EXHIBIT 10.16
COMMERCIAL LEASE AGREEMENT
FRANKLIN BANK, SSB
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇ AND HISTORIC ANNEX
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
COMMERCIAL LEASE AGREEMENT
Effective Date: July 27, 2001
Landlord: A.S.C. Management, Inc.
Tenant: Franklin Bank, SSB
Building: Franklin Square Building
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Leased Premises: Suite No. 114 on the 1st floor, containing approximately 3750
rentable square feet and the historic annex, containing 976
rentable square feet, for a total of 4726 rentable square feet
Term: a term of 60 months, beginning August l, 2001 and ending July
31, 2006, with option to renew
THIS COMMERCIAL LEASE AGREEMENT (this "Lease"), is executed to be effective as
of the Effective Date by and between Landlord and Tenant.
1. PREMISES AND TERM - Landlord does hereby lease the Leased Premises to
Tenant. The Building is located on the tract of land described on Exhibit A
attached hereto.
2. USE - Tenant shall use and occupy the Premises for professional
purposes only, and for no other purpose without Landlord's prior written
consent.
3. RENT - Tenant promises to pay Landlord, at the offices of Landlord, at
▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, monthly rent under this Lease in
accordance with the Rent Schedule which is attached as Exhibit C hereto. The
monthly rent shall be payable in advance, without demand, on the first day of
each and every calendar month during term hereof; provided, however, that the
first such monthly rental payment shall be due upon execution of this Lease.
Should the term of the Lease begin on a day other than the first day of a
calendar month or terminate on a day other than the last day of a calendar
month, the rent for such partial month shall be proportionately reduced.
4. SECURITY - Tenant has deposited the Security Deposit in the amount of
$2000.00 with Landlord as security for the faithful performance by Tenant of all
the terms, covenants and conditions of this Lease on Tenant's part to be
performed. Provided Tenant has fully and faithfully carried out all of said
terms, covenants and conditions on Tenant's part to be performed, this Security
Deposit shall be returned to Tenant after the expiration of this Lease. In the
event of a bona fide sale, subject to this Lease, Landlord shall have the right
to transfer the Security Deposit to the buyer for the benefit of Tenant.
Landlord, upon notice to Tenant of such sale and assignment of the security
deposit to the buyer, shall be released from all liability for the return of
such Security Deposit. Tenant agrees to look solely to the new Landlord for the
return of the Security Deposit, and it is agreed that this shall also apply to
any subsequent transfer or assignment of the Security Deposit to any new
Landlord.
5. CARE OF PREMISES, ALTERATIONS, ETC. - Tenant shall take good care of
the Premises and any fixtures which are and shall remain the property of the
Landlord which may be located or situated on, in or made a part of the Premises
and shall, at Tenant's own cost and expense make all repairs to the Premises and
fixtures other than structural repairs. At the end of the term of this Lease,
Tenant shall deliver the Premises in good order and condition, damages by the
elements excepted.
COMMERCIAL LEASE AGREEMENT
PAGE 1
6. The Tenant shall promptly comply with all statutes,
ordinances, rules, orders, regulations and requirements of any
governmental or quasi-governmental authority, including departments,
bureaus and the like, having jurisdiction applicable to the Premises,
for the correction, prevention, and abatement of violations, nuisances
or other grievances, in, upon, or connected with the Premises during
the term of this Lease, at the Tenant's own cost and expense.
7. Tenant's, Tenant's successors, heirs, executors or
administrators shall not make any alterations to the Premises without
the Landlord's consent in writing; or occupy, or permit or suffer the
same to be occupied for any business or purpose deemed disreputable or
extra-hazardous on account of fire, under the penalty of damages and
forfeiture, and in the event of a breach thereof, the term herein shall
immediately cease and terminate at the option of the Landlord as if it
were the expiration of the original term.
