Document:

Bank of South Carolina Corporation 10-K

 

Exhibit
10.9

 

ASSIGNMENT AND ASSUMPTION
OF LEASE

 

	 	STATE OF SOUTH CAROLINA	 
	 	COUNTY OF CHARLESTON	 

 

This
Assignment and Assumption of Lease (the “Assignment”), dated as of April 14, 2015 (the
“Effective Date”), is by and between HIGHWAY 78 FRONTAGE TRACTS, LLC (“Assignor”),
and SUNSET SOUTHSTAR, LLC (“Assignee”).

 

WHEREAS,
Assignor is presently the holder of the lessor’s interest under the lease, (the “Lease”) listed on Exhibit
A attached hereto and by this reference incorporated herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee
agree as follows:

 

1. Assignment.
As of the Effective Date, Assignor hereby assigns, conveys, transfers and sets over unto Assignee all of Assignor’s
right, title and interest in, to and under the Lease, including, without limitation, all of Assignor’s right, title and
interest in and to security, cleaning or other deposits and in and to any claims for rent, arrears rent or any other claims
arising under the Lease against any lessee thereunder, subject to the rights of the lessees under the Lease.

 

2.Assumption.
Assignee hereby assumes and agrees to pay all sums, and perform, fulfill and comply with all covenants and obligations, which are
to be paid, performed, fulfilled and complied with by the lessor under the Lease, from and after the Effective Date.

 

3.Assignee’s
Indemnification of Assignor. Assignee shall and does hereby indemnify Assignor against, and agrees to hold Assignor harmless
of and from, all liabilities, obligations, actions, suits, proceedings or claims, and all losses, costs and expenses, including
but not limited to reasonable attorneys’ fees, arising as a result of any act, omission or obligation of Assignee arising
or accruing with respect to the Lease and occurring or alleged to have occurred after the Effective Date.

 

4.Assignor’s
Indemnification of Assignee. Assignor shall and does hereby indemnify Assignee against, and agrees to hold Assignee
harmless of and from, all liabilities, obligations, actions, suits, proceedings or claims, and all losses, costs and
expenses, including but not limited to reasonable attorneys’ fees, arising as a result of any act, omission or
obligation of Assignor arising or accruing with respect to the Lease and occurring or alleged to have occurred on or prior to
the Effective Date.

 

     

     

    

 

5.Binding
Effect. This Assignment shall inure to the benefit of and shall be binding upon the parties hereto and their respective successors
and assigns.

 

6.Counterparts.
The parties agree that this Assignment may be executed by the parties in one or more counterparts and each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

     

     

    

  

[SIGNATURE PAGE - ASSIGNMENT
AND ASSUMPTION OF LEASE]

 

IN WITNESS WHEREOF,
Assignor and Assignee have executed this Assignment as of the date set forth above.

	 	WITNESSES:	Assignor:
	 	 	 
	 	 	Highway 78 Frontage Tracts, LLC
	 	 	 
	 	 	 	By: 	Weber USA Corporation, its sole member
	 	 	 	 	 
	 	 	 	By: 	 
	 	 	 	 	Eric Meyer, President
	 	 	 	 

 

	 	STATE OF SOUTH CAROLINA	 	 
	 	 	 Acknowledgment	 
	 	COUNTY OF	 	 	 

 

I,
a Notary Public for South Carolina, do hereby certify that Eric Meyer, as President of Weber USA Corporation, sole member of Highway
78 Frontage Tracts, LLC, personally appeared before me this day and acknowledged the due execution of the foregoing instrument.

 

	 	Witness my hand and official seal this the 13th day of April , 2015.
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Notary Public for South Carolina
	 	 	 	 	 	 
	 	My Commission Expires:	 	 	 	 
	 	1/31/2024	 	 	 	 

 

     

     

    

 

[SIGNATURE PAGE - ASSIGNMENT
AND ASSUMPTION OF LEASE]

  

	 	WITNESSES:	Assignee:
	 	 	 
	 	 	Sunset Southstar, LLC
	 	 	 
	 	 	By:	
	 	 	 	Name:	E.
Blanton Hamilton, Jr.
	 	 	 	Its:	Manager 
	 	 	 	 	
	 	 	 	 	 

 

	 	STATE OF SOUTH CAROLINA	 	 
	 	 	 Acknowledgment	 
	 	COUNTY OF MECKLENBURG	 	 
	 		 	 	 

I,
a Notary Public for North Carolina, do hereby certify that  E. Blanton Hamilton, Jr. as Manager of Sunset Southstar, LLC,
personally appeared before me this day and acknowledged the due execution of the foregoing instrument.

 

	 	Witness my hand and official seal this the 9th day of April , 2015.
	 	 	 	 	 	 

