this Lease, as well as on the proceeds of any insurance accruing to Tenant by reason of any destruction of or damage to any such property, to secure all rents and other sums due or to become due Landlord under this Lease, any and all exemption laws being expressly waived in favor of the security interest. It is agreed that this express security interest shall not be construed as a waiver of any statutory or other liens given or that may be given to Landlord, but shall be in addition to any such statutory or other lien. It is agreed that in the event of default by Tenant under this Lease, Landlord shall have and be entitled to exercise all right and remedies provided or granted to a secured party after default under the Uniform Commercial Code with respect to any and all personal property on the premises, including, without limitation, the right to take and retain possession of any or all such property and to sell or otherwise utilize such property at public or private sale or in any other manner authorized or provided in the Uniform Commercial Code. On request by Landlord, Tenant agrees to execute and deliver to Landlord from time to time such UCC Financing Statements as Landlord may deem necessary to perfect the security interest of Landlord in the property described above and the proceeds of such property under the provisions of the Uniform Commercial Code in force in the State of __________.
17. SUBORDINATION
17.1 This Lease is subject and subordinate to any mortgage, Deed of Trust or other lien which may now or hereafter encumber the leased premises and to all renewals, modifications, consolidations, replacements, and extensions of any such mortgage, Deed of Trust, or lien. This clause shall be self operative and no further instrument of subordination need be required by any mortgagee. In confirmation of this subordination, however, Tenant shall, at Landlord’s request, execute promptly any appropriate certificate or instrument that Landlord may request. Tenant hereby constitutes and appoints Landlord the Tenant’s attorney-in-fact to execute any such certificate or instrument for and on behalf of Tenant. In the event of the enforcement by the Trustee or the Beneficiary under any such mortgage or Deed of Trust of the remedies provided for by law or by the mortgage or Deed of Trust, Tenant will, upon request of any person or parties succeeding to the interest of Landlord as a result of such enforcement, automatically become the Tenant of the successor in interest without change in the terms or other provisions of this Lease.
18. MISCELLANEOUS
18.1 In this Lease, the singular shall include the plural and vice versa, and the masculine shall include the feminine or neuter.
18.2 If any clause or provision of this Lease is illegal, invalid, or unenforceable under present or future laws effective during the term of this Lease, it is the intention of the parties that the remainder of this Lease shall not be affected by any such illegality, invalidity, or unenforceability, and the parties hereby declare that this Lease would have been entered into without the unenforceable portion.
18.3 This Lease may not be altered, changed, or amended except by instrument in writing signed by both parties. The terms, provisions, covenants, and conditions contained in this Lease shall apply to, inure to the benefit of, and be binding on the parties and on their respective successors in interest and legal representatives, except as otherwise expressly provided.
18.4 The captions used in this Lease are for convenience only and do not in any way limit or amplify the terms and provisions.
18.5 One or more waivers of any covenant, term, or condition of this Lease by either party, or of any act by the other party requiring consent or approval shall not be deemed to waive or render unnecessary consent to or approval of any subsequent similar act.
18.6 Whenever a period of time is prescribed in this Lease for action to be taken by Landlord, Landlord shall not be liable or responsible for, and there shall be excluded from the computation of any such period of time, any delays due to strikes, riots, acts of God, shortages of labor or materials, war, governmental laws, regulations, or restrictions or any other causes of any kind whatsoever which are beyond the reasonable control of Landlord.
18.7 Landlord covenants and agrees that, on payment by Tenant of the rent and all other sums provided for in this Lease, and on the observance and performance of all of the covenants and agreements on the Tenant’s part to be observed and performed, Tenant shall, subject to the terms and provisions of this Lease, at all times during the continuance of this Lease have the peaceable and quiet enjoyment and possession of the leased premises.
18.8 Nothing contained in this Lease shall be deemed or construed by the parties, or by any third party, as creating the relationship of principal and agent or of partnership or of joint venture between the parties, it being understood and agreed that neither the method of computation of rent, nor any other provision contained in this Lease, nor any acts of the parties, shall be deemed to create any relationship between the parties other than the relationship of Landlord and Tenant.
