OFFICE LEASE AND ADMINISTRATIVE SUPPORT AGREEMENT
Exhibit 10.3
OFFICE LEASE AND ADMINISTRATIVE SUPPORT AGREEMENT
THIS OFFICE LEASE AND ADMINISTRATIVE SUPPORT AGREEMENT (this “Agreement”) is made on February 3, 2017, by and between Banyan Rail Services Inc. (“Banyan”) and Boca Equity Partners LLC (“BEP”).
WHEREAS: The parties desire to provide for a cost-sharing arrangement relating to Banyan’s use of a portion of BEP’s offices located at 00000 Xxxx Xxxxxx Xxxxxx, Xxxxx 0, Xxxxx 000, Xxxx Xxxxx, XX 00000 (the “Premises”), and certain overhead items at the Premises such as space, utilities and other administrative services.
NOW THEREFORE, the parties agree as follows:
TERMS
| 1. | Term. The term of this Agreement shall be month-to-month, commencing on October 1, 2016 (the “Effective Date”). |
| 2. | Shared Costs. BEP shall furnish to Banyan the following: | |
| a. | A portion of the Premises, including related janitorial, electrical and other, associated taxes and utility services; |
| b. | Certain furniture, furnishings and equipment; |
| c. | Telephone service, internet access and postage machine, etc.; |
| d. | General office and administrative support. |
| 3. | Reimbursement of Shared Costs. Banyan agrees to reimburse BEP $6,605 per month in advance for the costs of the services and facilities provided hereunder. In addition, Banyan will reimburse BEP a one-time charge in the amount of $37,122 related to the costs of the set-up of the new office and the move. If the cost of such services and facilities changes subsequently, the parties will negotiate changes in good faith. |
| 4. | Notices. All notices, request, demands and other communications required or permitted under this Agreement shall be given in writing as follows: |
| Boca Equity Partners, LLC | Banyan Rail Services Inc. |
| 0000 Xxxx Xxxxxx Xxxxxx | 0000 Xxxx Xxxxxx Xxxxxx |
| Tower 1, Suite 000 | Xxxxx 0, Xxxxx 000 |
| Xxxx Xxxxx, XX 00000 | Xxxx Xxxxx, XX 00000 |
| Attn: Xxxx X. Xxxxxx, CEO | Attn: Xxxx Xxxxxx Interim CFO |
Agreed upon as of the Effective Date:
| Boca Equity Partners, LLC | Banyan Rail Services Inc. | |
| /s/ Xxxx X. Xxxxxx | /s/ Xxxx Xxxxxx | |
| By: Xxxx X. Xxxxxx, CEO | By: Xxxx Xxxxxx, Interim CFO |
