Document:

Lease agreement, dated November 1, 2004

 Exhibit 10.11 
  
 LEASE AGREEMENT 
 (ELBERTA, ALABAMA BRANCH) 
  
 FOR

  
 BANKING FACILITIES

  
 VISION BANK 
 Gulf Shores, Alabama 

 TABLE OF CONTENTS 
  

							
	1.	  	    LEASED PREMISES.	  	1
			
	2.	  	    LEASE TERM.	  	1
				
	 	  	2.1	  	Continuance During Term.	  	1
	 	  	2.2	  	Renewal Options.	  	1
			
	3.	  	    USE.	  	1
				
	 	  	3.1	  	Permitted Use.	  	1
	 	  	3.2	  	Legal Use and Violation of Insurance Coverage.	  	1
	 	  	3.3	  	Nuisance.	  	2
			
	4.	  	    BASE RENTAL.	  	2
			
	5.	  	    COSTS.	  	2
			
	6.	  	    SERVICES TO BE FURNISHED BY LANDLORD.	  	2
				
	 	  	6.1	  	Defined Services.	  	2
			
	7.	  	    GRAPHICS.	  	2
			
	8.	  	    CARE OF THE LEASED PREMISES BY TENANT.	  	2
				
	 	  	8.1	  	Condition of Leased Premises at Commencement; Notice to Landlord.	  	2
	 	  	8.2	  	No Waste; Regulated Materials.	  	3
			
	9.	  	    REPAIRS AND ALTERATIONS BY TENANT	  	3
				
	 	  	9.1	  	Repair by Tenant.	  	3
	 	  	9.2	  	Compliance with Laws; Repair by Landlord.	  	3
	 	  	9.3	  	Alterations or Additions by Tenant.	  	3
	 	  	9.4	  	Property of Landlord.	  	4
			
	10.	  	    LAWS, REGULATIONS AND RULES.	  	4
				
	 	  	10.1	  	Applicable Ordinances.	  	4
	 	  	10.2	  	Building Rules.	  	4
			
	11.	  	    ENTRY BY LANDLORD.	  	4
			
	12.	  	    FURNITURE, FIXTURES AND PERSONAL PROPERTY.	  	4
			
	13.	  	    TAXES ON TENANT’S PROPERTY.	  	4
			
	14.	  	    ASSIGNMENT AND SUBLETTING.	  	4
				
	 	  	14.1	  	No Assignment Without Consent.	  	4
	 	  	14.2	  	Assignment or Sublease	  	5
	 	  	14.3	  	Further Assignment.	  	5
	 	  	14.4	  	Assigns and Sublessees.	  	5
	 	  	14.5	  	Transfers by Landlord.	  	5
			
	15.	  	    MECHANIC’S LIEN.	  	5
				
	 	  	15.1	  	Tenant Not to Permit Liens.	  	5
	 	  	15.2	  	Rights of Landlord; Additional Rent.	  	5
			
	16.	  	    INSURANCE.	  	5

  

 i 

							
	 	  	16.1	  	Tenant.	  	5
	 	  	16.2	  	Insurance — General.	  	6
	 	  	16.3	  	Subrogation.	  	6
			
	17.	  	    CASUALTY DAMAGE.	  	6
			
	18.	  	    CONDEMNATION.	  	6
			
	19.	  	    INDEMNITY.	  	7
				
	 	  	19.1	  	Indemnification by Tenant.	  	7
	 	  	19.2	  	Indemnification by Landlord.	  	7
	 	  	19.3	  	No Liability.	  	7
			
	20.	  	    DAMAGES FROM CERTAIN CAUSES.	  	7
			
	21.	  	    EVENTS OF DEFAULT/REMEDIES.	  	7
				
	 	  	21.1	  	Events of Default by Tenant.	  	7
	 	  	21.2	  	Landlord’s Remedies for Tenant Default.	  	8
	 	  	21.3	  	Landlord’s Remedies are Cumulative.	  	9
	 	  	21.4	  	Obligation to Pay Rent is Independent; No Setoff.	  	10
	 	  	21.5	  	Special Rights of Depository Institution Supervisory Authority.	  	10
			
	22.	  	    PEACEFUL ENJOYMENT.	  	10
				
	 	  	22.1	  	Rights of Tenant.	  	10
	 	  	22.2	  	Limitation.	  	10
			
	23.	  	    HOLDING OVER.	  	10
				
	 	  	23.1	  	Rental Amount.	  	10
	 	  	23.2	  	No Extension of Term.	  	10
			
	24.	  	    SUBORDINATION.	  	10
				
	 	  	24.1	  	Subject to Mortgages and Certain Leases.	  	10
	 	  	24.2	  	Subordination of Lease Agreement.	  	11
	 	  	24.3	  	Approval of Lease Agreement by Landlord’s Mortgagee.	  	11
	 	  	24.4	  	Attorney-in-Fact.	  	11
	 	  	24.5	  	Estoppel Certificates; Financial Certificates.	  	11
	 	  	24.6	  	Attornment.	  	11
	 	  	24.7	  	Notice to Mortgagees.	  	11
			
	25.	  	    ATTORNEY’S FEES.	  	11
			
	26.	  	    NO IMPLIED WAIVER.	  	11
				
	 	  	26.1	  	No Waiver.	  	11
	 	  	26.2	  	Partial Payment.	  	12
			
	27.	  	    PERSONAL LIABILITY.	  	12
			
	28.	  	    FORCE MAJEURE.	  	12
			
	29.	  	    RELATIONSHIP OF PARTIES.	  	12
			
	30.	  	    MISCELLANEOUS.	  	12
				
	 	  	30.1	  	Severability.	  	12

  

 ii 

							
	 	 	30.2	  	Recordation.	  	12
	 	 	30.3	  	Governing Law.	  	12
	 	 	30.4	  	Time of Performance.	  	12
	 	 	30.5	  	Commissions.	  	12
	 	 	30.6	  	Parking.	  	13
	 	 	30.7	  	Effect of Delivery of this Lease Agreement.	  	13
	 	 	30.8	  	Section Headings.	  	13
	 	 	30.9	  	Entire Agreement.	  	13
	 	 	30.10	  	Successors and Assigns.	  	13
	 	 	30.11	  	Notices.	  	13
	 	 	30.12	  	Gender.	  	13
	 	 	30.13	  	Time of the Essence.	  	13
	 	 	30.14	  	Building Name.	  	13
	 	 	30.15	  	No Merger.	  	14
			
	31.	 	    EXHIBITS AND SCHEDULES.	  	14

  

 iii 

 Exhibit A     Floor Plan of Leased Premises 
  

 iv 

 STATE OF ALABAMA 
  
 COUNTY OF BALDWIN 
  
 LEASE AGREEMENT 
  
 This Lease Agreement made and entered into on this the 1st day of November, 2004,
between Elberta Holdings, LLC, an Alabama limited liability company (hereinafter called (“Landlord”), and VISION BANK, an Alabama banking corporation (hereinafter called (“Tenant”).
Tenant’s address for purposes hereof is P. O. Box 4649, Gulf Shores, Alabama 36547. 
  
 W I T N E S S E T H: 
  
 1. LEASED PREMISES.

  
 Subject to and upon the terms, provisions and conditions
hereinafter set forth, and each in consideration of the duties, covenants and obligations of the other hereunder, Landlord does hereby lease, demise and let to Tenant and Tenant does hereby lease from Landlord those certain premises (the
“Leased Premises”) in the buildings (the “Buildings”) located at 24989 State Street and 13027 Main Street, Elberta, Alabama, such Leased Premises being approximately 4,618 square feet and 800 square feet of Rentable
Area, respectively, as reflected on the floor plan of such Leased Premises attached hereto and made a part hereof as Exhibit A. 
  
 2. LEASE TERM. 
  
 2.1 Continuance During Term. This Lease Agreement shall continue in force during a period beginning on the Commencement Date (hereafter
defined) and ending on midnight on the date which is ten (10) years after the first day of the first calendar month immediately following the calendar month in which the Commencement Date occurs (the “Lease Term”), unless this Lease
Agreement is sooner terminated or extended to a later date under any other term or provision of this Lease Agreement. For purposes of this Lease, the term “Commencement Date” shall mean the earlier of (a) the date the Leased
Premises are ready for occupancy by Tenant for the operation of its business, or (b) November 1, 2004. 
  
 2.2 Renewal Options. Provided that no Event of Default has occurred under this Lease and is continuing, Tenant shall have an option to renew
this Lease for two additional terms of five (5) year each on the same terms and conditions as set forth herein, except that Landlord shall be entitled to raise the Base Rental for such extension period, in its sole discretion, and Tenant shall
thereafter have sixty (60) days to agree or terminate following receipt of notification from Landlord not less than ninety (90) days prior to expiration of the original lease term. 
  
 3. USE. 
  
 3.1 Permitted Use. The Leased Premises are to be used and occupied by Tenant solely for general office purposes, including but not limited
to the operation of a bank. 
  
 3.2 Legal Use and
Violation of Insurance Coverage. Tenant agrees not to occupy or use, or permit any portion of the Leased Premises to be occupied or used for any business or purpose that is unlawful, disreputable or deemed to be extra-hazardous. Tenant will not
keep any substance or carry on or permit any operation which might emit offensive gas, smoke, fumes, dust, odors, waste products or conditions into other portions of the Buildings, or use any apparatus which might make undue noise or set up
vibrations in the Buildings. Tenant will not permit anything to be done which would increase the fire and extended coverage insurance rate on the Buildings or contents, and if there is any increase in such rates by reason of acts of Tenant, then
Tenant agrees to pay such increase promptly upon demand therefor by Landlord. 
  

 Page 1 

 3.3 Nuisance. Tenant agrees to conduct its business and control its agents, employees,
invitees and visitors in such manner as not to create any nuisance, or interfere with, annoy or disturb any other tenant or Landlord in the operation of the Buildings. 
  
