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A land lease agreement is an important legal document that outlines the terms and conditions of a property rental between a landlord and a tenant. It's important to have a clear understanding of what's included in this type of agreement before signing, which may include rent amount, duration, and who pays for expenses. By understanding the key components of a land lease agreement, you can be sure that you're getting what you expect from your rental property.
Below is a list of common sections included in Land Lease Agreements. These sections are linked to the below sample agreement for you to explore.
LAND LEASE AGREEMENT
This Land Lease Agreement (“Lease”) is made and entered into on the 23 rd day of October, 2018 (“Execution Date”), by and between the CABIN CANYON INVESTMENT TRUST and the F & A RANCH TRUST, STUART GELWARG TRUSTEE, each acting together as the (“Lessor”) and XPLOSION (OREGON) CORPORATION, an Oregon Corporation, the (“Lessee”), and XPLOSION INCORPORATED, a Nevada Corporation, (“Obligor”), the Lease to become effective on the 29th day of October, 2018 (“Effective Date”).
Subject to the terms, provisions and conditions of this Lease, and each in consideration of the duties, covenants and obligations of the other hereunder, Lessor does hereby lease unto Lessee and Lessee does hereby lease from Lessor the tract(s) of land more particularly described and valued throughout Exhibit “A” attached hereto. For greater specificity the land covered under this Lease consists of three contiguous tax lots which when combined total 588.80 acres. Based on Jackson County, Oregon, assessment records such total land is comprised of 520.86 acres of Non-irrigable (Resource) land, 62.94 acres of Irrigable land, and a 5.0 acre homesite, upon and throughout which the site offers Timber, Water and Agricultural rights and potential for the Lessee to develop and pursue a number of business initiatives and opportunities focused around its key goals and objectives of providing unique and innovative lifestyle enhancement products, solutions and ancillary goods to the Millennial and progressive Generation X and Y marketplace.
1.1 Term. The term of this Lease is twenty-five (25) years and 0 month(s), commencing on October 29 th , 2018, the Effective Date and expiring at 11:59 p.m., PST, on October 28th, 2043 (“Term”), unless this Lease is sooner terminated or extended, as hereinafter provided.
LEASE TERMS
2.1 Total Lease Term Value: The total value of this lease is equal to the consensus market accepted baseline property value plus a 25% Premium, such total lease term value herein being $3,509,188 (such baseline property value as detailed for valuation purposes within Exhibit A attached hereto).
2.2 Lease Payment Terms. It is agreed between the Lessor and the Lessee that the Obligor will make an upfront stock payment in shares of the Obligor to the Lessor equal in value to the Total Lease Term value. Such payment shall be deemed to be FULL and FINAL payment for the complete fulfillment of all of the payments due in satisfaction of the 25-year Land Lease Agreement.
2.3 Transaction and Stock Payment Details. It is agreed and understood that the Lessee shall hold and operate the property as defined in the Land Lease Agreement. The Lessee will make payment to the Lessor through the issuance of equity holding in the Obligor to the Lessor (or to those designated assignees as instructed by the Lessor at the time of issuance), such total number of shares issued from the Obligor to the Lessee being 8,673,105 shares of the Obligor.
LAND LEASE AGREEMENT
ARTICLE III
DELIVERY OF THE LEASED PREMISES
3.1 “AS IS”, “WHERE IS”. Except as otherwise expressly provided in this Lease, Lessee hereby accepts the Leased Premises from Lessor on an “AS IS”, “WHERE IS” basis with all faults. Lessee hereby accepts the Leased Premises as being in good and satisfactory condition, is provided at present with no financial encumbrances existing or in place and it is an will be suitable for Lessee's intended purposes.
