Document:

exv10w27

Exhibit 10.27

			
	U.S. Legal Forms, Inc. 

Form MO-988LT
	 	http://www.uslegalforms.com

MISSOURI COMMERCIAL LEASE

This lease
agreement is entered into on this the 1st day of September, 2010, by
and between:

Resort
Holdings LLC, (hereinafter called “LESSOR”), whether one or
more, and Peak Resorts, Inc,
(hereinafter called “LESSEE”), whether one or more. For valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, LESSOR and LESSEE do hereby covenant, contract and
agree as follows:

1. PREMISES AND TERM: LESSOR, hereby leases to LESSEE for the term commencing on the 1st day of
September, 2010 and ending on the
31st day of August 2015, (the “TERM”) the following
described premises in its present condition, located in Windam County, Vermont:

19B Queen
Anne’s Way West Dover, VT 05152, (hereinafter called the
“PREMISES or LEASED PREMISES”).
LESSEE also has a right for the benefit of LESSEE, its employees, agents and invitees for access to
and from the Leased Premises through the building and over property of LESSOR adjoining the Leased
Premises, and to use those parts of the building designated by LESSOR
for use by LESSEE, including
but not limited to toilet rooms, elevators and unrestricted parking areas, if any.

2. RENEWAL: LESSEE and LESSOR may agree to extend or renew the lease, with any agreed
modifications, in a separate, signed document.

3. RENT: The LESSEE covenants to pay to LESSOR as Rent the sum of Four Thousand and 00/100 Dollars
($4,000.00) per month, (hereinafter “the Rent”), in advance without demand on or before the
fifteenth day of each month at the office of the LESSOR.

The LESSEE
shall pay the Rent when due and payable, without any setoff, deduction or prior demand
whatsoever. Any payment by LESSEE or acceptance by LESSOR of a lesser amount than shall be due from
LESSEE to LESSOR shall be treated as payment on account. The acceptance by LESSOR of a check for a
lesser amount with an endorsement or statement thereon, or upon any letter accompanying such check,
that such lesser amount is payment in full, shall be given no effect, and LESSOR may accept such
check without prejudice to any other rights or remedies which LESSOR may have against LESSEE.

4. LATE CHARGES: LESSEE shall pay a late charge in the amount of _____________________ percent (________%)
of the outstanding delinquent balance for any payment of the rent not
made within ________ days after the
due date to cover the extra expense involved in handling late payments, but not more than
____________ dollars
for any one month. This charge is in addition to any other rights or remedies
of the LESSOR.

5. UTILITIES: LESSEE shall pay all charges for utilities for the PREMISES except for the following,
which shall be paid by LESSOR:

None.

     On failure
of LESSEE to pay the utilities when due, LESSOR shall enforce payment in the same
manner as rent in arrears.

6. CONDITION OF PREMISES; USE OF PREMISES: LESSOR agrees that LESSEE, upon paying the rent and on
performing all terms of this lease, shall peaceably enjoy the Leased Premises during the term of
this lease. By occupying the Leased Premises as a tenant, or installing fixtures, facilities, or
equipment or performing finished work, LESSEE shall be deemed to have accepted the same and to have
acknowledged that the Premises are in the condition required by this lease.

LESSEE
acknowledges that LESSEE has examined and knows the condition of the Leased Premises, and
has received the same in good order and repair, and agrees:

	 	(a)	 	To use these Leased Premises only for office space.
	 
	 	(b)	 	To surrender the Leased Premises to LESSOR at the end of the Term or any renewal without the
necessity of any notice from either LESSOR or LESSEE to terminate the same, and LESSEE hereby
expressly waives all right to any notice which may be required under any laws now or hereafter
enacted and in force.
	 
	 	(c)	 	To surrender possession of these Leased Premises at the expiration of this lease without
further notice to quit, in as good condition as reasonable use will permit.
	 
	 	(d)	 	To keep the Premises in good condition and repair at LESSEE’s own expense, except repairs which
are the duty of LESSOR.
	 
	 	(e)	 	To perform, fully obey and comply with all ordinances, rules, regulations and laws of all
public authorities, boards and officers relating to the use of the Premises.
	 