18.9 Tenant warrants that it has had no dealings with any broker or agent in connection with the negotiation or execution of this Lease and Tenant agrees to indemnify and hold Landlord harmless from and against any and all costs, expense, or liability for commissions or other compensations and charges claimed by any broker or agent with respect to this Lease.
18.10 Should Tenant fail to pay when due any installment of Rent, or any other sum payable to the Landlord under the terms of this Lease, interest at the maximum legal rate then payable by Tenant in the State of __________ shall accrue from and after the date on which any such installment or sum shall be due and payable, and the interest shall be paid by Tenant to Landlord at the time of payment of the sum on which the interest shall have accrued.
18.11 The term “Landlord” shall mean only the owner from time to time of the leased premises. It is specifically understood and agreed that Landlord shall have no personal liability with respect to any of the covenants, conditions, or provisions of this Lease. In the event of a breach or default by Landlord of any of its obligations under this Lease, Tenant shall look solely to the equity of the Landlord in the leased premises for the satisfaction of Tenant’s remedies, and Tenant shall have no right to seek, obtain, or enforce a claim or judgement against Landlord for any deficiency remaining, following exhaustion of Landlord’s equity in the leased premises.
18.12 The term “Lease Year”, as used in this Lease, shall, in the case of the first Lease year, mean the period that commences with the Commencement Date of the Lease term and terminates on the last day of the twelfth (12th) full calendar month after the commencement, and the first Lease Year shall include twelve (12) full calendar months plus the partial month, if any, at the commencement of the lease term if the lease term does not commence on the first day of a calendar month. Each subsequent Lease Year shall mean a period of twelve (12) full calendar months commencing with the date following the last day of the first Lease Year, and each subsequent anniversary of such day. The last Lease year of the Lease term shall include the period which commences on the day immediately following the last day of the preceding Lease Year and terminates on the last day of the Lease term, and the parties recognize that the last Lease Year may be less than twelve (12) full calendar months, depending on the date of termination of the Lease term.
19. NOTICES
19.1 Wherever any notice is required or permitted under this Lease, the notice shall be in writing. Any notice or document required or permitted to be delivered, whether actually received or not, shall be deemed given when deposited in the United States Mail, postage prepaid, Certified Mail, Return Receipt Requested, addressed to the parties at the respective addresses set out opposite their names below, or at such other addresses as they have specified by written notice delivered in accordance with this paragraph.
LANDLORD
[Name and address]
TENANT
[Name and address]
20. RIGHT OF FIRST REFUSAL
20.1 Should Landlord desire to sell or otherwise dispose of the leased premises, Landlord shall first deliver to Tenant a written instrument which shall:
a. State Landlord’s intention to sell or dispose of the leased premises;
b. State the price and terms of the best bona fide offer Landlord has received for the purchase of the premises, and the name and address of the offeror(s) making that offer; and
c. Offer to sell the premises, or portion of the premises, to Tenant on the same terms and conditions at anytime within ten (10) days after the delivery of the written notice to Tenant.
20.2 At any time during the ten (10) day period after the delivery of the notice, Tenant shall have the prior right and option to purchase the leased premises on the terms and at the price set forth in the notice. If this option is not exercised by Tenant, Landlord may, at any time within the time specified in the bona fide offer, sell the leased premises to the offeror(s) named in the offer, on the terms and at the price stated in the offer. If the sale is not completed within that period, the notice given to Tenant shall be deemed to have expired and a new notice and option shall be required before any sale or disposition is made of the leased premises.
20.3 It is understood that the foregoing provisions of this paragraph shall not apply to a devise or passage of the leased premises by will or inheritance or to a conveyance of the premises to any member of Landlord’s immediate family or to a trust or trusts for the benefit of any member of Landlord’s immediate family or to a charitable, educational, or other nonprofit type trust; provided, that (i) the foregoing provisions shall apply to any attempted sale or other disposition of the interest of any devisee or heir of Landlord, and to a Partner or any other permitted assignee of Landlord, and (ii)landlord, on conveying the leased premises to any such family member or members or to any such trust or trusts shall continue to be responsible and liable for all of Landlord’s covenants and obligations hereunder.
Signed on ______________________.
________________________
Landlord
________________________
Tenant