 4. BASE RENTAL. 
  
 Tenant hereby agrees to pay a base annual rental (herein called the “Base Rental”) of $65,016 at the rate of $12.00 per square foot of
Rentable Area. The Tenant shall also pay, as additional rent, all such other sums of money as shall become due and payable by Tenant to Landlord under this Lease Agreement. The Base Rental shall be due and payable in twelve (12) equal installments
of $5,418 on the first day of each calendar month during the initial term and any extensions or renewals thereof, and Tenant hereby agrees to pay such rent to Landlord monthly in advance without demand and without any reduction, abatement,
counterclaim or setoff, at such address as may be designated by Landlord. The “Base Rental,” and any other additional rental shall be collectively referred to as “Rent” or “rent.” If the term of this Lease
Agreement as heretofore established commences on other than the first day of a month or terminates on other than the last day of a month, then the Rent provided for herein for such month or months shall be prorated and the installment or
installments so prorated shall be paid in advance. The Base Rental shall be adjusted twice during the Lease Term: (1) upon the first day of the fourth year of the Lease Term; and, (ii) upon the first day of the seventh year of the Lease Term
(collectively, the “Adjustment Dates”). Upon each of the Adjustment Dates, the Base Rental shall be adjusted to a figure determined to be “market rent” by a MAI-designated appraiser. The Tenant shall bear the expense of such
appraiser. All past due installments of rent shall bear interest at the lesser of (i) the maximum rate permitted by applicable law, or (ii) three (3) percentage points above the Prime Rate (hereinafter defined), from the date due until paid. The
term “Prime Rate” for purposes of this Lease Agreement, shall mean the rate as published in the WALL STREET JOURNAL on the date or dates on which reference to the Prime Rate is being made
(or in the event no such quotation is available on such date, as quoted on the day most immediately preceding the date of determination on which such a quotation was available), and shall not be subject to adjustment, but shall in no event exceed
the maximum rate provided by applicable law. 
  
 5. COSTS. 
  
 Tenant shall bear the expense of all insurance on the Property and
Buildings, common area expenses, and all real estate taxes. Tenant agrees to pay Landlord within fifteen (15) days of receipt of invoice from Landlord or direct billing for any charges not directly invoiced to Tenant. Any payments advanced by
Landlord shall be fully reimbursed by Tenant. Tenant acknowledges this is a triple net lease. 
  
 6. SERVICES TO BE FURNISHED BY LANDLORD. 
  
 6.1 Defined Services. Tenant agrees no services are to be provided by Landlord. 
  
 7. GRAPHICS. 
  
 Landlord shall provide and install, at Tenant’s cost, all letters or numerals at doors to the Leased Premises. All such letters and numerals shall be
in the standard graphics for the Buildings, and no others shall be used or permitted on the Leased Premises without Landlord’s prior written consent. No signs, symbol or identifying mark shall be put upon the Buildings, or in the halls,
elevators, staircases, entrances, parking areas or upon the doors or walls, without prior written consent of Landlord. 
  
 8. CARE OF THE LEASED PREMISES BY TENANT. 
  
 8.1 Condition of Leased Premises at Commencement; Notice to Landlord. The taking of possession of the Leased Premises by Tenant shall be
conclusive evidence as against Tenant (a) that it accepts the Leased Premises as suitable for the purposes for which same are leased, subject to “punch list” items to be installed or repaired by Landlord contained in a punch list which
must be submitted, if at all, to Landlord by Tenant within ten (10) days after the Commencement Date; (b) that it accepts the Property as being in a good and satisfactory condition; and (c) that Tenant waives any defects in the Leased Premises and
its appurtenances and in all other parts of the Property. Any subsequent modifications to the Leased Premises required by governmental laws, rules or regulations, including without limitation 
  

 Page 2 

 modifications required under the Americans with Disabilities Act of 1990 and similar legislation, shall be the sole
responsibility of Tenant. Landlord shall not be liable to Tenant or any of its agents, employees, licenses, servants or invitees for any injury or damage to person or property due to the condition or design of or any defect in the Buildings or its
mechanical systems and equipment which may exist or occur, or due to the leaking of gas, water, sewer, or steam unless such injury or damage is due to the gross negligence or willful misconduct of Landlord (but not including the negligence or
willful misconduct of Landlord’s contractors); and Tenant, with respect to itself and its agents, employees, licensees, servants and invitees shall have the responsibility for all risks of injury or damage to person or property, either
proximate or remote, by reason of the condition of the Leased Premises or the Property except for injury or damage caused by the gross negligence or willful misconduct of Landlord. Except as specifically set forth herein, no promises of the Landlord
to alter, remodel, repair or improve the Leased Premises or the Buildings and no representations respecting the condition of the Leased Premises or the Buildings have been made by Landlord to Tenant. At all times during the Lease Term, including any
extensions thereof, Tenant agrees to give Landlord prompt notice of any apparent defective condition in or about the Leased Premises. 
  
 8.2 No Waste; Regulated Materials. Tenant shall not commit waste or allow any waste to be committed on any portion of the Leased Premises,
and at the termination of this Lease Agreement, Tenant shall deliver the Leased Premises to Landlord in as good condition as at the date of the commencement of the term of this Lease Agreement, ordinary wear and use excepted. Tenant shall not treat,
store, handle, generate, locate on, discharge from, or dispose on the Leased Premises or the Buildings any materials regulated, controlled, limited or restricted by governmental laws, rules, regulations or ordinances. 
  
 9. REPAIRS AND ALTERATIONS BY TENANT. 
  
 9.1 Repair by Tenant. Tenant shall, at Tenant’s own cost
and expense, repair any damage done to the Buildings, or any part thereof, including replacement of damaged portions or items, caused by Tenant or Tenant’s agents, guests, employees, invitees, licensees, customers or visitors, and Tenant
covenants and agrees to make all such repairs as may be required to restore the Buildings to as good a condition as it was in prior to such damage. Tenant further agrees to maintain and keep the interior of the Leased Premises in good repair and
condition at Tenant’s expense. Repair and replacement parts, materials and equipment shall be of a quality equivalent to those initially installed in the Buildings or Leased Premises. 
  
 9.2 Compliance with Laws; Repair by Landlord. All such work or
repairs by Tenant shall be effected in compliance with all applicable laws; provided, however, if Tenant fails to make such repairs or replacements promptly, Landlord may, at its option, make repairs or replacements, and Tenant shall pay to Landlord
the cost thereof, within ten (10) days of Landlord’s demand therefor, as additional rent. 
  
 9.3 Alterations or Additions by Tenant. Tenant agrees with Landlord not to make or allow to be made any alterations to the Leased Premises except in compliance with the provisions of this Section.

  

	 	(a)	Tenant shall be entitled to make minor alterations such as placing items on the walls of the Leased Premises so long as once they are removed, Tenant repairs any damage caused
thereby. Any and all such alterations, physical additions, or improvements, when made to the Leased Premises by Tenant, shall at once become the property of Landlord and shall be surrendered to Landlord upon the termination of this Lease by lapse of
time or otherwise; provided, however, this paragraph shall not apply to movable equipment or furniture owned by Tenant. If, however, Landlord so requests in writing, Tenant will, immediately prior to termination of this Lease, remove any and all
physical additions to the Leased Premises, including partitions, and will repair any damage caused by such removal, all at Tenant’s cost. 

  

	 	(b)	 If the Tenant performs any construction work on the Leased Premises, Tenant’s work will be performed with materials of good quality. Tenant shall not do any
construction work or alterations, nor shall Tenant install any equipment without first obtaining Landlord’s written approval of the plans and specifications therefor. The approval of the Landlord of such plans and specifications shall not
constitute the assumption of any liability on the part of the Landlord for their accuracy or their conformity with requirements of any buildings code, or other municipal or governmental regulation or ordinance, and Tenant shall be solely responsible
for such plans. Tenant shall be responsible for all necessary permits, governmental or otherwise, to include special use permits, signage permits, etc. 

  

 Page 3 

 9.4 Property of Landlord. Any and all alterations to the Leased Premises shall become the
property of Landlord upon termination of this Lease Agreement (except for movable equipment or furniture owned by Tenant). 
  
 10. LAWS, REGULATIONS AND RULES. 
  
 10.1 Applicable Ordinances. Tenant shall comply with all applicable laws, ordinances, rules and regulations of any governmental entity,
agency or authority having jurisdiction over the Leased Premises or Tenant’s use of the Leased Premises. 
  
 10.2 Building Rules. Tenant shall comply with the Building Rules adopted by Landlord and set forth in Schedule 2 hereto, as they may be
amended by Landlord from time to time (the “Building rules”), and will cause all of its agents, employees, invitees and visitors to do so. All changes to the Building rules will be furnished by Landlord to Tenant in writing.

  
 11. ENTRY BY LANDLORD. 
  
 Tenant shall permit Landlord or its agents or representatives to enter into
and upon any part of the Leased Premises upon prior notice and at all reasonable hours (and in emergencies at all times) to inspect the condition, occupancy or use, to show the Leased Premises to prospective purchasers, mortgagees, tenants or
insurers, or to clean or make repairs, alterations or additions. Tenant shall not be entitled to any abatement or reduction of rent by reason of this right of entry. 
  
 12. FURNITURE, FIXTURES AND PERSONAL PROPERTY. 
  
 Tenant may remove its trade fixtures, office supplies and movable office furniture and equipment not attached to the
Buildings provided: (a) such removal is made within (30) days after the termination of the Term of this Lease; (b) Tenant is not in default of any obligation or covenant under this Lease at the time of such removal at Tenant’s sole cost and
expense. All other property at the Leased Premises and alterations and additions to the Leased Premises (including wall-to-wall carpet, paneling or other wall covering) and any other article attached or affixed to the floor, wall or ceiling of the
Leased Premises shall become the property of Landlord and shall remain upon and be surrendered with the Leased Premises as a part thereof at the termination of this Lease, by lapse of time or otherwise, Tenant hereby waiving all rights to any
payment or compensation therefor. If, however, Landlord so requests in writing, Tenant will, immediately prior to termination of this Lease, remove any and all alterations, additions, fixtures, equipment and property placed or installed by it in the
Leased premises, and not permanently affixed thereto, and will repair any damage caused by such removal, all at Tenant’s cost. 
  
 13. TAXES ON TENANT’S PROPERTY. 
  
 Tenant shall be liable for all taxes levied or assessed against personal property, furniture or fixtures placed by Tenant in the Leased Premises. If any
such taxes for which Tenant is liable are levied or assessed against Landlord or Landlord’s property and if Landlord elects to pay the same or if the assessed value of Landlord’s property is increased by inclusion of personal property,
furniture or fixtures placed by Tenant in the Leased Premises, and Landlord elects to pay the taxes based on such increase, then Landlord shall notify Tenant, and Tenant shall pay to Landlord upon demand that part of such taxes for which Tenant is
liable hereunder. 
  
 14. ASSIGNMENT AND SUBLETTING. 
  
 14.1 No Assignment Without Consent. Tenant shall not assign,
sublease, transfer, pledge, or encumber this Lease Agreement or any interest therein without Landlord’s prior written consent. Any attempted assignment, sublease or other transfer or encumbrance by Tenant in violation of the terms and covenants
of this paragraph shall be void. 
  