	 	(f)	 	Not to make any occupancy of the Leased Premises contrary to
law or contrary to any directions,
rules, regulations, regulatory bodies, or officials having jurisdiction or which shall be

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	 	 	 	injurious to any person or property.
	 
	 	(g)	 	Not to permit any waste or nuisance.
	 
	 	(h)	 	Not to use the Leased Premises for living quarters or residence.

LESSEE shall pay (a) for any expense, damage or repair occasioned by the stopping of waste pipes or
overflow from bathtubs, closets, washbasins, basins or sinks, and (b) for any damage to window
panes, window shades, curtain rods, wallpaper, furnishings, or any other damage to the interior of
the Leased Premises.

Any signs placed upon or about such Leased Premises shall, upon the end of the Term of the lease or
upon the earlier termination, be removed by LESSEE, and LESSEE shall repair any damage to the
Leased Premises which shall be occasioned by reason of such removal.

At all times, LESSEE shall keep the sidewalks, if any, in front of or adjoining the Leased Premises
clean and in a sightly and sanitary condition.

All repairs, except those specific repairs set forth below which are the responsibility of the
LESSOR, shall be made by the LESSEE at its own expense. If the LESSOR pays for the same or any part
thereof. LESSOR shall be reimbursed by LESSEE for such amount.

The LESSOR
shall be responsible for making only the following repairs [check
those that apply]:

     [  ] sprinkler system

     [  ] heating,
ventilating or air-conditioning system serving the Premises if, and to the extent,
installed by LESSOR, and

     [  ] structural repairs to exterior walls, structural columns and structural floors which
collectively enclose the Premises (excluding, however, storefronts), and

     [  ] the roof over the Premises.

     [  ] Other: ________________________________________________

     [  ] Other: ________________________________________________

     [  ] Other: ________________________________________________

LESSEE shall give LESSOR notice of the necessity for such repairs and that such repairs did not
arise from nor were they caused by the negligence or willful acts of LESSEE, its agents,
concessionaires, officers, employees, licensees, invitees, or contractors.

7. FIXTURES AND TRADE FIXTURES. LESSEE shall make no changes, improvements, alterations, or
additions to the Leased Premises unless such changes, improvements, alterations, or additions: (a)
are first approved in writing by LESSOR; (b) are not in violation of restrictions placed thereon by the investor financing the construction of
the building; and (c) will not materially alter the character of such premises and will not
substantially lessen the value of the Leased Premises. LESSOR may not unreasonably withhold
approval, and if there is a dispute as to reasonableness, it shall be determined by arbitration.

All improvements made by LESSEE to the Premises which are so attached to the Premises that they
cannot be removed without material injury to the Premises, shall become the property of LESSOR upon
installation. Not later than the last day of the Term, LESSEE shall, at LESSEE’s expense, remove
all of LESSEE’s personal property and those improvements made by LESSEE which have not become the
property of LESSOR, including trade fixtures, cabinetwork, movable paneling, partitions, and the
like; repair all injury done by or in connection with the installation or removal of such property
and improvements; and surrender the Premises in as good condition as they were at the beginning of
the Term, reasonable wear, and damage by fire, the elements, casualty, or other cause not due to
the misuse or neglect by LESSEE or LESSEE’s agents, employees, visitors, or licensees, excepted.
All property of LESSEE remaining on the Premises after the last day of the Term of this lease
shall be conclusively deemed abandoned and may be removed by LESSOR, and LESSEE shall reimburse
LESSOR for the cost of such removal.

8. SECURITY DEPOSIT: The LESSEE, contemporaneously with the first Rent installment, agrees to
deposit with the LESSOR 00 Dollars ($___0_______) which sum shall be held by the LESSOR as security for
the full faith and performance by LESSEE of all of the terms, covenants and conditions of this
lease by LESSEE.

The security deposit shall be held, applied to damages or rent and returned to LESSEE all in
accordance with the laws of the state where the Leased Premises are located and in force at the
time of execution of this lease.

