EX-10.1 LEASE CONTRACT DATED SEPTEMBER 14, 1993



 



EXHIBIT 10.1


LEASE CONTRACT, DATED SEPTEMBER
14, 1993, BETWEEN TRUITT A. MALLORY AND BANK

OF UPSON



LEASE CONTRACT FOR CITY PROPERTY



GEORGIA, UPSON COUNTY



     THIS AGREEMENT, made and entered into
this 14th day of September, 1993, between
TRUITT A. MALLORY, of the First Part, hereinafter
called Lessor, and BANK OF UPSON of the
Second Part, hereafter called Lessee. (It
is mutually agreed by both parties hereto,
where either is mentioned herein, that
same refers to their heirs, executors,
administrators, successors or assigns, who
are fully and completely bound by the
covenants as the parties hereto).


W I T N E S S E T H:



     That the
said Lessee has this day
rented and leased from said Lessor and
Lessor has rented and leased to said Lessee,
the following premises:


     All of that tract of land, with all
improvements thereon, in the West front
square of the City of Thomaston, Georgia,
being part of the city lot in said square
known as No. 3 and being more particularly
described in that certain warranty deed
from Dr. James R. Davis, III, et al., to
Truitt A. Mallory, dated September 15,
1988, of record in Deed Book 340, Page
105, Clerk’s Office, Superior Court,
Upson County, Georgia; said deed by
reference being incorporated into and made a
part of this description and being known
as No. 101 S. Church Street, Thomaston, GA;


for use as a banking house or for any
other lawful business, for a term of FIVE
(5) years commencing on the 1st day of
January, 1994, and ending on the 31st day
of December, 1998 for which the Lessee
agrees to pay Lessor, TRUITT A. MALLORY,
his heirs, legal representative, successor
or assigns, at his office, promptly on
the 1st day of each rental month, in
advance, a monthly rental of FOUR HUNDRED
FIFTY AND NO/100 ($450.00) DOLLARS, and
on failure of Lessee to pay same, when
due, said Lessor has the right, at his
option, to declare this Lease void,
cancel the same, without any legal
proceedings, re-enter and take possession
of the premises. Lessor, at his option,
upon a breach of this contract, for any
reason, may card for rent and sublet
the premises at the best price obtainable
by reasonable effort under private
negotiations, and charge the balance, if
any, between said price of sub-letting
and the contract price to Lessee, and hold
the Lessee liable therefore. Such sub-letting on the part of the Lessor will not
in any sense be a breach of the contract
on the part of the Lessor, but will be
merely as agent for the Lessee and to
minimize the damage. These rights of the
Lessor are cumulative and not restrictive
of any other rights under the law, and
failure on the part of Lessor to avail
himself of these privileges at any
particular time shall not constitute a
waiver of these rights.


     It is
further mutually agreed as follows:


          (1) Lessee
hereby waives and renounces
for itself any and all homestead and
exemption rights it may have under or by
virtue of the laws of this State or
United States as against















 



any liability that may accrue under
this contract. Lessee agrees to pay ten per cent
(10%) attorney’s fees on any part of said rental
that may be collected by suit or by attorney after same has become due.



          (2) Lessee
shall be responsible for all repairs to the building upon the
above described premises, save and except as provided in paragraph 11 herein.



          (3) Lessee
may assign this lease or sub-let said premises,
or any part thereof, without the written consent of said Lessor, provided
however, Lessee shall not be relieved of any obligation hereof during the term
of this lease.



          (4) Lessee
will deliver said premises at the
expiration of this lease in as good order and repair as when first
received, natural wear and tear excepted.



          (5) Lessee hereby releases lessor from any and all damages to
both person and property and will hold the Lessor harmless from such damages
during the terms of this lease.



          (6) Should
the premises be destroyed or so damaged by fire as to become
untenantable, this lease shall cease from the date of the fire.



          (7) Lessee
may make changes of any nature in the above-named premises
without first obtaining written consent from said Lessor or his Agent, and may
place any signs on building herein leased. Specifically, the Lessee is granted
the right to cut a door or entrance way into the leased premises from its
adjoining property, provided however, that at the end of the lease period, or
any renewal thereof, Lessee shall repair or return said premises and door or
entrance way to its original condition as of the date of this lease.



