Document:

Unassociated Document

    EXHIBIT
      10.9

     

    CONSULTING
      AGREEMENT

     

    This
      Agreement (this “Agreement”) is entered into by and between Grand
      River Commerce, Inc.
      (the
“Company”) having its principal place of business in Grandville, Michigan, and
Elizabeth
      C. Bracken,
      an
      adult individual residing in the State of Michigan (the
“Consultant”).

     

    The
      parties hereto agree as follows:

     

    1. Engagement.
      The
      Company hereby engages the Consultant and the Consultant hereby agrees to
      render, at the request of the Company, independent advisory and consulting
      services for the Company in connection with the Company’s organization of a
      proposed bank (the “Bank”) upon the terms and conditions hereinafter set forth.

     

    2. Term.
      The
      term
      of this Agreement shall begin as of the date of this Agreement and shall
      terminate on the earlier of (i) September 30, 2008; (ii) the date on which
      the
      Bank receives (and satisfies all conditions to opening for business under)
      its
      authorization to commence its banking business (the “Certificate of Authority”)
      from the Michigan Office of Financial and Insurance Services and approval of
      Insurance of Accounts from the Federal Deposit Insurance Corporation; (iii)
      the
      date on which the Company advises the Consultant that it has abandoned its
      effort to obtain the Certificate of Authority; (iv) the date on which the
      Consultant receives written notice from the Company that it is terminating
      this
      Agreement “for cause” as hereafter defined; or (v) the death or disability of
      the Consultant (as used herein, the disability of the Consultant shall be deemed
      to have occurred when she has been unable to perform his or her services under
      this Agreement for a period of forty-five (45) consecutive days or the
      Consultant has made any claim under any disability insurance policy. As used
      herein, “for cause” shall be defined as follows: (i) the Consultant’s failure to
      use diligent and good faith efforts to perform the services requested by the
      Company under this Agreement (which failure is not cured within five (5) days
      following written notice to the Consultant); (ii) the Consultant’s willful
      misconduct or gross negligence in the performance of his or her services
      hereunder; (iii) the Consultant’s conviction of a crime or involvement in any
      conduct which could, in the judgment of the Company, adversely impact on the
      reputation of the Company or the Bank or the prospects of the Bank receiving
      its
      Certificate of Authority; (iv) receipt by the Company of any notification from
      the Michigan Office of Financial and Insurance Services or the Federal Deposit
      Insurance Corporation indicating that the Consultant would not be an acceptable
      candidate to be Senior Vice President of Operations of the Bank.

     

    3. Compensation.
      During
      the term of this Agreement, as compensation for all services rendered by the
      Consultant under this Agreement, the Company shall pay the Consultant the
      following amounts:

     

    (a) Consulting
      Fee.
      The
      Company shall pay the Consultant the sum of seven thousand three hundred and
      thirty-three dollars ($7,333) per month (prorated for any partial month), which
      shall be paid in arrears in two installments of three thousand six hundred
      sixty-seven dollars ($3,667) each on the 15th
      and
      30th
      day of
      each calendar month.

     

    (b) Medical
      Benefits.
      The
      Company shall reimburse the Consultant, not less frequently than monthly, upon
      presentment of appropriate documentation the amount paid by the Executive to
      continue, without interruption, family medical benefits coverages under COBRA.
      

     

    ©
      Copyright 2007 - All Rights Reserved

        Hunton
      & Williams LLP

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (c) Deductions.
      All such
      compensation shall be payable without deduction for federal income, social
      security, or state income taxes or any other amounts.

     

    (d) Termination
      Payment.
      If,
      for
      any reason, other than a termination by the Company “for cause,” the Company
      terminates this Agreement during its term and without the Employment Agreement
      referenced in Paragraph 10 of this Agreement becoming effective, Consultant
      will
      be entitled to receive a lump sum payment, payable on the date of termination,
      equal to two months of consulting fees. The Termination Payment due pursuant
      to
      this Section 3(f) shall be the Consultant’s exclusive remedy upon termination by
      the Company for any reason other than “for cause.”

     

    4. Duties.
      The
      Consultant shall render services conscientiously and shall devote his or her
      full time, attention, efforts and abilities to the establishment of the Bank,
      including without limitation obtaining regulatory approvals, site development
      activities, personnel matters and capital raising activities, at such times
      during the term hereof and in such manner as reasonably requested by the
      Company, and performed at such places and at such times as are reasonably
      convenient to the Company and the Consultant. The Consultant shall observe
      all
      policies and directives promulgated from time to time by the Company’s Board of
      Directors.