9.
LESSOR’S LIEN: As additional security, LESSEE acknowledges, to the extent allowed by applicable
law, the LESSOR’S right to hold and sell with due legal notice all property on or to be brought on
the Premises in order to satisfy unpaid Rent, expenses, and utilities. No property of LESSEE
brought onto the Leased Premises shall be removed by LESSEE other than in the ordinary course of
business as long as LESSEE is in default in the terms of this lease.

10. DEFAULT: Each of the following shall be deemed an Event of Default:

	 	a.	 	Default in the payment of Rent or other payments hereunder.

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	 	b.	 	Default in the performance or observance of any covenant or condition of this lease by the
LESSEE to be performed or observed.
	 
	 	c.	 	Abandonment of the premises by LESSEE.
	 
	 	d.	 	The filing or execution or occurrence of:

	 	i.	 	Filing a Petition in bankruptcy by or against LESSEE.
	 
	 	ii.	 	Filing a petition or answer seeking a reorganization, arrangement, composition. readjustment,
liquidation, dissolution or other relief of the same or different kind under any provision of the
Bankruptcy Act.
	 
	 	iii.	 	Adjudication of LESSEE as a bankrupt or insolvent: or insolvency in the bankruptcy equity
sense.
	 
	 	iv.	 	An assignment for the benefit of creditors whether by trust, mortgage, or otherwise.
	 
	 	v.	 	A petition or other proceeding by or against LESSEE for, or the appointment of, a trustee,
receiver, guardian, conservator or liquidator of LESSEE with respect to all or substantially all
its property.
	 
	 	vi.	 	A petition or other proceeding by or against LESSEE for its dissolution or liquidation, or the
taking of possession of the property of the LESSEE by any
governmental authority in connection
with dissolution or liquidation.

11. NOTICE OF DEFAULT. The parties are desirous of giving one another fair notice of any default
before termination or other action under this lease requiring such notice. In the event of an act
of default with respect to any provision of this lease, neither party can institute legal action
with respect to such default without first complying with the following conditions:

	 	a.	 	Notice of such event of default must be in writing and must either be hand delivered, mailed to
the other party by U.S. Certified Mail, return receipt requested, or if unable to provide notice by
these methods, if notice is from LESSOR to LESSEE by posting the notice on the front door of the
Leased Premises;
	 
	 	b.	 	Such written notice shall set forth the nature of the alleged default in the performance of the
terms of this lease and shall designate the specific paragraph(s) therein which relate to the
alleged act of default;
	 
	 	c.	 	Such notice shall also contain a reasonably understandable description of the action to be taken
or performed by the other party in order to cure the alleged default and the date by which the
default must be remedied, which date can be not less than thirty business days from the date of
mailing the notice of default.

12. TERMINATION. Upon occurrence of any Event of Default, and after proper notice of default has
been given, LESSOR may, at its option, in addition to any other remedy or right given hereunder or
by law; Give notice to LESSEE that this lease shall terminate upon the date specified in the
notice, which date shall not be earlier than ten days after mailing or delivery of such notice.

The foregoing provisions for the termination of this lease shall not operate to exclude or suspend
any other remedy of the LESSOR for breach, or for the recovery of said Rent for the full term.

13. ACCELERATION. LESSEE expressly agrees and understands that upon LESSOR’S termination of this
Lease, the entire remaining balance of unpaid Rent for the remaining term of this Lease shall
ACCELERATE, whereby the entire sum shall become immediately due, payable, and collectable. To the
extent allowed by law, LESSOR may hold the portion of LESSEE’S security deposit remaining after
reasonable cleaning and repairs as a partial offset to satisfaction of the accelerated Rent.

14. REPOSSESSION. Upon termination of this lease as provided herein, or pursuant to statute, or by
summary proceedings or otherwise, the LESSOR may enter forthwith, without further demand or notice
to LESSEE, and resume possession of the Leased Premises. In no event shall such re-entry or
resumption of possession or reletting as hereafter provided be deemed to be acceptance or surrender
of this lease or a waiver of the rights or remedies of LESSOR hereunder.

15. DEFAULT BY LESSOR. In the event of any default by LESSOR, LESSEE, before exercising any rights
that it may have at law to cancel this lease, must first send notice by registered or certified
mail, or hand delivery, to LESSOR, and shall have offered LESSOR thirty (30) days in which to
correct and cure the default or commence a good faith effort to cure such default.