8. Tenant will not do anything in or to the Premises, or bring
anything into the Premises, or permit anything to be done or brought
into or kept in the Premises, which will in any way increase the rate
of fire insurance on said Premises, nor use the Premises or any part
thereof, nor allow or permit its use for any business or purpose which
would cause an increase in the rate of fire insurance on said building,
and the Tenant agrees to pay as additional rent the cost of any
increase in fire insurance on demand by Landlord.
9. Tenant shall not encumber or obstruct the sidewalk in front
of, entrance to, or halls and stairs of said Premises, nor allow the
same to be obstructed or encumbered in any manner.
10. Landlord is exempt from any and all liability for any damage
or injury to person or property caused by or resulting from steam,
electricity, gas, water, rain, ice or snow, or any leak or flow from
or into any part of said building or from any damage or injury caused
by or due to the negligence of the Landlord, excepting gross negligence
or willful misconduct.
11. SERVICES PROVIDED BY LANDLORD - As long as Tenant is not in default of
any of the terms and conditions of this Lease, Landlord agrees to provide the
following services:
a. Landlord agrees to provide to Tenant peaceful possession and
enjoyment of the leased premises;
b. Landlord agrees to repair any damage to the exterior building
and to maintain the building including the repair of the heating and
air conditioning systems, plumbing, water and wastewater, gas and
electricity, all in a timely manner;
c. Landlord agrees to maintain the landscaping and the parking
lot, including the removal of snow and ice;
d. Landlord agrees to maintain an insurance policy for fire and
hazard insurance to insure the property and/or building. Landlord is
not obligated to maintain a policy of comprehensive general liability
insurance. Landlord agrees that all insurance policies will be issued
and binding upon solvent insurance companies rated Best's A- or better
authorized to do business and in good standing with the state of Texas.
e. Landlord agrees to provide non-exclusive use of the parking
lot for the parking of customers, employees, and visitors.
f. Landlord agrees to pay all real estate and ad valorem taxes on
the building to all taxing authorities. In the event that real estate
taxes due and owing by Landlord for the building shall be increased
above the charges for the base year of 2000, Tenant agrees to pay as
additional rent, within 30 days of receipt of notice from the Landlord,
an amount equal to such additional real estate taxes or Tenant's share
of additional real estate taxes.
g. Landlord agrees to pay for all utilities provided to the
leased premises including, but not limited to electric, water, waste
water and gas.
COMMERCIAL LEASE AGREEMENT
PAGE 2
12. NO ABATEMENT OF RENT OR ADDITIONAL RENT - Landlord shall not be liable
for failure to give possession of the Premises upon commencement date by reason
of the fact that the Premises are not ready for occupancy or because a prior
tenant or any other person is wrongfully holding over or is in wrongful
possession, or for any other reason. The rent shall not commence until
possession is given or is available, but the term herein shall not be extended.
13. This Lease and the obligation of Tenant to pay rent hereunder
and perform all of the other covenants and agreements hereunder on part
of Tenant to be performed shall in no way be affected, impaired or
excused because Landlord is unable to supply or is delayed in supplying
any service expressly or impliedly to be supplied or is unable to make,
or is delayed in making any repairs, additions, alterations or
decorations or is unable to supply or is delayed in supplying any
equipment or fixtures if Landlord is prevented or delayed from so doing
by reasons of government preemption in connection with a National
Emergency or in connection with any rule, order or regulation of any
department or subdivision thereof of any governmental agency or by
reason of the conditions of supply and demand which have been or are
affected by war or other emergency.
