Exhibit 10.19
LEASE
AGREEMENT OF LEASE, made this 7th day of August, 2013, by and between
THE 2000 TRUST FOR THE GRANDCHILDREN OF CARLOS A. ARREDONDO AND MARI V.
ARREDONDO, CARLOS A. ARREDONDO, TRUSTEE, TRUST FOR THE BENEFIT OF THE CHILDREN
OF FABIOLA RAQUEL ARREDONDO, TRUST FOR THE BENEFIT OF THE CHILDREN OF ELENA
ISABEL ARREDONDO, TRUST FOR THE BENEFIT OF THE CHILDREN OF MARISA VARA
ARREDONDO, ELENA I. ARREDONDO, FABIOLA R. ARREDONDO, MARISA V. ARREDONDO, TRUST
"B" FOR THE GRANDCHILDREN OF FABIOLA R. ARREDONDO, TRUST "C" FOR THE
GRANDCHILDREN OF ELENA I. ARREDONDO AND TRUST "D" FOR THE GRANDCHILDREN OF
MARISA V. ARREDONDO
c/o ARREDONDO HOLDINGS, 35 Field Point Circle, Greenwich, Connecticut 06830
(hereinafter referred to collectively as "Lessor")
and
SOVRAN ACQUISITION LIMITED PARTNERSHIP, a Delaware limited partnership
6467 Main Street, Buffalo, New York 14221
(hereinafter referred to as "Lessee")
W I T N E S S E T H:
In exchange for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Lessor and Lessee covenant and agree as follows:
1. PREMISES
1.1 Lessor, in consideration of the Rent (as hereinafter defined) and of the
covenants, conditions and agreements herein contained, and in consideration of a
non-refundable $500 payment to be made by Lessee to Lessor following the full
execution of this Lease, does hereby lease unto Lessee, and Lessee does hereby
lease from Lessor, real property consisting of land, and all buildings and
improvements, including 96,397± square feet of indoor self storage space, owned
by Lessor and located at One Executive Boulevard, Farmingdale, New York 11735,
which real property is legally described in attached Exhibit "A" (collectively
"Premises"). Lessee may utilize any personal property located on the Premises at
no charge. Lessor and Lessee acknowledge and agree that as of the Commencement
Date (as hereinafter defined) Lessee shall have the full and exclusive right to
use, occupy, possess, operate and control the Premises, including the entire
self storage facility on the Premises, subject to the Leases (as hereinafter
defined) and covenants, easements and agreements of record (which covenants,
easements and agreements may be raised by Lessee as title objections pursuant to
Section 8 hereof).
1.2 This Lease is contingent upon Lessee entering into three (3) other leases
involving self storage properties located at 65 West John Street, Hicksville,
New York, 15-19 Kenosia Avenue and 21-25 Kenosia Avenue, Danbury, Connecticut
and 1525 Boston Post Road, Milford, Connecticut. See also Section 5.10 of this
Lease.
2. USE OF PREMISES
Lessee is hereby granted the right to use the Premises during the Term (as
hereinafter defined) for the following purposes, and for no other purposes
without the prior written consent of Lessor, which consent shall not be
unreasonably withheld, conditioned or delayed: Use and operation of a self
storage facility, and all incidental, ancillary and related uses, including but
not limited to offices, sales of customary self storage merchandise and the
leasing of vehicles, vans and trucks. Subject to compliance with applicable
governmental regulations and receipt