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Model Home
Investment
Opportunity
Table of Contents
1. Meet Goodall Homes
2. Awards and Recent Press Releases
3. Every Goodall Home is Easy Living Home Certified
4. Metro Study Production Builder Ranking and Community Absorption
5. Nashville, Tennessee Living
6. Model Homes Overview
7. Sumner County Models
8. Williamson County Models
9. Wilson County Models
®
When choosing a Goodall Home you can be confident that ourfamily of professionals will build every home as if it were our own.
Goodall History...Goodall History...
Parke Goodall and his wife Frances established roots inMiddle Tennessee in 1808 because of the beauty of
the area and the quality of life. We know these are stillimportant to homeowners today. The Goodall name hasbeen here ever since. When building your home you need acompany that is going to stand the test of time. GoodallHomes understands how important it is for your family toput down roots, that is why we build great homes andgreat communities.
ob Goodall began building homes in 1983 and sincethat time has been involved in the building of
thousands of homes. Locally owned and operated,Goodall Homes is an award winning builder offeringservices including developer, builder, and real estate sales
all under one roof. Energy Star and EasyLiving HomeCertified homes are just a couple of the great attributes weoffer in our communities. Our highly rated professionalcustomer service department stands behind every home24 hour emergency response program and a one yearwarranty on the entire home, two year mechanical, and tenyear structural warranty that sets Goodall Homes apartfrom others in the industry.
®
B
...a history of success...a history of success
BOOKOF
LISTS
Nashville Business Journal
Number five in newbuilder home
closings in the Nashvillearea, 2010.
Best in BusinessAward winner 2011
with a 23 percentincrease in home salesover the previous year.
Awards & Recent Press Releases
Goodall Homes and Communities Named Winner ofNashville Business Journal’s Best in Business Award
April 18, 2011
Nashville, Tennessee
Goodall Homes and Communities has been named the winner of the Nashville Business
Journal's “Best in Business” Award in the 26-100 employee category, an honor
recognizing Middle Tennessee's fastest growing and best managed companies.
Founded by Gallatin native Bob Goodall in 1983, Goodall Homes and Communities'
areas of specialization include residential land development, home construction and new
home sales. Despite the challenging economic climate, 2010 proved to be a record-
breaking year for Goodall, with the organization posting an impressive 23% sales increase
over 2009 numbers, the second straight year for increases in both sales and closings.
When asked to pinpoint reasons for his organization’s success, Goodall affirms that “the
key ingredients to our company’s success have been our open-book management style,
our customer service focus, and a wide array of affordable, energy efficient homes, villas,
condominiums, and townhomes located in Middle Tennessee's most desirable locations”.
Goodall Homes and Communities offers single family homes, condominiums, villas and
townhomes in eleven residential communities in Williamson, Wilson, Sumner and
Robertson Counties.
CONTACT:
Chris O’Neal
Vice President, Sales and Marketing
615-451-5029, ext. 103
May 5, 2011
Goodall Homes specializes in new home sales, home construction and residential land development. An example of this is StoneBridge community in Lebanon. On this project , Goodall purchased more than 300 acres of land, too the land throughout the entitlement and development process, built a $1.5 million dollar amenity center and is now building and selling new homes in the community.
GIVE US AN OVERVIEW OF THE COMPANY: Goodall Homes is a very unique residential land development and homebuilding company because of its open-book management culture. Each week, the entire company “huddles” for one hour to review financial reports and other key operational reports in order for everyone to understand his or her part in the success of the company. Every employee is taught to be a business owner, and every employee is empowered to make decisions necessary for the accomplishment of the company’s goals.
WHAT ARE SOME OF YOUR RECENTACCOMPLISHMENTS? 2010 was a record-breaking year for Goodall Homes
and Communities. In the midst of our country’s recession, we had our best year of sales and closings since our inception. Our sales increased 23 percent from last year (147 vs. 181). Our closings rose 21 percent, from 140 homes closed last year to 169 this year. We closed 53 homes in the fourth quarter, more than any quarter in company history. We set new monthly sales records for March. June, August and November 2010. We began selling in three new neighborhoods this year and added three new product lines.