14. No diminution or abatement of rent, or other compensation,
shall be claimed or allowed for inconvenience or discomfort arising
form the making of repairs or improvements to the building or to its
appliances, nor for any space taken to comply with any law, ordinance
or order of a government authority. In respect to the various
"services" if any, herein expressly or impliedly agreed to be furnished
by Landlord to Tenant, it is agreed that there shall be no diminution
or abatement of the rent, or any other compensation, for interruption
or curtailment of such "service" when such interruption or curtailment
shall be due to accident, alteration or repairs desirable or necessary
to be made or to inability or difficulty in securing supplies or labor
for the maintenance of such "service" or to some other cause, nor gross
negligence on the part of Landlord. No such interruption or curtailment
of any such "service" shall be deemed a constructive eviction. Landlord
shall not be required to furnish, and Tenant shall not be entitled to
receive any "services" during any period when Tenant shall be in
default in respect to the payment of rent. Neither shall there be any
abatement or diminution of rent because of making of repairs,
improvements or decorations to the Premises after the date above fixed
for the commencement of the term, it being understood that rent shall,
in any event, commence to run at such date so above fixed.
15. REAL ESTATE TAXES - Tenant acknowledges that the Premises comprise
approximately 4726 square feet of the building which shall be defined as
"Tenant's share." In the event that real estate taxes due and owing by Landlord
for the building shall be increased above those charges during the base year
(which is defined as the tax or fiscal year used by the governmental authority
assessing such taxes in effect on the commencement date of this Lease), Tenant
agrees to pay as additional rent within thirty (30) days of receipt of notice
from Landlord, an amount equal to such additional real estate taxes or Tenant's
share of additional real estate taxes.
16. DAMAGE TO THE PREMISES - Tenant must give Landlord prompt notice of
fire, accident, casualty, damage or dangerous or defective condition. If the
Premises can not be used because of fire or other casualty, Tenant is not
required to pay rent for the time the Premises are unusable. If part of the
Premises can not be used, Tenant must pay rent for the usable part. Landlord
shall have the right to decide which part of the Premises is usable. Landlord
need only repair the damaged structural parts of the Premises. Landlord is not
required to repair or replace any equipment, fixtures, furnishings or
decorations unless originally installed by Landlord. Landlord is not responsible
for delays due to settling insurance claims, obtaining estimates, labor and
supply problems or any other cause not fully under Landlord's control.
17. If the fire or other casualty is caused by an act or neglect
of Tenant, Tenant's employees or persons on the Premises with
permission of Tenant, or at the time of the fire or casualty Tenant is
in default in any term of this Lease, then all repairs for which the
Landlord is not insured but the Tenant is will be made at Tenant's
expense and Tenant must pay the full rent with no adjustment. The cost
of the repairs will be added to the rent.
COMMERCIAL LEASE AGREEMENT
PAGE 3
18. Landlord has the right to demolish or rebuild the building if
there is substantial damage by fire or other casualty. Landlord may
cancel this Lease within 30 days after the substantial fire or casualty
by giving Tenant notice of Landlord's intention to demolish or rebuild.
The Lease will end 30 days after Landlord's cancellation notice to
Tenant. Tenant must deliver the Premises to Landlord on or before the
cancellation date in the notice and pay all rent due to the date of the
fire or casualty. If the lease is cancelled, Landlord is not required
to repair the Premises or building. The cancellation does not release
Tenant of liability in connection with the fire or casualty.
Furthermore, Tenant has the right to cancel the Lease within 30 days
after the substantial damage or casualty, giving 30 days notice of
intent to Landlord.
19. INSPECTION AND ENTRY BY LANDLORD - Tenant agrees that Landlord and
Landlord's agents and other representatives shall have the right to enter into
and upon the Premises, or any part hereof, at all reasonable hours for the
purpose of examining the same, or making such repairs or alterations therein as
may be necessary for the safety and preservation of the Premises.
20. Tenant also agrees to permit Landlord or the Landlord's agents
to show the Premises to persons wishing to lease or purchase the
Premises. Tenant further agrees that on and after the sixth month
preceding the expiration of the term of this Lease, Landlord or
Landlord's agents shall have the right to place notices on the front of
said Premises, or any part thereof, offering the Premises "To Let" or
"For Sale" and the Tenant agrees to permit the same to remain thereof
without hindrance or molestation.