     

    5. Expenses.
      The
      Consultant shall be reimbursed by the Company for all reasonable business
      expenses which were incurred by the Consultant during the performance of his
      or
      her services hereunder; provided, any such reimbursement in excess of $1,000
      in
      any month shall require the prior written approval of the Company’s Board of
      Directors or a committee thereof; provided, however, that any expenses set
      forth
      in the organizational budget shall be deemed to be approved unless the Company’s
      Board of Directors makes an express determination to the contrary prior to
      the
      time at which the expense is incurred. The Company’s obligation to reimburse the
      Consultant pursuant to this paragraph shall be subject to the presentation
      to
      the Company’s Board of Directors or a committee thereof by the Consultant of an
      itemized account of such expenditures, together with supporting vouchers, in
      accordance with any policies of the Company in effect from time to
      time.

     

    6. Independent
      Contractor.
      It is
      expressly agreed that Consultant is acting as an independent contractor in
      performing services hereunder. The Company shall carry no worker’s compensation
      insurance or any health or accident insurance to cover Consultant. The Company
      shall not pay any contributions to Social Security, unemployment insurance,
      federal or state withholding taxes, nor provide any other contributions or
      benefits which might be expected in an employer-employee
      relationship.

     

    7. Covenant
      Not to Compete.
      The
      Consultant hereby acknowledges and recognizes the highly competitive nature
      of
      the Company’s business and accordingly agrees that, during the term of this
      Agreement, the Consultant will not, except as provided in Paragraph 4 hereof,
      directly or indirectly:

     

    (a) engage
      in
      any business activity related to the business of banking or financial services,
      or the formation of any entity for the purpose of engaging in such a business
      (other than on behalf of the Company to the extent that the Consultant is then
      in the employ of or consulting for the Company), whether such engagement is
      as
      an officer, director, proprietor, employee, partner, member, investor (other
      than as a passive investor in less than one percent (1%) of the outstanding
      capital stock of a publicly traded corporation), consultant, advisor, agent
      or
      other participant in another business,

     

    (b) assist
      others in engaging in any of the business activities prohibited to the
      Consultant under clause (a) above, or

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (c) induce
      employees of the Company to engage in any activities hereby prohibited to the
      Consultant or to terminate their employment.

     

    The
      term
      of this restriction shall be extended for a period of time equal to any period
      of time during which the Consultant violates or fails to observe the provisions
      of this paragraph.

     

    8. No
      Disclosure of Confidential Information.
      The
      Consultant acknowledges that the Company’s trade secrets and private processes,
      as they may exist from time to time, and confidential information concerning
      the
      formation and development of the Bank, the Bank’s planned products, technical
      information regarding the Bank, and data concerning potential customers of
      and
      investors in the Bank are valuable, special, and unique assets of the Company,
      access to and knowledge of which are essential to the performance of the
      Consultant’s duties under this Agreement. In light of the highly competitive
      nature of the industry in which the business of the Company is conducted, the
      Consultant further agrees that all knowledge and information described in the
      preceding sentence not in the public domain and heretofore or in the future
      obtained by the Consultant as a result of his or her engagement by the Company
      shall be considered confidential information. In recognition of this fact,
      the
      Consultant agrees that the Consultant will not, during or after the term of
      this
      Agreement, disclose any of such secrets, processes, or information to any person
      or other entity for any reason or purpose whatsoever, except: (a) as required
      by
      subpoena or court order, in which case Consultant shall give Company at least
      10
      days’ notice; or (b) as necessary in the performance of the Consultant’s duties
      as a consultant to the Company and then only upon a written confidentiality
      agreement in such form and content as requested by the Company from time to
      time. Consultant shall not make use of any of such secrets, processes or
      information for Consultant’s own purposes or for the benefit of any person or
      other entity (except the Company and its subsidiaries, if any) under any
      circumstances during or after the term of this Agreement.
      Consultant acknowledges that all such confidential information is property
      of
      the Company and/or the Bank and agrees that upon Consultant’s termination all
      such confidential information shall be returned to the Company within
      twenty-four (24) hours of such termination.

     

    9. Remedies.
      The
      Consultant acknowledges and agrees that the Company’s remedy at law for a breach
      or threatened breach of any of the provisions of Paragraphs 7 and 8 of this
      Agreement would be inadequate. In recognition thereof, if the Consultant
      breaches or threatens to breach any provision of Paragraphs 7 and 8 of this
      Agreement, the Company shall be entitled to equitable relief in the form of
      specific performance, a temporary restraining order, a temporary or permanent
      injunction or any other equitable remedy which may then be available in addition
      to any of its remedies at law. Nothing herein shall prohibit the Company from
      pursuing any other right or remedy available to it for such breach or threatened
      breach.

     

    10. Employment
      Agreement.
      It is
      anticipated that the Consultant and the Bank will enter into an Employment
      Agreement having a term of not less than three years, in a form satisfactory
      to
      each of the Consultant and the Bank in their reasonable discretion, subject
      to
      the approval of such form by the Bank’s primary regulators and modifications to
      such form as may be required by the regulators, which Employment Agreement
      shall
      be effective as of the date on which the Michigan Office of Financial and
      Insurance Services issues the Certificate of Authority to the Bank and the
      Federal Deposit Insurance Corporation issues approval for Insurance of
      Accounts.