 Page 4 

 14.2 Assignment or Sublease. In the event Tenant shall desire to assign this Lease
Agreement or sublet the Leased Premises or any part thereof, Tenant shall give Landlord written notice of such desire, along with the name of the proposed assignee or sublessee and a copy of the proposed assignment or sublease instrument, at least
ninety (90) days in advance of the date on which Tenant desires to make such assignment or sublease. Landlord shall then have a period of thirty (30) days following receipt of such notice within which to notify Tenant in writing that Landlord elects
either (i) to permit Tenant to assign or sublet such space, (ii) to refuse such request to assign or sublease such space (which refusal may be made by Landlord without regard to any commercially reasonable standard), or (iii) to terminate this Lease
Agreement as to the space so affected as of the date so specified by Tenant in which event Tenant will be relieved of all obligations arising thereafter as to such space. Any rent or other payments otherwise due Tenant as a result of assignment or
subletting of all or any portion of the Leased Premises in excess of the rent due Landlord by Tenant on such space hereunder shall be payable as additional rent to Landlord by Tenant promptly upon receipt by Tenant, and Tenant hereby assigns all
rights it might have or ever acquire in any such proceeds to Landlord. If Landlord should fail to notify Tenant in writing of such election within said thirty (30) day period, Landlord shall be deemed to have elected option (i) above. No assignment
or subletting by Tenant shall relieve Tenant of any obligation under this Lease Agreement. Any consent of Landlord hereunder is subject to receipt by Landlord of an executed copy of the sublease or assignment. 
  
 14.3 Further Assignment. Notwithstanding Landlord’s
consent on any one occasion, the rights of Landlord set forth in Section 14.2 shall apply to any further subletting or assignment. 
  
 14.4 Assigns and Sublessees. The provisions of this Section shall be binding on any permitted assigns or sublessees of Tenant. 

 
 14.5 Transfers by Landlord. Landlord shall have the right to
transfer and assign, in whole or in part, all its rights and obligations hereunder and in the Buildings and the Leased Premises referred to herein, and in such event and upon such transfer Landlord shall be released from any further obligations
hereunder, and Tenant agrees to look solely to such successor in interest of Landlord for the performance of such obligations. 
  
 15. MECHANIC’S LIEN. 
  
 15.1 Tenant Not to Permit Liens. Tenant will not create or permit to be created or to remain, and will discharge, any lien (including, but
not limited to, the liens of mechanics, laborers, artisans or materialmen for work or materials alleged to be done, furnished or delivered in connection with the Leased Premises), encumbrance, or other charge upon the Leased Premises or any part
thereof, upon Landlord’s interest therein, or upon Tenants leasehold interest; provided, that Tenant shall not be required to discharge any such liens, encumbrances or charges as may be placed upon the Leased Premises or Buildings by the act of
anyone other than Tenant or Tenant’s agents, employees, servants or contractors. Provided that any Landlord’s Mortgagee consents thereto in writing and Tenant complies with all requirements of such Landlord’s Mortgagee with respect
thereto and provided further, Tenant furnishes security reasonably acceptable to Landlord and any such Landlord’s Mortgagee, Tenant shall have the right to contest, in good faith by appropriate legal proceedings, the validity or amount of any
mechanics’, laborers’, artisans’ or materialmen’s lien or other claimed lien. On final determination of such lien or such claim for lien, Tenant will immediately pay any judgement rendered with all proper costs and charges and
shall have such lien released or judgement satisfied at Tenant’s sole expense. Tenant will pay, protect and indemnify Landlord, within ten (10) days after demand therefor, from and against all liabilities, losses, claims, damages, costs and
expenses, including reasonable attorneys’ fees, incurred by Landlord by reasons of the filing of any lien and/or removal of same. 
  
 15.2 Rights of Landlord; Additional Rent. If any such lien is claimed against the Leased Premises, then, in addition to any other right or
remedy of Landlord, Landlord may, but shall not be obligated to, discharge the same. Any amount paid by Landlord for such purposes shall be paid by Tenant to Landlord as additional rent within ten (10) days of Landlord’s demand therefor.

  
 16. INSURANCE. 
  
 16.1 Tenant. Tenant shall, during the Term and at its sole
expense, obtain and keep in force, with Tenant, Landlord, and the mortgagees of Landlord, named as insureds, as their respective interests may appear, (i) comprehensive 
  

 Page 5 

 general liability insurance coverage, personal injury, bodily injury, broad form property damage, operations hazard,
owner’s protective coverage, contractual liability and products and completed operations liability in limits not less than $1,000,000.00 inclusive, and (ii) fire and extended coverage insurance for the Buildings in or on the Leased Premises for
the full replacement value thereof. 
  
 16.2 Insurance
— General. All policies of insurance to be provided or obtained by Tenant under this Lease Agreement shall (i) name Landlord and mortgagees of Landlord as additional insureds, and (ii) provide for notice to Landlord at least thirty (30)
days before any cancellation or termination of said insurance. Tenant shall, upon request of Landlord, furnish Landlord with certificates of insurance evidencing Tenant’s compliance with the provisions of this Section. 
  
 16.3 Subrogation. Anything in this Lease to the contrary
notwithstanding, Landlord and Tenant each hereby waives (to the extent that the party sustaining such loss is compensated by insurance proceeds) any and all rights of recovery, claim, action or cause of action, against the other, its agents,
officers, or employees, for any loss or damage that may occur to the Leased Premises, or any improvements thereto, or the Property, or any personal property of such party therein, by reason of fire, the elements, or any other cause which would be
insured against under the terms of the fire and extended coverage insurance policies referred to above, regardless of cause or origin, including negligence of the other party hereto, its agents, officers or employees, and covenants that no insurer
shall hold any right of subrogation against such other party, and to procure a waiver of subrogation on the part of each of their insurers by an endorsement to all insurance policies whereby an insurer recognizes the agreements made by the Landlord
and Tenant in this Section; provided, however, this Section shall be inapplicable if it would have the effect, but only to the extent that it would have the effect of invalidating any insurance coverage of Landlord or Tenant. 
  
 17. CASUALTY DAMAGE. 
  
 If the Leased Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written
notice thereof to Landlord. In case the Buildings shall be so damaged that the substantial alteration or reconstruction of the Buildings shall, in Landlord’s sole opinion, be required (whether or not the Leased Premises shall have been damaged
by such casualty) or in the event any mortgagee of Landlord’s should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the
Buildings, Landlord may, at its option, terminate this Lease Agreement by notifying Tenant in writing of such termination within ninety (90) days after the date of such damage. If Landlord does not thus elect to terminate this Lease Agreement,
Landlord shall commence and proceed with reasonable diligence to restore the Buildings to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord’s obligation to restore shall
not exceed the insurance proceeds actually received by Landlord as a result of the casualty. 
  
 18. CONDEMNATION. 
  
 If
the whole or substantially the whole of the Buildings or the Leased Premises should be taken for any public or quasi-public use, by right of eminent domain or otherwise or should be sold in lieu of condemnation, then this Lease Agreement shall
terminate as of the date when physical possession of the Buildings or the Leased Premises is taken by the condemning authority. If less than the whole or substantially the whole of the Buildings or the Leased Premises is thus taken or sold, Landlord
(whether or not the Leased Premises are affected thereby) may terminate this Lease Agreement by giving written notice thereof to Tenant, in which event this Lease Agreement shall terminate as of the date when physical possession of such portion of
the Buildings or Leased Premises is taken by the condemning authority. If this Lease Agreement is not so terminated upon any such partial taking or sale, the rent payable hereunder shall be diminished by an equitable amount based on the portion of
the Leased Premises taken, if any, and Landlord shall, to the extent Landlord deems feasible, restore the Buildings and the Leased Premises to substantially their former condition, but in no event shall Landlord be required to spend for such work an
amount in excess of the amount received by Landlord as compensation for such damage. All amounts awarded upon a taking of any part or all of the Buildings or the Leased Premises shall belong to Landlord, and Tenant shall not be entitled to and
expressly waives all claim to any such compensation, including any award or ascertainment for the value of Tenant’s leasehold estate, which value is hereby assigned to the Landlord. If this Lease should be terminated under any provision of this
Section, Rent shall be payable up to the date that possession is taken by the taking authority, and Landlord will refund to Tenant any prepaid, unaccrued Rent less any sum then owing by Tenant to Landlord. 
  

 Page 6 

 19. INDEMNITY. 
  
 19.1 Indemnification by Tenant. Tenant will indemnify Landlord for, and hold harmless Landlord from and against (a) all fines, suits,
claims, demands, liabilities, and actions (including costs and expenses of defending against all such actions) resulting or alleged to result from any breach, violation or nonperformance of any covenant or condition hereof by Tenant, and (b) all
claims, demands, actions, damages, loss, cost, liabilities, expenses and judgments suffered by, recovered from or asserted against Landlord on account of injury or damage to person or property to the extent that any such damage or injury may be
incident to, arise out of, or be caused by an act, omission, negligence or misconduct on the part of Tenant or any of its agents, servants, employees, contractors, patrons, guests, licensees or invitees or of any other person entering upon the
Leased Premises under or with the express or implied invitation or permission of Tenant or when any such injury or damage is the result, proximate or remote, of the violation by Tenant or any of it agents, servants, employees, contractors, patrons,
guests, licensees or invitees of any law, ordinance or governmental order of any kind or of any of the Rules and Regulations included in this Lease (as such Rules and Regulations may hereafter at any time or from time to time be amended or
supplemented), or when any such injury or damage may in any other way arise from or out of the occupancy or use by Tenant, its agents, servants, employees, contractors, patrons, guests, licensees or invitees of the Leased Premises. 
  
 19.2 Indemnification by Landlord. Landlord will indemnify
Tenant for, and hold harmless Tenant from and against (a) all fines, suits, claims, demands, liabilities, and actions (including costs and expenses of defending against all such actions) resulting or alleged to result from any breach, violation or
nonperformance of any covenant or condition hereof by Landlord, and (b) all claims, demands, actions, damages, loss, cost, liabilities, expenses and judgments suffered by, recovered from or asserted against Tenant on account of injury or damage to
person or property to the extent that any such damage or injury may be incident to, arise out of, or be caused by an act, omission, negligence or misconduct on the part of Landlord or any of its agents, servants, employees or contractors, or when
any such injury or damage is the result, proximate or remote, of the violation by Landlord or any of it agents, servants, employees or contractors of any law, ordinance or governmental order of any kind. 
  
 19.3 No Liability. Neither Landlord nor Tenant shall be
responsible or liable to the other, their respective officers, employees, agents, contractors, subcontractors, customers or invitees, for bodily injury, death or property damage to the extent occasioned by the acts or omissions of any other tenant
in the Buildings or such tenant’s officers, employees, agents, contractors, subcontractors, customers or invitees within the Buildings. 
  