WHAT ARE SOME OF THE CHALLENGES YOUR BUSINESS HAS HAD TO OVERCOME? The biggest challenge for Goodall Homes this year, and the past several years, has been the crash of the housing market and the recession the country has faced. The real challenge was to listen to the
customers who were communicating what they were willing to pay for a home and also what size and features that home needed. It was a real challenge to deliver this product at the price consumers were willing to pay and yet maintain profitability and quality.
WHAT LESSONS HAVE YOU LEARNED SINCE YOU STARTED YOUR COMPANY? Acknowledge your weaknesses and bring on team members who have strengths in these areas. Encourage and cultivate leadership in the organization.
WHAT ARE THE KEY INGREDIENTS TO YOUR SUCCESS? The key ingredients to our company’s success have been our open· book management style, a Lean Blitz and our customer service focus. In the open-book management style, all employees
are aware of what it takes to succeed and where we stand financially at any given moment. Every individual understands their responsibility, and we all share in the successes of our company. We went through a Lean Blitz earlier this year with True North. Lean is the relentless pursuit, identification and destruction of waste. We enlisted our trade partners for their ideas and we have initially realized savings of over $53,000 in 2010 and are projecting even greater savings in subsequent years to the tune of about $214,000. Both Goodall Homes and its trade partners and vendor partners realize these savings in waste. We also are intently focused on the satisfaction of our customers in all aspects of theirhomebuilding experience.
TELL US ABOUT YOUR PROFITABILITY: Goodall Homes is above that of comparable companies in the industry for 2010, although the industry as a whole has taken a significant hit in profitability over the last several years. Another note on profitability is that Goodall Homes’ employees share in the profitability of the company.
Top Executive: Bob GoodallAddress: 393 Maple St .Ste. 100, Gallatin 37066Phone: (615) 451·5029, ext. 106Web: GoodallHomes.com
Founded: 1983Revenue (2010): $33.2 millionRevenue (2011 Projected): $46 millionEmployees (2010): 54Employees (2011 Projected): 49
Goodall Homes and CommunitiesJAMES YATES | NASHVILLE BUSINESS JOURNALBob Goodall, presidend and CEO of Goodall Homes, said sales increased 23 percent in 2010 over the previous year.
WINNER: 26-100 EMPLOYEES
nashvillebusinessjournal.com | 2011 Best in Business Awards | 11A
Goodall Homes recipient of National QualityHousing Award
Adding to the numerous honors it has received this year, Goodall Homes and
Communities is proud to have been chosen as a recipient of a bronze level National
Housing Quality Award, making it one of only four builders nationally to have been
honored this year. Awarded through a joint effort by Professional Builder magazine and
the National Association of Home Builders (NAHB) Research Center, the National
Housing Quality Awards recognize the best in quality-driven home building companies
nationwide through a rigorous application and on-site evaluation process.
Regarding the application and evaluation process for the award, Goodall’s Chief
Operating Officer Keith Porterfield saw it as a unique opportunity. “On a daily basis, we
seek areas in which we can improve and refine our processes. The NHQ award
application, along with our open book management approach and customer service focus,
provided another vehicle through which we can strengthen our organization. Being
chosen as a bronze award winner was a terrific end result to the exercise.”
Founded by Gallatin native Bob Goodall in 1983, Goodall Homes and Communities’
areas of specialization include residential land development, home construction and new
home sales. Goodall Homes offers single family homes, condominiums, villas and
townhomes in eleven residential communities in Williamson, Wilson, Sumner and
Robertson Counties.
Awards & Recent Press Releases
NASHVILLE, Tenn. (September 2, 2011) Operation FINALLYHOME, a 501(c)(3) organization with the mission to providecustom-made, mortgage-free homes to wounded and disabledveterans and the widows of the fallen, announced plans to build ahome for Middle Tennessee soldier, Shaun Meadows. Award-winning builder Goodall Homes has committed to build the homeand Nashville-based LP Building Products will serve as lead sponsor,donating materials for the project.
Born out of the Bay Area Builders Association Support Our Troopseffort, Operation FINALLY HOME was founded by Dan Wallrathin 2005. Daniel Vargas, a retired U.S. Air Force Technical Sergeantruns the organization out of New Braunfels, Texas. The programprovides custom-made homes to wounded and disabled veterans aswell as to widows of the fallen to help them get their lives back ontrack.