     

    11. Assignment.
      This
      Agreement is a personal one, being entered into in reliance upon and in
      consideration of the personal skill and qualifications of Consultant. Consultant
      shall therefore not voluntarily or by operation of law assign or otherwise
      transfer the obligations incurred on its part pursuant to the terms of this
      Agreement without the prior written consent of Company. Any attempted assignment
      or transfer by Consultant of its obligations without such consent shall be
      wholly void.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    12. Modification
      of Agreement.
      This
      Agreement may be modified by the parties hereto only by a written supplemental
      agreement executed by both parties.

     

    13. Notice.
      Any
      notice required or permitted to be given hereunder shall be sufficient if in
      writing, and if sent by any nationally recognized courier service providing
      for
      receipt of delivery, registered or certified mail, postage prepaid, or by fax
      followed by such mail, addressed as follows:

     

    If
      to
      Company:

    

    Grand
      River Commerce, Inc.

    2900
      28th
      Street
      SW

    Grandville,
      Michigan 49418

    Attention:
      Robert Bilotti, President

    

    If
      to
      Consultant:

     

    
      	 	 	
              Elizabeth
                Bracken

            

    

    ________________________________

    
      	 	 	
              ________________________________

            

    

    

    or
      to
      such other address as the parties hereto may specify, in writing, from time
      to
      time.

     

    14. Waiver
      of Breach.
      The
      waiver by either party of any breach of any provision of this Agreement shall
      not operate or be construed as a waiver of any subsequent breach.

     

    15. Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties relating to the subject
      matter of this Agreement and supersedes any prior written or oral arrangements
      with respect to the Consultant’s engagement by the Company.

     

    16. Successors,
      Binding Agreement.
      Subject
      to the restrictions on assignment contained herein, this Agreement shall inure
      to the benefit of and be enforceable by the Consultant’s personal or legal
      representatives, executors, administrators, heirs, distributees, devisees,
      and
      legatees.

     

    17. Validity.
      The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this Agreement,
      which shall remain in full force and effect.

     

    18. Applicable
      Law.
      This
      Agreement shall be governed by and construed in accordance with the domestic
      laws of the State of Michigan.

     

    19. Headings.
      The
      headings of the paragraphs of this Agreement are for convenience only and shall
      not control or affect the meaning or construction or limit the scope or intent
      of any of the provisions of this Agreement.

     

    20. Voluntary
      Agreement.
      The
      parties hereto acknowledge that each has had an opportunity to consult with
      an
      attorney or other counselor concerning the meaning, import, and legal
      significance of this Agreement, and each has read this Agreement, as signified
      by their respective signature hereto, and each is voluntarily executing the
      same
      after, if sought, advice of counsel for the purposes and consideration herein
      expressed.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      date
      first set forth above.

    

    

    

    
      	 	
              /s/
                Elizabeth
                Bracken                                                 
                

            
	 	 
	 	
              Name:
                Elizabeth Bracken

            
	 	 
	 	
              “Consultant”

            
	 	 
	 	 
	 	
              GRAND
                RIVER COMMERCE, INC.

            
	 	 
	 	 
	 	 
	 	
              By:      
                /s/
                Robert
                Bilotti                                            
                

            
	 	 
	 	
              Name:
                Robert Bilotti, President

            
	 	 
	 	 
	 	
              “Company”

            

    

    

    
      
         

      

      
        5EXHIBIT
        10.10

      

      PRELIMINARY
        AGREEMENT TO LEASE

      FOR
        COMMERCIAL PROPERTY

       

      
 

      
        
          	
                  Office
                    of

                	
                  ICON
                    Properties, LLC

                	
                  REALTORS

                

        

      

      
        
          
            	
                    Grand
                      Rapids

                  	
                    (city),
                      Michigan

                  	
                    Phone:
                      

                  	
                    616-822-0202

                  	 	
                    Fax:
                      

                  	
                    616-233-3949

                  

          

          
            	
                    Email:
                      

                  	
                    dan@iconprops.com

                  	
                  	
                    Date:
                      

                  	
                    10/17/2007

                  	,	
                    8:00PM

                  	
                    (time)

                  

          

          
            

          

        

      

      
        	1.	
                The
                  undersigned Landlord and Tenant each acknowledge that the Leasing
                  Salesperson is acting as (check one):

              

        	 	o
                Subagent of the Landlord     x Tenant’s
                Agent     o Dual
                Agent (with written, informed consent of both Landlord and
                Tenant)

        	 	o
                Other (Specify)
                _____________________________________

      

      
        
          	2.	
                  Tenant’s
                    Offer:
                    The undersigned (“Tenant”) hereby offers to lease the following real
                    estate:

                

          	 	              
                  2-E. Fulton - Suite
                  #                    
                  sq/ft
                  of main
                  floor)                                      
                  (the
                  “Premises”) for a term of 120
                  Months   
                  commencing     See
                  attached Additional
                  Provisions          
                  on the terms and conditions contained herein, and to pay as rent
                  for_____
                  form the sum of $723.584.53  payable
                  in equal monthly installments of $    See
                  Schedule  (subject
                  to any increases as herein provided) in advance of each month.
                  The first
                  month’s rent of $
                     See
                  PP-2  
                  and a security deposit in the amount of $     See
                  PP#12,
                  for a total of $     See
                  PP#12 shall
                  be payable upon execution of the
                  lease.