 20. DAMAGES FROM CERTAIN CAUSES. 
  
 Landlord shall not be liable to Tenant for any loss or damage to any property, or injury to or death of any person, occasioned by theft, fire, act of God
or the public enemy, injunction, riot, strike, insurrection, war, requisition or order of governmental body or authority or any other cause beyond the control of Landlord. 
  
 21. EVENTS OF DEFAULT/REMEDIES. 
  
 21.1 Events of Default by Tenant. In the event of any failure of Tenant to pay any rental or other sums of money when due hereunder; or any
failure to observe or perform any other of the terms, conditions or covenants of this Lease, including but not limited to the Building rules, to be observed or performed by Tenant for more than ten (10) days after written notice thereof shall have
been given to Tenant; or if the Tenant’s leasehold interest shall be taken on execution or other process of law against Tenant; or if Tenant or an agent of Tenant shall falsify any report required to be furnished to Landlord pursuant to the
terms of this Lease; or if Tenant shall fail to accept the Leased Premises, or to promptly move into, take possession of, and operate its business on the Leased Premises when the Leased Premises are substantially complete; or if Tenant ceases to do
business in or abandons any substantial portion of the Leased Premises; or if Tenant should at any time during the continuance of the Lease remove or attempt to remove the goods, furniture, effects, improvements and personal property brought thereon
out of or from the Leased Premises (except in the ordinary course of business), without having paid in full all rent and other applicable charges which shall become due during the term of this Lease; or, if Tenant or any Guarantor of this Lease
shall become bankrupt or insolvent, or file a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of 
  

 Page 7 

 Tenant’s or any Guarantor’s property; or if a petition or answer proposing the adjudication of Tenant or any
Guarantor as a bankrupt or its reorganization under any present or future federal or state bankruptcy or similar law shall be filed in any court and such petition or answer shall not be discharged or denied within sixty (60) days after the filing
thereof; or if Tenant or any Guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or suffers this Lease to be taken under any writ of execution, then, in any of such events, Tenant shall be
deemed in breach and default of this Lease and Landlord, in its discretion and at its election, and in addition to all other rights and remedies it may have in law or in equity, shall also be entitled to those rights and remedies enumerated below.

  
 21.2 Landlord’s Remedies for Tenant Default.
Subject to Section 21.5 hereof: 
  

	 	(a)	In the event of a default by Tenant, the Landlord, at its option (without further notice or demand of any kind to Tenant or any other person except as hereinafter expressly
provided) shall have, in addition to all the legal and equitable remedies, and the remedies described elsewhere in this Lease, the following described remedies: 

  
 (i) Landlord shall have the right to proceed by attachment, suit or otherwise to collect any delinquent rent or other
amounts due Landlord hereunder. In the event it is necessary for Landlord to bring suit for rental payments or other charges as they accrue or in order to collect any damages, Landlord shall have the right to allow such rental or deficiencies to
accumulate and to bring an action on several or all of the deficiencies at one time. Any such suit shall not prejudice in any way the right of Landlord to bring a similar action for subsequent rental or damage deficiencies. 
  
 (ii) Landlord may elect to accelerate the rent due under this Lease
by giving notice of such election to Tenant and, in such event, Tenant shall pay at once to Landlord a sum of money equal to the rentals and other charges to be paid by Tenant to Landlord for the balance of the stated term of this Lease, and
Landlord shall have the right to proceed by attachment, suit or otherwise to collect such sum or other amounts due Landlord hereunder. 
  
 (iii) Landlord may elect to terminate this Lease by written notice to Tenant specifying the date the Lease will terminate, which shall not be less
than three (3) days after the giving of such notice, and upon such date this Lease and Lease Term shall end. Landlord may immediately repossess the Leased Premises and Tenant shall pay at once to Landlord as damages a sum of money equal to the
rentals and other charges to be paid by Tenant to Landlord for the balance of the stated term of this Lease, and Landlord shall have the right to proceed by attachment, suit or otherwise to collect such sum or other amounts due Landlord hereunder.

  
 (iv) Landlord may elect to terminate Tenant’s
right of possession without terminating this Lease, in which event Tenant agrees to surrender possession and vacate the Leased Premises immediately and deliver the possession to Landlord, and Tenant hereby grants Landlord full and free license to
enter in and upon the Leased Premises or any part thereof, and to expel or remove Tenant or any other person or party who may be occupying or within the Leased Premises or any part thereof, and remove any and all property therefrom. Such property
may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant without terminating this Lease or releasing Tenant in whole or in part from Tenant’s obligations to pay rent and other charges and perform
any of the covenants, conditions and agreements to be performed by Tenant as provided in this Lease and without being deemed in any manner guilty of trespass, eviction or forcible entry or detainer, and without becoming liable for any loss or damage
which may be occasioned thereby, and without relinquishing Landlord’s rights as herein provided. If Landlord re-enters the Leased Premises without terminating this Lease, then Landlord may relet the Leased Premises or any part or parts thereof,
either in the name of Landlord, Tenant or otherwise, for a term which may at Landlord’s option be less than or exceed the period which would otherwise have constituted the balance of the Lease Term and upon such other terms and conditions as
Landlord, in its sole discretion, may deem advisable. Tenant or the legal representative of Tenant shall pay Landlord for each month of the period which would otherwise have constituted the balance of the Lease Term, any deficiency between (i) one
monthly installment of Rent that would have been payable for the month in question but for such re-entry or termination, and all 
  

 Page 8 

 charges that otherwise would have become due, and (ii) the net amount, if any, of the rents collected on
account of the lease or leases of the Leased Premises for each month of the period which would otherwise have constituted the balance of the Lease Term. The refusal or failure of Landlord to relet the Leased Premises or any part or parts thereof
shall not release or affect Tenant’s liability for damages; provided, however, that Landlord shall use reasonable efforts to relet the Leased Premises. There shall be added to the said deficiency such expenses as Landlord may incur in
connection with any reletting (such as court costs, reasonable attorneys’ fees and disbursement, brokerage and expenses for putting and keeping the Leased Premises in good order or for preparing the same for reletting). Any deficiency shall be
paid in monthly installments by Tenant on the rent day specified in this Lease and any suit brought to collect the amount of the deficiency for any month shall not prejudice in any way the rights of Landlord to collect the deficiency for any
subsequent month by a similar proceeding. No such re-entry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such termination be given to Tenant
or unless the termination thereof be decreed by a court of competent jurisdiction. Any amount collected by Landlord from subsequent tenants in excess of that provided for in this Lease for the same rental period shall be credited to Tenant in
reduction of Tenant’s liability for any rental period in which the amount collected by Landlord shall be less than that provided for by this Lease, but Tenant shall only be entitled to receive any such excess rentals at the end of the Lease
Term and without interest. In all events Landlord may terminate the Lease for such breach at any time thereafter and after such termination Tenant shall not be entitled to any claim whatsoever, of any kind or nature, for any excess rental that may
be collected by Landlord. The reletting of the Leased Premises beyond the date originally fixed for expiration of the term of the Lease shall not be deemed to release Tenant from his obligations hereunder. An election to re-enter the Leased Premises
(without terminating the Lease) and the reletting or not reletting of the Leased Premises shall not thereafter prevent Landlord from electing to terminate the Lease for such previous breach. In the event it is necessary for Landlord to bring suit
for such rental payments or other charges as they accrue or in order to collect any damages, Landlord shall have the right to allow such rental or deficiencies to accumulate and to bring an action on several or all of the deficiencies at one time.
Any such suit shall not prejudice in any way the right of Landlord to bring a similar action for subsequent rental or damage deficiencies. 
  

	 	(b)	For purposes of computing the rentals and other charges due in the event that Landlord elects to accelerate the rents hereunder, or elects to terminate this Lease, the rental
payments payable to Landlord under this Lease shall include the monthly Rent and other charges due monthly hereunder. In addition, damages shall include interest on past due rentals and other charges and Landlord’s court costs and reasonable
attorneys fees incurred in connection with the termination of this Lease because of Tenant’s breach. 

  

	 	(c)	If Tenant defaults in any of its obligations hereunder, then Landlord, to the extent not otherwise recovered, shall be entitled to recover its reasonable attorneys’ fees and
court costs incurred by reason of Tenant’s default. If Tenant shall default under any of the terms and provisions of this Lease on its part to be performed or observed, Landlord shall be entitled to interest on any monies expended on behalf of
Tenant and any costs or expenses incurred by Landlord, at a rate per annum equal to the interest rate set forth in Section 4. 

  

	 	(d)	In addition to the above-mentioned remedies, and in no way limiting, excluding or waiving any remedy available to Landlord as a result of a default by Tenant, Landlord shall be
entitled, upon Tenant’s default, to sue for and recover from Tenant an amount equal to the sum of all Base Rental abatements, tenant finish allowances and all other concessions received by Tenant prior to such event of default (collectively,
“Tenant Concessions”); and any Tenant Concessions that would benefit Tenant after the occurrence of an event of default shall automatically be deemed terminated as of the date of the occurrence of such event of default.

  
 21.3 Landlord’s Remedies are
Cumulative. All the remedies of Landlord in the event of Tenant default shall be cumulative and, in addition, Landlord may pursue any other remedies permitted by law or in equity. Forbearance by Landlord to enforce one or more of the remedies
upon an event of default shall not constitute a waiver of such default. 
  

 Page 9 

 21.4 Obligation to Pay Rent is Independent; No Setoff. The obligation of Tenant to pay all
Rent provided to be paid by Tenant and the obligations of Tenant to perform Tenant’s other covenants and duties hereunder constitute independent and unconditional obligations to be performed at all times provided for hereunder, save and except
only when an abatement thereof or reduction therein is herein above expressly provided for and not otherwise. Tenant waives and relinquishes all rights which Tenant might have to claim any nature of lien against, withhold, deduct or offset against,
any Rent and other sums provided hereunder to be paid Landlord by Tenant. 
  
 21.5 Special Rights of Depository Institution Supervisory Authority. Notwithstanding any other provisions contained in this Lease, in the event (a) Tenant or its successors or assignees shall become
insolvent or bankrupt, or if it or their interests under this Lease shall be levied upon or sold under execution or other legal process, or (b) the depository institution then operating on the Leased Premises is closed, or is taken over by any
depository institution supervisory authority (“Authority”), Landlord may, in either such event, terminate this Lease only with the concurrence of any Receiver or Liquidator appointed by such Authority; provided, that in the event
this Lease is terminated by the Receiver or Liquidator, the maximum claim of Lessor for rent, damages, or indemnity for injury resulting from the termination, rejection, or abandonment of the unexpired Lease shall by law in no event be in an amount
greater than all accrued and unpaid rent to the date of termination. 
  