Entire Agreement; No Representations or Warranties. THIS LEASE CONTAINS THE ENTIRE AGREEMENT BETWEEN LESSOR AND LESSEE WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY AND ALL PRIOR AND CONTEMPORANEOUS AGREEMENTS, UNDERSTANDINGS, PROMISES AND REPRESENTATIONS MADE BY EITHER PARTY TO THE OTHER CONCERNING THE SUBJECT MATTER HEREOF AND THE TERMS APPLICABLE HERETO. AS A MATERIAL CONSIDERATION FOR THE EXECUTION OF THIS LEASE, THERE HAVE BEEN NO REPRESENTATIONS, UNDERSTANDINGS, STIPULATIONS, AGREEMENTS OR PROMISES PERTAINING TO THE LEASED PREMISES, IMPROVEMENTS (DEFINED BELOW) THEREON OR THIS LEASE NOT INCORPORATED IN WRITING HEREIN, AND THIS LEASE SHALL NOT BE ALTERED, WAIVED, AMENDED OR EXTENDED, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE PARTIES HERETO, UNLESS OTHERWISE EXPRESSLY PROVIDED HEREIN. LESSOR’S OBLIGATIONS ARE LIMITED TO THOSE EXPRESSLY SET FORTH IN THIS LEASE, AND SHALL NOT INCLUDE ANY IMPLIED OBLIGATIONS, DUTIES OR WARRANTIES, ALL OF WHICH ARE DISCLAIMED BY LESSOR AND WAIVED BY LESSEE. IN PARTICULAR, LESSOR DISCLAIMS, AND LESSEE WAIVES, ANY WARRANTY AS TO THE LEASED PREMISES’ CONDITION (AND ALL IMPROVEMENTS THEREON), THE ACCURACY OF THE LEGAL DESCRIPTION SET FORTH ON EXHIBIT “A” ATTACHED HERETO, THE EXISTENCE OF ANY ENCROACHMENTS, MERCHANTABILITY, HABITABILITY AND SUITABILITY OR FITNESS FOR ANY PARTICULAR USE OR PURPOSE. LESSEE ACKNOWLEDGES THAT LESSEE HAS HAD ADEQUATE OPPORTUNITIES TO INSPECT THE LEASED PREMISES, ALL IMPROVEMENTS THEREON AND ALL OTHER ASPECTS OF THE LEASED PREMISES WHICH ARE CONTAINED IN THIS DISCLAIMER OR OTHERWISE.
LAND LEASE AGREEMENT
3.2 Access to Leased Premises. Access to and from the Leased Premises may be as follows:
Lessor hereby grants to Lessee a nonexclusive easement and right of way while this Lease is in effect over and across any existing road owned by Lessor for access to and from the Leased Premises, but Lessor makes no representation or warranty as to Lessee’s legal right of access to the Leased Premises over any part of the road under which Lessor is claiming right of way based on implied, estoppel or prescriptive rights.
3.3 Land Title Registration of Lease.
This Agreement shall be registered with the Oregon Land Registry Office and/or any other appropriate/necessary department with the State of Oregon within one month after the Agreement date of October 23rd, 2018, therein providing notice to any third party that the land is subject to the lease in the name of the Lessee.
4.1 Permitted Uses. The Leased Premises may be used and occupied by Lessee for the development of any variety of legal environmentally conscious commercial market business initiatives, be it referenced for example to the utilization of resources on site that pertain to potential water, timber or agricultural operations.
Compliance with Laws. Lessee shall, at Lessee's sole cost and expense, comply with any and all federal, state, county, and municipal laws, ordinances, orders, rules and regulations applicable to the Leased Premises and Lessee’s use and occupancy thereof as may be adopted and amended from time to time (collectively, “Laws”).
4.2 Alteration of Land. Lessee shall not divert or alter the natural drainage of the terrain without the prior written consent of the appropriate authorities as they may exist. Lessee shall take good care of the Leased Premises and, at the expiration or earlier termination of this Lease, shall return the Leased Premises to Lessor in substantially the same condition as when received, subject to removal or abandonment of any Improvements. If an Event of Default occurs under this Paragraph, in addition to all other remedies available to Lessor, Lessor may exercise its right to enter on to the Leased Premises and cure the Event of Default at Lessee’s cost.
LAND LEASE AGREEMENT
4.3 Prohibited Activities. Lessee shall not conduct any activity on the Leased Premises which in the opinion of Lessor in its reasonable discretion is improper, immoral, noxious, annoying, creates a nuisance or is otherwise objectionable or incompatible with the overall recreational, scenic and environmental uses of the property.