“Our mission is to help wounded heroes like Shaun and theirfamilies transition from the battlefront to the home front,” saidVargas “We help in this transition by building homes for theseheroes. The only way this objective is possible is throughpartnerships and support from corporate sponsors, builderassociations, builders, developers, individual contributors andvolunteers. Goodall Homes, LP Building Products and a generousdonation from country music stars Big & Rich and Gretchen Wilsonare making this Middle Tennessee build possible.”
Shaun Meadows is a 31-year-old Afghanistan combat veteran. Whiledeployed in Afghanistan in 2008 Meadows was injured by an IEDand became a bi-lateral above-knee amputee. Following his injury,Meadows had a year-long stay at Walter Reed Army Medical Centerfor recovery and rehab. He began walking two and a half monthspost injury and started running six months post injury. Meadowsretired from the Air Force in January 2011 and moved to Tennessee.Married to Nicole Meadows, the couple has a six-year-old son,Trevor.
“Goodall Homes is proud to be a part of this project,” said KeithPorterfield, Chief Operating Officer. “This build is all about givingShaun Meadows the security he needs and deserves for his family.We are looking forward to handing the much-deserved keys to acustom-made home to this hero.”
The Meadows' home build is scheduled to begin in early Novemberwith a projected completion date on Memorial Day 2012.
“LP Building Products is proud to partner once again withOperation FINALLY HOME,” said Rick Olszewski, executive vicepresident of specialty products, sales and marketing. “Thiscollaborative effort represents our respect for and support of oursoldiers. To build this home for Shaun right here in our home statemakes playing a role in building this home even more meaningful.”
For more information including ongoing updates on the build, visitFinallyHomeTN.com or Facebook.com/FinallyHomeTN.
About Operation FINALLY HOME
Operation FINALLY HOME is an award-winning program createdby Bay Area Builders Association Support Our Troops. Bay AreaBuilders Association Support Our Troops was established in 2005 asa non-partisan/non-profit 501(c)(3) organization. Bay Area BuildersAssociation Support Our Troops mission is to provide custom mademortgage free homes to wounded and disabled veterans and thewidows of the fallen in an effort to get their lives back on track andbecome productive members of their communities. Bay AreaBuilders Association Support Our Troops partners with corporatesponsors, builder associations, builders, developers, individualcontributors, and volunteers to help severely wounded heroes andtheir families' transition from the battlefront to the home front andhelp them succeed in their challenging new world so they mayultimately enjoy a productive and rewarding life. For moreinformation, visit www.babasupport.org.
About Goodall Homes
Goodall Homes and Communities specialize in residential landdevelopment, home construction and new home sales. Goodall wasrecently awarded the Prestigious National Housing Quality Award(Bronze Award), sponsored by Professional Builder Magazine andthe National Association of Homebuilders Research Center, theonly homebuilder in the Southeast to win this award. Goodall wasalso awarded the 2011 Best in Business Award for the 26 to 100employee category, from the Nashville Business Journal and the2010 Master Guild Award for Outstanding Customer Service. Inaddition to our recent success, Goodall Homes has an unwaveringcommitment to building great homes at great values and providingunmatched customer service throughout and after the homebuildingprocess for all homeowners. For more information, visitwww.goodallhomes.com.
About LP Building Products
Louisiana-Pacific Corporation is a leading manufacturer of qualityengineered wood building materials including OSB, structuralframing products, and exterior siding for use in residential, industrialand light commercial construction. From manufacturing facilities inthe U.S., Canada, Chile and Brazil, LP products are sold to buildersand homeowners through building materials distributors and dealersand retail home centers. Founded in 1973, LP is headquartered inNashville, Tennessee, and traded on the New York Stock Exchangeunder LPX. For more information, visit www.lpcorp.com.
