Poughkeepsie, NY Lease

Lease Agreement Notes

Parties Involved:
- Landlord: Antonio Juan, Jr., 62 Boulevard Knolls, Poughkeepsie, N.Y. 12601
- Tenant: The Bell/Simons Companies, P.O. Box 261567, Hartford, CT 06126-1567
Lease Premises:
- Concrete building measuring 80'x100' located at 224 Van Wagner Road, Town of Poughkeepsie, NY.
- Includes surrounding parking and storage areas, excluding a 50'x36' metal building (Landlord's property) and access to that building.
- Use of Premises: Only for wholesale distribution of commercial refrigeration, air-conditioning parts, supplies, equipment, and engineering services.
Lease Term: 8 years, starting January 1, 2000, and ending December 31, 2008.
Annual Rent: $32,000 payable in monthly installments.

Rent Payment Details:
- Monthly amount: $2,666.67 due on the 1st of each month.
- Additional payment: $672.32 for estimated real estate taxes, adjusted annually based on actual tax bill (80% of increase/decrease).
Tenant Obligations:
- Maintain premises and conduct necessary repairs at Tenant's expense.
- Deliver premises in good condition at lease expiration, barring damages by elements.
Compliance Requirements:
- Tenant must comply with all applicable government regulations and fire safety orders.

Landlord's Rights:
- Landlord or agents may enter premises during reasonable hours for inspections, repairs, or alterations.
Showing Premises:
- Permit showing to potential buyers/tenants; agrees to allow "To Let" or "For Sale" signs 6 months before lease expiration.
Landlord's Re-Entry:
- Landlord can re-enter if rent is unpaid, premises vacated, or any lease covenant is defaulted.

Liability Clause:
- Landlord not liable for damages/injuries resulting from various causes unless due to Landlord's negligence.
Subordination Clause:
- Lease shall not lien against premises for existing or future mortgages; Tenant agrees to execute necessary subordination instruments.
Security Deposit:
- Tenant's security deposit cannot be assigned or encumbered without Landlord's consent.

Tenant Defaults:
- Landlord can terminate lease upon defaults in payment or covenants, after giving five days' notice.
- If Tenant defaults and leaves property (including fixtures), items deemed abandoned will belong to Landlord.
Tenant Responsibilities for Utilities:
- Tenant must pay all utility charges, including water, sewer, and any associated expenses as additional rent.

Covenant for Peaceful Enjoyment:
- Tenant may have quiet enjoyment of premises as long as rent is paid and covenants are performed.
Binding Effect:
- Lease covenants are binding to both parties and their successors.

Liabilities and Rights Waivers:
- Tenant waives the right to redeem under New York law if there is a lease default.
Landlord's Service Obligations:
- No liability or obligation for interruption in services or conditions not caused by gross negligence.
Property Possession Clause:
- Landlord not liable for delays in possession due to previous tenant issues or other reasons not attributed to Landlord.

Execution of Lease:
- Agreement concluded on December 19, 1999, signed by both parties in presence of witnesses.

Notary Acknowledgment:
- Acknowledged by notary public on March, 2000 regarding the signing of the agreement without any issues.

Covenant from Tenant:
- Tenant agrees to fulfill rental obligations and other covenants post-default situations, including tax liabilities.
Acknowledgment of Waivers:
- No notification of default required for covenant breaches.

Insurance Requirements:
- Tenant to provide fire insurance (max. $400,000) including liability coverage limits of $1,000,000/$3,000,000.
Utility Responsibilities of Tenant:
- Tenant responsible for utility costs including snow removal and garbage collection; shared costs if related to the Landlord's other properties.
Lease Renewal Option:
- Tenant has option to renew lease for two additional 8-year terms, with prior notification to Landlord.