PLATINUM
SERVICE CORPORATION
REAL ESTATE LEASE
This Lease Agreement (this "Lease") is made effective as of January 1, 1996, by
and between PLATINUM SERVICE CORP. ("Landlord"), and BLUE RHINO CORPORATION
("Tenant"). The parties agree as follows:
PREMISES. Landlord, in consideration of the lease payments provided in this
Lease, leases to Tenant 6,060 SQUARE FEET OF OFFICE SPACE (the "Premises")
located at ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇-▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
TERM. The lease term will begin on January 1, 1996 and will terminate on
December 31, 1998.
RENEWAL TERMS. This Lease shall automatically renew for an additional period of
three(3) years per renewal term on the same terms as this Lease, unless either
party gives written notice of the termination no later than ninety (90) days
prior to the end of the term or renewal term.
HOLDOVER. If Tenant maintains possession of the Premises for any period after
the termination of this Lease ("Holdover Period"), Tenant shall pay to Landlord
a lease payment for the Holdover Period based on the terms of the following
Lease Payments paragraph. Such holdover shall constitute a month to month
extension of this Lease.
LEASE PAYMENTS. Tenant shall pay to Landlord a total annual lease payment of
$72,720.00, payable in advance, in installments of $6,060.00 per month on the
first day of each month. Lease payments shall be made to the Landlord at ▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇-▇▇▇▇▇, ▇▇ ▇▇▇▇▇, as may be changed from time to
time by Landlord.
LATE PAYMENTS. Tenant shall pay a late charge equal to 1.50% of the required
installment payment for each payment that is not paid within 15 day(s) after the
due date for such late payment.
POSSESSION. Tenant shall be entitled to possession on the first day of the term
of this Lease, and shall yield possession to Landlord on the last day of the
term of this Lease, unless otherwise agreed by both parties in writing.
MAINTENANCE. Tenant shall have the responsibility to maintain the Premises in
good repair at all times.
ACCESS BY LANDLORD TO PREMISES. Subject to Tenant's consent (which shall not be
unreasonably withheld), Landlord shall have the right to enter the Premises to
make inspections, provide necessary services, or show the unit to prospective
buyers, mortgagees, tenants or workers. As provided by law, in the case of an
emergency, Landlord may enter the Premises without Tenant's consent.
UTILITIES AND SERVICES. Tenant shall be responsible for all utilities and
services in connection with the Premises.
PROPERTY INSURANCE. Landlord and Tenant shall each be responsible to maintain
appropriate insurance for their respective interests in the Premises and
property located on the Premises.
LIABILITY INSURANCE. Tenant shall maintain liability insurance in total
aggregate sum of at least $1,000,000.00. Tenant shall deliver appropriate
evidence to Landlord as proof that adequate insurance is in force. Landlord
shall
have the right to require that the Landlord receive notice of any termination of
such insurance policies.
INDEMNITY REGARDING USE OF PREMISES. Tenant agrees to indemnify, hold harmless,
and defend Landlord from and against any and all losses, claims, liabilities,
and expenses, including reasonable attorney fees, if any, which Landlord may
suffer or incur in connection with Tenant's use of the Premises.
DANGEROUS MATERIALS. Tenant shall not keep or have on the Premises any article
or thing of a dangerous, inflammable, or explosive character that might
substantially increase the danger of fire on the Premises, or that might be
considered hazardous by a responsible insurance company, unless the prior
written consent of Landlord is obtained and proof of adequate insurance
protection is provided by Tenant to Landlord.
TAXES. Taxes attributable to the Premises or the use of the Premises shall be
allocated as follows:
Real Estate Taxes - Tenant shall pay all real estate taxes and assessments
for the Premises.
Personal Taxes - Tenant shall pay all personal taxes and any other charges
which may be levied against the Premises and which are attributable to
Tenant's use of the Premises.
DESTRUCTION OR CONDEMNATION OF PREMISES. If the Premises are partially
destroyed in a manner that prevents the conducting of Tenant's use of the
Premises in a normal manner, and if the damage is reasonably repairable within
sixty days after the occurrence of the destruction, and if the cost of repair is
less than $200,000.00. Landlord shall repair the Premises and lease payments
shall ▇▇▇▇▇ during the period of the repair. However, if the damage is not
repairable within sixty days, or if the cost of repair is $200,000.00 or more,
or if Landlord is prevented from repairing the damage by forces beyond
Landlord's control, if the property is condemned, this Lease shall terminate
upon twenty days written notice of such event or condition by either party.