        

      

      
        
          	
                  3.

                	
                  Possession.

                

        

      

      
        	4.	
                Rent
                  Escalations/Cost of Living Adjustments.

              

        	 	2%
                throughout
                the initial lease term and all renewal terms optioned. 

      

      
        	
                5.

              	
                Expense
                  Allocations.
                  The following expenses shall be allocated between Landlord and
                  Tenant as
                  indicated below (check appropriate
                  column):

              

      

       

      
        
          	
                  Expense

                	
                  Landlord

                	
                  Tenant

                	
                  Pro-Rata

                
	
                  Real
                    Estate Taxes

                	 	 	
                  X

                
	
                  Assessments

                	 	 	
                  X**

                
	
                  Water/Sewer
                    Charges

                	 	 	
                  X

                
	
                  Electricity

                	 	 	
                  X

                
	
                  Gas
                    or Heat

                	 	 	
                  X

                
	
                  Phone

                	 	
                  X

                	 
	
                  Janitorial

                	 	
                  X

                	 
	
                  Refuse
                    Collection

                	 	 	
                  X

                
	
                  Snow
                    Removal

                	 	 	
                  X

                
	
                  Lawn/Landscaping

                	
                  
                    X

                  

                	 	 

        

      

      
        Others:

        **Assessments
          to be determined prior to formal lease signing. 

         

      

      
        
          	
                  Expense

                	
                  Landlord

                	
                  Tenant

                	
                  Pro-Rata

                
	
                  Driveway,
                    Sidewalks & 

                  Parking
                    Lot Repairs & Maint.

                	
                  X

                	 	 
	
                  __________
                    Insurance

                	 	
                  X

                	 
	
                  Liability
                    Insurance

                	 	
                  X

                	 
	
                  Structural
                    and Roof Repairs/Replacements

                	
                  X

                	 	 
	
                  Nonstructural
                    Repairs and Maintenance/Replacements

                	 	
                  X

                	 
	
                  Mechanical
                    Systems Repairs & Maintenance

                	 	
                  X

                	 
	
                  Mechanical
                    Systems Replacement

                	 	
                  X

                	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

        

      

       

      
        

      

       

      
        	6.	
                Renewal
                  Option(s) Tenant shall have the following renewal
                  option(s):

              

        	 	Three 10 year renewal
                options.

      

       

      
        	
                7.

              	
                Improvements.
                  Prior to commencement of the lease term, Landlord shall complete
                  the
                  following described work without expense to Tenant (all ____________
                  mechanicals must be in good working order at the time of
                  possession.

              

      

      
        	
              	
                See
                  attached “Exhibit A”

              

      

       

      
        	8.	
                Use.
                  Tenant proposes to use the Premises for    a
                  bank branch and related banking services.      

              

        	 	purposes and Tenant’s obligations hereunder
                are contingent on there being no zoning, licensing, or building and
                use
                restrictions preventing use of the Premises for such purposes. Tenant
                agrees to conform to municipal and state ordinances affecting said
                Premises and will hold harmless the owner from any penalty, damage
                or
                other charges imposed for any violation of said ordinances or laws,
                whether occasioned by my neglect or by any agent in my employ or
                by any
                persons contracting with me. Tenant further agrees to provide the
                Landlord
                with proper certificates of insurance indemnifying the Landlord as
                to
                claims or damages resulting from the use or occupation of said
                Premises.

      

       

      
        	9.	
                Format
                  Lease.
                  The Landlord shall have promptly prepared and presented to Tenant
                  a formal
                  lease consistent with the Preliminary Agreement to Lease and containing
                  such additional terms and conditions as are customarily contained
                  in
                  leasee for a similar property and lease _________, and the parties
                  agree
                  to promptly negotiate, in good faith, a resolution of any differences
                  between them and respect to such lese for. The formal lease shall
                  be
                  signed as soon as practical, but no later than       November
                  18, 2007   .
                  

              

      

      

      
        	
              	
                Other:

              

      

       

      None.

      
        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                14.

