STATE OF NORTH CAROLINA
COUNTY OF HENDERSON
THIS LEASE AGREEMENT is made and entered into this 5 day of August 200_, by and between McMANUS DEVELOPMENT
LLC, hereinafter referred to as LESSOR, and MOUNTAIN 1ST BANK AND TRUST, hereinafter referred to as LESSEE.
In consideration of the mutual covenants herein, the parties agree as follows:
1. PREMISES. Lessor does hereby lease to Lessee, and Lessee does accept as tenant those premises located at 3270
Hendersonville Road, Fletcher, Henderson County, North Carolina, said premises being particularly described on Exhibit A
attached hereto and incorporated herein.
2. TERM. The term of this lease shall be for 10 years commencing upon the later of occupancy of the facility or October, 2005,
and extending to September 30, 2015. Should the Premises be completed and occupied prior to the commencement date, the
Lessee shall pay the Lessor the sum of One Hundred Six and 67/100 Dollars ($106.67) for each day prior to October 1, 2005 that
the building is occupied.
3. RENT. Lessee shall pay to Lessor rent in the amount of Three Thousand Two Hundred and no/100 Dollars ($3,200.00) per
month which rental amount shall be due and payable on or before the 10th day of each monthly period during the term of this
Lease Agreement. Lessee shall pay to Lessor, as additional rent, an amount equal to five percent (5%) of one (1) month’s rent as
a late penalty should Lessor not receive the monthly rental payment on or before such 30th day.
4. RENEWAL OPTION. Provided and upon the condition that Lessee shall not then be in default under the terms of this Lease
beyond any applicable grace or cure period, Lessee shall have the right to renew this Lease for a total of three (3) additional
terms of five (5) years each. Lessee shall give notice in writing to Lessor by certified mail at least thirty (30) days prior to the end
of the original term or the current five year renewal term of its intention not to exercise its option to renew