21. If the Premises, or any part thereof shall be deserted or
become vacant during the term of this Lease, or if Tenant shall default
in the payment of rent or any part thereof or shall default in the
performance of any of the covenants herein contained, Landlord may rent
the Premises on behalf of the Tenant, reserving the right to rent the
Premises for a longer period of time than fixed in the original lease
without releasing the original Tenant from any liability, applying any
moneys collected, first to the expense of resuming or obtaining
possession, second to restoring the Premises to a rentable condition,
and then to the payment of the rent and all other charges due and to
become due to the Landlord, any surplus to be paid to the Tenant, who
shall remain liable for any deficiency.
22. SIGNS - Tenant shall neither place, nor cause nor allow to be placed,
any sign or signs of any kind whatsoever at, in or about the entrance to said
Premises or any part of same, except in or at such place or places as may be
indicated by the Landlord and upon written consent by Landlord. In the event
Landlord or Landlord's representatives shall deem it necessary to remove any
such sign in order to paint the Premises or the building wherein same is
situated or make any repairs, alterations, improvements in or upon the Premises
or the building or any part of the Premises or the building. Landlord shall have
the right to do so, providing any sign be removed and replaced at Landlord's
expense whenever the said repairs, alterations or improvements shall be
completed.
23. INSURANCE Tenant agrees to maintain in full force and effect during
the entire term of this Lease, liability insurance insuring Landlord against any
loss or damage sustained or to which Landlord may be subject by reason of
Tenant's occupancy and use of the Premises, which policy shall have the
following limits of liability: in an amount not less that $300,000 with respect
to injuries to or death of any one person, in an amount not less that $300,00
with respect to any one accident or disaster, and in an amount not less than
$100,000 with respect to property damaged or destroyed. Tenant agrees to furnish
to Landlord, prior to the effective date of this Lease, a binder or other such
certificate evidencing such insurance coverage.
24. Tenant agrees that it will, at its own cost and expense, keep
its furniture, fixtures, equipment, records, and personal property
insured against loss or damage by fire or other peril normally covered
by "extended coverage" endorsements, and shall deliver to Landlord
prior to the effective date of this Lease, a binder or other such
certificate of such insurance coverage.
25. SUBLETTING OR ASSIGNMENT - Neither the Premises nor any portion of the
Premises may be sublet, nor may this Lease be assigned without the express
written consent of Landlord upon such terms and conditions as Landlord may
require.
COMMERCIAL LEASE AGREEMENT
PAGE 4
26. DEFAULT - If Tenant defaults in fulfilling any of the terms and
conditions of this Lease other than the payment of rent or additional rent; or
if the Premises becomes vacant or deserted; or if any execution or attachment
shall be issued against Tenant or any of Tenant's property located or situated
at or on the Premises whereby the Premises shall be taken or occupied by someone
other than Tenant; or if this Lease shall be rejected under any applicable
provision of the bankruptcy laws; or if Tenant shall fail to take possession
within fifteen (15) days of the commencement of this Lease; and upon Landlord
serving written notice to Tenant specifying the nature of the default, Tenant
shall have ten (10) days from the date of receipt of such notice to cure the
default (or if such default cannot be cured within such period, Tenant must
diligently and in good faith proceed to cure the default). If Tenant shall have
failed to cure or proceed to cure the default within such period, Landlord may
serve a ten (10) day notice of cancellation of this Lease upon Tenant and upon
the expiration of the cancellation period this Lease shall terminate and expire
and Tenant shall quit and surrender the Premises to Landlord but Tenant shall
remain liable as provided in this Lease.
27. NO WAIVER BY LANDLORD - The failure of Landlord to insist upon a strict
performance of any of the terms, conditions and covenants herein shall not be
deemed a waiver of any rights or remedies that Landlord may have, and shall not
be deemed a waiver of any subsequent breach or default in the terms, conditions
and covenants herein contained. This instrument may not be changed, modified,
discharged or terminated orally.