              	
                Confidential
                  Information.
                  REALTOR acknowledges that Client may disclose confidential information
                  to
                  REALTOR in connection with performance of services under this Agreement,
                  and REALTOR agrees to preserve such information in confidence and
                  not to
                  disclose any such information to the detriment of Client in connection
                  with any transaction described herein. Similarly, Client acknowledges
                  that
                  REALTOR may have received confidential information in the past
                  from a
                  party on the opposite side of a proposed transaction with Client,
                  and
                  Client agrees that REALTOR’s faithful maintenance of such information in
                  confidence will not be a breach of any duty to
                  Client.

              

      

      

      
        	
                15.

              	
                Miscellaneous.
                  This contract contains all of the forms and conditions of the Agreement
                  between the parties with respect to the subject ________ and there
                  are no
                  representations, warranties, conditions, or promises except those
                  expressly set forth in this Agreement. This Agreement may be modified
                  only
                  in writing signed by the parties. Client hereby acknowledges receipt
                  of a
                  completed copy of this Agreement. This Agreement shall be governed
                  by
                  Michigan law.

              

      

      

      
        	
                16.

              	
                Expiration.
                  Tenant hereby gives the REALTORâ   NAI
                  West. Michigan -
                  D.                
                   (                                )
                  days to obtain Landlord’s written acceptance of this offer, after which
                  the offer shall be considered void.

              

      

      

      
        	
                17.

              	
                Receipt
                  of Copy.
                  By signing below, Tenant acknowledges receipt of a copy of this
                  Preliminary Agreement.

              

      

      
        
          

            
              	
                      Witness:

                    	 	 	
                      Tenant

                    	
                      Grand
                        River Commerce, Inc.

                    
	 	 	 	 	 
	
                      Tenant’s
                        Address:

                    	
                      2900
                        28th
                        St., SW

                    	 	
                      Tenant

                    	
                      /s/
                        Robert P. Bilotti

                    
	 	 	 	 	 
	 	
                      Grandville,
                        MI 49418

                    	 	
                      Tenant’s
                        Fax#:

                    	
                      616-235-3949

                    

            

          

        

      

       

      
        

      

      LANDLORD’S
        ACCEPTANCE

       

      
        	
                18.

              	
                The
                  offer is hereby accepted

              

      

       

      
        	
                19.

              	
                Receipt
                  of Copy.
                  By signing below, Landlord acknowledges receipt of a copy of this
                  Agreement. If this Agreement is signed by Landlord without any
                  modification, this becomes the Effective Date of this
                  Agreement.

              

      

      

      
        
          	20.	
                    
                    Landlord gives REALTOR above named until
                                  
                     (time)         
                           (date), to obtain Tenant’s written
                    acceptance of this counter offer, if
                    any.

                

        

      

       

      
        
          	
                  Date:

                	
                   

                	
                   

                	
                  Landlord
                    Entity: 

                	
                   

                	
                  ICON
                    Properties, LLC

                
	
                  Listed
                    by: 

                	
                   

                	
                   

                	
                  By:

                	
                   

                	
                  /s/
                    Manager

                
	
                   

                	
                  Broker

                	
                   

                	
                   

                	
                   

                	
                  (Please
                    sign name as you wish it to appear on final documents)

                
	
                  through

                	
                   

                	
                   

                	
                  Printed
                    Name of Signatory: 

                	
                   

                	 
	
                   

                	
                   

                	
                   

                	
                  :

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                  By
                    (secondary signatory): 

                	
                   

                	 
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                	
                  (Please
                    sign name as you wish it to appear on final documents)

                
	
                   

                	
                   

                	
                   

                	
                  Printed
                    Name of Signatory:

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                	
                  :

                	
                   

                	
                   

                

        

      

       

      
        

      

      TENANT’S
        RECEIPT OF ACCEPTANCE

       

      
        	
                21.

              	
                Receipt
                  is hereby acknowledged by Tenant of the Landlord’s acceptance offer. In
                  the event the acceptance was subject to certain changes from Tenant’s
                  offer, Tenant agrees to accept said changes, all other terms and
                  conditions remaining unchanged. If this Agreement is signed by
                  Tenant
                  without any modification, this becomes the Effective Date of this
                  Agreement.

              

      

       

      
        	
                Dated

              	
                 

              	
                 

              	
                Tenant

              	
                 

              
	
                Witness

              	
                 

              	
                 

              	
                Tenant

              	
                 

              

      

       

        
          

        

      

      LANDLORD’S
        RECEIPT OF ACCEPTANCE

      

      
        	
                22.

              	
                Landlord
                  acknowledges receipt of a copy of Tenant’s acceptance of the counter
                  offer, if any.

