REAL ESTATE LEASE
This Lease Agreement (this "Lease") is dated March 15, 2002, by and between J
& J Holdings, Inc. ("Landlord"), a Nevada corporation, and Legends of the
Faith, Inc.,("Tenant"), a Nevada corporation. The parties agree as follows:
PREMISES. Landlord, in consideration of the lease payments provided in this
Lease, leases to Tenant the premises (the "Premises") of approximately 3200
square feet located at 0000 Xxxxxxxxx Xxx, Xxxxxx, XX 00000.
TERM. The lease term will begin on March 15, 2002 and will terminate on
March 15, 2003, with automatic renewal of 30 days each thereafter until
terminated as stated below.
LEASE PAYMENTS. Tenant shall pay to Landlord monthly installments of
$3500.00, payable in advance on the first day of each month, with the amount
of $1750.00 for consideration of the first 16 days lease. Lease payments
shall be made to the Landlord at X.X. Xxx 000, Xxxxx, XX 00000, which address
may be changed from time to time by the Landlord.
POSSESSION. Tenant shall be entitled to possession upon signing of this
Lease, and shall yield possession to Landlord on the last day of the term of
this Lease, unless otherwise agreed by both parties in writing. At the
expiration of the term, Tenant shall remove its goods and effects and
peaceably yield up the Premises to Landlord in as good a condition as when
delivered to Tenant, ordinary wear and tear excepted.
USE OF PREMISES. Tenant may use the Premises only for Office, Light
Manufacturing, Storage. The Premises may be used for any other purpose only
with the prior written consent of Landlord, which shall not be unreasonably
withheld. Tenant shall notify Landlord of any anticipated extended absence
from the Premises not later than the first day of the extended absence.
PROPERTY INSURANCE. Tenant shall maintain insurance which Landlord may
reasonably require for the protection of Landlord's interest in the Premises.
Tenant is responsible for maintaining casualty insurance on its own property.
LIABILITY INSURANCE. Tenant shall maintain liability insurance on the
Premises. Tenant shall deliver appropriate evidence to Landlord as proof that
adequate insurance is in force issued by companies reasonably satisfactory to
Landlord. Landlord shall receive advance written notice from the insurer
prior to any termination of such insurance policies.
RENEWAL TERMS. This Lease shall automatically renew for an additional period
of 30 days each per renewal term, unless either party gives written notice of
termination no later than 30 days prior to the end of the term or renewal
term. The lease terms during any such renewal term shall be the same as those
contained in this Lease.
MAINTENANCE. Tenant shall have the responsibility to maintain the Premises in
good repair at all times during the term of this Lease.
TAXES. Taxes attributable to the Premises or the use of the Premises shall be
allocated as follows:
REAL ESTATE TAXES. Landlord shall pay all real estate taxes and assessments
for the Premises.
PERSONAL TAXES. Tenant shall pay all personal taxes and any other charges
which may be levied against the Premises and which are attributable to
Tenant's use of the Premises, along with all sales and/or use taxes (if any)
that may be due in connection with lease payments.
TERMINATION UPON SALE OF PREMISES. Notwithstanding any other provision of
this Lease, Landlord may terminate this lease upon 30 days' written notice to
Tenant that the Premises have been sold.
DEFAULTS. Tenant shall be in default of this Lease if Tenant fails to fulfill
any lease obligation or term by which Tenant is bound. Subject to any
governing provisions of law to the contrary, if Tenant fails to cure any
financial obligation within 5 days (or any other obligation within 5 days)
after written notice of such default is provided by Landlord to Tenant,
Landlord may take possession of the Premises without further notice (to the
extent permitted by law), and without prejudicing Landlord's rights to
damages. In the alternative, Landlord may elect to cure any default and the
cost of such action shall be added to Tenant's financial obligations under
this Lease. Tenant shall pay all costs, damages, and expenses (including
reasonable attorney fees and expenses) suffered by Landlord by reason of
Tenant's defaults. All sums of money or charges required to be paid by Tenant
under this Lease shall be additional rent, whether or not such sums or charges
are designated as "additional rent". The rights provided by this paragraph are
cumulative in nature and are in addition to any other rights afforded by law.
LATE PAYMENTS. For any payment that is not paid within 5 days after its due
date, Tenant shall pay a late fee of $50.00
HOLDOVER. If Tenant maintains possession of the Premises for any period after
the termination of this Lease ("Holdover Period"), Tenant shall pay to
Landlord lease payment(s) during the Holdover Period at a rate equal to the
normal payment rate set forth in the Renewal Terms paragraph.
CUMULATIVE RIGHTS. The rights of the parties under this Lease are cumulative,
and shall not be construed as exclusive unless otherwise required by law.
NON-SUFFICIENT FUNDS. Tenant shall be charged $50.00 for each check that is
returned to Landlord for lack of sufficient funds.
INDEMNITY REGARDING USE OF PREMISES. To the extent permitted by law, Tenant
agrees to indemnify, hold harmless, and defend Landlord from and against any
and all losses, claims, liabilities, and expenses, including reasonable
attorney fees, if any, which Landlord may suffer or incur in connection with
Tenant's possession, use or misuse of the Premises, except Landlord's act or
negligence.
NOTICE. Notices under this Lease shall not be deemed valid unless given or
served in writing and forwarded by mail, postage prepaid, addressed as
follows:
LANDLORD:
J & J Holdings, Inc.
Xxx 000
Xxxxx, XX 00000
TENANT:
Legends of the Faith, Inc.
0000 Xxxxxxxxx Xxx
Xxxxxx, XX 00000
Such addresses may be changed from time to time by either party by providing
notice as set forth above. Notices mailed in accordance with the above
provisions shall be deemed received on the third day after posting.
GOVERNING LAW. This Lease shall be construed in accordance with the laws of
the State of Nevada.
ENTIRE AGREEMENT/AMENDMENT. This Lease Agreement contains the entire
agreement of the parties and there are no other promises, conditions,
understandings or other agreements, whether oral or written, relating to the
subject matter of this Lease. This Lease may be modified or amended in
writing, if the writing is signed by the party obligated under the amendment.
SEVERABILITY. If any portion of this Lease shall be held to be invalid or
unenforceable for any reason, the remaining provisions shall continue to be
valid and enforceable. If a court finds that any provision of this Lease is
invalid or unenforceable, but that by limiting such provision, it would become
valid and enforceable, then such provision shall be deemed to be written,
construed, and enforced as so limited.
WAIVER. The failure of either party to enforce any provisions of this Lease
shall not be construed as a waiver or limitation of that party's right to
subsequently enforce and compel strict compliance with every provision of this
Lease.
BINDING EFFECT. The provisions of this Lease shall be binding upon and inure
to the benefit of both parties and their respective legal representatives,
successors and assigns.
LANDLORD:
J & J Holdings, Inc.
By: /s/ Xxxx Xxxxxxx Date:
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Xxxx Xxxxxxx, President
TENANT:
Legends of the Faith, Inc.
By: /s/ Xxxx Xxxxxxx Date:
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Xxxx Xxxxxxx, President
