Autobell Land Lease for 1100 N Tryon and Associated Parcels
Summary of Critical Business Terms
Rent: ?
Lease Year 1-5: Annual Rent: $48,000.00; Monthly Rent: $4,000.00 ?
Lease Year 6-10: Annual Rent: $50,400.00; Monthly Rent: $4,200.00 ?
Lease Year 11-15: Annual Rent: $52,920.00; Monthly Rent: $4,410.00
Lease Year 16-20: Annual Rent: $55,566.00; Monthly Rent: $4,630.50
Critical Dates:
Lease Commencement Date: February 1, 2013 ?
Rent Commencement Date: February 1, 2013 ?
Current Lease Year: 12
Lease Duration: 20 years, with the term ending on January 31, 2033 ?
Escalations:
Rent increases occur at specified intervals:
Years 6-10: Increase to $50,400.00 annually ?
Years 11-15: Increase to $52,920.00 annually ?
Years 16-20: Increase to $55,566.00 annually ?
Renewal Terms: ?
Option Periods: Tenant has the right to renew the lease for four (4) additional terms of five (5) years each. ?
Automatic Renewal: The renewal terms are automatically exercised unless the Tenant notifies the Landlord in writing 180 days prior to the termination date of the original term or any renewal term. ?
Rent Increase During Option Periods: Annual rental increases by 5% every fifth year during the option periods. ?
Other Key Terms:
Taxes and Assessments: Tenant is responsible for all taxes, assessments, and utilities. ?
Physical Improvements: Tenant has the authority to construct improvements on the property. ?
Insurance: Tenant must maintain comprehensive liability insurance with limits of not less than $1,000,000.00. ?
Indemnification: Tenant indemnifies the Landlord against any claims arising from the use of the property. ?
Right of First Refusal: Tenant has the right of first refusal if the Landlord decides to sell the property. ?
Non-Disturbance: Landlord must ensure that any mortgage on the property does not interfere with the Tenant's possession or use of the property. ?
**Disclosure Statement**
The information contained in this CoStar listing has been compiled by the broker based on sources deemed reliable. The broker has made reasonable efforts to verify the accuracy of this information; however, neither the broker nor the seller makes any representations or warranties, express or implied, as to the accuracy, completeness, or reliability of the information provided.
By reviewing this listing, all interested parties acknowledge and agree that they will not rely on the information contained herein for their evaluation. It is the sole responsibility of prospective buyers and their representatives to conduct their own due diligence, including but not limited to verifying property details, zoning, land use restrictions, legal descriptions, environmental conditions, and any other factors relevant to their decision-making process.
Neither the broker nor the seller shall be liable for any errors, omissions, or discrepancies in the information presented. All offers and transactions are subject to final verification and approval by the appropriate parties.
