WHEREAS Lessee Represents That It Is Willing and Able to Maintain Such a Machine

lease agreement

THIS LEASE AGREEMENT, made and entered into this DAY th day of MONTH, YEAR, in Cincinnati, Ohio , between the UNIVERSITY OF CINCINNATI (hereinafter referred to as “Lessor”) whose address is Office of the University Architect, P.O. Box 210186, Cincinnati, Ohio, 45221-1933, and NAME OF FINANCIAL INSTITUTION, (hereinafter referred to as “Lessee”), whose address is 1234 SOMESTREET, SOMECITY, SOMESTATE, 00000.

WHEREAS Lessor desires to have a TYPE OF MACHINE automatic teller machine (hereinafter referred to as “ATM”) located in NAME OF BUILDING to serve the banking needs of faculty, staff, and students of the University of Cincinnati; and

WHEREAS Lessee represents that it is willing and able to maintain such a machine,

NOW THEREFORE, in consideration of the promises and the mutual obligations of the parties herein made and undertaken, the parties do hereby mutually agree as follows:

Leased Premises: The Lessor hereby leases space located in the NAME OF BUILDING, 123 West University Avenue, Cincinnati, Ohio, referred to as “Leased Premises” to Lessee for the exclusive right and purpose of installing, operating, and maintaining said ATM. The exact location for the ATM in the Leased Premises shall be mutually agreed upon.
Term: The initial term of this Lease shall be for three years commencing on MONTH, DAY, AND YEAR, and ending on MONTY, DAY, AND YEAR, unless terminated sooner as hereinafter provided. Lessee has the option of renewing this Lease for two additional terms of one-year each, provided that Lessee notifies Lessor within three months of the term’s ending date that Lessee intends to renew this Lease for the option period. Lessor retains the right to terminate this Lease upon six-month notice to Lessee. Lessee covenants and understands that this Lease Agreement does not give Lessee the right to an automatic holdover after the expiration of the final additional term. Lack of notice by Lessor regarding the expiration of the final additional term shall not be construed by Lessee as Lessor’s consent to an automatic renewal of this Lease Agreement. Lessor and Lessee are free to bargain in good faith regarding additional terms. Any further agreement between Lessor and Lessee shall be reduced to writing, signed by both parties, and attached to this Lease as an amendment to this Lease.
Rent: Lessee shall pay Lessor as rent for the Leased Premises during the first year of this Lease and all subsequent years of this Lease the sum of ANNUAL DOLLAR AMOUNT per annum, payable in advance in equal installments of ONE HALF ANNUAL DOLLAR AMOUNT each semi-annually on or before DAY AND MONTH, and on or before DAY AND MONTH of each year commencing DAY, MONTH, AND YEAR.
Escalations: After the first Lease year, and upon every Lease year thereafter, the annual rent shall increase by the percentage change of the Consumer Price Index All Urban Consumers as described by the United States Department of Labor Bureau of Labor Statistics, or by a fixed percentage mutually agreed upon by the parties and to based on the gross volume of transactions in the previous year, whichever number is greater.
Lessee’s Improvements: Lessor agrees to provide the Leased Premises clear of fixtures. Lessee shall make the following improvements at Lessee’s sole cost and expense:

(a)Install an ATM on the Leased Premises. Lessee will contract for whatever physical modifications of the interior space and exterior area, including but not limited to the sidewalk, the building exterior, and the landscaping as is necessary to install the ATM.

(b)Install and connect the anti-tamper alarm for the ATM to the University of Cincinnati Communications Center.

(c)Any dedicated telephone or power lines will be paid for by Lessee.

(d)Notwithstanding any other provision in this Lease Agreement, all Lessee improvements are subject to prior review and approval by the University of Cincinnati Office of the University Architect. Such improvements shall not be unreasonably withheld.