 22.
PEACEFUL ENJOYMENT. 
  
 22.1 Rights of Tenant.
Subject to the other terms hereof including, without limitation, the provisions of Section 27.1, Tenant shall and may peacefully enjoy the Leased Premises against all persons claiming by, through or under Landlord, provided that Tenant pays the rent
and other sums herein recited to be paid by Tenant and performs all of Tenant’s covenants and agreements in this Lease Agreement. 
  
 22.2 Limitation. The foregoing covenant and any and all other covenants of the Landlord shall be binding upon Landlord and its successors
only with respect to breaches occurring during its or their respective periods of ownership of the Leased Premises. Tenant specifically acknowledges that Landlord will make repairs, alterations and improvements to the Buildings from time to time
(“Buildings Work”), and that such Buildings Work may create noise audible within the Leased Premises and dust and noise within the common areas of the Buildings. Tenant agrees that Landlord shall have the right from time to time to conduct
such Buildings work, and that such noise and dust related to the Buildings Work shall not be deemed or claimed by Tenant to be a nuisance, a breach or disturbance of the Tenant’s right of peaceful and quiet enjoyment, a breach of any of the
Landlord’s obligations hereunder, or any sort of constructive eviction. 
  
 23. HOLDING OVER. 
  
 23.1 Rental
Amount. If Tenant holds over without Landlord’s written consent after expiration or other termination of this Lease Agreement, or if Tenant continues to occupy the Leased Premises after termination of Tenant’s right of possession,
Tenant shall throughout the entire holdover period pay rent equal to twice the Rent that would have been applicable had the term of this Lease Agreement continued through the period of such holding over by Tenant. 
  
 23.2 No Extension of Term. No possession by Tenant after the
expiration of the term of this Lease Agreement shall be construed to extend the term of this Lease Agreement unless Landlord has consented to such possession in writing. 
  
 24. SUBORDINATION. 
  
 24.1 Subject to Mortgages and Certain Leases. This Lease Agreement is and shall be subject and subordinate to any mortgage, or other lien
created by Landlord, whether now existing or hereafter arising upon the Leased Premises, or upon the Buildings and to any renewals, refinancing and extensions thereof, and to any ground or primary lease in existence at the date hereof, if any, or
that may be executed subsequent to the date hereof, and to any and all supplements, modifications and extensions thereof heretofore or hereafter made, but Tenant agrees that any such mortgagee or lessor shall have the right at any time to
subordinate such mortgage, or the lien thereof, or such lease to this Lease Agreement on such terms and subject to such conditions as such mortgagee or lessor may deem appropriate in its discretion. 
  

 Page 10 

 24.2 Subordination of Lease Agreement. Tenant agrees upon demand to execute such further
instruments subordinating this Lease Agreement to any mortgage or other lien or ground or primary lease now existing or hereafter placed upon the Leased Premises or the Buildings as a whole, or attorning to the holder of any such liens or leases, as
Landlord may request. 
  
 24.3 Approval of Lease
Agreement by Landlord’s Mortgagee. The terms of this Lease Agreement are subject to approval by the Landlord’s mortgagee(s), and such approval is a condition precedent to Landlord’s obligations hereunder. 
  
 24.4 Attorney-in-Fact. If Tenant should fail to execute any
subordination or other agreement required by this Section, promptly as requested, Tenant hereby irrevocably constitutes Landlord as its attorney-in-fact to execute such instrument in Tenant’s name, place and stead, it being agreed that such
power is one coupled with an interest. 
  
 24.5 Estoppel
Certificates; Financial Certificates. Tenant agrees that it will from time to time upon request by Landlord execute and deliver to such persons as Landlord shall request, a statement in recordable form certifying that this Lease Agreement is
unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect as so modified), stating the dates to which rent and other charges payable under this Lease Agreement have been paid, stating
that Landlord is not in default hereunder (or if Tenant alleges a default stating the nature of such alleged default) and further stating such other matters as Landlord or such persons shall reasonably require. At any time upon Landlord’s
request, Tenant agrees to deliver to Landlord current financial statements of Tenant (with an opinion by a certified public accountant (if available)), including a balance sheet and a profit and loss statement for at least two (2) years, all
prepared in accordance with generally accepted accounting principles consistently applied. 
  
 24.6 Attornment. Tenant shall, in the event of the sale or assignment of Landlord’s interest in the buildings of which the Leased Premises form a part, or in the event of any proceedings brought for
the foreclosure of, or in the event of exercise of the power of sale under, any mortgage made by Landlord covering the Leased Premises, attorn to the purchaser and recognize the purchaser as Landlord under this Lease Agreement. 
  
 24.7 Notice to Mortgagees. In the event of any act or omission
by Landlord which would give Tenant the right to damages from Landlord or the right to terminate this Lease by reason of a constructive or actual eviction from all or part of the Leased Premises or otherwise, Tenant shall not sue for such damages or
exercise any such right to terminate until (a) it shall have given written notice of such act or omission to Landlord and to the holder(s) (collectively, the “Landlord’s Mortgagee”) of the indebtedness or other obligations secured by
any first mortgage or first deed of trust affecting the Leased Premises, if the name and address of the Landlord’s Mortgagee shall previously have been furnished to Tenant and (b) a reasonable period of time for remedying such act or omission
shall have elapsed following the giving of such notice, during which time Landlord and Landlord’s Mortgagee, or either of them, their agents or employees, shall be entitled to enter upon the Leased Premises and do therein whatever may be
necessary to remedy such act or omission. During the period after the giving of such notice and during the remedying of such act or omission, the Rent payable by Tenant for such period as provided in this Lease shall be abated and apportioned only
to the extent that any part of the Leased Premises shall be untenantable. 
  
 25. ATTORNEY’S FEES. 
  
 Tenant will pay, in
addition to the rents and other sums agreed to be paid hereunder, all collection and court costs incurred by Landlord, and Landlord’s reasonable attorney’s fees incurred for the collection of unpaid rents or the enforcement, defense or
interpretation of Landlord’s rights under this Lease Agreement, whether such fees and costs be incurred out of court, at trial, on appeal or in bankruptcy proceedings. 
  
 26. NO IMPLIED WAIVER. 
  
 26.1 No Waiver. The failure of Landlord to insist at any time upon the strict performance of any covenant or agreement or to exercise any
option, right, power or remedy contained in this Lease Agreement shall not be construed as a waiver or a relinquishment thereof for the future. 
  

 Page 11 

 26.2 Partial Payment. No payment by Tenant or receipt by Landlord of a lesser amount than
the monthly installment of rent due under this Lease Agreement shall be deemed to be other than payment on account of the earliest rent due, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent
be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such rent or pursue any other remedy provided in this Lease Agreement. 
  
 27. PERSONAL LIABILITY. 
  
 The liability of Landlord (and any partner, stockholder, officer or director of Landlord) to Tenant for any default by
Landlord under this Lease Agreement shall be limited to the interest of Landlord in the Buildings, and Tenant agrees to look solely to Landlord’s interest in the Buildings for the recovery of any judgment from the Landlord, it being intended
that Landlord (and any partner, stockholder, officer or director of Landlord) shall not be personally liable for any judgment or deficiency. 
  
 28. FORCE MAJEURE. 
  
 Whenever a period of time is herein prescribed for the taking of any action by Landlord, Landlord shall not be liable or responsible for, and there shall
be excluded from the computation of such period of time, any delays due to strikes, riots, acts of God, shortages of labor or materials, war, governmental laws, regulations or restrictions, financing, or any other cause whatsoever beyond the control
of Landlord. 
  
 29. RELATIONSHIP OF PARTIES. 
  
 Nothing contained in this Lease Agreement shall be deemed or construed by
the parties hereto, nor by any third party, as creating the relationship of principal and agent or of partnership or of joint venture between the parties hereto, it being understood and agreed that neither the method of computation of rent, nor any
other provisions contained herein, nor any acts of the parties herein, shall be deemed to create any relationship between the parties hereto other than the relationship of Landlord and Tenant. 
  
 30. MISCELLANEOUS. 
  
 30.1 Severability. If any term or provision of this Lease Agreement, or the application thereof to any person
or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall
not be affected thereby, and each term and provision of this Lease Agreement shall be valid and enforced to the fullest extent permitted by law. 
  
 30.2 Recordation. Tenant agrees not to record this Lease Agreement or any memorandum hereof without the prior written consent of Landlord.
Landlord may record this Lease Agreement or a memorandum thereof, at its sole election. Tenant shall, upon request by Landlord, at any time execute a short form lease in recordable form setting forth the essential elements of this Lease, including,
but not limited to, the names of the parties, the term of the Lease and the description of the Leased Premises. 
  
 30.3 Governing Law. This Lease Agreement and the rights and obligations of the parties hereto are governed by the laws of the state of
Alabama. 
  
 30.4 Time of Performance. Except as may
be otherwise expressly provided herein, time is of the essence of this Lease Agreement with respect to all obligations. 
  
 30.5 Commissions. Tenant warrants and represents to Landlord that no real estate broker and/or salesman has been involved by Tenant in this
Lease, and hereby indemnifies and agrees to hold harmless and defend Landlord against any loss, claim, expense or liability with respect to any commissions or brokerage fees claimed on account of the execution and/or renewal of this Lease Agreement
due to any action of the Tenant. 
  

 Page 12 

 30.6 Parking. Landlord grants to Tenant the right to use forty-two parking spaces in the
surface parking located adjacent to the Buildings. 
  
 30.7
Effect of Delivery of this Lease Agreement. Landlord has delivered a copy of this Lease Agreement to Tenant for Tenant’s review only, and the delivery hereof does not constitute an offer to Tenant or an option to lease. This Lease
Agreement shall not be effective until a copy executed by both Landlord and Tenant is delivered to and accepted by Landlord. 
  
 30.8 Section Headings. The section or subsection headings are used for convenience of reference only and do not define, limit or extend the
scope or intent of the sections or this Lease Agreement. 
  
 30.9 Entire Agreement. This Lease and any attached schedules, exhibits and riders constitute the entire agreement between Landlord and Tenant and no prior or contemporaneous oral promises or representations shall be binding.
This Lease shall not be amended, changed or extended except by written instrument signed by both parties hereto. 
  
 30.10 Successors and Assigns. All of the covenants, agreements, terms and conditions to be observed and performed by the parties hereto
shall be applicable to and binding upon their respective heirs, personal representatives, successors and, to the extent assignment is permitted hereunder, their respective assigns. 
  