16. RELETTING AFTER TERMINATION. Upon termination of this lease in any manner above provided,
LESSOR shall use reasonable efforts to relet the Premises.

17. DAMAGES. Upon termination of this lease in any manner above provided, or by summary proceedings
or otherwise, LESSEE shall pay to LESSOR without demand or notice the following:

	 	(a)	 	All Rent and other payments accrued to the date of such termination and a proportionate part of

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	 	 	 	the rent otherwise payable for the month in which such termination occurs.
	 
	 	(b)	 	All future Rent and other payments to be due under the terms of this lease to the extent
Landlord has not been able to offset same by reletting the Premises within 30 days of termination.
	 
	 	(c)	 	The costs of making all repairs, alterations and improvements required to be made by LESSOR
hereunder, and of performing all covenants of LESSEE relating to the condition of the Premises
during the Term and upon expiration or sooner termination of this lease, such costs to be deemed
prima facie to be the costs estimated by a reputable architect or contractor selected by LESSOR or
the amounts actually expended or incurred thereafter by LESSOR.
	 
	 	(d)	 	The attorneys’ fees and other costs.

18. EXCLUSIVITY OF LESSOR’S REMEDIES: The
receipt of Rent after default, or after judgment or after execution, shall not deprive the LESSOR
of other actions against the LESSEE for possession or for Rent or for damages, and all such
remedies are non-exclusive and can be exercised concurrently or separately as LESSOR desires.

19. LESSOR NOT LIABLE FOR INJURY OR DAMAGE TO PERSONS OR PROPERTY: The
LESSOR shall not be liable for any injury or damage to any person or to any property at any time on
said Premises or building from any cause whatever that may at any time exist from the use or
condition of the Premises or building from any cause, during the Term or any renewal of this
lease.

20. TAXES: Property taxes on the Leased Premises shall be responsibility of LESSOR. Taxes on the
personal property of Lessee shall be the responsibility of LESSEE. All other taxes shall be the
responsibility of the party incurring same.

21. RIGHT OF RE-ENTRY. LESSOR shall have the right, by itself or agent or with others, to enter the
Premises at reasonable hours to examine or exhibit the premises, or to make such repairs and
alterations as shall be deemed necessary for the safety and preservation of the building, to inspect
and examine, to post such notices as LESSOR may deem necessary to protect LESSOR against loss from
liens of laborers, materialmen or others, and for the purpose of permitting or facilitating
LESSOR’s performance of its obligations hereunder, or for any other reasonable purpose which does
not materially diminish LESSEE’s enjoyment or use of the Leased Premises.

22. HOLDOVER. If LESSEE shall holdover after the expiration of the Term hereof, with the consent of
LESSOR, express or implied, such tenancy shall be from month to month only, and not a renewal
hereof; and LESSEE agrees to pay Rent and all other charges as provided herein, and also to comply
with all covenants of this lease for the time LESSEE holds over. LESSEE shall be entitled to
possession until LESSOR has given LESSEE thirty (30) days notice that such month to month tenancy
shall be terminated; otherwise, notice is only required as hereinafter provided as notice of
default.

If LESSEE shall hold over without the consent of LESSOR, express or implied, then LESSEE shall be
construed to be a tenant at sufferance at double the Rent herein provided, prorated by the day
until possession is returned to LESSOR.

LESSEE’S holding over beyond the expiration of the notice period of a lawful Notice of Termination
constitutes holding over without the consent of the LESSOR, and LESSEE shall be construed to be a
tenant at sufferance, at double the Rent herein provided, prorated by the day until possession is
returned to LESSOR, without limitation to LESSOR’S remedies and rights of recovery under applicable
law.

23. NATURE OF RELATIONSHIP BETWEEN
PARTIES. The sole relationship between the parties created by this agreement is that of LESSOR and
LESSEE, Nothing contained in this lease shall be deemed, held, or construed as creating a joint
venture or partnership between the parties.