              

      

       

      
        	
                Dated

              	
                 

              	
                 

              	
                Tenant

              	
                 

              
	
                Witness

              	
                 

              	
                 

              	
                Tenant

              	
                 

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      Additional
        Provisions - PP#12

      

      
        	
                •

              	
                Lessor
                  to provide an acceptable letter of commitment needed from an established
                  financial institution showing proof of financing to complete the
                  following:

              

      

      
        	 	
                •

              	
                Complete
                  exterior building renovation per Historical Preservation criteria
                  

              

      

      
        	 	
                •

              	
                Complete
                  “White Box” construction for Grand River Bank’s leasehold space per
                  “Exhibit A” of this agreement and per the architectural drawings Lessor’s
                  possession

              

      

      
        	 	
                •

              	
                Provide
                  the Lessee build-out allowance to be provided by
                  Lessor

              

      

      
        	 	
                •

              	
                Agreed
                  upon amount is $30.00 per sq/ft (4005
                  sq/ft)

              

      

      
        	 	
                •

              	
                The
                  Letter of Commitment for financing per the above shall be delivered
                  to
                  Lessee by Lessor no later than October 31,
                  2007.

              

      

      
        	 	
                •

              	
                Lessee
                  shall have the right to terminate this agreement at their discretion
                  without recourse within three business days after receiving the
                  letter of
                  commitment if they deem the terms of said commitment letter
                  uancceptable

              

      

      
        	
                •

              	
                “White
                  box” is a defined condition and is to be finalized in a formal and
                  detailed “Work Letter” to be signed at formal lease
                  execution.

              

      

      
        	
                •

              	
                Lessee
                  shall have the right to terminate this agreement by providing written
                  notice and without recourse from the Lessor if exterior renovation
                  work
                  has not commenced by November 30, 2007. “Commencement of construction” is
                  a defined term and is to be agreed upon by Lessor and
                  Lessee.

              

      

      
        	 	
                •

              	
                Lessor
                  shall promptly refund any and all earnest money to Lessee within
                  five
                  business days after receiving written notice of termination from
                  Lessee.

              

      

      
        	 	
                •

              	
                The
                  full earnest money deposit of refund of $5,000.00 shall be refunded
                  by
                  Lessee by certified check within five business days of receiving
                  the
                  written notice of termination.

              

      

      
        	 	
                •

              	
                The
                  written notice of termination may be communicated by facsimile,
                  e-mail or
                  U.S. Mail.

              

      

      
        	
                •

              	
                Lessee
                  shall have the right to terminate this agreement if the Lessee
                  space is
                  not substantially completed to “white box” status by May 1st,
                  2008.

              

      

      
        	 	
                •

              	
                Substantially
                  completed to be defined as “Work completed so as not to _____________ with
                  the Tenant’s own build-out and/or
                  occupancy”

              

      

      
        	 	
                •

              	
                “White
                  Box” status to include that Lessor install all elevator(s) components
                  except cab

              

      

      
        	 	
                •

              	
                Lessor
                  responsible for complete cost of constructing the building
                  elevator(s)

              

      

      
        	 	
                •

              	
                Lessor
                  responsible for prior approval from City of Grand Rapids Building
                  Department deferring completion of
                  elevator(s)

              

      

      
        	 	
                •

              	
                If
                  the Lessee executes it’s option to lease the 3,000 sq/ft of the second
                  floor space then the Lessor shall have 6 months from notification
                  to
                  completely install the elevator(s)

              

      

      
        	
                •

              	
                Price
                  pre sq/ft $16.50 for the defined main floor 4005
                  sq/ft

              

      

      
        	
                •

              	
                Price
                  per sq/ft for the 2nd
                  floor 3,000 sq/ft $11.00 per sq/ft if the option to lease is executed
                  within 4 months after the possession date of May 1st,
                  2008

              

      

      
        	
                •

              	
                Lessor
                  to provide a Tenant build-out allowance of $30.00 per sq/ft for
                  the main
                  floor space

              

      

      
        	
                •

              	
                Lessor
                  to provide $20 per sq/ft Tenant Improvement allowance if the option
                  to
                  lease the 2nd
                  floor 3,00 sq/ft is exercised.

              

      

      
        	 	
                •

              	
                Lessor
                  to provide the same “white box” build out for the 2nd
                  floor as described in attached “Exhibit A” for the main floor 4,005
                  sq/ft

              

      

      
        	 	
                •

              	
                If/when
                  the option to lease the 3,000 sq/ft of the defined 2nd
                  floor space is executed “Lessor and Lessee shall define the “White Box”
                  build-out in a formal and detailed “Work Letter” at formal lease
                  execution.