 30.11 Notices. 
  

	 	(a)	To Landlord: The Tenant shall pay the rent and shall forward all notices to Landlord at the following address (or at such other place as Landlord may hereafter designate in
writing): 

  
 Elberta Holdings,
LLC 
 P.O. Box 1248 
 Gulf Shores, Alabama 36547 
  

	 	(b)	To Tenant: The Landlord shall forward all notices to Tenant at the following address (or at such other place as Tenant may hereafter designate in writing):

  
 Vision Bank 
 P.O. Box 4649 
 Gulf Shores, Alabama 36547 
  

	 	(c)	Any notice provided for in this Lease Agreement must, unless otherwise expressly provided herein, be in writing, and may, unless otherwise expressly provided, be given or be served
by depositing the same in the United States mail or overnight delivery service, postage or charges prepaid, and addressed to the party to be notified, or by delivering the same in person to an officer of such party. 

  

	 	(d)	Notice deposited in the mail or given to an overnight delivery service in the manner hereinabove shall be effective upon receipt, unless such mail or delivery is unclaimed, in which
event notice shall be effective five (5) days after the date of mailing or delivery. 

  
 30.12 Gender. The pronouns of any gender shall include the other genders, and either the singular or the plural shall include the other.

  
 30.13 Time of the Essence. In all instances
where Tenant is required hereunder to pay any sum or do any act at a particular time or within an indicated period, it is understood that time is of the essence. 
  
 30.14 Buildings Name. Landlord agrees that, so long as this Lease, and any renewals or replacements hereto is
in effect, the Buildings shall be designated and known as the Vision Bank Buildings. 
  

 Page 13 

 30.15 No Merger. There shall be no merger of this Lease or of the leasehold estate hereby
created with the fee estate in the Leased Premises or any part thereof by reason of the fact that the same person may acquire or hold, directly or indirectly, this Lease or the leasehold estate hereby created or any interest in this Lease or in such
leasehold estate as well as the fee estate in the Leased Premises or any interest in such fee estate. 
  
 31. EXHIBITS AND SCHEDULES. 
  
 In addition to Exhibit A and Schedule 1, the following numbered exhibits are attached hereto and incorporated herein and made a part of this Lease for all purposes: 
  

			
	 Exhibit
 Number

	  	 Description

	Exhibit A	  	Floor Plan of Lease Premises

  

 Page 14 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease Agreement in multiple original
counterparts effective as of the day and year first above written. 
  

			
	LANDLORD:
	
	ELBERTA HOLDINGS, LLC
		
	By:	 	 /s/ James R. Owen, Jr.

	Its:	 	Member
		
	 	 	 /s/ J. Daniel Sizemore

	Its:	 	Member
		
	 	 	 /s/ Rick Edwards

	Its:	 	Member
	
	TENANT:
	
	VISION BANK
		
	By:	 	 /s/ Robert S. McKean

	Its:	 	President

  

 Page 15 

 EXHIBIT A 
  

FLOOR PLAN OF LEASED PREMISESLease agreement, dated December 6, 2004

 Exhibit 10.12 
  
 LEASE OF COMMERCIAL PROPERTY 
 Sunset Promenade, LLC 
 1598 South County Highway 393 
 Santa Rosa Beach, Florida 32459 
  

	1.	PARTIES: SUNSET PROMENADE, LLC, (hereinafter referred to, whether one or more, as “Landlord”) hereby leases to VISION BANCSHARES, INC., and its
assigns (hereinafter referred to, whether one or more, as “Tenant”), the following described property: Unit No. 106, containing 1787 square feet, Sunset Promenade, 1598 South County Highway 393, Santa Rosa Beach, FL
32459. 

  

	2.	TERM: This lease is for a term of three (3) years commencing on December 1, 2004 and ending at midnight, November 30, 2007. The beginning term will be $20 per square foot
plus the amounts necessary to reimburse Landlord, including but not inclusive, for real estate taxes, insurance, water and sewer, janitorial services, landscaping, and external lightning, as described below, but notwithstanding anything to the
contrary elsewhere in this Lease, in an amount to be determined at time of building completion, which will be adjusted as necessary, and payable the first day of the month. On January 1, 2006 and all subsequent years, the square footage rate will be
adjusted with a 5% increase. Before occupancy, first and last month’s rental, security deposit and all other fees must be paid. 

  

	3.	USE OF PREMISES: The leased premises shall be used only for the following purposes and will require approval by Gulf Place management: Full Banking Services.

  

	4	PERMITS: If Tenant shall notify Landlord within fifteen (15) days after completion date of building has been determined by all parties of this lease, that Tenant has not
qualified and/or obtained the governmental permit(s) required to utilize the leased premises for the above stated use, then this lease shall then be rendered null and void and in such case Landlord shall immediately return Tenant’s security
deposit and/or any advanced rentals as referenced herein. Tenant shall be required to apply for the proper permits within five (5) working days after completion date of building has been determined by all parties. 

  

	5	SECURITY DEPOSIT: Tenant has deposited with Landlord, a security deposit in the amount of $2,978.33 which is now pledged and in which a security interest is hereby
granted to secure the faithful performance of all obligations of Tenant under this lease. Said deposit shall be non-interest bearing and shall not be considered rent under this lease. Said deposit shall not be released until this lease has
terminated and it has been determined by Landlord that Tenant has complied with all of Tenant’s obligations under this lease. If Tenant fails to pay rent or other charges due hereunder, or otherwise defaults with 

  

 Page 1 of 12 

 respect to any provision of this lease, Landlord may use, apply or retain all or any portion of said
deposit for the payment of any rent or other charge in default or for the payment of any rent or other sum to which Landlord may suffer thereby. 
  

	6	RENT AND PLACE OF PAYMENT: The rental under this lease shall be monthly, payable in advance. Rent for the first full calendar month of the term of this lease, plus the
rent for any fractional month preceding such first calendar month, shall be payable upon execution of this lease by all parties, and rent for subsequent months shall be payable on the first day of December 2004, and on the first
day of each calendar month thereafter. All payments of rent shall be mailed or hand-delivered to: Sunset Promenade, LLC, ATTN R. Lipton, 4912 Castaing Street, Metairie, LA 70006, but Landlord may from time to time designate other persons and places
for payment of rent by notice to Tenant. 

  

	7	OPTION TO RENEW: Provided that Tenant is not then in default, Tenant shall have the right to extend the term of this lease for two (2) additional terms of three (3)
years each by notifying Landlord in writing of his intent to do so not later than one hundred twenty (120) days prior to end of the term stipulated in Paragraph 2 – Term above. In the event that Tenant exercises this right to renew,
the base rent may be subject to an increase based on the current market rate at the time of renewal. 

  

	8	EARLY OCCUPANCY: If Tenant occupies the property prior to the commencement date, Tenant’s occupancy of the property shall be subject to all of the provisions of this
lease. Early occupancy of the property shall not advance the expiration date of this lease. Tenant shall pay rent and all other charges specified in this lease for the early occupancy period. 

  

	9	DELAYED POSSESSION: Should Landlord be delayed in delivering possession of the leased premises to Tenant on the commencement date of this lease, because of any delay of
existing occupants to vacate or because of the construction of improvements or the making of repairs required by this lease to be made by Landlord not having been completed, or because of any other reason not due to the design of Landlord, this
lease shall not be affected thereby and Tenant shall not be entitled to any damages for such delay, except that Tenant shall be allowed a remission of rent for the period prior to delivery of possession, in which case the termination date of this
lease shall remain unchanged. 

  

	10	ADDITIONAL CHARGES: Tenant shall pay all connection charges for and shall pay, directly to the appropriate supplier, the cost of all natural gas, heat, light, power, sewer
service, telephone, water, refuse disposal and other utilities and services supplied to the property or consumed on the premises. However, if any services (not inclusive), association fees or utilities are jointly shared with other tenants, Landlord
shall make reasonable determination of Tenant’s proportionate share of the cost to be paid by Tenant. Tenant shall pay all cost for utilities used for air conditioning and heating, water sprinkler service charges, and all hookups, meter
installation costs, connections, necessary deposits and general building maintenance. 

  

 Page 2 of 12 

	11	TAXES: As part of the consideration for this lease, Tenant shall, when invoiced by Landlord, pay its pro-rata share of city and state ad valorem taxes, pay all lawful taxes,
assessments, forced contributions and other governmental charges in the nature thereof, general and special, ordinary and extraordinary, of every kind and nature whatsoever, which may be levied, assessed or imposed upon the leased premises, but not
further or otherwise and not upon the income or rental thereof; provided that such taxes, assessments and other governmental charges for the first and last years of the term this lease shall be prorated between Landlord and Tenant as of the dates of
the beginning and ending of this lease. Tenant shall deliver to Landlord officially issued receipts evidencing the payment of such taxes, assessments and other governmental charges. Tenant may attempt to have the assessed valuation of the property
reduced or may initiate proceedings to contest the real property taxes. If required by law, Landlord shall join in the proceedings brought by Tenant. However, Tenant shall pay all costs of the proceedings, including any costs or fees incurred by
Landlord. Upon the final determination of any proceeding or contest, Tenant shall immediately pay the real property taxes due, together with all costs, charges, interest and penalties incidental to the proceedings. In no event shall Tenant permit
taxes to be come delinquent. Joint Assessment: If the premises are not separately assessed, Tenant’s liability shall be an equitable proportion of the real property taxes for all of the land and improvements included within the tax parcel
assessed, such proportion to be determined by Landlord from the respective valuations assigned in the assessor’s work sheet or such other information as may be reasonably available. Landlord’s reasonable determination thereof, in good
faith, shall be conclusive. 

  

	12	DELAY IN MAKING REPAIRS: If this lease requires Landlord to make improvements or repairs to the leased premises and Landlord deems it impracticable to do so prior to the
commencement date of this lease, Tenant agrees that Landlord may make such improvements or repairs after possession is delivered to Tenant, in a manner such as not to unreasonably interfere with the operation of Tenant’s business, in which case
there shall be no reduction or remission of rent. 

  

	13	PARKING: Tenant shall park in the south side parking lot (and parking in the rear of the building when appropriate) on a first come first serve basis, leaving the front and
patio parking areas for customers. 