Notices: Any notice required to be given by or on behalf of either party to the other party shall be in writing and shall be given by mailing such notice to the respective party at the address referred to above, or such other address as may be specified in writing by the respective parties by mail.
Permits and Licenses: Lessee shall obtain all necessary permits and licenses required for the lawful operation of the ATM and shall pay all related taxes and fees.
Signage and Display: Upon written approval from Lessor, which shall not be unreasonably withheld, Lessee shall have the right to place appropriate signs or displays in close proximity of the ATM.
Repairs: Repair and maintenance of the ATM shall be the sole responsibility of Lessee. Lessor, its agents and its employees, shall not attempt to fix, repair, modify, or alter the ATM in any way.
Provisions and Supplies: Lessee shall provide all monies, products, and supplies for the operation of the ATM.
Return of Leased Premises: Upon termination or expiration of this Lease, Lessee shall return the Leased Premises in the same condition as of the commencement of the Lessee’s occupancy with the sole exception of ordinary wear.
Access: Lessee shall have access to the Leased Premises for the purpose of maintaining the ATM during the hours that the University of Cincinnati is open to the public. In the event of an emergency during off-hours, Lessee will have access through Lessor’s Department of Public Safety (Campus Police). Provisions will be made by Lessor to permit Lessee, its employees, and its agents, on campus to service the ATM.
Security Escort: Lessee shall provide a security escort for Lessee’s representatives to and from their vehicles when the representatives are transporting monies to and from the ATM.
Utilities: Lessor shall provide Lessee the following utilities for the Leased Premises at no additional charge: Air Conditioning and heating as is required for comfortable use under normal business conditions, and electricity as may be required by Lessee for illumination of Leased Premises and for normal operation of the ATM.
Changes: The parties hereto may, form time to time, make changes to this Lease as may be mutually agreed upon. Such changes shall be incorporated by written amendment to this agreement.
Fire and Casualty: In the event the Leased Premises or its surrounding building shall be damaged by fire or other casualty, thus preventing access to the ATM, the rent shall be abated from the date of such occurrence.
Indemnification: Lessee shall hold harmless and indemnify Lessor against all public liability and property damage, loss, cost, or expense sustained by Lessor including reasonable attorney fees and other expenses of litigation:

(a)Arising out of or related to injury to person or property occasioned by any negligent act or omission of Lessee.

(b)Arising out of or related to any of the construction of Lessee’s improvements performed by Lessee, its agents, its contractors, or anyone under the supervision of anyone of them.

(c)Lessee shall maintain insurance with a Five Hundred Thousand Dollar limit naming the Lessor as co-insured and covering the aforementioned liability and evidence of such shall be furnished to Lessor upon request. Lessee’s insurance company shall notify Lessor if said coverage lapses. Notwithstanding the foregoing to the contrary, Lessee shall have the right to self-insure said risk. Lessor shall not be responsible nor assume any liability for collecting bad debts (i.e. withdraws) from University of Cincinnati students, faculty, or staff arising out of the use of the ATM.

Waiver of Subrogation: Lessor and Lessee hereby release the other and their respective officers and employees from any claims or portion of claims covered by their respective property insurance policies of the applicable insurance coverage which either party may have against the other and their respective officers and employees for loss or damage to the building and improvements in which the Leased Premises are situated, or to the contents thereof, and any personal property stored or placed therein by either party, caused by any of the perils enumerated in the fire and extended coverage insurance policies covering the building and improvements in which the Leased Premises are located whether such loss or damage was caused by the negligence of either of them or their respective officers or employees. Lessee agrees to maintain fire and extended coverage insurance covering its ATM and other equipment to be placed in the Leased Premises pursuant to this agreement on a replacement cost basis. Lessor and Lessee each agree to take any necessary action to make this release effective and binding upon their respective insurance carriers so that such carries might otherwise have against either of the parties hereto, or their respective officers and against either of the parties hereto, or their respective officers and employees.
Governing Law: This Lease Agreement shall be governed in all respects by the laws of the State of Ohio.
Quiet Enjoyment: Lessor covenants with Lessee that Lessee, having performed its covenants and agreements herein set forth, shall have quiet and peaceable possession of the Leased Premises on the terms and conditions herein provided.
Entire Agreement: This Lease Agreement constitutes the entire agreement between the parties hereto.

IN WITNESS WHEREOF, this instrument has been executed by the University of Cincinnati on the DAY th day of MONTH, YEAR and by NAME OF FINANCIAL INSTITUTION on the DAYth day of MONTH, YEAR.