24. RIGHT OF LESSOR TO PAY OBLIGATIONS OF LESSEE TO OTHERS. If LESSEE shall fail or refuse to pay
any sums due to be paid by it under the provisions of this lease, or fail or refuse to maintain the
Leased Premises or any part thereof as herein provided, then, and in such event, LESSOR, after 10
days notice in writing by LESSOR to LESSEE, shall have the right to pay any such sum or sums due
to be paid by LESSEE and to do and perform any work necessary to the proper maintenance of the
Leased Premises; and the amount of such sum or sums paid by LESSOR for the account of LESSEE and
the cost of any such work, together with interest on such amount at the maximum legal rate from the
date of payment by LESSOR until the repayment to LESSOR by LESSEE, shall be paid by LESSEE upon
demand in writing. The payment by LESSOR of any such sum or sums or the performance by LESSOR of
any such work shall be prima facie evidence of the necessity for such work.

25. MECHANICS AND OTHER LIENS IMPOSED BY LESSEE. LESSEE shall keep the Leased Premises

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and the improvements at all times during the term free of mechanics and materialmen’s liens and
other liens of like nature, other than liens created and claimed by reason of any work done by or
at the instance of LESSOR, and at all times shall fully protect and indemnify LESSOR against all
such liens or claims and against all attorneys’ fees and other costs and expenses growing out of or
incurred by reason or on account of any such liens or claims. Should LESSEE fail to fully
discharge any such lien or claim, LESSOR, at its option, may pay the same or any part thereof, and
LESSOR shall be the sole judge of the validity of such lien or claim.

All amounts so paid by LESSOR, together with interest the maximum legal rate from the time of
payment by LESSOR until repayment by LESSEE, shall be paid by LESSEE upon demand, and if not so
paid, shall continue to bear interest at the aforesaid rate, interest payable monthly, as
additional rent.

26. CONDEMNATION CLAUSE: In the event that all or a part of the Premises is taken by eminent domain
or conveyed in lieu of eminent domain, if the Leased Premises cannot reasonably be used by LESSEE
for their intended purpose, then this lease will terminate effective as of the date that the
condemning authority shall take possession of the same.

27. FIRE CLAUSE: The LESSEE agrees to notify LESSOR of any damages to the Leased Premises by fire
or other hazard and also of any dangerous or hazardous condition within the Leased Premises
immediately upon the occurrence of such fire or other hazard or discovery of such condition.

Upon occurrence of a fire, repairs shall be made by LESSOR as soon as reasonably may be done unless
the costs of repairing the Premises exceed 25% of the replacement cost of the building in which
case the LESSOR may, at its option, terminate this lease by giving LESSEE written notice of
termination within 30 days of the date of the occurrence.

If the LESSOR does not terminate this Lease pursuant to the paragraph above, then LESSOR has 30
days after the date of occurrence to give written notice to LESSEE setting forth its unqualified
commitment to make all necessary repairs or replacements, the projected date of commencement of
such repairs, and the LESSOR’S best good faith estimate of the date of completion of the same.

If the LESSOR fails to give such notice, or if the date of completion is more than 90 days after
the date of the occurrence, then the LESSEE may, at its option, terminate this lease and the LESSOR
will be obliged to refund to the LESSEE any rent allocable to the period subsequent to the date of
the fire.

28. WAIVER OF NONPERFORMANCE: Failure of the LESSOR to exercise any of its rights under this lease
upon nonperformance by the LESSEE of any condition, covenant or provision herein contained shall
not be considered a waiver, nor shall any waiver of nonperformance of any such condition, covenant
or provision by the LESSOR be construed as a waiver of the rights of the LESSOR as to any
subsequent defective performance or nonperformance hereunder.

29. PAROL EVIDENCE CLAUSE: This instrument constitutes the final, fully integrated expression of
the agreement between the LESSOR and the LESSEE, and it cannot be modified or amended in any way
except in writing signed by the LESSOR and LESSEE.

30. SUBORDINATION: This lease is subordinate to the lien of all present or future mortgages that
affect the Leased Premises and to all renewals, modifications, replacements and extensions of this
lease. This clause shall be self-operative but in any event LESSEE agrees to execute promptly and
deliver any estoppel certificate or other assurances that LESSOR may request in furtherance of
this provision.