  

	14	ALTERATIONS OR ADDITIONS BY TENANT: Tenant may make non-structural alterations to the leased premises without Landlord’s prior written consent being required. Tenant
shall not make any structural alterations or additions to the leased premises, without obtaining Landlord’s prior written consent, which consent shall not be unreasonably withheld, but any and all alterations, permanently affixed additions or
other improvements made by Tenant, with or without the consent of Landlord, regardless of how attached (except movable trade fixtures and equipment), shall become the property of Landlord upon termination of this lease, without compensation to
Tenant, provided Landlord shall have the 

  

 Page 3 of 12 

 right to require that Tenant, prior to termination of this lease, remove any or all such alterations,
additions or improvements and restore the leased premises to their condition at the time of the commencement of this lease. Any such alterations, additions or any other improvements or repairs shall be made at Tenant’s cost and Tenant warrants
that such work shall be done in a workmanlike manner. Tenant shall provide (a) liability insurance insuring Tenant and Landlord against liability which may arise on account of any such work on an occurrence basis with the minimum limits herein set
forth in Paragraph 15 - Insurance and, (b) workmen’s compensation insurance covering all persons employed, directly or indirectly, in connection with any work performed, and covering all employees and agents of Tenant with respect to whom death
or bodily injury claims could be asserted against Landlord or Tenant. Also refer to Addendum 1 attached. 
  

	15	RESPONSIBILITY FOR DAMAGES, INJURIES, LOSSES: Tenant hereby agrees that Landlord shall not be liable for injury to Tenant’s business or for any loss of Tenant’s
income or for damage to the goods, wares, merchandise or other property of Tenant, Tenant’s employees, invitees, customers or any other person in or about the premises, nor shall Landlord be liable for injury to the person of Tenant,
Tenant’s employees, agents or contractors, whether such injury is caused by or results from fire, steam, electricity, gas, water or rain, or from the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances,
plumbing, air conditioning, or lighting fixtures or from any other cause, whether the said damage or injury results from conditions arising upon the premises or upon other portions of the building of which the premises form a part or from other
sources or places and regardless if the means of repairing the cause of such damage is inaccessible to Tenant. Landlord shall not be liable for any damage arising from any act or neglect of any other tenant, if any, of the building in which the
premises are located. 

  

	16	INSURANCE: At all times during the term of this lease and as part of the consideration of this lease, Tenant shall provide and maintain, at Tenant’s expense, the
following insurance in favor of Landlord as the insured: (A) General Public Liability Insurance, in an amount of a combined single limit, applicable to bodily injury and property damage of $1,000,000.00 or more per occurrence in or on the leased
premises; (B) Plate Glass Insurance, in such amount and with such provisions so as to cover the full replacement cost of all plate glass contained in the leased premises. (C) Tenant shall pay to Landlord, when invoiced by Landlord, its pro-rata
share of the cost of liability, fire and extended coverage insurance premiums for the building. 

  
 In the event any of said insurance coverage is subject to a deductible clause, Tenant agrees to bear the full cost of any such amounts deducted. 
  
 All of the foregoing insurance shall be carried with responsible insurance companies authorized to transact business in the State of
Florida. Tenant shall deliver to Landlord the original policies evidencing such insurance, provided that if the leased premises are mortgaged during the period of this lease, such originals policies shall be delivered to the mortgagee, if requested
by the mortgagee, and losses under such policies shall be made payable to the mortgagee, if required by the mortgage. 
  

 Page 4 of 12 

	17	INDEMNITY: Tenant shall indemnify and hold harmless Landlord from and against any and all claims arising from Tenant’s use of the premises, or from the conduct of
Tenant’s business, or from any activity, work or things done, permitted or suffered by Tenant in or about the premises or elsewhere and shall further indemnify and hold harmless Landlord from and against any and all claims arising from any
breach or default in the performance of any obligation on Tenant’s part to be performed under the terms of this lease, or arising from any negligence of the Tenant, or any of Tenant’s agents, contractors, or employees and from and against
all costs, attorney’s fees, expenses and liabilities incurred in the defense of any such claim or any action or proceeding brought thereon, and in case any action or proceeding be brought against Landlord by reason of any such claim, Tenant
upon notice from Landlord, shall defend the same at Tenant’s expense by counsel satisfactory to Landlord. Tenant, as a material part of the consideration to Landlord, hereby assumes all risk of damage to property or injury to persons in, upon
or about the premises arising from any cause, and Tenant hereby waives all claims in respect thereto against Landlord. 

  

	18	WAIVER OF SUBROGATION: Tenant and Landlord each hereby release and relieve the other, and waive their entire right of recovery against the other for loss or damage arising
out of or incident to the perils insured against, which perils occur in, or about the premises whether due to the negligence of Landlord or Tenant or their agents, employees, contractors and/or invitees. Tenant and Landlord shall, upon obtaining the
policies of insurance required hereunder, give notice to their insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this lease. 

  

	19	DAMAGE BY FIRE OR OTHER CASUALTY: If the leased premises are destroyed, or damaged to an extent so as to render them wholly unfit for the purposes for which they are leased,
by fire, act of God, force majeure or other casualty, this lease shall automatically terminate, provided such destruction or damage is not caused by the neglect or design of Tenant. If, however, the leased premises are damaged by fire or other
casualty and can be repaired within one hundred twenty (120) days after the date of such fire or other casualty, this lease shall not terminate and Landlord shall give notice to Tenant, within thirty (30) days after such fire or other casualty, that
Landlord will repair such damage, at Landlord’s cost, within said one hundred twenty (120) day period, in which case Tenant shall be entitled to a reduction or remission of rent such as shall be just and proportionate, but shall not be entitled
to any other damages; provided that if Landlord fails to complete such repairs within said one hundred twenty (120) day period, because of causes not due to the fault or design of Landlord, this lease shall not be terminated and Tenant shall not be
entitled to damaged, but shall be entitled only to a further just and proportionate reduction or remission of rent. 

  

	20	SIGNS BY TENANT: Tenant shall have the right to erect and maintain signs advertising Tenant’s business on the interior and exterior of the leased premises, provided that
such signs shall be erected and maintained in accordance with the rules and regulations of the properly 

  

 Page 5 of 12 

 constituted authorities including Gulf Place management. Tenant shall remove all such signs at the
expiration of this lease and shall repair any damages to the leased premises caused by the erection, maintenance or removal thereof. 
  

	21	FOR SALE AND FOR RENT SIGNS; INSPECTION BY PROSPECTS: Landlord shall have the right to place the usual “For Sale”, “For Rent” and/or “By
Auction” signs on the leased premises at any time during the term of this lease. Tenant agrees to allow persons authorized by Landlord to inspect the leased premises during the term of this lease with the view of purchasing the same and during
the last year of this term with the view of renting the same, such inspections to be at reasonable hours. 

  

	22	RIGHT OF ENTRY BY LANDLORD: Landlord or Landlord’s duly appointed agent(s) shall have the right to enter the leased premises at all reasonable times for the purpose of
inspecting the same. 

  

	23	SURRENDER OF POSSESSION: Upon expiration or termination of this lease, Tenant shall surrender possession of the leased premises immediately to Landlord. Any holding over by
Tenant shall not operate, except by written agreement, to extend or renew this lease, but in such case, Landlord may terminate Tenant’s occupancy at once or may consider such occupancy to be from month to month; and Tenant, in the event of such
holding over without Landlord’s consent, shall pay 300 percent of the monthly rent stipulated in this lease, together with such loss or damage as may be caused Landlord by such holding over, Tenant hereby waives any and all notices to vacate by
Florida code. 

  

	24	MANNER OF USE: Tenant shall not cause or permit the property to be used in any way which constitutes a violation of law, ordinance, or governmental regulation or order, or
which annoys or interferes with the rights of other tenants, if any, of the development of which the property is part, or which constitutes a nuisance or waste. Tenant shall have continuous operations during normal working hours without closing or
vacating premises longer than 14 days without receiving Landlord’s prior written consent. Tenant shall obtain and pay for all permits, including a Certificate of Occupancy, required for Tenant’s occupancy of the property and shall promptly
take all substantial and non-substantial actions necessary to comply with all applicable statutes, ordinances, rules, regulations, orders and requirements regulating the use by Tenant of the property, including the Occupational Safety and Health
Act. No auction sales or other sales not in the ordinary course of Tenant’s business shall be conducted on the leased premises, without the prior written consent of Landlord. 

  

	25	ADA AND ENVIRONMENTAL COMPLIANCE: Landlord covenants that upon delivery of the leased premises, the leased premises shall be fully compliant with all requirements of the
Americans With Disabilities Act and all other Federal, local and state laws governing accessibility to public accommodations and the leased premises shall be free from all environmental contamination and toxic and hazardous substances and otherwise
in full compliance with all applicable Federal and state environmental laws. Tenant covenants to maintain the leased premises in compliance with such applicable environmental laws. 

  

 Page 6 of 12 

	26	DEFAULT: If Tenant fails to pay any installment of rent due under this lease, or fails to comply with any other provision of this lease within ten (10) days after notice by
Landlord to Tenant demanding same, provided that said notice need not be given with regard to nonpayment of rent after such notice has been given twice during the period of this lease, or if Tenant abandons the leased premises or discontinues the
use of the leased premises for the purposes for which leased, or removes from the leased premises any property against which Landlord is entitled to a Landlord’s lien, or makes an assignment for the benefit of creditors or is adjudged a
bankrupt in an involuntary bankruptcy proceeding, or files any type of proceeding, or applies for any relief under the laws of the United States relating to bankruptcy, or State laws relating to insolvency or if a receiver or other custodian is
appointed for Tenant for any of Tenant’s property by any court, then in any of such events, Landlord shall have the right, at Landlord’s option, without putting Tenant in default and without notice to vacate, notice of default, (1) to
cancel this lease effective immediately or effective as of any date Landlord may select, or (2) to proceed one or more times for past due installments of rent only, without prejudicing the right to proceed later for additional installments or
exercise any other remedy, or (3) to declare the unpaid rent for the entire unexpired term of this lease immediately due and payable and at once demand and receive payment thereof, or (4) to have recourse to any other remedy or mode of redress to
which Landlord may be entitled by law. In the event Landlord exercises the right to cancel this lease, then (a) Landlord shall have the right, as soon as said cancellation is effective, to re-enter the leased premises and to re-let the same for such
price and on such terms as may be immediately available, without notice or court proceedings, Tenant hereby assenting thereto and expressly waiving any notice to vacate, and (b) Tenant shall be and remain liable not only for rent payable to the date
such cancellation becomes effective, but also for all damage or loss suffered by Landlord for the remaining term of this lease resulting from such cancellation. Failure of Landlord to exercise any right granted in this paragraph shall not be
construed as a waiver of the right and no indulgence by Landlord shall be construed as a waiver of any right herein granted. 

