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HomeMy WebLinkAboutBoatworks I LEASE AGREEMENT This is a lease entered into as of the 17 th day of June, 2005 between Redevelopment Authority of the City of Oshkosh, a municipal corporation (as ~Landlord"), and Boat Works, Inc., a Wisconsin corporation, (as ~Tenant"). The Landlord, in consideration of the covenants and agreements of the Tenant, hereby leases to the Tenant, and the Tenant does hereby rent from the Landlord, the premises described below, for the period and at the rental and upon the terms and conditions set forth in this instrument. 1. DESCRIPTION: The demised premises shall consist of the building identified on attached exhibit ~A" and areas surrounding the building, located at 362 Michigan Street, Oshkosh, Wisconsin. 2. TERM: The term of this Lease shall commence on the date of this lease agreement and shall end at Midnight on December 31, 2006; provided, however, that the Lease shall be subject to earlier termination upon the occurrence of the earliest of the following two events: (a) The sale of the real property located at 362 Michigan Street, Oshkosh, Wisconsin by Maker to an outside, third party; or (b) At such time as the Redevelopment Authority of the Ci ty of Oshkosh or the Ci ty of Oshkosh, through action by the City Council, resolves to develop on its own the real property located at 362 Michigan Street, Oshkosh, Wisconsin. 3 . RENTAL: Tenant shall pay to Landlord an annual rental in the sum of One Dollar ($1.00). Landlord acknowledges the receipt of the rental for the entire term of this Lease. 4. USE OF PREMISES: The premises shall be used by Tenant for storage purposes only. -1- 5. OBLIGATIONS OF TENANT: Tenant shall be obligated to pay all expenses relating to its use and occupancy of the storage building, including repair and maintenance to such building to the extent it is necessary for use by tenant of the subject building. The parties acknowledge and agree that it is expected that the building shall be razed following occupancy of the storage building by the Buyer. Accordingly, Buyer's obligations under this Lease shall be construed in accordance with the intended leveling of the building following the term of this Lease. 6. SAVE HARMLESS CLAUSE: Tenant agrees that it will at all times protect, indemnify, save and keep harmless Landlord against and from any and all claims arising out of or from any accidents or occurrences on or about the demised premises causing injury to any person or persons or property whomsoever or whatsoever and due directly or indirectly to the negligent use of the premises or any part thereof by Tenant, its employees, agents, or invitees. 7. PREMISES ARE DESTROYED: In the event that the premises are totally destroyed by fire, or other casualty, this Lease shall be deemed to be terminated. Likewise, in the event of any substantial partial destruction of the premises by fire or other casualty, either party shall have the option to terminate the Lease in writing by giving written notice of the same to the other party. Total destruction shall be deemed to have occurred if more than 60% of the space of the building that Tenant shall occupy is destroyed. 8. TAXES: Tenant shall have no obligation to pay any real property taxes against the subject-matter real premises. 9. INSPECTION OF PREMISES: Landlord shall have free access to the demised premises, including any building or structure that may at any time be thereon, at all reasonable times for the purpose of examining or inspecting the conditions thereof in order to exercise any right or power reserved to Landlord under this -2- lease. Landlord shall also be entitled to enter the premises, in her discretion, at any time for the protection of the premises. 10. LOSS AND DAMAGE: Landlord shall not be liable for any damage to property of Tenant or of others located on the premises, nor for the loss of or damage to any property of Tenant or of others by theft or otherwise. Landlord shall not be liable for any injury or damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, wa ter, rain or snow or leaks from any part of the leased premises or from the pipes, appliances or plumbing works or from the roof, street or subsurface of either thereof or from any other place or by dampness or by any other cause of whatsoever nature. Unless caused by the negligence of Landlord their agents or contractors, Landlord shall not be liable for any such damage caused by other persons in the leased premises, occupants of adjacent property, or the public or caused by operations in the construction of any private, public or quasi-public work. 11. SURRENDER OF PREMISES: Upon the expiration or sooner termination of this lease, Tenant will surrender and deliver the premises to Landlord in as good condition of repair as existed on the initial date hereof, ordinary wear and tear and loss or damage by the elements alone excepted. 12. LANDLORD'S RIGHT TO ASSIGN: Landlord shall have the right to assign its rights under this agreement at any time by giving Tenant written notice of such action. 13. TENANT'S RIGHT TO ASSIGN: Tenant shall have the right to assign its rights under this agreement at any time to any of the principals of the Tenant by giving Landlord written notice of such action. 14. NOTICES: Notices hereunder shall be in writing and shall be served by Certified Mail, Return Receipt Requested, upon the -3- parties at the following addresses, or at such other addresses as the parties may provide from time to time: LANDLORD: Boat Works, Inc. 1000 N. Westfield Oshkosh, WI 54902 TENANT: Redevelopment Authority of the City of Oshkosh 215 Church Avenue Oshkosh, WI 54901 15. MISCELLANEOUS: (a) Bindina Aareement. This agreement shall be binding upon and inure to the benefit of the respective parties, their successors and assigns, heirs, and personal representatives, except as otherwise expressly provided herein. (b) Waiver, Chanae or Modification. This agreement may not be changed orally, but only by an agreement in writing and signed by the party against whom enforcement of any waiver, change, modification or discharge is sought. (c) Applicable Law. The parties agree that this agreement shall be construed pursuant to and in accordance with the laws of the State of Wisconsin. The parties have executed this lease on the day and year first above written. REDEVELOPMENT AUTHORITY F THE CITY OF OSHKOSH ney, Executive Director By: BOAT WORKSR a i,-- By: P. F. Oskar, President -4- LEGAL DESCRIPTION Lots Four (4) and Five (5) of Block Seventy-five (75) in the Plat of the ORIGINAL THIRD WARD, in the Sixth Ward, City of Oshkosh, per Leach's Map of 1894, and now in the Ninth Ward of said city, Winnebago County, Wisconsin. AND Lots Ten (10), Eleven (11) and Twelve (12) of Block Seventy-Six (76) in the Plat of the ORIGINAL THIRD WARD, in the Third Ward, City of Oshkosh, per Leach's Map of 1894, and now in the Ninth Ward of said city, Winnebago County, Wisconsin, together with the North % of that portion of Third Street (now vacated) lying east of the extended West Line of said Lot Ten (10). AND That part of Lot One (1) of Block Seventy-six (76) in the Plat of the ORIGINAL THIRD WARD, in the Third Ward, City of Oshkosh, per Leach's Map of 1894, and now in the Ninth Ward of said city, Winnebago County, Wisconsin, lying Southeasterly of the Southeasterly Right of Way Line of the Soo Line Railroad Company (said line extending from a point on the North line of said lot that is Thirty-five (35) feet east of the Northwest Corner thereof, to a point on the West line of said lot that is Forty-two (42) feet South of the Northwest Corner thereot), together with the South % of that portion of Second Street (now vacated) lying West of the extended East line of said Lot One (1) and Southeasterly of the Southeasterly Right-of-Way line of said railroad. AND Lots (1) and Two (2) in LEWIS REPLAT, in the Sixth Ward, City of Oshkosh, and now in the Ninth Ward of said city, Winnebago County, Wisconsin, together with that portion of West Second Street (now vacated) which is East of Michigan Street and located North of and adjacent to Lots 1 and 2.