	 	 	 	 	 
	 	 	 	Notary Public for North Carolina
	 	My Commission Expires:	 	 	 	 
	 	June 17, 2017 	 	 	 	 

 

     

     

    

 

EXHIBIT
A

TO 

ASSIGNMENT AND
ASSUMPTION OF LEASE

 

	 		Lease Agreement by and between Weber USA Corporation, as agent for and sole member of Highway 78 Frontage Tracts, LLC,
    as Landlord, and The Bank of South Carolina, as Tenant, dated January 28, 2014

 

     

     

    

 

EXHIBIT
B

TO

ASSIGNMENT
AND ASSUMPTION OF LEASE

 

Property
Description

 

All those certain pieces, parcels
or lots of land, being shown as “NEW TRACT A-l-1” and “NEW TRACT A-1 -2” on that certain Plat prepared
for Highway 78 Frontage Tracts, LLC by HLA Inc., dated April 25,2014 and recorded June 16,2014 in Book L14, Page 261 of the Charleston
County RMC.Bank of South Carolina Corporation 10-K

 

Exhibit
10.10 

 

	 	STATE OF SOUTH CAROLINA	 	 
	 	 	 	FIRST AMENDMENT TO LEASE AGREEMENT
	 	COUNTY OF CHARLESTON	 	 

 

 

THIS
FIRST AMENDMENT TO LEASE AGREEMENT (“Amendment”) is made and entered into this 30 day of April, 2015, by and
between SUNSET SOUTHSTAR, LLC, a North Carolina
limited liability company (“Landlord”) and THE BANK OF SOUTH CAROLINA (“Tenant”).

 

WITNESSETH:

 

WHEREAS,
Weber USA Corporation, as agent for and sole member of Highway 78 Frontage Tracts, LLC  (“Weber”) and Tenant are parties
to that certain  Lease Agreement dated January 28, 2014 (the “Lease”) for certain premises and improvements described
in the Lease that consist
of Suite 100 within a to be constructed building situated in Ingleside on the south side
of US Highway 78 and west side of Ingleside Boulevard, as more specifically described in the
Lease (“Demised Premises”); and

 

WHEREAS,
Weber assigned the Lease to Landlord and Landlord is the current owner of the
Development; and

 

WHEREAS,
Landlord and Tenant desire to amend the Lease as expressly set forth below.

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter contained and the
sum of Ten Dollars, the receipt and sufficiency of which are hereby acknowledged, Landlord and
Tenant do hereby agree as follows:

 

1.
SECTION 5(a). Section 5(a) of the Lease is deleted in its entirety and replaced with the
following:

 

“a.
Initial Term. The initial term of this Lease shall be for a period from the Effective Date
(the date set forth on Page 1 of this Lease) up to the Rent Commencement Date, as hereinafter
defined in Paragraph 6(e), (the “Initial Term”), and thereafter will be for a term of fifteen (15) years from the
Rent Commencement Date (the “Lease Term”). The Landlord’s delivery
of the Premises to Tenant shall be upon substantial completion of the Landlord’s Work as
outlined in Exhibit C. Landlord’s Work shall commence on or before October 1, 2015 (the “Outside
Commencement Date”), If Landlord has not commenced by the Outside Commencement
Date, Tenant shall have the right to terminate this Lease, and neither party shall have any further liability to the other. Substantial
completion of the Landlord’s Work shall occur on
or before February 1, 2017(the “Outside Completion Date”). If Landlord has not completed Landlord’s Work by
the Outside Completion Date, Tenant shall have the right to terminate this Lease,
and neither party shall have any further liability to the other or extend the time for Landlord
to complete. The Outside Completion Date shall be extended arising out of a force majeure
event, not to exceed one hundred eighty (180) days.

 

     

     

    

 

2. Landlord
Address. The address of the Landlord in Section 7 of the Lease is hereby
amended as follows:

 

	 	Sunset
    Southstar, LLC
	 	c/o Tribek
    Properties
	 	Suite 425
	 	2820 Selwyn
    Avenue
	 	Charlotte,
    North Carolina 28209
	 	akelly@tribek,com
	 	Attention:
    Alex Kelly
	 	Direct Office
    Phone: 704-714-2852

  

All
rentals and other sums to be paid by Tenant to Landlord shall be delivered to Landlord
at the address above,

 

3 .EXHIBIT
C The first sentence of Exhibit C to the Lease is deleted and replaced with
the following:

 

“Design
Drawings

 

No
later than September 1, 2015, Landlord shall provide Tenant and Tenant’s architect with
initial CAD construction drawings for Tenant’s review, revisions/additions to the interior
specifics of the plans and additional comments.”

 

4. Counterparts.
This Amendment may be executed in two or more counterparts and shall be deemed to have become effective when and only when one
or more of such counterparts shall
have been signed by or on behalf of each of the parties hereto (although it shall not be necessary
that any single counterpart be signed by or on behalf of each of the parties hereto, and all
such counterparts shall be deemed to constitute but one and the same instrument) and shall have
been delivered by each of the parties to the other.

                     
 

5.  Ratification.
It is mutually understood and agreed that the Lease will remain in full force and effect except as specifically modified and amended
by this Amendment. All covenants,
terms, obligations, and conditions of the Lease, which are not modified or amended, are
hereby ratified and confirmed.

 

[signatures
appear on following  pages]

 

     

     

    

 

SIGNATURE
PAGE FOR

FIRST AMENDMENT TO LEASE AGREEMENT

 

IN
WITNESS WHEREOF, Landlord and Tenant have executed the foregoing Amendment the day
and year first above written.

 

 

	 	 	LANDLORD:
	 	 	 
	 	Witness:	SUNSET
    SOUTHSTAR, LLC
	 	 	 
	 		 	By:	                        

      (SEAL)
	 	Print
    Name:	Alexander G. Kelly 	 	Print
    Name:	E. Blanton
    Hamilton, Jr.
	 	 	Title:	Manager
	 	 	 	 

 

	 	 	TENANT:
	 	 	 
	 	Witness:	THE
    BANK OF SOUTH CAROLINA
	 	 	 
	 		 	By:	         
(SEAL)
	 	Print
    Name:	Charlotte Morrow 	 	Print
    Name:	Fleetwood Hassell
	 	 	Title:	President & CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]