MECHANICS LIENS. Neither the Tenant nor anyone claiming through the Tenant shall
have the right to file mechanics liens or any other kind of lien on the Premises
and the filing of this Lease constitutes notice that such liens are invalid.
Further, Tenant agrees to give actual advance notice to any contractors,
subcontractors or suppliers of goods, labor, or services that such liens will
not be valid.
DEFAULTS. Tenant shall be in default of this Lease, if Tenant fails to fulfill
any lease obligation or term by which Tenant is bound. Subject to any governing
provisions of law to the contrary, if Tenant fails to cure any financial
obligation within five day(s) (or any other obligation within twenty day(s))
after written notice of such default is provided by Landlord to Tenant, Landlord
may take possession of the Premises without further notice, and without
prejudicing Landlord's rights to damages. In the alternative, Landlord may elect
to cure any default and the cost of such action shall be added to Tenant's
financial obligations under this Lease. Tenant shall pay all costs, damages, and
expenses suffered by Landlord by reason of Tenants' defaults.
ASSIGNABILITY/SUBLETTING. Tenant may not assign or sublease any interest in the
Premises without the prior written consent of Landlord, which shall not be
unreasonably withheld.
TERMINATION UPON SALE OF PREMISES. Notwithstanding any other provision of this
Lease, Landlord may terminate this lease upon ninety day(s) written notice to
Tenant that the Premises have been sold.
-2-
NOTICE. Notices under this Lease shall not be deemed valid unless given or
served in writing and forwarded by mail, postage prepaid, addressed as follows:
LANDLORD:
PLATINUM SERVICE CORP.
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇-▇▇▇▇▇, ▇▇ ▇▇▇▇▇
TENANT:
BLUE RHINO CORPORATION
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇-▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Such address may be changed from time to time by either party by providing
notice as set forth above.
ENTIRE AGREEMENT/AMENDMENT. This Lease Agreement contains the entire agreement
of the parties and there are no other promises or conditions in any other
agreement whether oral or written. This Lease may be modified or amended in
writing, if the writing is signed by the party obligated under the amendment.
SEVERABILITY. If any portion of this Lease shall be held to be invalid or
unenforceable for any reason, the remaining provisions shall continue to be
valid and enforceable. If a court finds that any provision of this Lease is
invalid or unenforceable, but that by limiting such provision, it would become
valid and enforceable, then such provision shall be deemed to be written,
construed, and enforced as so limited.
WAIVER. The failure of either party to enforce any provisions of this Lease
shall not be construed as a waiver or limitation of that party's right to
subsequently enforce and compel strict compliance with every provision of this
Lease.
CUMULATIVE RIGHTS. The rights of the parties under this Lease are cumulative,
and shall not be construed as exclusive unless otherwise required by law.
GOVERNING LAW. This Lease shall be construed in accordance with the laws of the
state of North Carolina.
SUBORDINATION OF LEASE. This Lease is subordinate to any mortgage that now
exists, or may be given later by Landlord, with respect to the Premises.
LANDLORD:
PLATINUM SERVICE CORP.
/s/ ▇.▇. ▇▇▇▇▇▇▇▇, III, V.P.
-------------------------------------------
PLATINUM SERVICE CORP.
TENANT:
BLUE RHINO CORPORATION
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 5/9/96
-------------------------------------------
BLUE RHINO CORPORATION
-4-
This Summary is not an official part of your document. It contains highlights
of the important information that has been entered into the document.
SUMMARY
of the
COMMERCIAL REAL ESTATE LEASE
DATE SIGNED:_______________________________
LANDLORD
PLATINUM SERVICE CORP.
TENANT
BLUE RHINO CORPORATION
ADDRESS OF PREMISES
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
______________________________________
▇▇▇▇▇▇▇-▇▇▇▇▇
▇▇
▇▇▇▇▇
DATE LEASE WILL BEGIN
January 1, 1996
DATE LEASE WILL TERMINATE
December 31, 1998
MAINTENANCE section included.
UTILITIES section included.
INDEMNIFICATION section included.