              

      

      
        	 	
                •

              	
                Rent
                  _______________ for the 2nd
                  floor space to be 2% per annum

              

      

      
        	 	
                •

              	
                This
                  applies to both the main floor and 2nd
                  floor defined space

              

      

      
        	
                •

              	
                The
                  4 month option to execute a formal lease for the defined 2nd
                  floor 3,000 sq/ft shall begin on the possession date of May 1st,
                  2008 of the main floor space unless Lessor has not been able to
                  substantially complete lease hold
                  space

              

      

      
        	
                •

              	
                Lessee
                  shall have the right to sub-lease the 2nd
                  floor space based on landlord approval of tenant use and credit.
                  Leasee
                  shall not have the right to obtain any profit or gain from the
                  new
                  lease

              

      

      
        	 	
                •

              	
                Lessee
                  shall not lease the defined 3,000 sq/ft of 2nd
                  floor space to any other person or entity during the 4-month option
                  period
                  allowed for Lessee to execute a formal lease for the
                  space

              

      

      
        	
                •

              	
                Lessee
                  to be allotted fifteen dedicated parking spaces in the adjacent
                  surface
                  lot of the existing building at a price of $65.00 per parking
                  space

              

      

      
        	 	
                •

              	
                The
                  location of the fifteen spaces shall be determined and agreed upon
                  by both
                  Lessor and Lessee

              

      

      
        	 	
                •

              	
                Lessee
                  to be charged the same percentage increase per year that Lessor
                  charges
                  currently for the parking
                  spaces

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                •

              	
                Lessee
                  shall be allotted fifteen dedicated parking spaces in any parking
                  ramp,
                  facility, and or lot that may be built in the
                  future

              

      

      
        	 	
                •

              	
                Cost
                  per space shall be at market rate if/when a ramp is
                  built.

              

      

      
        	 	
                •

              	
                Both
                  Lessor and Lessee shall agree upon the process of determining “market
                  rate” prior to formal lease
                  execution.

              

      

      
        	 	
                •

              	
                The
                  location of the fifteen spaces shall be determined and agreed upon
                  by both
                  Lessor and Lessee

              

      

      

      
        	
                •

              	
                Lessor
                  shall work with Lessee to evaluate if a one lane drive-thru option
                  can be
                  incorporated at the site currently if/when any building addition
                  or
                  parking ramp is constructed

              

      

      
        	
                •

              	
                Not
                  withstanding the above regarding parking agreements between Lessor
                  and
                  Lessee, in the event Robert Tol sells or sells controlling interest
                  in the
                  surface parking lot adjacent to east of Lessee’s premises, then
                  all-parking agreements that are in place between Lessor and Lessee
                  become
                  null and void upon ninety (90) days written notice from
                  Lessor.

              

      

      
        	
                •

              	
                Lessor
                  to provide maximum and most visible signage rights for the building
                  in
                  Lessee under site zoning regulations. Signage issues to be worked
                  out
                  before the Formal Lease is signed.

              

      

      
        	 	
                •

              	
                If
                  Lessor constructs additional levels to the existing building Lessee
                  reserves the right to relocate signage to the best and most visible
                  area
                  on any additions under site zoning
                  regulations

              

      

      
        	
                •

              	
                Lessor
                  to insure that a safe, clean, clear, and unobstructed access ingress
&
                  egress for bank employees and customers to the building is provided
                  if/when any construction or additions occur on the existing and
                  adjacent
                  buildings

              

      

      
        	
                •

              	
                Lessor
                  insures that no interruption to HVAC service to the Lessee occupied
                  space
                  shall occur if/when additional construction occurs on the existing
                  building

              

      

      
        	
                •

              	
                Lessor
                  to provide all steel column and beam construction in Lessee “white box”
                  description as defined by final and approved architectural
                  plans

              

      

      
        	 	
                •

              	
                All
                  steel column and beam requirements to be installed by the May
                  1st,
                  2008 possession date.

              

      

      
        	
                •

              	
                Lessor
                  to provide adequate wiring & electrical sufficient to address power
                  outage through Lessee supplied
                  generator

              

      

      
        	 	
                •

              	
                Lessee
                  to provide writing and electrical for
                  above

              

      

      
        	 	
                •

              	
                Lessee
                  to provide needed generator switch

              

      

      
        	
                •

              	
                First
                  right of offer

              

      

      
        	 	
                •

              	
                Condo
                  sale: First Right of Offer

              

      

      
        	 	