28. LEASE NOT A LIEN - This Lease shall not be a lien against the Premises
in respect to any mortgage that may now or in the future be placed against said
Premises, and that the recording of such mortgage or mortgages shall have
preference and precedence and be superior and prior in lien of this Lease,
irrespective of the date of recording, and the Tenant agrees to execute without
cost any such instrument which may be deemed necessary or desirable to further
effect the subordination of this Lease to any such mortgages, and a refusal to
execute such instrument shall entitle the Landlord, or the Landlord's assigns
and legal representative to the option of canceling this Lease without incurring
any expenses or damages and the term hereby granted is expressly limited
accordingly.
29. QUIET POSSESSION - Landlord covenants that Tenant, on paying the rent
and additional rent, and faithfully performing the covenants required or imposed
upon Tenant, shall and may peacefully and quietly have, hold and enjoy the
Premises for the term of this Lease, provided however, that this covenant shall
be conditioned upon the retention of title to the Premises by the Landlord.
30. RULES OF BUILDING - Tenant and Tenant's agents, employees and invitees
will comply fully with the Building Rules and Regulations which are attached as
Schedule 1 to this Lease and made a part hereof by this reference. Landlord may
amend or change the rules and regulations as it may deem advisable to provide
for the safety, protection, care and cleanliness of the Building by giving
Tenant a written copy of all such changes and amendments.
31. BINDING EFFECT - It is mutually understood and agreed that the
covenants and agreements contained in this Lease shall be binding upon the
parties hereto and upon their respective successors, heirs, executors and
administrators.
* Tenant shall have the option to renew the Lease for two five-year periods
under the same terms except the rental shall be adjusted according to the
schedule to be determined by Landlord and Tenant.
COMMERCIAL LEASE AGREEMENT
PAGE 5
SPECIAL PROVISIONS:
1. Tenant shall have 2 (two) designated parking spaces in front of its
separate entrance, with signs designated for Bank Customers Only.
2. Landlord agrees to change the name of the Building from Franklin
Square to Franklin Bank. Tenant has the option of having a lighted
sign on top of front face of the Building, and the further option to
improve the lot entrance at the intersection of Bull Creek and
Jefferson Street with a new sign and/or flags including the Franklin
Bank flag.
3. Tenant has the option to lease any adjacent space, one of which is
currently occupied by ▇▇. ▇▇▇▇▇ (known as Suite 111), when space
becomes available. The option on Suite 111 shall run concurrent with
the primary term of this Lease and also the option period.
COMMERCIAL LEASE AGREEMENT
PAGE 6
IN WITNESS WHEREOF, the parties have executed this Lease to be
effective as of the date first written above.
TENANT:
Franklin Bank, SSB
▇▇▇▇▇▇ ▇▇▇▇▇▇▇
By: _______________________________
Title: ____________________________
LANDLORD:
A.S.C. Management, Inc.
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
By: /s/
-------------------------------
Title:
COMMERCIAL LEASE AGREEMENT
PAGE 7
SCHEDULE 1
BUILDING RULES AND REGULATIONS
32. Tenant agrees to make a deposit, in an amount fixed by Landlord from time to
time, for each key issued by Landlord to Tenant for its offices and upon
termination of this Lease to return all keys to Landlord. Landlord will then
refund the amount deposited on each key returned.
33. Tenant will refer all contractors, contractors' representatives and
installation technicians, rendering any service to Tenant to Landlord for
Landlord's supervision, approval, and control before performance of any
contractual service. This provision shall apply to all work performed in
Building including installations of telephones, telegraph equipment, electrical
devices and attachments, and installations of any nature affecting floors,
walls, woodwork, trim, windows, ceilings, equipment or any earlier physical
portion of Building.