31. INSURANCE: LESSEE shall, during the entire term of the lease keep in full force and effect a
policy of public liability insurance with respect to the property and the business operated by
LESSEE in the property and which the limits of general liability shall be in the amount of One
million and 00/100 Dollars ($1,000,000) combined single limit, naming LESSOR as additional insured.
Such coverage shall include a broad form general liability endorsement. The policy shall contain a
clause that the LESSEE will not cancel or change the insurance without first giving the LESSOR ten
(10) days prior written notice.

LESSOR shall during the term hereof, at it’s sole expense, provide and keep in force insurance on
the building against loss or damage by fire and extended coverage, in an amount equal to one
hundred percent (100%) of the full insurable value, which insurance shall be placed with an
insurance company or companies approved by LESSOR and licensed to do business in the state wherein
lay the Leased Premises. The term “full insurable value” shall mean actual replacement value of
the building (exclusive of costs of excavation, foundations and footing below ground level). The
insurance required under this paragraph shall be carried in the name of the LESSOR and LESSEE and
shall provide that any proceeds thereunder shall be paid to

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LESSOR and LESSEE and any applicable mortgage holder, according to their respective interests.

Duplicate originals or certificates of insurance of the policies provided shall be furnished by
LESSOR and LESSEE to each other and shall contain an agreement by the insurer that such policy or
policies shall not be canceled without at least ten (10) days prior notice to the LESSOR and
LESSEE.

32. NOTICES. All notices and communications concerning this lease shall be mailed to the parties at
the following addresses:

	 	 	 

	LESSOR

	 	LESSEE
	 
	Stephen Mueller

	 	Stephen Mueller
	 

	 	 
	17409 Hidden Valley Dr

	 	17409 Hidden Valley Dr
	 

	 	 
	Wildwood, MO 63025

	 	Wildwood, MO 63025
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 
	 

	 	 

33. SALE BY LESSOR. In the event of a sale or conveyance by LESSOR of all or part of the Leased
Premises, the same shall operate to release LESSOR from any future liability upon any of the
covenants or conditions, express or implied, herein contained in favor of LESSEE, and in such event
LESSEE agrees to look solely to the responsibility of the successor in interest of LESSOR in and to
this lease. This lease shall not be affected by any such sale, and LESSEE agrees to attorn to the
purchaser or assignee. LESSEE agrees to permit LESSOR, at any time within 60 days prior to the
expiration of this lease, to place upon or in the window of the leased premises any usual or
ordinary For Rent or similar sign and to allow prospective tenants, applicants or agents of LESSOR
to enter and examine the Leased Premises during the last 60 days of the term hereof, and to permit
LESSOR or LESSOR’s agents, at any time during the term hereof, to conduct prospective purchasers
through the Leased Premises during reasonable business hours.

34. COURT ACTION, ATTORNEY’S FEES AND
COSTS. If, upon failure of either party to comply with any of the covenants, conditions, rules or
regulations of and in this lease, and suit should be brought for damages on account, or to enforce
the payment of Rent herein stipulated, or to recover possession of the Premises or to enforce any
provision hereof, the losing party agrees to pay to the prevailing party reasonable costs and
expenses incurred in prosecuting these suits.

35. ASSIGNMENTS AND SUB-LEASE: The LESSEE
hereby agrees not to assign this lease voluntarily or involuntarily, nor to sub-lease the Premises
or any part of
the Leased Premises, without the written consent of the LESSOR, under penalty of instant
forfeiture of this lease. All rights and liabilities herein given to or imposed upon either of the
parties shall extend to the heirs, executors, administrators, successors and assigns of such party.

36. INTERPRETATION. Whenever any word is used in this agreement in the masculine gender, it shall
also be construed as being used in the feminine and neuter genders, and singular usage shall
include the plural and vice versa, all as the context shall require.

37. MODIFICATION. Any modification or amendment off this agreement shall be in writing and shall be
executed by all parties.

38. SEVERABILITY CLAUSE: If any term, covenant, condition, or provision of this lease is held by a
court of competent jurisdiction to be invalid, void, or unenforceable, the remainder of the
provisions shall remain in full force and effect and shall in no way be affected, impaired, or
invalidated.

