Item 1.01 - Entry into a Material Definitive Agreement.
On March 5, 2020, Bank of the James (the “Bank”), a Virginia banking corporation that is a wholly-owned subsidiary of the registrant, Bank of the James Financial Group, Inc. (the “Company”), received from Jamesview Investments LLC, a Virginia limited liability company (the “Landlord”), its fully-executed copy of an Amended and Restated Deed of Lease by and between the Bank and the Landlord for the Bank’s 828 Main Street, Lynchburg, Virginia location (the “Amended and Restated Lease”).
The Amended and Restated Lease amends and restates in its entirety that certain Deed of Lease by and between the Bank and the Landlord previously entered into on October 9, 2003. As has been previously reported, the Landlord is wholly-owned by William C. Bryant III, a member of the Boards of Directors of both the Company and the Bank.
Notwithstanding the March 5, 2020 date of execution by the Landlord, the parties have made the Amended and Restated Lease effective as of June 1, 2019, the parties having operated and performed in accordance with the terms of the Amended and Restated Lease since that time.
The initial term of the Amended and Restated Lease commenced, accordingly, on June 1, 2019 and will run through July 31, 2024, following which time the Bank has three (3)5-year renewal options available for its election.
During the initial term of the Amended and Restated Lease, the Bank is obligated to pay monthly installments of rent in the amount of $33,470.75 for the leased premises.
The leased premises are occupied by the Bank for use as its Main Street Branch, its corporate headquarters and for general corporate purposes. Under the Amended and Restated Lease, the Bank has increased the amount of space that it leases at 828 Main Street to approximately 32,400 square feet (from the approximately 27,000 square feet previously leased). The additional space was sought in order to accommodate the Bank’s previous determination to vacate and relocate its Church Street, Lynchburg, Virginia operations to 828 Main Street and to provide for future growth.
The foregoing description of the Amended and Restated Lease is qualified by reference to the Amended and Restated Lease, a copy of which is attached hereto asExhibit 10.1.
Item 9.01 - Financial Statements and Exhibits.
| | (a) | Financial statements of businesses acquired – not applicable |
| | (b) | Pro forma financial information – not applicable |
| | (c) | Shell company transactions – not applicable |
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