Lease At 2801 Bardstown Road

EXHIBIT 10.11 Lease at 2801 Bardstown Road


LEASE


THIS LEASE is entered into on August 1, 1982 between


JAYTEE PROPERTIES
P. O. BOX 600
SHELBYVILLE, KY 40065


"Landlord"


and


REPUBLIC BANK & TRUST COMPANY
2801 BARDSTOWN ROAD
LOUISVILLE, KY 40205


"Tenant"


WITNESSETH:


In consideration of the mutual convenants hereinafter contained, and each act performed hereunder by either of the parties, Landlord and Tenant agree as follows:


ARTICLE I


EXHIBITS ATTACHED AND MEMORANDUM OF LEASE


Section 1.01. Exhibits. The following exhibits are attached to and
made a part of this Lease:


(1) Exhibit A. Specimen Memorandum of Lease.
(2) Exhibit B. Legal Description of the Demised Premises.
(3) Exhibit C. Diagram.


Section 1.02. Memorandum of Lease. Landlord and Tenant agree not to place this lease of record, but to execute, acknowledge and record a memorandum of lease containing the names of Landlord and Tenant, the specific legal description of the Demised Premises, the Original Term, and the renewal option. Such memorandum of lease shall be substantially in the form of Exhibit A attached hereto and by reference made a part hereof. Landlord shall have the memorandum of lease recorded and supply the recorded copy to Tenant.


ARTICLE II


DEMISED PREMISES


Section 2.01. Demised Premises. Landlord hereby lets and demises to Tenant, and Tenant hereby leases from Landlord the real property known as and located at 2805 and 2807 Bardstown Road, Louisville, Kentucky, together with the improvements located thereon, consisting of a two story brick building and appurtenances.


ARTICLE III


TERM AND RENEWALS


Section 3.01. Original Term. The "Original Term" of this lease shall be for a period of sixteen (16) years beginning on August 1, 1982 and ending on July 31, 1998.


Section 3.02. Renewals. Landlord grants to Tenant an option to extend the Original Term for an additional term of ten (10) years on the same terms and conditions as herein set forth. This lease shall be automatically renewed unless Tenant notifies Landlord in writing three months prior to the expiration of such Lease that the Tenant will not exercise his option to extend the Lease.


Section 3.03. Demised Term. The Original Term and any additional terms of this lease resulting from the exercise of the option granted in Section 3.02 are collectively referred to in this lease as the "Demised Term."


Section 3.04. Holding Over. In the event Tenant remains in possession of the Demised Premises after the expiration of the Demised Term and without the execution of a new lease, it shall be deemed to be occupying the Demised Premises as a tenant from month to month, subject to all conditions, provisions and obligations of this lease insofar as the same are applicable to a month-to-month tenancy.


ARTICLE IV


RENT


Section 4.01. Rent. The Tenant shall pay as rent for the Demised Premises the sum of $24,996 annually, payable $2,083 per month for each and every month during the first three years of this Lease. Rentals shall be adjusted upward (but not downward) at the end of each three year segment of the demised term at such amount as the parties may agree upon as properly reflective of prevailing increases in rentals generally. In the event of a failure of agreement, the parties will submit the question of fair rental to a member of the Louisville Board of Realtors jointly acceptable to the parties, whose decision will be binding upon both Landlord and Tenant. All payments shall be paid in advance without demand on the first day of each month at the office of the Landlord or at such place designated by Landlord. If the commencement of the Lease term does not coincide with the first day of a calendar month, the monthly rental payment for the first and last months of the term shall be paid in a prorated amount which shall be computed on the number of days the Tenant occupies the premises during the months in question.


Section 4.02. Real Estate Taxes. Tenant shall reimburse Landlord for real property ad valorem taxes levied on the Demised Premises which are paid by Landlord during the Demised Term. The reimbursement provided for in this section shall be paid within thirty (30) days after delivery to Tenant of a receipt showing such payment by Landlord. The amount of Tenant's liability for said Real Estate Taxes shall be determined by multiplying the total bill by a fraction, the numerator of which is 1800 and the denominator of which is the total square feet in the building of which the Demised Premises are a part.


(A) Tenant shall have the right at its own expense to challenge any tax or assessment; such challenge will not, however, relieve Tenant's obligation to pay such taxes promptly when due. If such challenge results in a reduction of taxes or assessments, Tenant shall be entitled to a refund of its proportionate part of such reduction within 14 days of the date such refund amount is received by Landlord. If the challenge results in reduction of a bill prior to payment of Landlord, Tenant shall not be entitled to a refund, but shall have its bill appropriately reduced.


(B) If this lease expires or terminates before a tax or assessment bill is rendered for the year in which such expiration or termination occurs, Tenant shall pay to Landlord on January 1 of such year of expiration or termination the proportionate amount of the anticipated tax for the entire calendar year. The said proportional amount shall be computed as a fraction, the numerator of which shall be the number of months of the lease term within the last calendar year and the denominator of which shall be 12.


ARTICLE V


USE OF DEMISED PREMISES


Section 5.01. Use. The Demised Premises may be used by Tenant for the operation of a bank and trust company, and for other financial and related services. Tenant shall not use or allow the Demised Premises to be used for any purpose other than as specified herein and shall not use nor permit the Demised Premises to be used for any unlawful, disreputable or immoral purpose or in any way that will injure the reputation of the Demised Premises.


ARTICLE VI


UTILITY SERVICES


Section 6.01. Payment by Tenant. Payment for all utilities used upon or in connection with the office space leased by Tenant will be paid by the Tenant in an amount due according to the separate meters which have been installed to register consumption for said office space. Such utilities include water, gas and electricity.


Tenant will reimburse Landlord for the Tenant's share of any bills for trash collection within 30 days after notice of such bill is received by the Tenant.


ARTICLE VII


MAINTENANCE


Section 7.01. Landlord's Responsibilities. Landlord shall make replacements within the interior and exterior of the Demised Premises and keep and maintain same in good condition and repair. If Landlord refuses or neglects to commence or complete repairs promptly or adequately, Tenant may, but shall not be required to do so, make or complete said repairs and deduct the cost thereof from the next rental payment. Landlord shall comply with the directions of proper public officers as to the maintenance of the Demised Premises and shall comply with all health and police regulations applicable to or affecting the Demised Premises. Tenant shall deliver the Demised Premises to Landlord in good condition at the end of the Demised Term, excepting ordinary wear and tear and damage by fire or casualty.


ARTICLE VIII


ALTERATIONS


Section 8.01. Alterations by Tenant. Any remodeling, alterations and additions to the Demised Premises which Tenant may deem necessary during the Demised Term shall be made at Tenant's expense, and Landlord hereby consents thereto. Major structural changes to the Demised Premises shall be made only with Landlord's written consent. Except as otherwise provided in Section 9.01, or unless otherwise specifically provided in writing, any such alteration or addition shall remain in the Demised Premises upon the expiration or termination of this Lease, free of any ...