          (8) In
the event bankruptcy or state insolvency proceedings shall be
filed and sustained against Lessee, Its successors or assigns, in any
Federal or State Court, it shall give the right to said Lessor, his heirs or
assigns at their option, to immediately declare this contract null
and void, and to at once resume possession of the property. No Receiver, Trustee or other judicial officer shall
ever have any right, title or interest in or to the
above-described property by virtue of this contract.



          (9) Lessor
has the privilege of carding the above-described
premises for rent or for sale at any time within thirty days
previous to the expiration of this lease or any renewal period, and
during the said thirty day time to exhibit said premises during reasonable
hours.



          (10) If the Lessee shall violate any of the
restrictions in this lease or fail to keep any of its
covenants, the Lessor or his agents may at once, if they so
select declare this lease void, terminate the same and at once take possession
of the premises.



          (11) Notwithstanding any other provision of this Agreement,
Lessor shall only be obligated for the maintenance and repair of the
roof and to maintain the plate glass windows, Lessee shall
be responsible for any and all other repairs or maintenance.



          (12) Lessee
shall have the right and option to renew
this lease for an additional term of two five (5) years
periods by providing written notice of Lessee’s intention to Lessor no
later than sixty (60) days prior to the expiration date of the
original
term of this lease or any renewal term thereof. In the event this
lease is renewed, the rent for the first renewal term of five years shall
be $525 per month, and for the second five year renewal term, shall be
$600.00 per




2









 



month.



     (13)  In addition to the monthly rental herein set forth, Lessee
shall pay to the Lessor an amount equal to the increase in the ad valorem taxes
over and above the present ad valorem taxes of $466.00. In the event this lease should begin
or terminate at any time other than the end of a calendar year, said tax increase shall be prorated between the parties. Lessor
shall furnish to Lessee the tax bill for any year during the term of this Lease
that Lessee is obligated to pay any part of said ad valorem taxes. Lessor shall
do all things necessary to minimize said ad valorem taxes during the term of
this lease.


     (14)  Lessor grants to Lessee a first refusal option to purchase the
above described property in the event that the Lessor should offer said property
for sale during the term of this lease.


     (15)  This lease agreement shall be inferior to any Deed to Secure
Debt which may now exist or which may in the future be placed against the leased
premises.


     IN WITNESS WHEREOF, the Lessor and the Lessee have hereunto set their
hands and seals, this day and year first above written.



	 	 	 	 	 
	 	 	
-s- Truitt A. Mallory
	(SEAL)
	 	 	

	 	 
	 	 	
TRUITT A. MALLORY	 	 
	 	 	 	 	 
	 	 	
LESSOR	 	 
	 	 	 	 	 
	Signed, sealed and delivered in	 	 	 	 
	the presence of:	 	 	 	 
	 	 	 	 	 
	-s- Melinda E. Rogers	 	 	 	 
	
	 	 	 	 
	 	 	 	 	 
	[ILLEGIBLE]	 	 	 	 
	
	 	 	 	 
	Notary Public [ILLEGIBLE]	 	 	 	 
	My Commission Expires: 3-27-95	 	 	 	 




	 	 	 	 	 
	 	 	BANK OF UPSON
	 	 	 	 	 
	 	 	
BY:
	 	-s- Daniel W. Brinks
	 	 	 	 	

	 	 	 	 	Daniel W. Brinks, President
	 	 	 	 	 
	 	 	
ATTEST:
	 	-s- Brenda W. Watson
	 	 	 	 	

	 	 	 	 	Brenda W. Watson, Avp
	 	 	 	 	 
	 	 	
LESSEE	 	 
	 	 	 	 	(Corporate Seal)
	 	 	 	 	 
	Signed, sealed and delivered	 	 	 	 
	in the presence of:	 	 	 	 
	 	 	 	 	 
	-s- Vicki Miles	 	 	 	 
	
	 	 	 	 
	 	 	 	 	 
	[ILLEGIBLE]	 	 	 	 
	
	 	 	 	 
	Notary Public	 	 	 	 
	My Commission Expires: 7/19/96	 	 	 	 
	 	 	 	 	 
	(wf\bank. lea)	 	 	 	 




3