GREATER ATLANTA COMMERCIAL BOARD OF REALTORS, INC.
COMMERCIAL LEASE AGREEMENT
MAY, 1994
THIS LEASE, is made this 17th day of Oct, 1996 by and among PDP, INC.,
(hereinafter called "Landlord"), and CRESCENT COMPUTERS INC., (hereinafter
called "Tenant");
WITNESSETH:
PREMISES
1. Landlord, for and in consideration of the rents, covenants, agreements and
stipulations hereinafter mentioned, provided for and contained to be paid, kept
and performed by Tenant, leases and rents unto Tenant, and Tenant hereby leases
and takes upon the terms and conditions which hereinafter appear, the following
described property (hereinafter called the "Premises"), to wit:
and being known as 0000 Xxxxxxxxx Xxxxxxx, Xxxxxxxxx, XX 00000. No easement for
light or air is included in the Premises.
TERM
2. The Tenant shall have and hold the Premises for a term of See Exhibit
A beginning on the _____ day of _______ , 19____ and ending on the ___ day of
_________, 19_____ at midnight, unless sooner terminated as hereinafter
provided.
RENTAL
3. Tenant agrees to pay to ( ) Landlord or ( ) Broker at the address of ( )
Landlord or ( ) Broker as stated in this Lease, without demand, deduction or
set off, an annual rental of $ See Exhibit A payable in equal monthly
installments of $ See Exhibit A in advance on the first day of each calendar
month during the term hereof. Upon execution of this Lease, Tenant shall pay to
Landlord the first full month's rent due hereunder. Rental for any period during
the term hereof which is for less than one month shall be a prorated portion of
the monthly rental due.
LATE CHARGES
4. If ( ) Landlord or ( ) Broker fails to receive all or any portion of a rent
payment within ten (10) days after it becomes due, Tenant shall pay Landlord, as
additional rental, a late charge equal to ten percent (10%) of the overdue
amount. The parties agree that such late charge represents a fair and reasonable
estimate of the costs Landlord will incur by reason of such late payment.
SECURITY DEPOSIT
5. Tenant shall deposit with Landlord upon execution of this Lease $ 0 as
a security deposit which shall be held by Landlord, without liability to Tenant
for any interest thereon, as security for the full and faithful performance by
Tenant of each and every term, covenant and condition of this Lease of Tenant.
If any of the rents or other charges or sums payable by Tenant to Landlord shall
be overdue and unpaid or should Landlord make payments on behalf of Tenant, or
should Tenant fail to perform any of the terms of this Lease, then Landlord may,
at its option, appropriate and apply the security deposit, or so much thereof as
may be necessary to compensate Landlord toward the payment of the rents, charges
or other sums due from Tenant, or towards any loss, damage or expense sustained
by Landlord resulting from such default on the part of Tenant; and in such event
Tenant shall upon demand restore the security deposit to the original sum
deposited. In the event Tenant furnishes Landlord with proof that all utility
bills have been paid through the date of Lease termination, and performs all of
Tenant's other obligations under this Lease, the security deposit shall be
returned in full to Tenant within thirty (30) days after the date of the
expiration or sooner termination of the term of this Lease and the surrender of
the Premises by Tenant in compliance with the provisions of this Lease.
UTILITY BILLS
6. Tenant shall pay all utility bills, including, but not limited to water,
sewer, gas, electricity, fuel, light, and heat bills for the Premises, and
Tenant shall pay all charges for garbage collection or other sanitary services.
COMMON AREA COSTS; RULES AND REGULATIONS
7. If the Premises are part of a larger building or group of buildings, Tenant
shall pay as additional rental monthly, in advance, its pro rata share of common
area maintenance costs as hereinafter more particularly set forth in the Special
Stipulations. The Rules and Regulations attached hereto are made a part of this
lease. Tenant agrees to perform and abide by those Rules and Regulations and
such other Rules and Regulations as may be made from time to time by Landlord.
USE OF PREMISES
8. Premises shall be used for computer distribution purposes only and no other.
The Premises shall not be used for any illegal purposes, nor in any manner to
create any nuisance or trespass, nor in any manner to vitiate the insurance or
increase the rate of insurance on the Premises.
ABANDONMENT OF THE PREMISES
9. Tenant agrees not to abandon or vacate the Premises during the term of this
Lease and agrees to use the Premises for the purposes herein leased until the
expiration hereof.