Operation Finally Home announces Middle Tennessee buildOrganization to partner with Goodall Homes and LP Building
Products to construct a home for Shaun Meadows, a double
amputee Afghanistan combat veteran
Awards & Recent Press Releases
EasyLivingHome®
EasyLiving
Easy Access
Easy Passage
Easy Use
A step-free entrance into the central living area of the home from a
driveway, sidewalk or firm route into the main floor. Convenient, safe
entry even when your arms are full of shopping bags or small children
• No threshold trip hazard
• Easy transport of luggage carriers, strollers and other cumbersome
objects
• Easy entry for family and friends who rely on mobility aids
The exterior door that provides the step-free entrance and all interior
doorways provide easy passage, with 2'10" or 3'0" door or other
solution that allows a minimum of 32" clear passage.
• Pass freely around the main floor even when carrying bulky items
such as laundry baskets
• No more wrestling large furniture through narrow doorways or
logjams when entertaining
• Complete access to all the necessary living spaces on the main floor
means independence for family members unable to fit through narrow
spaces or climb stairs
A bedroom, kitchen, entertainment area and a full bathroom with
designated maneuvering space of 30" x 48" rectangle in front of the
sink, commode and tub or shower, all located on the main floor
accessible via the step-free entrance.
• Fewer trips up and down the stairs since the rooms you spend most
of your time in are all on one level
• Relatives or friends with mobility limitation are more comfortable
visiting because they aren’t excluded from the group
• A self-contained main floor with accessible bathroom makes it
possible for people who develop serious medical conditions to remain
at home and retain their independence
t Goodall Homes, our main focus is on building quality
homes that people of all ages and lifestyles can enjoy. This
means building homes that provide easy home entry access to
homeowners and guests, plenty of room to pass through
doorways and a main living area with “step-free entrance” for
those who don’t want to make unnecessary trips up and down
stairs. Incorporating these EasyLiving Home features not only
makes the home easier to live in without increasing construction
costs or sacrificing architectural or design styles, it can also
increase the resale value of a home.
®
Home®
A
Metro Study Production Builder Ranking and
Community Absorption
Communities
Nashville & Middle TennesseeRankings
Nashville & Middle Tennessee
Excerpted from:
January 12, 2011
NASHVILLE, Tenn. – The City of
Entrepreneurs Event is the Entrepreneur
Center’s venue to communicate its vision,
mission and goals for driving economic
growth in Tennessee. Currently, Nashville is
ranked America’s Number Eight Place to
Start a Business, according to Bloomberg
BusinessWeek. With the support of
Nashville’s public and private communities,
the Center is setting out to make Nashville
number one.
Nashville is Music City, the Athens of the
South, a center of creativity and education
and home to one of the densest
concentrations of entrepreneurial talent in
the world. We are a City of Entrepreneurs.
Together, we will make Nashville the most
recognized place in America for new
businesses to grow and flourish.
Nashville’s culturally diverse and friendly
environment makes it a favorite place for
conventioneers and tourists, as well as a great
place to work, live and raise a family. The
following honors and rankings are just a few
of Music City’s shining accolades.
Rankings
of Nashville
Nashville was tapped number four on
the list of “Best Places for Relocating
Families,” by Worldwide ERC and
Primacy Relocation.
Nashville placed numberseven among metropolitanareas on Forbes.com’s
“Best Places for Businessand Careers” list.
Nashville was rated number two among“Best Cities for Relocating Singles,”according to Worldwide ERC and PrimacyRelocation’s report.
ExpansionManagement
rankedNashville thesecond MSAoverall and
the fifthmost popular
city forcorporate
relocations in“Top 50
Hottest USMetros.”
KPMG ranked Nashville thesecond least costly city in which
to do business in the world.
Nashville is the“Number One Cityfor CorporateHeadquarters.”BusinessFacilitiesmagazine.
Nashvilleis one of the top 10
“EntrepreneurialHot Cities.”
Entrepreneurmagazine.
Nashville is one of fivecities profiled byBusiness 2.0 magazine(a Fortune publication),in “Escape from SiliconValley: Five great andcheap places to startyour company.”
n Tennessee, the culture and history are rich and
diverse, the people are friendly and the landscape
is beautiful. Tennessee has no state income taxes, a
low cost of living, and a mild climate with four
distinct seasons. Its central location is only a day’s
drive of 76 percent of the major United States
markets, such as Atlanta, St. Louis, Chicago,
Cincinnati, etc.
Tennessee is a great state for raising a family or
retiring. It is rated a top state in numerous polls and
reports.
Tennessee is home to urban places and wide-open
spaces, with lots of scenic room to roam.