39. LAW TO APPLY: This lease shall be construed under and in accordance with the laws of the State
of Missouri. Those laws shall govern every aspect of the enforcement of this lease.

40. ADDENDUMS. The following addendums are attached to this lease and shall be initialed by the
parties. (Check all that apply or check none)

     (   ) Option to Purchase

     (   ) Arbitration Agreement

     (   ) Other:                        
                   
                                      

     (   ) None

41. OTHER PROVISIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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All documents such as schedules, exhibits and like documents are incorporated herein and shall
initialed by all parties. If LESSEE is a corporation, each person executing this lease represents
and warrants that he is duly authorized to execute and deliver this lease on behalf of the
corporation. Those persons further represent that the terms of this lease are binding upon the
corporation.

In Witness Whereof, the undersigned LESSOR and LESSEE execute this lease to be effective as of the
day and date first above written.

	 	 	 	 

	LESSEE(s) Peak Resorts Inc

	 	LESSOR(s) Resort Holdings LLC	 
	 
	 	 	 
	/s/ Stephen J. Mueller

	 	/s/ Stephen J. Mueller
	 

	 	 
	Signature Vice President

	 	Signature Member
	 
	 	 
	 
	 	 
	 

	 	 
	Signature

	 	Signature

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EXHIBIT 10.28

LEASE

     Comes
now the Estate of Charles Marvin Weeks, by Philip D. Weeks Executor, hereinafter
referred to as “Weeks”, and Paoli Peaks, Inc., by its President and secretary, hereinafter
referred to an “Paoli Peaks”, who agree that on the 21st
day of June, 1970 the parties, either no presently constituted, or
their Illegible in title, entered into a lease agreement for the
following described real estate:

All
of the following described real estate north of the County Road:

Part
of the north half of the northwest quarter of section three (3), township one (1) north, range
one (1) vest, bounded as follows, to-with: Beginning at the southeast corner of said north half of
cold northwest quarter and running thence west eighty (80) rods;
thence north along a rail fence to
the old French Lick Road; thence westward along said road to the west line
of said quarter; thence
north to the northwest corner thereof, thence cast to the northwest corner thereof; and thence; south to the place of beginning, containing seventy
(70) acres, more or less.

     Containing
north of the road, 68 acres, more or less. That said agreement was
modified in some
respects by an agreed judgment entered on the 8th day of June, 1988
and signed by Robert L. Bennett, Judge of the Washington Circuit
Court on the 8th day of January, 1990. It is
the purpose of this document to act forth the terms and condition of the original lease that were
not changed by the agreed judgment, and the terms and conditions of this new lease agreement shall
be contained herein. Said agreements are set forth an follows:

     1. that
Paoli Peaks shall lease from the Weeks the above described real estate from the
21st day of June  , 1970 to the 21st day of June, 2078.

     2. Paoli
Peaks shall have the option to renew the lease for 100 year intervale through
infinity by notifying the Weeks, in writing, prior to the expiration
of the lease. That by
judicial decree, it has been adjudicated that the lease date,
June 17, 1978, as to the term of such lease, does not violate the rule against

 

 

Illegible
as that Rule of Law is defined in the State of Indiana.

     3. Paoli Peaks shall have the right of first refusal to purchase the above described real estate.
The Weeks Illegible notify Paoli Peaks in writing of its intention to
sell said property and the proposed selling price. Paoli Peaks shall
have 30 days to notify
the Weeks, in writing, of its intention to purchase said real estate and Paoli Peaks shall pay a
down payment of 5% of the selling price to the Weeks within the 30 day period, and shall have an
additional six month period in which to pay the balance of the purchase price.

     4. Except as provided in paragraph six, Paoli Peaks shall have the right to alter the real
estate in any way and to construct buildings and to do any other work of any type necessary
to promote the interest or Paoli Peaks.

     5. Paoli Peaks shall have the right to cut timber on the leased promises in order to
improve the ski area. Any timber cut from the leased premises (whether marketable or
firewood) shall be the property of Weeks. However, in the event that
Weeks shall not
have removed any of the timber cut at the direction of Paoli Peaks,
within a reasonable time from actual notice of the availability of
the cut timber, then the ownership transfers to Paoli Peaks, and Paoli Peaks may
use or dispose of the case as it wishes and to its full benefit.

