1995-11-13-Minutes - Laserfiche WebLink

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211 WITNESSETH For and in consideration of the payment of the interest, at the rate of 9.5 %, on the sum of the purchase price of the land described in Exhibit A, the cost of site preparation, the cost of construction of three (3) buildings, the cost of the parking lot and paving, and related engineering, legal and administrative costs, the total of which shall be affixed hereto as Exhibit B upon the completion of the construction and related matters, payable to the PARIS ECONOMIC DEVELOPMENT CORPORATION, monthly as it accrues, said PARIS ECONOMIC DEVELOPMENT CORPORATION does hereby lease, rent and let unto BITS INTERNATIONAL COMPANY, dba BITCO, all that certain tract or parcel of land more particularly described in Exhibit A, attached hereto and made a part hereof for all legal purposes. PEDC agrees to construct on said property an industrial building of at least 20,000 square feet of area with a minimum side wall height of 24 feet, an attached office building of at least __ 3,328 square feet of area with an interior ceiling height of 8 feet, and a 60' x 60' detached heat 1 EXHIBIT A treating building with a minimum side wall height of 16 feet, the construction of which buildings shall be in accordance with previously approved plans and specifications. PEDC agrees to furnish to said structures commercial natural gas, commercial electricity, and water and sewer for domestic use only. The term of this Lease is for THREE (3) years, beginning after substantial completion -- of the above-described improvements in accordance with previously approved plans and specifications. It is especially agreed and understood that BITCO has the right to install equipment in coordination with the construction of the main industrial building upon the erection of the metal and the completion of the roof.