                •

              	
                In
                  the event that Landlord shall offer the Tenant’s leasehold space for sale,
                  then Tenant, so long as it is not in default under this Lease,
                  shall have
                  the first right of offer to purchase the Tenant’s leasehold space. In this
                  event, Landlord shall notify Tenant in writing (the “Notice”), which
                  Notice shall indicate Landlord’s selling price and other offering terms
                  desired by Landlord. The Notice will be an offer to sell the Tenant’s
                  leasehold space and invitation for Tenant to make a written offer
                  to
                  purchase the Tenant’s leasehold space. Tenant shall then have thirty (30)
                  days (the “Offer”) after Landlord has delivered the Notice to either agree
                  to purchase the leasehold space based on Landlord’s terms, or negotiate
                  with Landlord in good faith for a different price and terms for
                  the sale
                  and purchase of the Tenants leasehold space. If Tenant fails to
                  submit an
                  offer by the expiration of the offer period or if Landlord and
                  Tenant fail
                  to agree in writing for the purchase and sale of the Tenants leasehold
                  space, then this right of first offer shall expire and be of no
                  futher
                  force or effect. In this event, Landlord will be free to market
                  the
                  Tenant’s leasehold space to third parties on terms and conditions
                  determined in the sole discretion of Landlord except, that any
                  such sale
                  of the Tenants leasehold space to a third party shall not be for
                  a sum
                  that is less than 90% of Landlord’s final offer toe Tenant. If Landlord
                  agrees to sell the Tenants leasehold space to a third party for
                  a sum
                  which is less than 90% of what Landlord offered to sell the Tenants
                  leasehold space to Tenant, then Tenant shall have a ten (10) business
                  day
                  right of first refusal period to match the current offer. The right
                  of
                  first offer granted by this Article does not include any circumstances
                  in
                  which Landlord conveys or sells all or substantially all of the
                  Building
                  to another party. In that instance, Landlord has no obligation
                  to give any
                  notice to tenant and Tenant has no extraordinary right to make
                  an offer to
                  acquire the Tenants leasehold space. The Tenant does reserve the
                  right to
                  submit an offer to purchase the entire building if or when it becomes
                  available for sale.

              

      

      
        	
                •

              	
                Tenants
                  construction of leasehold improvements which are in addition to
                  the
                  Landlords white box specifications and in addition to landlords
                  allowance
                  for additions to the white box shall be paid for at their sole
                  costs using
                  landlord and Tenant’s agreed upon contractor and sworn statement payment
                  system.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        “A”

      

      Work
        to
        be performed by Landlord:

      

      (Formal
        and detailed “Work Letter” to be agreed to by both Lessor and Lessee at formal
        lease execution)

      

      
        	
                •

              	
                Exterior:

              

      

      
        	 	
                •

              	
                New
                  Windows and Frames

              

      

      
        	 	
                •

              	
                Restore
                  blass block

              

      

      
        	 	
                •

              	
                Doors

              

      

      
        	 	
                •

              	
                New
                  doors to be installed in entryways

              

      

      
        	 	
                •

              	
                Canopies

              

      

      
        	 	
                •

              	
                Restore
                  existing canopies on building

              

      

      
        	 	
                •

              	
                Roof

              

      

      
        	 	
                •

              	
                New
                  roof on existing building

              

      

      
        	 	
                •

              	
                Brick

              

      

      
        	 	
                •

              	
                Clean
                  and repair exterior brick

              

      

      
        	 	
                •

              	
                Repair
                  existing entryway

              

      

      
        	 	
                •

              	
                Front
                  terrazo

              

      

      

      
        	
                •

              	
                Interior:

              

      

      
        	 	
                •

              	
                Electrical

              

      

      
        	 	
                •

              	
                Separate
                  meter and service for demised premises sized for Tenant’s needs. Wall
                  outlets evenly spaced along perimeter walls at 12’
                  Intervals.

              

      

      
        	 	
                •

              	
                2’
                  x 4’ fluorescent lights

              

      

      
        	 	
                •

              	
                One
                  every 125 sq/ft

              

      

      
        	 	
                •

              	
                HVAC

              

      

      
        	 	
                •

              	
                Forced
                  air ducted system distributed above drop
                  ceiling

              

      

      
        	 	
                •

              	
                Ceiling

              

      

      
        	 	
                •

              	
                2’x4’
                  drop ceiling with white ceiling
                  panels

              

      

      
        	 	
                •

              	
                Walls

              

      

      
        	 	
                •

              	
                Taped
                  and finished drywall, ready for priming and
                  painting

              

      

      
        	 	
                •

              	
                Floor

              

      

      
        	 	
                •

              	
                Concrete
                  floor (as is or leveled?)

              

      

      
        	 	
                •

              	
                Finished
                  and ready for tenant flooring

              

      

      
        	 	
                •

              	
                Restroom

              

      

      
        	 	
                •

              	
                Two
                  standard ADA restrooms with towel bare and
                  paper

              

      

      
        	 	
                •

              	
                Toilet
                  and sinks included

              

      

      
        	 	
                •

              	
                Mechanical

              

      

      
        	 	
                •

              	
                Two
                  5 gallon hot water heaters

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2-E.
        Fulton - Rent Schedule

      

        
          	
                  $

                	
                  66,082.20

                
	
                  $

                	
                  67,404.16

                
	
                  $

                	
                  68,762.23

                
	
                  $

                	
                  70,127.27

                
	
                  $

                	
                  71,529.82

                
	
                  $

                	
                  72,960.04

                
	
                  $

                	
                  74,419,63

                
	
                  $

                	
                  75,908.02

                
	
                  $

                	
                  77,426.18

                
	
                  $

                	
                  78,974.70

                
	
                  
                    $

                  

                	
                  723,584.83

                

        
 

       

      
        AUSTIN
          464824v1 72208.000001

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]