PARKING AREA LEASE AGREEMENT
This Parking Area Lease Agreement (Lease) is entered into on May 30, 2019, and shall be effective as of January 1, 2019 (the Effective Date), between Pontiac Center Parking, LLC, a Michigan limited liability company, with offices at 251 E. Merrill Street, Suite 212, Birmingham, Michigan 48009 (Landlord) and United Shore Financial Services, LLC, a Michigan limited liability company, with offices located at 585 South Blvd. E., Pontiac, Michigan 48341 (Tenant).
WHEREAS, Landlord and Tenant are entering into this Lease for the purpose of providing Tenant with additional parking for its employees and invitees who will be accessing Tenants nearby offices;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Lease, as well as other good and valuable consideration, the receipt and sufficiency of which is hereby severally acknowledged, the Landlord and Tenant hereby agree as follows:
1. Premises. Landlord owns and hereby leases to Tenant and Tenant leases from Landlord the real property located in the City of Pontiac, County of Oakland, State of Michigan, commonly known as 660 South Blvd. E., Pontiac, Michigan 48341, as legally described on the attached Exhibit A (collectively, the Premises).
2. Condition of Premises. The Premises are being leased by the Landlord to the Tenant in the current as-is condition, subject to all faults. Tenant understands and acknowledges that the Premises are subject to, among other things, a Declaration Of Restrictive Covenant And Environmental Protection Easement dated August 21, 2014, and recorded with the Oakland County Register of Deeds in Liber 47370, at Page 378, Oakland County Records, and an Amended And Restated Declaration Of Restrictive Covenant And Environmental Protection Easement dated May 20, 2009, and recorded with the Oakland County Register Of Deeds in Liber 41207, at Page 749, Oakland County Records. Tenant hereby assumes all environmental and related risks inherent in utilizing and operating the Premises and hereby agrees to indemnify, defend (through counsel approved by Landlord) and hold harmless the Landlord and its members and managers from and against any and all liability associated with the surface, subsurface and physical condition of the Premises.
3. Term. This Lease shall be for a term (the Term) commencing as of the Effective Date and continuing until December 31, 2027 (the Expiration Date), unless sooner terminated pursuant to the provisions of this Lease or applicable law.
4. Base Rent. Beginning on the Effective Date, Tenant shall pay to Landlord base monthly rent in the amount identified on the Schedule of Base Rent attached hereto as Exhibit B and incorporated herein by this reference (the Base Monthly Rent). Payment of the Base Monthly Rent shall be in advance, made on the first day of each month during the term of this Lease.
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