     6. Paoli Peaks shall not have the right to waste any assets of the real estate without
providing improvements to the property equalling or exceeding the value of the damage done.
Top soil shall not be taken from the premises, but its location may be changed.

     7. Paoli
Peaks shall have the right to assign the lease, including the renewal
provisions, and the Weeks shall consent to said assignment, if required.

     8. In the event of default, Paoli Peaks shall have the right

 

 

to remove
all improvements not on the property as of the 21st day of June, 1974. In the event
that improvements are removed, the property shall be restored to its original condition, or as
nearly as on is possible. The Illigible have the right of first refusal to purchase said
improvements.

     9. The
Weeks shall be held harmless from any accidents or any liability. Paoli Peaks may
maintain commercial insurance coverage, or may self insure. It is further agreed that any and all insurance
coverage of whatever form shall specifically provide coverage for the Weeks thereunder, Weeks
the Weeks interest may appear in the real estate lease by and between the parties, and an few
simple owner of the real estate involved. Paoli Peaks shall indemnify and hold harmless the Weeks from
any loss relating to a tort claim that would have been covered in whole or in part by insurance had
Paoli Peaks, Inc. elected not to half insure.

     10. Paoli Peaks agrees to furnish, at no cost to Weeks, water to that certain residence
currently existing and located adjacent and to the south of the leased property. This obligation of
Paoli Peaks shall extend only to such residence and existing incidental uses thereto as of June 6,
1988, to be used on a single family dwelling and in the event any further development of the weeks
property upon which this residence in located should occur, then this obligation of furnishing
water Paoli Peaks shall not extend to such dwelling.

     11. The Weeks say grant no Weeks over said property or under said property without the
permission of Paoli Peaks, unless legally required to do so.

     12. The
taxes for said real estate will be paid by the Weeks, except that Paoli Peaks shall be
responsible for paying any increase in taxes over those taxes paid in 1976.

     13. That by agreement of the parties, the annual rent to be paid by Paoli Peaks to Weeks in
1.51 of the “operating revenues” of Paoli Peaks for the previous season, to be paid on or before

 

 

June 21 of each year. “Operating Revenues” are defined under generally accepted accounting
principles relating to Illegible operations at the present Paoli
Peaks location and any expansion of the
Illegible operation at its present location and any development actually placed on the leased
premises and based on the accounting practices of Paoli Peaks, Inc. in effect June 8, 1988.

     14. The minimum annual lease payment shall be Ten Thousand Dollars ($10,000.00) based on the
base year of all items, all urban consumer’s Bureau of Labor
Statistics, C.P.I. of June, 1978. This
minimum annual lease payment in to be computed on five (5) year
increments
(i.e. June 1983, June 1988, June 1993, June 1998, etc.),
and adjusted as the new minimum
annual lease payment for the next five year period.

     15. That
Paoli Peaks shall make reasonable efforts to control Illegible.

     16. That
Paoli Peaks shall burn no trash whatsoever on the leased Premises. Paoli Peaks is
responsible for compliance with all environmental laws and shall dump no Illegible, hazardous
Illegible, petroleum products or other materials prohibited from dumping under state and federal
laws and regulations.

     17. That
the steps from the condominiums known an Trail view Estates, which are located
on the leased premises, shall be removed within 60 days from June 8, 1988 at Paoli Peaks expense, and that no
encroachment on the leased premises by the condominiums will be permitted in the future.

     18. That
all sums due as of June 8, 1990 have been paid by Paoli Peaks to Weeks.

     IN
WITNESS WHEREOF, the said parties have hereunto set their hands and
seals this 26 day of
September, 1990.

	 	 	 	 	 
	 	ESTATE OF CHARLES MARVIN WEEKS

 	 
	 	BY:  	
/s/ Philip D. Weeks
 	 
	 	 	Philip D. Weeks, Executor 	 
	 	 	 

 

 

	 	 	 	 	 
	 	PAOLI PEAKS, INC.

 	 
	 	BY 	/s/
illegible
 	 
	 	 	President 	 
	 	 	 
	 	BY 	/s/
illegible
 	 
	 	 	Secretary

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