34. Movement in or out of Building of furniture or office equipment, or
dispatch or receipt by Tenant of any merchandise or materials which requires
use of elevators or stairways, or movement through Building entrances or lobby
shall be restricted to hours designated by Landlord. All such movement shall be
under supervision of Landlord and in the manner agreed between Tenant and
Landlord by prearrangement before performance. Such prearrangement initiated by
Tenant will include determination by Landlord and subject to its decision and
control, time, method, and routing of movement, limitations imposed by safety
or ether concerns which may prohibit any article, equipment or any ether item
from being brought into Building. Tenant is to assume all risk as to damage to
articles moved and injury to persons or public engaged or not engaged in such
movement, including equipment, property, and personnel of Landlord, if damaged
or injured as a result of acts in connection with carrying out this service for
Tenant from the time of entering property to completion of work; and Landlord
shall not be liable for acts of any person engaged in, or any damage or loss
to any of said property or persons resulting from any act in connection with
such service performed for Tenant.
35. No signs will be allowed in any form on the exterior of the Building or on
windows inside or outside of the Building, except as Landlord may permit in its
sole discretion. No signs except in uniform location in uniform style fixed by
Landlord will be permitted in public corridors or corridor doors or entrances
to Tenants space. All signs will be contracted for by Landlord for Tenant at
the rate fixed by Landlord from time to time, and Tenant will be billed and pay
for such service accordingly.
36. No portion of Tenants area or any other part of Building shall at any time
be used or occupied as sleeping or lodging quarter.
COMMERCIAL LEASE AGREEMENT
PAGE 8
37. Tenant shall not place, install or operated on leased premises or in any
part of Building, any engine, stove, or machinery, or conduct mechanical
operations or ▇▇▇▇ thereon or therein, or place or use or about premises any
explosives, gasoline, kerosene, off, acids, caustics, or any other inflammable,
explosive, or hazardous material without written consent of Landlord. Tenant is
responsible for the cost and installation of any fire extinguishers required by
the fire ▇▇▇▇▇▇▇▇. Landlord will not be responsible for lost or stolen personal
property, equipment, money or jewelry from Tenant's area of public rooms
regardless of whether such loss occurs when area is locked against entry or not.
38. No birds or animals shall be brought into or kept in or about Building.
39. Employees of Landlord shall not receive or carry messages for or to any
Tenant or either person, nor contract with or render free or paid service to
any Tenant or Tenants agents, employees, or invitees.
40. Landlord will not permit entrance to Tenant's offices by use of pass keys
controlled by Landlord, to any person, at any time, without written permission
by Tenant, except employees, contractors, or service personnel directly
supervised by Landlord.
41. None of the entries, passages, doors elevators, elevator doors, hallways or
stairways shall be blocked or obstructed, or any rubbish, litter, trash or
material of any nature placed, emptied or thrown into these areas, or such
areas be used at any time except for access or egress by Tenant, Tenant's
agents, employees, or invitees.
42. The Landlord desires to maintain the highest standards of environmental
comfort and convenience for the tenantry. It will be appreciated if any
undesirable conditions or lack of courtesy or attention are reported directly
to the management.
