EXHIBIT 10.4
LEASE
THIS LEASE, dated OCTOBER 1, 1996, is between XXXXXX X. XXXX, the
Landlord, and PSYCHROMETRIC SYSTEMS, INC, the Tenant.
The Landlord, for and in consideration of the covenants and agreements
hereinafter mentioned, to be kept and performed by the Tenant, does hereby
lease to the Tenant, the premises situate in the County of KOOTENAI, State
of IDAHO, described as follows:
000 XXXXX XXXXXX, XXXXX X' XXXXX, XXXXX 00000
XXXX 0 XXX 0, XXXXX 00, XXXXXXX XXXXX
Said premises, with the appurtenances, are to be leased to the Tenant
from OCTOBER 1, 1996, until SEPTEMBER 30, 2001, at and for a rental of
$74,280.00, payable in monthly installments of $ 1,238.00, in advance, on
or before the 5th day of each and every month during the term of this lease
at the office of the Landlord or as the Landlord may direct in writing.
The Tenant further covenants with the Landlord that Tenant has received
said premises in good order and condition, and at the expiration of the
term of this lease will yield up said premises to the Landlord in as good
order and condition as when the same were entered upon by the Tenant, loss
by fire, inevitable accident and ordinary wear excepted, and will keep said
premises in good repair during said term at tenant's own expense.
IT IS FURTHER AGREED by the Tenant that no part of the premises will
be sublet, nor will this lease be assigned, without the written consent of
the Landlord being first obtained. Tenant will not use nor permit the
premises to be used for any purposes prohibited by the laws of the United
States or of the State of Idaho or the ordinances of the city or town in
which the premises is located.
IT IS MUTUALLY AGREED that if, after the expiration of this lease, the
Tenant shall remain in possession of said premises and continue to pay rent
without a written agreement as to such possession, then the Tenant shall be
regarded as a tenant from month to month at a monthly rental payable in
advance equivalent to the last month's rent hereunder, and subject to all
the terms and provisions of this lease.
IT IS FURTHER MUTUALLY AGREED that in case said premises are left
vacant and any part of the rent herein reserved be unpaid, then the
Landlord may, without in any wise being obligated to do so and without
terminating this lease, re-take possession of said premises and rent the
same for such rent and upon such conditions as the Landlord may think best,
making such changes and repairs as may be required, giving credit for the
amount of rent so received less all expenses of such changes and repairs,
and the Tenant shall be liable for the balance of the rent herein reserved
until the expiration of the term of this lease.
IT IS AGREED that if the Tenant shall be in arrears in the payment of
any installment of rent, or any portion thereof, or in default of any of
the covenants or agreements herein contained to be performed by the Tenant,
which default shall be uncorrected for a period of three (3) days after
Landlord has given written notice pursuant to applicable law, Landlord may,
at Landlord's option, undertake any of the following remedies without
limitation: (a) declare the term of the lease ended; (b) terminate the
Tenant's right to possession of the premises and reenter
and repossess the premises pursuant to applicable provisions of the
Colorado Forcible Entry and Detainer Statute; (c) recover all present and
future damages, costs and other relief to which the Landlord is entitled;
(d) pursue Landlord's lien remedies; (e) pursue breach of contract
remedies; and/or (f) pursue any and all available remedies in law or
equity. In the event possession is terminated by a reason of default prior
to expiration of the term, the Tenant shall be responsible for the rent
occurring for the remainder of the term, subject to the Landlord's duty to
mitigate such damages. In the event repeated or substantial default(s)
under the lease occur, the Landlord may terminate the Tenant's possession
upon a written Notice to Quit, without a right to cure. Upon such
termination, the Landlord shall have available any and all of the above-
listed remedies.
This lease shall be subordinate to all existing and future security
interests on the premises. All notices shall be in writing and be
personally delivered or sent by first class mail, unless otherwise provided
by law, to the respective parties at the address immediately below their
signature. If any term or provision of this lease shall be invalid or
unenforceable, the remainder of this lease shall not be affected thereby
and shall be valid and enforceable to the full extent permitted by law.
This lease shall only be modified by amendment signed by both parties.
This lease shall be binding on the parties, their personal representatives,
successors and assigns. The singular shall be deemed to include the
plural.
Additional provisions:
TENANT SHALL BE RESPONSIBLE FOR ALL PROPERTY TAXES,
UTILITIES, INSURANCE, MAINTENANCE AND IMPROVEMENT
COSTS. TENANT SHALL REMIT A DAMAGE DEPOSIT Of
$1,238.00 TO BE HELD BY THE LANDLORD UNTIL THE
EXPIRATION OF THE LEASE.
Landlord: /s/ Xxxxxx X. Xxxx Tenant: /s/Xxxx X. Xxxxx
Psychrometric Systems, Inc.
Address: 0000 X. 00xx Xxxxxx
Xxxxxx, XX 00000 Address: 00000 X. Xxxxxx Xxxxxx
Xxxxxxxx, XX 00000