Tennessee’s lakes, rivers and parks provide perfect
settings for outdoor activities. The fine arts thrive
alongside regional crafts. Sports share the spotlight
with great musical attractions. Major medical
centers, colleges and universities, and active civic
organizations enhance Tennessee and offer a sense
of community for its citizens.
Tennessee Living
V A N D E R B I L T
U N I V E R S I T Y
Music City USA
I
Model Home Overview
Total Sales Price for 9 Models:
Monthly Lease Amount for 9 Models:
Lease Term:
Monthly HOA dues for 9 Models:
Monthly Lease Amount including HOA dues for 9 Models:
Sample Lease Agreement is included.
$2,405,729
$18,043
12 mo.
$587
$18,630
Model terms are based on individual
model purchases. Should three or more
models be purchased by one investor,
Goodall Homes will extend the lease
term to . In addition, at
Purchaser’s option, Goodall Homes will
list the homes on MLS upon termination
of the lease and will waive any seller
brokerage commission.
24 months
Model Terms
Sumner County Models
Model Home Overview
Sumner County Models
Waterford Crossing
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
Waterford Crossing
Hendersonville
Sumner
Townhome
Edgewood
1,475
$179,029
$1,343
12 mo
$135
$1,478
Hendersonville
Community Info
Waterford CrossingHendersonville
Sumner County Models
The Edgewood
Sumner County Models
Windstar Bay
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
Windstar Bay
Hendersonville
Sumner
Single Family
Mansfield
2,864
$314,345
$2,358
12 mo
$43
$2,401
Hendersonville
Community Info
The Mansfield
Sumner County Models
Windstar BayHendersonville
SOLD
Sumner County Models
Foxland Harbor
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
Foxland Harbor
Gallatin
Sumner
Single Family
Savannah
3,243
$421,376
TBD
12 mo
$3,160
Gallatin
Community Info
Sumner County Models
Foxland HarborGallatin
The Savannah
The Savannah Model at FoxlandHarbor is under construction and
will be complete in October 2011. Thephotos shown are of the SavannahModel at Ladd Park. The Model atFoxland will feature a side entry garageand an amazing custom elevation. Thekitchen will feature many upgrades andcustom cabinetry.
Sumner County Models
Elk Acres
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
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Monthly Lease Amountincluding HOA dues:
Elk Acres
Gallatin
Sumner
Single Family
Charleston
1,728
$187,550
$1,407
12 mo
$13
$1,420
Gallatin
Community Info
Sumner County Models
Elk AcresGallatin
The Charleston
The exterior photo is of anotherCharleston floorplan and is not
the actual Model. Interior photos arefrom the Model.
Williamson County Models
Model Home Overview
Williamson County Models
Bent CreekNolensville
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
Bent Creek
Nolensville
Williamson
Single Family
Cambridge
2,475
$279,990
$2,100
12 mo
$50
$2,150
Community Info
The Cambridge
Williamson County Models
Bent CreekNolensville
Williamson County Models
Ladd ParkFranklin
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
Ladd Park
Franklin
Williamson
Single Family
Savannah
3,243
$373,139
$2,799
12 mo
$50
$2,849
Community Info
Williamson County Models
Ladd ParkFranklin
The Savannah
SOLD
Model Home Overview
Wilson County Models
Wilson County Models
StoneBridge VillasLebanon
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
StoneBridge
Lebanon
Wilson
Villa
Arlington
2,020
$239,315
$1,795
12 mo
$125
$1,920
Community Info
Wilson County Models
StoneBridge VillasLebanon
The Arlington
Wilson County Models
StoneBridge TownhomesLebanon
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
StoneBridge
Lebanon
Wilson
Townhome
Hamilton
1,568
$171,470
$1,286
12 mo
$146
$1,432
Community Info
The Hamilton
The Hamilton Model is underconstruction and will be
complete in late September 2011.
Wilson County Models
StoneBridge TownhomesLebanon
SOLD
Wilson County Models
Providence LandingMt. Juliet
Community:
City:
County:
Product Type:
Plan :
Square Feet:
Sales Price:
Monthly Lease Amount:
Lease Term:
Monthly HOA dues:
Monthly Lease Amountincluding HOA dues:
Providence Landing
Mt. Juliet
Wilson
Single Family
York
2,035
$239,515
$1,796
12 mo
$25
$1,821
Community Info
Wilson County Models
Providence LandingMt. Juliet
The York
The York Model is underconstruction and will be
complete in late September 2011.