43. This is a Non-Smoking Building.
COMMERCIAL LEASE AGREEMENT
PAGE 9
EXHIBIT "A"
LEGAL DESCRIPTION
DESCRIPTION OF A TRACT OF LAND CONTAINING 1.463 ACRES IN THE
▇▇▇▇▇▇ ▇. ▇▇▇▇▇ LEAGUE IN THE CITY OF ▇▇▇▇▇▇, ▇▇▇▇▇▇ COUNTY,
TEXAS. SAID 1.463 ACRES BEING THE SAME LAND DESCRIBED IN A
SUBSTITUTE TRUSTEE AS DEED ASSIGNED TO OLD STONE BANK, A
FEDERAL SAVINGS BANK OF RECORD IN VOLUME 10441, PAGE 779 OF
THE DEED RECORDS OF ▇▇▇▇▇▇ COUNTY, TEXAS. SAID 1.463 ACRES
BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS
FOLLOWS:
BEGINNING at a 3/4 inch iron pipe found at the southeast corner if the herein
described tract and said Old Stone tract, same being in the west right-of-way
line of Jefferson Street;
THENCE, with the south line of the herein tract and said Old Stone tract, North
60 degrees 50A07A West 257.71A to a 1/2 inch rod found at the southeast corner
of the herein described track and said Old Stone tract, same being in the east
right-of-way line of a 16 foot wide alley;
THENCE, with the west line of the herein described tract and said Old Stone
tract, same being the east line of said alley, North 16 degrees 03A 51A East
330.69 A to a 1/2 inch iron rod found at the most northerly corner of the
herein described tract and said Old Stone tract, same being at the intersection
of the east right-of-way line of Bull Creek Road;
THENCE, with the northerly line of the herein described tract and said Old
Stone tract same being the southerly right-of-way line of ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇,
▇▇▇▇▇ ▇▇ degrees 20A 00A East 146.10 feet to a 60d nail found in asphalt at an
interior corner of the herein described tract and sail Old Stone tract;
THENCE, with a northwest line of the herein described tract and said Old Stone
tract, and continuing with right-of-way line of ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇
degrees 10A 17A East 5.08 feet to a 1/2 inch iron rod found at a northwest
corner of the herein described tract and said Old Stone tract;
THENCE, with a northerly line of the herein described tract and said Old Stone
tract, same being a southerly right-of-way line of ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇
degrees 21A 43A east 201.77 feet to a masonry nail set in a hold found in
concrete at the most northerly northeast corner of the herein described tract
and said Old Stone tract, same being the beginning of a curve to the right;
THENCE, with the curve northeasterly line of the herein described tract and
said Old Stone tract, same being the curving southwesterly right-of-way line of
Bull Creek Road, with said curve having a radius of 70.66 feet, an interior
angle of 61 degrees 46A 09A, and arc length of 76.18 feet and a chord which
bears South 00 degrees 38A 59A West 72.54 feet to a bolt found in concrete at
the most
COMMERCIAL LEASE AGREEMENT
PAGE 10
easterly northeast corner of the herein described tract and said Old Stone
tract, same being the intersection of the southwesterly right-of-way line of
Bull Creek Road with the west right-of-way line of Jefferson Street;
THENCE, with the east line of the herein described tract and said Old Stone
tract, same being the west right-of-way of Jefferson Street, South 31 degrees
31A 29A West 86.68 feet to the POINT OF BEGINNING.
COMMERCIAL LEASE AGREEMENT
PAGE 11
A. S. C. MANAGEMENT, INC.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇
(▇▇▇) ▇▇▇-▇▇▇▇ (Fax)
April 15, 2002
LEASE MODIFICATION #1
I. SUMMARY OF BASIC LEASE PROVISIONS
1. Lessor: A.S.C. Management, Inc.
2. Lessee: Franklin Bank, SSB
3. Office Building: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
4. Term: Beginning May 1, 2002 and running concurrently
with original lease ending July 31, 2006
Whereas that certain lease entered into on August 1, 2001, covering 4726
rentable square feet of office space located in the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇,
▇▇▇▇ ▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, is hereby modified as follows:
* ADDITION OF ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ FEET OF OFFICE SPACE LOCATED ON THE FIRST
FLOOR
ADDITIONAL MONTHLY TOTAL
PERIOD SQ. FT RATE PAYMENT PAYMENT
---------------------------------------------------------------------------------
05/01/02-07/31/02 623
08/01/02-07/31/03 623
08/01/03-07/31/04 623
08/01/04-07/31/05 623
08/01/05-07/31/06 623
See attached Rent Schedule for entire leased space. All other terms and
provisions of this lease remain in full force and effect.
LANDLORD TENANT
/s/ /s/
-------------------------------- -----------------------------------
A.S.C. Management, Inc. Franklin Bank, SSB
--------------- ----------------
Date Date