7/19/1933 · LEASE · book 25 page 320 doc 9225

320 L E A S E AGREEMENT dated the seventh day of June, 1933, by and between Isaac T. Prosser, an individual Charlestown, Rhode Island (lessor) and THE TEXAS COMPANY, a corporation of Delaware, having a place of business at 135 S. 42nd St., New York, New York (lessee). (1) PREMISES LEASED. Lessor hereby leases unto lessee a tract of land, with the improvements thereon, in the town of Charlestown, County of Washington State of Rhode Island, described as follows: Beginning at the intersection of U. S. Highway No. 1 and Watchaug Lake Road, thence running in a northerly direction, along the east erm line of said Watchaug Lake Road a distance of one hundred feet (100'), more or less; thence turning and running in an east ernly direction along said premises, two hundred and fifty feet (250'), more or less; thence turning and running in a south ernly direction along said premises, one hundred ten (110') more or less; thence turning and running in a westerly direction along said premises to U. S. Highway No. 1 westward and fifty feet (50'), more or less, to a point and place of be- ginning. Together with all right, title and interest of the lessors in and to any and all streets, roads and ways bounding on said described pre- mises. (2) TERM. TO HAVE and TO HOLD for the term of Three (3) I. T. P. years, from and after the twentieth (20th) day of June, Nineteen Hundred thirty-three (June 20 1933) but subject to termination by lessee at the end of the first year or any subsequent year upon thirty (30) days' written notice from lessee to lessor. Provided, however, that the lessee at its option may terminate this agreement at any time upon ten days' prior written notice in the event of the cancellation or termination in any manner of (a) that certain commission agency agreement between The Texas Company and Isaac T. Prosser, dated June 7, 1933, or (b) any agreement supplementary thereto or in lieu, therefore, or (c) any future agreement between the lesseees, as Principal, and as Agent, for the sale of the latter behalf of the Former of Petroleum Products or other commodities at or for the demised premises. (3) RENTAL. Lessee agrees to pay the following rent for said premises: A sum equal to one cent (1c) for each gallon of lessee's gasoline sold from the said premises each month during the term hereof, payable on the tenth day of each month next following the month for which payment is made. Provided, however, that no rental shall accrue or become due or mature hereinafter until such time as this lease has been fully approved and registered upon a convenient registry. and agrees that, if any installment thereof shall be due and unpaid for ten (10) days after written notice of such default has been delivered to the Assistant Land Attorney of lessee at 135 East 42nd Street, New York City, lessor shall then have the right to termi- nate this lease on thirty (30) days' written notice to lessee. Lessee, at its option, may apply at any time such rental or any Installment there- of to the payment of any indebtedness due or to become due from Lessor to Lessee. Such application shall be deemed payment of such rental. (4) MAINTENANCE. Lessor agrees to maintain said premises and improvements in good repair during the term of this Lease. In the event of Lessor's failure to do so, lessee, at its election, may either terminate the lease on thirty (30) days' notice to lessor, or make the necessary repairs, at the expense of lessor, and have the right to apply accruing rentals for the purpose of reimbursing itself. If, during the time the premises are undergoing repairs, the use thereof by lessee is materially interfered with, the rent accruing during such period shall be abated. (5) REMOVAL OF PROPERTY. Lessee shall have the right at any time during the con- tinuance of this lease or within thirty (30) days after its termination to sever and remove all fixtures, equipment and other property of lessee placed on said premises or

321 by lessee during the term of this or any previous lease, or any extension or renewal thereof. (6) LESSEE'S RIGHT OF TERMINATION. Should the structures on said premises be destroyed by fire or storm, or should lessee for any reason be prevented from establishing or continuing the business of distributing petroleum products on said premises or should said business for any reason in lessee's judgment become unduly burdensome, lessee may terminate this lease upon giving ninety (90) days' written notice, in which event the rental obligation shall be prorated to the date of such termination. (7) DAMAGES FOR DEFECT IN TITLE. Lessor covenants that he is well seized of said pre- misses, has good right to lease the same, and warrants and agrees to defend the title thereto; and to reimburse and hold lessee harmless from all damages and expenses which lessee may suffer by reason of any restriction, encumbrance or defect is such title. (8) TAXES AND ENCUMBRANCES. Lessor agrees to pay all taxes, assessments and obligations which or may become a lien on the denied premises and improvements as they become due. If lessor should fail to do so, lessee shall have the right either to make such payments for the account of lessor, in which event it shall be subrogated to all the rights of the holder of such lien, and in addition thereto shall have the right to apply accruing rentals in satisfaction of such obligations; or lessee, in the event of a foreclosure of any such lien and the sale of said denied premises and improvements, shall have the right to buy in said premises and im- provements for its own account. (9) SUCCESSORS AND ASSIGNS. This agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. IN WITNESS WHEREOF lessor and lessee have hereto subscribed their names the day and year first above written. Witness: S. G. BOSS ISAAC T. PROSSER (SEAL) (Lessor) THE TEXAS COMPANY (Lessee) By J. M. WILLIAMS Assistant To Manager Sales Dept. Northern Territory Attest: W. G. Eluker Assistant Secretary STATE OF RHODE ISLAND } County of Washington } Charleston, R. I., June 7, 1933. Then and there, before me personally appeared the above named Isaac T. Prosser, signer and sealer of the foregoing instrument and acknowledged same to be his free act and deed. My Commission Expires June 30, 1936. LINTON L. BROWN (SEAL) Rotary Public Received for record July 19th, A. D. 1933 at 9:30 o'clock, a. m., and recorded by [Signature] Town Clerk.