  

	27	NOTICES: Any notice or other communication required or permitted to be given under this lease by Tenant to Landlord shall be in writing and shall be delivered in person or
sent by United States Certified or Registered Mail, postage prepaid, return receipt requested, and addressed to Landlord at the place where rent is required to be paid hereunder. Any notice or other communication required or permitted to be given
under this lease by Landlord to Tenant shall be in writing and shall be delivered in person or sent by United States Certified or Registered Mail, postage prepaid, return receipt requested, addressed to Tenant at the leased premises. Each notice or
communication shall be deemed to have been given as of the date so mailed or delivered, as the case may be. Either party may designate a substitute address by written notice to the other party in the manner herein provided. 

 

 Page 7 of 12 

	28	PARTIAL INVALIDITY: If any provision of the lease or application thereof to any person or circumstance shall to any extent be invalid or unenforceable, the remainder of this
lease or the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby and each provision of this lease shall be valid and enforceable to the fullest
extent permitted by law. 

  

	29	SUBLEASING OR ASSIGNMENT: Tenant shall not voluntarily or by operation of law assign, transfer, mortgage, sublet, or otherwise transfer or encumber all or any part of
Tenant’s interest in this lease or in the premises, without Landlord’s prior written consent, which Landlord shall not unreasonably withhold. Landlord shall respond to Tenant’s request for consent hereunder in a timely manner and any
attempted assignment, transfer, mortgage, encumbrance or subletting without such consent shall be void and shall constitute a breach of this lease. Any such sublease shall contain all the provisions of this lease to the extent applicable and
provided further Tenant shall not be relieved by any such subleasing or assignment of Tenant’s obligation to pay rent herein stipulated or any other obligations of Tenant under this lease. Regardless of Landlord’s consent, no subletting or
assignment shall release Tenant of Tenant’s obligation or alter the primary liability of Tenant to pay the rent and to perform all other obligations to be performed by Tenant hereunder. The acceptance of rent by Landlord from any other person
or entity shall not be deemed to be a waiver by Landlord of any provision hereof. Consent to one assignment or subletting shall not be deemed consent to any subsequent assignments or subletting. In the event of default by any assignee of Tenant or
any successor of Tenant, in the performance of any of the terms hereof, Landlord may proceed directly against Tenant without the necessity of exhausting remedies against said assignee. Landlord may consent to subsequent assignments or subletting of
this lease or amendments or modifications to this lease with assignees of Tenant, without notifying Tenant, or any successor of Tenant, and without obtaining its or their consent thereto and such action shall not relieve Tenant of liability under
this lease. 

  

	30	RELEASE OF LANDLORD ON SALE: Upon a sale or transfer of the leased premises, by Landlord or a subsequent purchaser or transferor thereof, the purchaser or transferee by
virtue of such sale or transfer shall be bound for the performance of all of Landlord’s agreements and obligations under this lease, and the vendor or transferor shall thereupon be released from any and all liability thereafter arising under
this lease. 

  

	31	LATE CHARGES: If Tenant fails to pay any rental payment due hereunder within five (5) working days of when same is due and payable, then Tenant shall also owe to Landlord, as
a late charge in addition to the amount due, ten (10%) percent of the amount due. Acceptance of such late fee by Landlord shall not be construed as a waiver of Landlord’s right to enforce any other remedies with respect to any other provisions
of this lease. 

  

	32	ATTORNEY’S FEES: Should an attorney be engaged by Landlord to enforce payment of the rent due under this lease or to protect any of the interests of Landlord hereunder,
with or without judicial proceedings, Tenant agrees to pay Landlord the reasonable fee of such 

  

 Page 8 of 12 

 attorney, which fee is hereby fixed, if the collection of money is involved, at 25% of the amount of such
money, such fee in no event to less than $200.00, and Tenant also agrees to pay all court costs and other expenses incurred by Landlord. Tenant shall pay Landlord’s reasonable attorney’s fees incurred in connection with Tenant’s
request for Landlord’s consent. 
  

	33	ESTOPPEL CERTIFICATE: Tenant, shall at any time upon not less that ten (10) days prior written notice from Landlord, execute, acknowledge and deliver to Landlord a statement
in writing (a) certifying that this lease is unmodified and in full force and effect (or if modified, stating the nature of such modification, and certifying that this lease, as so modified, is in full force and effect) and certifying the date to
which any rent and other charges, if any, have been paid in advance, and (b) acknowledging that there are not, to Tenant’s knowledge, any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are claimed. At
Landlord’s option, Tenant’s failure to deliver such statement within such time may be considered by Landlord as a default under this lease, or shall be conclusive upon Tenant (a) that this lease is in full force and effect, without
modification except as may be represented by Landlord, (b) that there are no uncured defaults in Landlord’s performance, and (c) that not more than one month’s rent has been paid in advance. 

  

	34	SUBORDINATION: Tenant agrees that Tenant will at any time, upon demand of Landlord, subordinate this lease to the lien of any mortgage or mortgages placed or may hereafter
place on the leased premises, provided that in any such mortgage the mortgagee shall agree, for itself and for each and every subsequent owner or holder of the mortgage and mortgage note and for any receiver of purchaser of the leased premises in
the event of foreclosure, that Tenant’s peaceable and quiet possession of the leased premises will not be disturbed on account of such mortgage or by reason of anything done or caused to be done, so long as Tenant pays the rents and reserved
under this lease and keeps the covenants, agreements and stipulations of this lease on the part of Tenant to be kept. 

  

	35	ENTIRE AGREEMENT: The whole agreement between the parties hereto is set forth in this instrument and they shall not be bound by any agreements, conditions, understandings or
representations unless expressly stipulated and set forth herein or in any amendments hereto. Except as may otherwise be provided herein, no subsequent alteration, amendment change or addition to this lease shall be binding upon the parties hereto
reduced to writing and signed by them. 

  

	36	TYPEWRITTEN AND HANDWRITTEN PORTIONS: If there is any conflict between the printed portions and the typewritten or handwritten portions of this lease, the typewritten or
handwritten portions shall prevail. 

  

	37	SERVITUDES AND RESTRICTIONS: Landlord reserves to itself the right, from time to time, to grant such easements, rights and restrictions that Landlord deems necessary or

  

 Page 9 of 12 

 desirable, and to cause the recordation of servitude’s and restrictions, so long as such easements,
rights, dedications, servitude’s and restrictions do not unreasonably interfere with the use of the premises by Tenant. Tenant shall sign any of the aforementioned documents upon request of Landlord and failure to do so shall constitute a
material breach of this lease. 
  

	38	WAIVER OF COVENANT: Failure of Landlord to require strict performance by Tenant of any of the covenants, provisions or conditions of this lease, on one or more occasions,
shall not constitute a waiver by Landlord of the right thereafter to require strict compliance with said covenants, provisions and conditions. 

  

	39	SHORT FORM OF LEASE: Either Landlord or Tenant shall, upon request of the other execute, acknowledge and deliver to the other a “short form” memorandum of this
lease for recording purposes. 

  

	40	SUCCESSORS AND ASSIGNS: All of the provisions contained herein shall be binding upon and shall inure to the benefit of the parties hereto, their heirs, executors,
administrators, successors, assigns and nominees. 

  

	41	APPLICABLE LAW: This lease shall be deemed to be a contract made under the laws of the State of Florida and shall be construed in accordance with and governed by the laws of
the State of Florida and ordinances of the municipality and county where the leased premises are situated and the rules and regulations of their duly constituted authorities. 

  

	42	CORPORATE OR PARTNERSHIP TENANT: If Tenant is a corporation, each person signing this lease on behalf of Tenant represents and warrants that he has full authority to do so
and that this lease binds the corporation. Within thirty (30) days after this lease is signed, Tenant shall deliver to Landlord a certified copy of a resolution of Tenant’s Board of Directors authorizing the execution of this lease or other
evidence of such authority reasonably accessible to Landlord. If Tenant is a partnership, each person signing this lease for Tenant represents and warrants that he is a general partner of the partnership, that he has full authority to sign for the
partnership and that this lease binds the partnership and all general partners of the partnership. Tenant shall give written notice to Landlord of any general partner’s withdrawal or addition within thirty (30) days after this lease is signed.
Tenant shall deliver to Landlord a copy of Tenant’s recorded statement of partnership or certificate of limited partnership. 

  

	43	PARAGRAPH HEADINGS: The paragraph captions and headings are for convenience of reference only and in no way shall be used to construe or modify the provisions set forth in
this lease. 

  

	44	Gulf Place Association: Landlord agrees to adhere to all regulations and restrictions required by Gulf Place management. By signature below, Landlord acknowledges receipt of
sign restrictions and will get approval from Gulf Place management prior to installing any signs or additional outside lighting. 

  
 Signatures on Following Page 
  

 Page 10 of 12 

 Signature Page 
  

							
	VISION BANCSHARES, INC., and its assigns	 	 	 	 
				
	 /s/ J. Daniel Sizemore

	 	, Tenant	    	Date:	 	December 2, 2004
	  

	 	, Tenant	    	Date:	 	

				
	Sunset Promenade, LLC	 	 	    	 	 	 
				
	 /s/ R. Lipton

	 	, Landlord	    	Date:	 	December 6, 2004

  

 Page 11 of 12 

 ADDENDUM TO LEASE AGREEMENT 
  
 This Addendum #1 to the Lease Agreement between SUNSET PROMENADE, LLC (Landlord) and VISION BANCSHARES, INC., and its assigns
(Tenant) dated December 2, 2004, covers the agreement wherein the Landlord gives permission to the Tenant to design and install a Drive-by Window, Night Depository and ATM on the north wall of Unit #106. Tenant will be responsible to apply for and
obtain any and all permits associated with this work. Tenant will be responsible to discuss with and gain the approval of Waste Management regarding the installation of an awning and traffic flow. The awning is to be of like kind, equal material and
color as those already installed on the building. All work and material is to be in accordance with local code. 
  
 Tenant will submit a detailed sketch for Landlord’s approval prior to any work commencing. 
  
 At the time this Lease Agreement is terminated, Tenant also agrees to remove the Drive-by Window, Night Depository and ATM and return
building to its original condition. 
  
 Lease Agreement is not contingent on the
Tenant obtaining the necessary County permits, or any other obstacles, to proceed with the work covered by this addendum. 
  
 Agreed hereby — 
  

							
	VISION BANCSHARES, INC., and its assigns
				
	 /s/ J. Daniel Sizemore

	 	Tenant	    	December 2, 2004	 	Date
	J. Daniel Sizemore	 	 	    	 	 	 
				
	Sunset Promenade, LLC	 	 	    	 	 	 
				
	 /s/ R. Lipton

	 	Landlord	    	December 6, 2004	 	Date
	Rose Lipton	 	 	    	 	 	 

  

 Page 12 of 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]