4.4 Lessor’s Use. Lessor reserves the right of ingress and egress for its agents, employees and permittees over and across the Leased Premises for all reasonable purposes of Lessor; including, without limitation, constructing roads, drainage facilities, power, water, gas and other utility mains and lines as Lessor may deem necessary; provided, however, that Lessor shall repair any damages, or compensate the Lessee for such damages it causes to Improvements located upon the Leased Premises as a result of such access, but Lessor will not be liable for any indirect or consequential damages.
4.5 Historic Preservation. Lessee shall not remove or disturb, or cause or permit to be removed or disturbed, any historical, archaeological, architectural or other cultural artifacts, relics, remains, or objects of antiquity. In the event such items are discovered on the Leased Premises, the Lessee shall immediately notify Lessor and protect the site and the material from further disturbance until the Lessor gives written clearance to proceed.
4.6 Hunting and Trapping. The Lessee shall not hunt or trap or allow hunting or trapping on the Leased Premises.
5.1 LESSEE SHALL INDEMNIFY, DEFEND, PROTECT AND SAVE LESSOR, ITS SUCCESSORS AND ASSIGNS, TRUSTEES, DIRECTORS, EMPLOYEES AND OFFICERS (“INDEMNIFIED PARTIES”), HARMLESS FROM AND AGAINST, AND SHALL REIMBURSE SUCH INDEMNIFIED PARTIES FOR, ALL LIABILITIES, OBLIGATIONS, LOSSES, CLAIMS, DAMAGES, FINES, PENALTIES, COSTS, CHARGES, JUDGMENTS AND EXPENSES, INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS' FEES AND EXPENSES WHICH MAY BE IMPOSED UPON OR INCURRED OR PAID BY OR ASSERTED AGAINST SUCH INDEMNIFIED PARTIES BY REASON OF OR IN CONNECTION WITH LESSEE’S USE OF THE LEASED PREMISES, OR THE LAKE, INCLUDING LESSEE’S FAMILY, INVITEES, CONTRACTORS, SUBCONTRACTORS, EMPLOYEES OR ANY TRESPASSERS, OCCURRING DURING THE TERM OF THIS LEASE AND ANY TIME THEREAFTER LESSEE RETAINS POSSESSION OF THE LEASED PREMISES. LESSEE'S FOREGOING INDEMNITY AND HOLD HARMLESS AGREEMENT SHALL SURVIVE THE TERMINATION OR EXPIRATION OF THIS LEASE.
LAND LEASE AGREEMENT
IMPOSITIONS; UTILITIES; MAINTENANCE
6.1 Impositions. From and after the Effective Date, Lessee shall pay all taxes, assessments for local improvements, use and occupancy taxes, water, storm and sanitary sewer rates and charges, licenses and permit fees, tap fees and other governmental levies and charges which are assessed, levied, confirmed, imposed or become a lien upon the Leased Premises (or any portion thereof), or become payable or accrue during the Term and shall reimburse Lessor for any taxes and any additional costs incurred by Lessor in connection with its ownership of the land subject to this lease during the Term (“Impositions”). If Lessee does not timely pay such Impositions Lessor may, but shall not be obligated to, pay the same (without waiving Lessee's default) and such amount so paid, together with a finance charge thereon at the Default Rate, shall be due and payable to Lessor as Additional Rent upon written demand therefore by Lessor. As soon as reasonably practical, Lessee shall furnish to Lessor official receipts of the appropriate taxing or regulatory authority or a canceled check payable to such taxing authority or other evidence reasonably satisfactory to Lessor evidencing payment thereof.
6.2 Utilities. Lessee shall be responsible for and promptly pay all charges incurred for all utility services to the Leased Premises, including, but not limited to, telephone service, sanitary and storm sewer, water, natural gas, light, power, heat, steam, communications services, garbage collection and electricity arising out of Lessee's use, occupancy and/or possession of the Leased Premises during the term of this Lease. Lessee shall also pay for all maintenance upon such utilities. In no event shall Lessor be liable for any interruption or failure of utility service to the Leased Premises, except to the extent caused by Lessor's negligence.
6.3 Wastewater Treatment System. If at any time in the future, access to a wastewater treatment system is made available to the Leased Premises, Lessor will have the right to require the Lessee to connect to and utilize that service, at Lessee’s expense, and discontinue the use of any private on-site sewerage facility within twelve (12) months after written notice from Lessor.
Maintenance, Repairs. Lessee agrees that at its own expense it will keep and maintain the Leased Premises and all Improvements and fixtures now existing or hereafter constructed, including, without limitation, houses, buildings and other structures and appurtenances and all alterations or replacements thereof, foundation, roof, HVAC, plumbing, lighting, pavement and landscaping, docks, piers, boat houses and related structures, retaining walls, bulkheads, gates, fences, septic tanks and water wells (together the “Improvements”) in a clean and neat condition and repair, including mowing grass and care of shrubs, such condition being determined by Lessor in its sole discretion. Lessee's obligation to maintain shall include all necessary repairs and replacements. In no event shall Lessor have any obligation to make any repairs or replacements to the Leased Premises.
LAND LEASE AGREEMENT
ARTICLE VII
HAZARDOUS SUBSTANCES
7.1 Hazardous Substance. For purposes of this Article VII, “Hazardous Substance” means any substance, matter, material, waste or pollutant, the generation, storage, disposal, handling, release (or threatened release), treatment, discharge or emission of which is regulated, prohibited or limited under:
(i) the Resource Conservation and Recovery Act, as amended by the Hazardous and Solid Waste Amendments of 1984, as now or hereafter amended (42 U.S.C. Sections 6901 et seq.); (ii) the Comprehensive Environmental Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act of 1986, as now or hereafter amended (42 U.S.C. Sections 9601 et seq.); (iii) the Clean Water Act, as now or hereafter amended (33 U.S.C. Sections 1251 et seq.); (iv) the Toxic Substances and Control Act, as now or hereafter amended (15 U.S.C. Sections 2601 et seq.); (v) the Clean Air Act, as now or hereafter amended (42 U.S.C. Sections 7401 et seq.), (the “Federal Toxic Waste Laws”); (vi) any local, state or Federal law, statute, regulation, or ordinance analogous to any of the Federal Toxic Waste Laws; and (vii) any other federal, state or local law (including any common law), statute, regulation or ordinance now existing or hereafter enacted regulating, prohibiting or otherwise restricting the placement, discharge, release, threatened release, generation, treatment or disposal upon or into any environmental media of any substance, pollutant or waste which is now or hereafter classified or considered to be hazardous or toxic. All of the laws, statutes, regulations and ordinances referred to in subsections (vi) and (vii) above, together with the Federal Toxic Waste Laws are collectively referred to herein as “Toxic Waste Laws”. The term “Hazardous Substances” shall also include, without limitation: (a) gasoline, diesel fuel, fuel oil, motor oil, waste oil and any other petroleum hydrocarbons, including any additives or other by-products associated therewith; (b) asbestos and asbestos-containing materials in any form; (c) polychlorinated biphenyls; and (d) any substance the presence of which on the Leased Premises or Project Area: (x) requires reporting or remediation under any Toxic Waste Law; (y) causes or threatens to cause a nuisance on the Leased Premises or poses or threatens to pose a hazard to the health or safety of persons on the Leased Premises; or (z) which, if it emanated or migrated from the Leased Premises, could constitute a trespass, nuisance or health or safety hazard to persons on adjacent property.
7.2 Hazardous Substances Prohibited. Lessee shall not conduct, permit, or authorize the manufacturing, emission, generation, transportation, storage, treatment, existence or disposal in, on or under the Leased Premises, of any Hazardous Substance without prior written authorization by Lessor, except for such quantities which are routinely utilized in connection with, or which routinely results from, the lawful use of the Leased Premises, all of which are to be stored, used, handled, and disposed of in full compliance with all Toxic Waste Laws.
LAND LEASE AGREEMENT
7.3 Compliance with Toxic Waste Laws; Indemnity.