TAX AND INSURANCE ESCALATION
10. Tenant shall pay upon demand as additional rental during the term of this
Lease, and any extension or renewal thereof, the amount by which all taxes
(including but not limited to, ad valorem taxes, special assessments and any
other governmental charges) on the Premises for each tax year exceed all taxes
on the Premises for the tax year 1996. In the event the Premises are less than
the entire property assessed for such taxes for any such tax year, then the tax
for any such year applicable to the Premises shall be determined by proration on
the basis that the rentable floor area of the Premises bears to the rentable
floor area of the entire property assessed. If the final year of the Lease term
fails to coincide with the tax year, then any excess for the tax year during
which the term ends shall be reduced by the pro rata part of such tax year
beyond the Lease term. If such taxes for the year in which the Lease terminates
are not ascertainable before payment of the last month's rental, then the amount
of such taxes assessed against the property for the previous tax year shall be
used as a basis for determining the pro rata share, if any, to be paid by Tenant
for that portion of the last Lease year. Tenant shall further pay, upon demand,
its pro rata share of the excess costs of fire and extended coverage insurance
including any and all public liability insurance on the building over the cost
for the first year of the Lease term for each subsequent year during the term of
this Lease. Tenant's pro rata portion of increased taxes or share of excess cost
of fire and extended coverage and liability insurance, as provided herein, shall
be payable within fifteen (15) days after receipt of notice from Landlord or
Agent as to the amount due.
INDEMNITY; INSURANCE
11. Tenant agrees to and hereby does indemnify and save Landlord harmless
against all claims for damages to persons or property by reason of Tenant's use
or occupancy of the Premises, and all expenses incurred by Landlord because
thereof, including attorney's fees and court costs. Supplementing the foregoing
and in addition thereto, Tenant shall during the term of this Lease and any
extension or renewal thereof, and at Tenant's expense, maintain in full force
and effect comprehensive general liability insurance with limits of $500,000.00
per person and $1,000,000.00 per incident, and property damage limits of
$100,000.00, which insurance shall contain a special endorsement recognizing and
insuring any liability accruing to Tenant under the first sentence of this
Paragraph 11, and naming Landlord as additional insured. Tenant shall provide
evidence of such insurance to Landlord prior to the commencement of the term of
this Lease. Landlord and Tenant each hereby release and relieve the other, and
waive its right of recovery, for loss or damage arising out of or incident to
the perils insured against which perils occur in, on or about the Premises,
whether due to the negligence of Landlord or Tenant or their Brokers, employees,
contractors and/or invitees, to the extent that such loss or damage is within
the policy limits of said comprehensive general liability insurance. Landlord
and Tenant shall, upon obtaining the policies of insurance required, give notice
to the insurance carrier or carriers that the foregoing mutual waiver of
subrogation is contained in this Lease.
REPAIRS BY LANDLORD
12. Landlord agrees to keep in good repair the roof, foundations and exterior
walls of the Premises (exclusive of all glass and exclusive of all exterior
doors) and underground utility and sewer pipes outside the exterior walls of the
building, except repairs rendered necessary by the negligence or intentional
wrongful acts of Tenant, its Brokers, employees or invitees. If the Premises are
part of a larger building or group of buildings, then to the extent that the
grounds are common areas, Landlord shall maintain the grounds surrounding the
building, including paving, the mowing of grass, care of shrubs and general
landscaping. Tenant shall promptly report in writing to Landlord any defective
condition known to it which Landlord is required to repair and failure so to
report such conditions shall make Tenant responsible to Landlord for any
liability incurred by Landlord by reason of such conditions.
REPAIRS BY TENANT
13. Tenant accepts the Premises in their present condition and as suited for the
uses intended by Tenant. Tenant shall, throughout the initial term of this
Lease, and any extension or renewal thereof, at its expense, maintain in good
order and repair the Premises, including the building, heating and air
conditioning equipment (including but not limited to replacement of parts,
compressors, air handling units and heating units) and other improvements
located thereon, except those repairs expressly required to be made by Landlord
hereunder. Unless the grounds are common areas of a building(s) larger than the
Premises, Tenant further agrees to care for the grounds around the building,
including paving, the mowing of grass, care of shrubs and general landscaping.
Tenant agrees to return the Premises to Landlord at the expiration, or prior to
termination of this Lease, in as good condition and repair as when first
received, natural wear and tear, damage by storm, fire, lightning, earthquake or
other casualty alone excepted.
ALTERATIONS
14. Tenant shall not make any alterations, additions, or improvements to the
Premises without Landlord's prior written consent. Tenant shall promptly remove
any alterations, additions, or improvements constructed in violation of this
Paragraph 14 upon Landlord's written request. All approved alterations,
additions, and improvements will be accomplished in a good and workmanlike
manner, in conformity with all applicable laws and regulations, and by a
contractor approved by Landlord, free of any liens or encumbrances. Landlord may
require Tenant to remove any
alterations, additions or improvements (whether or not made with Landlord's
consent) at the termination of this Lease and to restore the Premises to its
prior condition, all at Tenant's expense. All alterations, additions and
improvements which Landlord has not required Tenant to remove shall become
Landlord's property and shall be surrendered to Landlord upon the termination of
this Lease, except that Tenant may remove any of Tenant's machinery or equipment
which can be removed without material damage to the Premises. Tenant shall
repair, at Tenant's expense, any damage to the Premises caused by the removal of
any such machinery or equipment.
REMOVAL OF FIXTURES
15. Tenant may (if not in default hereunder) prior to the expiration of this
Lease, or any extension or renewal thereof, remove all fixtures and equipment
which it has placed in the Premises, provided Tenant repairs all damage to the
Premises caused by such removal.
DESTRUCTION OF OR DAMAGE TO PREMISES
16. If the Premises are totally destroyed by storm, fire, lightning, earthquake
or other casualty, this Lease shall terminate as of the date of such destruction
and rental shall be accounted for as between Landlord and Tenant as of that
date. If the Premises are damaged but not wholly destroyed by any such
casualties, rental shall xxxxx in such proportion as use of the Premises has
been destroyed and Landlord shall restore Premises to substantially the same
condition as before damage as speedily as is practicable, whereupon full rental
shall recommence.
GOVERNMENTAL ORDERS
17. Tenant agrees, at his own expense, to comply promptly with all requirements
of any legally constituted public authority made necessary by reason of Tenant's
occupancy of the Premises. Landlord agrees to comply promptly with any such
requirements if not made necessary by reason of Tenant's occupancy. It is
mutually agreed, however, between Landlord and Tenant, that if in order to
comply with such requirements, the cost to Landlord or Tenant, as the case may
be, shall exceed a sum equal to one year's rent, then Landlord or Tenant who is
obligated to comply with such requirements may terminate this Lease by giving
written notice of termination to the other party by certified mail, which
termination shall become effective sixty (60) days after receipt of such notice
and which notice shall eliminate the necessity of compliance with such
requirements by giving such notice unless the party given such notice of
termination shall, before termination becomes effective, pay to the party giving
notice all cost of compliance in excess of one year's rent, or secure payment of
said sum in manner satisfactory to the party giving notice.
CONDEMNATION
18. If the whole of the Premises, or such portion thereof as will make the
Premises unusable for the purposes herein leased, are condemned by any legally
constituted authority for any public use or purpose, then in either of said
events the term hereby granted shall cease from the date when possession thereof
is taken by public authorities, and rental shall be accounted for as between
Landlord and Tenant as of said date. Such termination, however, shall be without
prejudice to the rights of either Landlord or Tenant to recover compensation and
damage caused by condemnation from the condemnor. It is further understood and
agreed that neither the Tenant nor Landlord shall have any rights in any award
made to the other by any condemnation authority notwithstanding the termination
of the Lease as herein provided. Broker may become a party to the condemnation
proceeding for the purpose of enforcing his rights under this paragraph.
ASSIGNMENT AND SUBLETTING
19. Tenant shall not, without the prior written consent of Landlord, which shall
not be unreasonably withheld, assign this Lease or any interest hereunder, or
sublet the Premises or any part thereof, or permit the use of the Premises by
any party other than the Tenant. Consent to any assignment or sublease shall not
impair this provision and all later assignments or subleases shall be made
likewise only on the prior written consent of Landlord. The Assignee of Tenant,
at option of Landlord, shall become directly liable to Landlord for all
obligations of Tenant hereunder, but no sublease or assignment by Tenant shall
relieve Tenant of any liability hereunder.
EVENTS OF DEFAULT
20. The happening of any one or more of the following events (hereinafter any
one of which may be referred to as an "Event of Default") during the term of
this Lease, or any renewal or extension thereof, shall constitute a breach of
this Lease on the part of the Tenant: (A) Tenant fails to pay the rental as
provided for herein; (B) Tenant abandons or vacates the Premises; (C) Tenant
fails to comply with or abide by and perform any other obligation imposed upon
Tenant under this Lease; (D) Tenant is adjudicated bankrupt; (E) a permanent
receiver is appointed for Tenant's property and such receiver is not removed
within sixty (60) days after written notice from Landlord to Tenant to obtain
such removal; (F) Tenant, either voluntarily or involuntarily, takes advantage
of any debt or relief proceedings under the present or future law, whereby the
rent or any part thereof is, or is proposed to be, reduced or payment thereof
deferred; (G) Tenant makes an assignment for benefit of creditors; or (H)
Tenant's effects are levied upon or attached under process against Tenant, which
is not satisfied or dissolved within thirty (30) days after written notice from
Landlord to Tenant to obtain satisfaction thereof.
REMEDIES UPON DEFAULT
21. Upon the occurrence of an Event of Default, Landlord, in addition to any and
all other rights or remedies it may have at law or in equity, shall have the
option of pursuing any one or more of the following remedies:
(A) Landlord may terminate this Lease by giving notice of termination, in
which event this Lease shall expire and terminate on the date specified in such
notice of termination, with the same force and effect as though the date so
specified were the date herein originally fixed as the termination date of the
term of this Lease, and all rights of Tenant under this Lease and in and to the
Premises shall expire and terminate, and Tenant shall remain liable for
all obligations under this Lease arising up to the date of such termination and
Tenant shall surrender the Premises to Landlord on the date specified in such
notice;
(B) Landlord may terminate this Lease as provided in paragraph 21(A) hereof
and recover from Tenant all damages Landlord may incur by reason of Tenant's
default, including, without limitation, a sum which, at the date of such
termination, represents the then value of the excess, if any, of (i) the monthly
rental and additional rent for the period commencing with the day following the
date of such termination and ending with the date hereinbefore set for the
expiration of the full term hereby granted, or (ii) the aggregate reasonable
rental value of the Premises (less reasonable brokerage commissions, attorneys'
fees and other costs relating to the relating of the Premises) for the same
period, all of which excess sum shall be deemed immediately due and payable;
(C) Landlord may, without terminating this Lease, declare immediately due
and payable all monthly rental and additional rent due and coming due under this
Lease for the entire remaining term hereof, together with all other amounts
previously due, at once; provided, however, that such payment shall not be
deemed a penalty or liquidated damages but shall merely constitute payment in
advance of rent for the remainder of said term; upon making such payment, Tenant
shall be entitled to receive from Landlord all rents received by Landlord from
other assignees, tenants and subtenants on account of the Premises during the
term of this Lease, provided that the monies to which Tenant shall so become
entitled shall in no event exceed the entire amount actually paid by Tenant to
Landlord pursuant to this clause (C) less all costs, expenses and attorneys'
fees of Landlord incurred in connection with the reletting of the Premises; or
(D) Landlord may, from time to time without terminating this Lease, and
without releasing Tenant in whole or in part from Tenant's obligation to pay
monthly rental and additional rent and perform all of the covenants, conditions
and agreements to be performed by Tenant as provided in this Lease, make such
alterations and repairs as may be necessary in order to relet the Premises, and
after making such alterations and repairs, Landlord may, but shall not be
obligated to, relet the Premises or any part thereof for such term or terms
(which may be for a term extending beyond the term of this Lease) at such rental
or rentals and upon such other terms and conditions as Landlord in its sole
discretion may deem advisable or acceptable; upon each reletting, all rentals
received by Landlord from such reletting shall be applied first, to the payment
of any indebtedness other than rent due hereunder from Tenant to Landlord,
second, to the payment of any costs and expenses of such reletting, including
brokerage fees and attorneys' fees, and of costs of such alterations and
repairs, third, to the payment of the monthly rental and additional rent due and
unpaid hereunder, and the residue, if any, shall be held by Landlord and applied
against payments of future monthly rental and additional rent as the same may
become due and payable hereunder, in no event shall Tenant be entitled to any
excess rental received by Landlord over and above charges that Tenant is
obligated to pay hereunder, including monthly rental and additional rent; if
such rentals received from such reletting during any month are less that those
to be paid during the month by Tenant hereunder, including monthly rental and
additional rent, Tenant shall pay any such deficiency to Landlord, which
deficiency shall be calculated and paid monthly; Tenant shall also pay Landlord
as soon as ascertained and upon demand all costs and expenses incurred by
Landlord in connection with such reletting and in making any alterations and
repairs which are not covered by the rentals received from such reletting;
notwithstanding any such reletting without termination, Landlord may at any time
thereafter elect to terminate this Lease for such previous breach.
Tenant acknowledges that the Premises are to be used for commercial purposes,
and Tenant expressly waives the protections and rights set forth in Official
Code of Georgia Annotated Section 44-7-52.
EXTERIOR SIGNS
22. Tenant shall place no signs upon the outside walls or roof of the Premises
except with the written consent of the Landlord. Any and all signs placed on the
Premises by Tenant shall be maintained in compliance with governmental rules and
regulations governing such signs and Tenant shall be responsible to Landlord for
any damage caused by installation, use or maintenance of said signs, and all
damage incident to such removal.
LANDLORD'S ENTRY OF PREMISES
23. Landlord may card the Premises "For Rent" or "For Sale" ninety (90) days
before the termination of this Lease. Landlord may enter the Premises at
reasonable hours to exhibit the Premises to prospective purchasers or tenants,
to inspect the Premises to see that Tenant is complying with all of its
obligations hereunder, and to make repairs required of Landlord under the terms
hereof or to make repairs to Landlord's adjoining property, if any.
EFFECT OF TERMINATION OF LEASE
24. No termination of this Lease prior to the normal ending thereof, by lapse of
time or otherwise, shall affect Landlord's right to collect rent for the period
prior to termination thereof.
SUBORDINATION
25. At the option of Landlord, Tenant agrees that this Lease shall remain
subject and subordinate to all present and future mortgages, deeds to secure
debt or other security instruments (the "Security Deeds") affecting the Building
or the Premises, and Tenant shall promptly execute and deliver to Landlord such
certificate or certificates in writing as Landlord may request, showing the
subordination of the Lease to such Security Deeds, and in default of Tenant so
doing, Landlord shall be and is hereby authorized and empowered to execute such
certificate in the name of and as the act and deed of Tenant, this authority
being hereby declared to be coupled with in interest and to be irrevocable.
Tenant shall upon request from Landlord at any time and from time to time
execute, acknowledge and deliver to Landlord a written statement certifying as
follows: (A) that this Lease is unmodified and in full force and effect (or if
there has been modification thereof, that the same is in full force and effect
as modified and stating the nature thereof); (B) that to the best of its
knowledge there are no uncured defaults on the part of Landlord (or if any such
default exists, the specific nature and extent thereof); (C) the date to which
any rent and other charges have been paid in advance, if any; and (D) such other
matters as Landlord may reasonably request. Tenant irrevocably appoints Landlord
as its attorney-in-fact, coupled with an interest, to execute and deliver, for
and in the name of Tenant, any document or instrument provided for in this
paragraph.
QUIET ENJOYMENT
26. So long as Tenant observes and performs the covenants and agreements
contained herein, it shall at all times during the Lease term peacefully and
quietly have and enjoy possession of the Premises, but always subject to the
terms hereof.
NO ESTATE IN LAND
27. This Lease shall create the relationship of Landlord and Tenant between the
parties hereto. No estate shall pass out of Landlord. Tenant has only a usufruct
not subject to levy and sale, and not assignable by Tenant except by Landlord's
consent.
HOLDING OVER
28. If Tenant remains in possession of the Premises after expiration of the term
hereof, with Landlord's acquiescence and without any express agreement of the
parties, Tenant shall be a tenant at will at the rental rate which is in effect
at end of this Lease and there shall be no renewal of this Lease by operation of
law. If Tenant remains in possession of the Premises after expiration of the
term hereof without Landlord's acquiescence, then Tenant shall be a tenant at
sufferance and commencing on the date following the date of such expiration, the
monthly rental payable under Paragraph 3 hereof shall for each month, or
fraction thereof during which Tenant so remains in possession of the Premises,
be twice the monthly rental otherwise payable under Paragraph 3 above.
ATTORNEY'S FEES
29. In the event that any action or proceeding is brought to enforce any term,
covenant or condition of this Lease on the part of Landlord or Tenant, the
prevailing party in such litigation shall be entitled to recover reasonable
attorney's fees to be fixed by the court in such action or proceeding, in an
amount at least equal to fifteen percent of any damages due from the
non-prevailing party. Furthermore, Landlord and Tenant agree to pay the
attorney's fees and expenses of (A) the other party to this Lease (either
Landlord or Tenant) if it is made a party to litigation because of its being a
party to this Lease and when it has not engaged in any wrongful conduct itself,
and (B) of Broker if Broker is made a party to litigation because of its being a
party to this Lease and when Broker has not engaged in any wrongful conduct
itself.
RIGHTS CUMULATIVE
30. All rights, powers and privileges conferred hereunder upon parties hereto
shall be cumulative and not restrictive of those given by law.
WAIVER OF RIGHTS
31. No failure of Landlord to exercise any power given Landlord hereunder or to
insist upon strict compliance by Tenant of its obligations hereunder and no
custom or practice of the parties at variance with the terms hereof shall
constitute a waiver of Landlord's right to demand exact compliance with the
terms hereof.
AGENCY DISCLOSURE
32. [STRICKEN]
BROKER'S COMMISSION
33. [STRICKEN]
Broker's commission shall not apply to any "additional rental" as that
term is used in this Lease. Any separate commission agreement is hereby
incorporated as part of this Lease by reference and any third party assuming the
rights and obligations of Landlord under this Lease shall be obligated to
perform all of Landlord's obligations to Broker under said separate commission
agreement. If the Tenant becomes a tenant at will or at sufferance pursuant to
Paragraph 28 above, or if the term of this Lease is extended or if this Lease is
renewed or if a new Lease is entered into between Landlord and Tenant covering
either the Premises, or any part thereof, or covering any other premises as
an expansion of, addition to, or substitution for the Premises, regardless of
whether such premises are located adjacent to or in the vicinity of the
Premises, Landlord, in consideration of Broker's having assisted in the creation
of the Landlord-Tenant relationship, agrees to pay Broker additional commissions
as set forth below, it being the intention of the parties that Broker shall
continue to be compensated so long as the parties hereto, their successors
and/or assigns continue the relationship of Landlord and Tenant which initially
resulted from the efforts of Broker, whether relative to the Premises or any
expansion thereof, or relative to any other premises leased by Landlord to
Tenant from time to time, whether the rental therefore is paid under this Lease
or otherwise. Broker agrees that, in the event that Landlord sells the Premises,
and upon Landlord's furnishing Broker with an agreement signed by purchaser
assuming Landlord's obligations to Broker under this Lease, Broker will release
the original Landlord from any further obligations to Broker hereunder. If the
Purchaser of the Premises does not agree in writing to assume Landlord's
obligation to Broker under this Lease.
LIMITATION OF BROKER'S SERVICES AND DISCLAIMER
34. [STRICKEN]
PURCHASE OF PROPERTY BY TENANT
35. In the event that Tenant acquires title to the Premises or any part thereof,
or any premises as an expansion of, addition to or substitution for the Premises
at any time during the term of this Lease, any renewals thereof, or within six
(6) months after the expiration of the term hereof or the extended term hereof,
Landlord shall pay Broker a commission on the sale of the Premises in lieu of
any further commissions which otherwise would have been due under this Lease.
Such commission, as negotiated between the parties, shall be _________ percent
(___________%) of the gross sales price, payable in full at closing.
ENVIRONMENTAL LAWS
36. Landlord represents to the best of its knowledge and belief, (A) the
Premises are in compliance with all applicable environmental laws, and (B) there
are not excessive levels (as defined by the Environmental Protection Agency) of
radon, toxic waste or hazardous substances on the Premises. Tenant represents
and warrants that Tenant shall comply with all applicable environmental laws
and that Tenant shall not permit any of his employees, brokers, contractors or
subcontractors, or any person present on the Premises to generate, manufacture,
store, dispose or release on, about, or under the Premises any toxic waste or
hazardous substances which would result in the Premises not complying with any
applicable environmental Laws.
TIME OF ESSENCE
37. Time is of the essence of this Lease.
DEFINITIONS
38. "Landlord" as used in this Lease shall include the undersigned, its heirs,
representatives, assigns and successors in title to the Premises. "Tenant" shall
include the undersigned and its heirs, representatives, assigns and successors,
and if this Lease shall be validly assigned or sublet, shall include also
Tenant's assignees or subtenants as to the Premises covered by such assignment
or sublease. "Broker" shall include the undersigned, its successors, assigns,
heirs and representatives. "Landlord", "Tenant" and "Broker" include male and
female, singular and plural, corporation, partnership or individual, as may fit
the particular parties.
NOTICES
39. All notices required or permitted under this Lease shall be in writing and
shall be personally delivered or sent by U.S. Certified Mail, return receipt
requested, postage prepaid. Broker shall be copied with all required or
permitted notices. Notices to Tenant shall be delivered or sent to the address
shown below, except that upon Tenant's taking possession of the Premises, then
the Premises shall be Tenant's address for notice purposes. Notices to Landlord
and Broker shall be delivered or sent to the address hereinafter stated, to wit:
Landlord: PDP, Inc. c/o Xxx Xxxxxx 0000 Xxxxxxxxxx Xx. Xxxxxxxx, XX 00000
Tenant: Crescent Computers c/o Xxxxxxx Xxxxxxx 0000 Xxxxxxx Xxxxx Xxx X
Xxxxxxxx, XX 00000
Broker:
All notices shall be effective upon delivery. Any party may change his notice
address upon written notice to the other parties.
ENTIRE AGREEMENT
40. This Lease contains the entire agreement of the parties hereto, and no
representations, inducements, promises or agreements, oral or otherwise, between
the parties, not embodied herein, shall be of any force or effect. No subsequent
alteration, amendment, change or addition to this Lease, except as to the
changes or additions to the Rules and Regulations described in paragraph 7,
shall be binding upon Landlord or Tenant unless reduced to writing and signed by
Landlord and Tenant.
SPECIAL STIPULATIONS
41. Any special stipulations are set forth in the attached Exhibit "B". Insofar
as said Special Stipulations conflict with any of the foregoing provisions, said
Special Stipulations shall control:
Tenant acknowledges that Tenant has read and understands the terms of this Lease
and has received a copy of it.
IN WITNESS WHEREOF, the parties herein have hereunto set their hands and seals,
in triplicate.
Signed, sealed and delivered as LANDLORD:
to Landlord, in the presence of:
/s/ Xxx X. Xxxxxx, Pres.
-------------------------------- -------------------------------- (SEAL)
Date and time executed by
-------------------------------- LANDLORD:
Notary Public
10/17/96 2:30PM
---------------------------
-------------------------------- (SEAL)
Date and time executed by
LANDLORD:
---------------------------
Signed, sealed and delivered as TENANT:
to Tenant, in the presence of:
/s/ Xxx X. Xxxxxx, Pres.
-------------------------------- -------------------------------- (SEAL)
Date and time executed by
-------------------------------- TENANT:
Notary Public
10/17/96 2:30PM
---------------------------
-------------------------------- (SEAL)
Date and time executed by
TENANT:
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EXHIBIT "A"
Term
The Premises is currently occupied by Xxxxxx, Inc and will continue to be so
occupied while Xxxxxx'x new building is being constructed. Xxxxxx has an option
to remain in the Premises until February, 1998, but is expected to vacate in
early 1997. The Tenant has been made aware of these conditions to the beginning
date of the Term.
The Tenant shall have and hold the Premises for a term of forty-eight (48)
months, beginning the first day of the month following the vacating of the
Premises by Xxxxxx and ending at midnight on the last day of the forty-eighth
month, unless sooner terminated as provided for in the Lease.
Rental - Rental rates during the term of the Lease will be as follows, plus
any adjustments provided for elsewhere in the Lease:
Months Rate per Month
1-12 $ 7560.00
13-24 $ 7862.40
25-36 $ 8176.89
37-48 $ 8503.96
Tenant Improvements
The Landlord will give an allowance for Tenant Improvements; said allowance
shall not exceed $15,000 for such improvements. Tenant is responsible for all
costs exceeding said allowance.