MODEL HOME LEASE AGREEMENT
THIS MODEL HOME LEASE AGREEMENT (this “Lease”), is made and entered into this day of , 20__, by and between (“Lessor”), and Goodall Inc. Builders, a Tennessee corporation (“Lessee”).
RECITIALS:
Lessor owns that certain residential real property, being that house and lot located at , , County, (the “Leased Premises”), which is more particularly described on Exhibit “A” attached hereto. Lessor desires to lease to Lessee, and Lessee desires to lease the Leased Premises, under the terms and conditions herein contained. NOW, THEREFORE, for and in consideration of the premises, the sum of TEN AND NO/100 DOLLARS ($10.00) and the other agreements reached herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee agree as follows:
1. Lessor does hereby demise, lease and rent unto Lessee the Leased Premises commencing upon the closing of the house and lot located at the above address and ending twelve (12) months from the commencement of this Lease, in return for a monthly rent payment from Lessee to Lessor of for months 1-12. The lease will automatically renew on a month to month basis. Lessee agrees to provide written notice 60 days in advance to terminate the month to month lease.
2. Lessee covenants with Lessor that Lessee shall not engage nor permit any unlawful act or conduct on, in or about the Leased Premises.
3. Lessee shall pay all utilities, including, but not limited to, electricity, gas, water, cable, general mowing & landscaping needs, and telephone services. Lessee will leave the refrigerator and window treatments in the model home at expiration of agreed upon lease. Lessor shall pay all HOA expenses and property taxes incurred after the commencement of the Lease. Lessee covenants that at no time shall there be any outstanding claims, liens, or encumbrances against the Leased Premises. Lessee shall maintain the Leased Premises and keep in good working order all appliances, mechanical & electrical items, plumbing, HVAC systems, yard, landscaping, driveway, and interior floors and walls of the home. Lessee shall also maintain the roof in as good a condition as is currently the case. During the lease term, Lessee shall be responsible for all repairs to the Leased Premises and all repairs shall be completed in a good and workmanlike manner using materials of good quality.
4. Lessor shall keep the Leased Premises insured under a hazard insurance policy in the amount of the Purchase Price paid by Lessor for the Leased Premises. If the Leased Premises are so damaged by fire or by the elements or by act of God as to be untenantable, this Lease shall be immediately terminated.
5. Lessee shall otherwise comply with all restrictions, rules and regulations set out in the Declaration of Covenants, Conditions and Restrictions encumbering the Leased Premises.
6. In the event of damage or injury arising from the negligence of Lessee, its agents or invitees, the Lessee shall be liable for all such damage or injury. Lessee shall maintain insurance, including but not limited to general liability insurance and “renter’s insurance” covering the personal property of Lessee, including all furniture, furnishings and decorator items within the Leased Premises. Lessor hereby acknowledges that all said furniture, furnishings and decorator items, including bed linens are the property of the Lessee and shall be removed from the Leased Premises by Lessee upon expiration of the Lease.
7. Lessee agrees to inform Lessor of any dangerous, defective or other similar condition which is or becomes apparent.
8. Lessee agrees to take good care of the Leased Premises and, upon expiration of the lease term or extended lease term, to surrender the Leased Premises in as good order and condition as it was in the beginning of this Lease, ordinary wear and tear excepted. Lessee and Lessor have inspected the Leased Premises as of the date hereof and find it to be in good repair for the purposes herein contained.
9. Lessee shall maintain no pets in the Leased Premises.
10. Lessee may sublet the Leased Premises.
11. The terms of this Lease shall be binding upon the heirs, representatives, and assigns of Lessor and Lessee.
12. This Lease may be executed in multiple originals, all of which, when taken together shall be deemed one single original. A faxed or scanned signature shall have the same effect as an original signature.
IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease as of the date above given.
LESSOR: LESSEE: GOODALL INC. BUILDERS A Tennessee corporation
By: By:
Its:
Date: Date: