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Iowa Commercial Lease Agreement

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Iowa Commercial Lease Agreement Page 2
Iowa Commercial Lease Agreement
6. UTILITIES AND SERVICES. Tenant shall pay for all utilities and services which may be used on the premises, except the following
to be furnished by Landlord:
Landlord shall not be liable for damages for failure to perform as herein provided, or for any stoppage for needed repair or for improvements or
arising from causes beyond the control of Landlord, provided Landlord uses reasonable diligence to resume such services.
7. SURRENDER. Upon the termination of this lease, Tenant will surrender the premises to Landlord in good and clean condition, except
for ordinary wear and tear or damage without fault or liability of Tenant. Continued possession, beyond the term of this Lease and the acceptance of
rent by Landlord shall constitute a month-to-month extension of this Lease.
8. ASSIGNMENT AND SUBLETTING. No assignment or subletting, either voluntary or by operation of law, shall be effective without
the prior written consent of Landlord, which consent shall not unreasonably be withheld.
9. INSURANCE.
A. PROPERTY INSURANCE. Landlord and Tenant agree to insure their respective real and personal property for the full insurable
value. Such insurance shall cover losses included in the Insurance Services Offer Broad Form Causes of Loss (formerly fire and extended coverage).
To the extent permitted by their policies the Landlord and Tenant waive all rights of recovery against each other.
B. LIABILITY INSURANCE. Tenant shall obtain commercial general liability insurance in the amount of $
each occurrence, and $ annual aggregate per location. This policy shall be endorsed to include the Landlord as an
additional insured.
10. LIABILITY FOR DAMAGE. Each party shall be liable to the other for all damage to the property of the other negligently,
recklessly or intentionally caused by that party (or their agents, employees or invitees), except to the extent the loss is insured and subrogation is
waived under the owner’s policy.
11. IDEMNITY. Except for the negligence of Landlord, Tenant will protect, defend, and indemnify Landlord from and against any and
all loss, costs, damage and expenses occasioned by, or arising out of, any accident or other occurrence causing or inflicting injury or damage to any
person or property, happening or done in, upon or about the premises, or due directly or indirectly to the tenancy, use or occupancy thereof, or any
part thereof by Tenant or any person claiming through or under Tenant.
12. DAMAGE. In the event of damage to the premises, so that Tenant is unable to conduct business on the premises, this lease may be
terminated at the option of either party. Such termination shall be effected by notice of one party to the other within twenty
days after such notice; and both parties shall thereafter be released from all future obligations hereunder.
13. MECHANICS’ LIENS. Neither Tenant, nor anyone claiming by, through, or under Tenant, shall have the right to file any
mechanic’s lien against the premises. Tenant shall give notice in advance to all contractors and subcontractors who may furnish, or agree to furnish,
any material, service or labor for any improvement on the premises.
14. DEFAULT, NOTICE OF DEFAULT AND REMEDIES.
EVENTS OF DEFAULT
A. Each of the following shall constitute an event of default by Tenant: (1) Failure to pay rent when due; (2) failure to observe or perform
any duties, obligations, agreements, or conditions imposed on Tenant pursuant to the terms of the lease; (3) abandonment of the premises.
“Abandonment” means the Tenant has failed to engage in its usual and customary business activities on the premises for more than fifteen (15)
consecutive business days; (4) Institution of voluntary bankruptcy proceedings by Tenant; Institution of Involuntary bankruptcy proceedings in
which the Tenant thereafter is adjudged a bankruptcy; assignment for the benefit of creditors of the interest of Tenant under this lease agreement;
appointment of a receiver for the property or affairs of Tenant, where the receivership is not vacated within ten (10) days after the appointment of the
receiver.
NOTICE OF DEFAULT
B. Landlord shall give Tenant a written notice specifying the default and giving the Tenant ten (10) days in which to correct the default. If
there is a default (other than for nonpayment of a monetary obligation of Tenant, including rent) that cannot be remedied in the (10) days by diligent
efforts of the Tenant, Tenant shall propose an additional period of time in which to remedy the default. Consent to additional time shall not be
unreasonably withheld by Landlord. Landlord shall not be required to give Tenant any more than three notices for the same default within any 365
day period.
Iowa Commercial Lease Agreement