TITN » Topics » Leases

This excerpt taken from the TITN DEF 14A filed May 11, 2009.

Leases

        We lease real estate for 29 of our 62 stores from entities affiliated with Messrs. Meyer, Tony Christianson and/or Peter Christianson. We lease 28 dealership sites from Dealer Sites, LLC, an entity affiliated by common ownership with Mr. Meyer and Tony Christianson, who collectively owned approximately 40% of Dealer Sites, LLC as of January 31, 2009 and for which Ted Christianson, our Vice President, Finance and Treasurer, serves as president and Mr. Meyer serves as an officer; and one dealership site from C.I. Farm Power, Inc., an entity affiliated by common ownership with Peter Christianson, who is also the general partner. During fiscal 2009 we also leased three dealership sites from Meyer Family Limited Partnership, for which Mr. Meyer serves as general partner and of which certain members of Mr. Meyer's immediate family are limited partners; one dealership site from Padre Partnership, an entity affiliated by common ownership with Peter Christianson, who is also the general partner; and one dealership site from Landco LLC, an entity affiliated by common ownership with Peter Christianson and Mr. Meyer.

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        The table below states for fiscal 2009 through the end of the respective lease terms, the aggregate amount of all periodic payments or installments made or due, including any required or optional payments due at the conclusion of the respective leases, are as follows:

Lessor
  Period   Aggregate
Payments
Made or Due
 

Meyer Family Limited Partnership

  Fiscal 2009   $ 264,000  

 

 

 

 

 

 

 

Dealer Sites

  Fiscal 2009   $ 2,298,282  

  Fiscal 2010, through
December 31, 2018
  $ 30,441,509  

 

 

 

 

 

 

 

C.I. Farm Power

  Fiscal 2009   $ 30,000  

  Fiscal 2010, through
July 31, 2011
  $ 150,000  

 

 

 

 

 

 

 

Padre Partnership

  Fiscal 2009   $ 96,000  

 

 

 

 

 

 

 

Landco

  Fiscal 2009   $ 45,500  

        We intend for the terms of all of our leases to be commercially reasonable. We do not believe the terms of our leases with entities affiliated with Mr. Meyer, Tony Christianson and Peter Christianson are any less favorable to us than could be obtained in an arm's length transaction with an unrelated party.

This excerpt taken from the TITN DEF 14A filed Apr 28, 2008.

Leases

        We lease real estate for 25 of our 39 stores from entities affiliated with Messrs. Meyer, Tony Christianson and/or Peter Christianson. We lease three dealership sites from Meyer Family Limited

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Partnership, for which Mr. Meyer serves as general partner and of which certain members of Mr. Meyer's immediate family are limited partners; 20 dealership sites from Dealer Sites, LLC, an entity affiliated by common ownership with Mr. Meyer and Tony Christianson, who collectively owned 40% of Dealer Sites, LLC as of January 31, 2007, and for which Ted Christianson, our Vice President, Finance and Treasurer, serves as president and Mr. Meyer serves as an officer; one dealership site from Padre Partnership, an entity affiliated by common ownership with Peter Christianson, who is also the general partner; and one dealership site from Landco LLC, an entity affiliated by common ownership with Peter Christianson and Mr. Meyer.

        Since fiscal 2005 through the end of the respective lease terms, the aggregate amount of all periodic payments or installments made or due, including any required or optional payments due at the conclusion of the respective leases, are as follows:

Lessor

  Period
  Aggregate
Payments
Made or Due

Meyer Family Limited Partnership   Fiscal 2006
Fiscal 2007
Fiscal 2008
  $
$
$
304,100
304,100
264,000

Dealer Sites

 

Fiscal 2006
Fiscal 2007
Fiscal 2008
Fiscal 2009, through
December 31, 2022

 

$
$
$
$

595,440
940,988
1,823,032
33,928,267

C.I. Farm Power

 

Fiscal 2006
Fiscal 2007
Fiscal 2008, through
August 31, 2007

 

$
$
$

99,000
99,000
57,750

Padre Partnership

 

Fiscal 2006
Fiscal 2007
Fiscal 2008
Fiscal 2009, through
October 1, 2008

 

$
$
$
$

96,000
96,000
96,000
64,000

Landco

 

Fiscal 2007
Fiscal 2008
Fiscal 2009, through
August 31, 2008

 

$
$
$

20,000
172,500
45,500

        We intend for the terms of all of our leases to be commercially reasonable. We do not believe the terms of our leases with entities affiliated with Mr. Meyer, Tony Christianson and Peter Christianson are any less favorable to us than could be obtained in an arm's length transaction with an unrelated party.

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