Lease of Business Premises This Lease, dated the day of February, 2009
Exhibit
10.24
This
Lease, dated
the day
of February, 2009
Between
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XXXXXX
XXXXXXXX & SON (000) 000-0000
X.X.
Xxx X
000
Xxxxx Xxxxxx, Xxxxx #000
Xxx
Xxxx, XX 00000
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Parties
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herein
referred to as the Landlord, and
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BigString
Corporation
0
Xxxxxxx Xxxx, Xxxxx X
Xxx
Xxxx, XX 00000
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hereinafter
referred to as Tenant,
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WITNESSETH: That
the Landlord hereby demises and leases unto the Tenant, and the Tenant
hereby hires and takes from the Landlord for the term and upon the rentals
hereinafter specified, the premises described as follows, situated .in
the Boro of Red Bank County of Monmouth and State of New
Jersey
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Premises
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Being
known as Suite 109, 1,426 square feet of office space on the first floor
of the northwest side, together with the use in common with other tenants
of lavatories, corridors and elevators, in the building known as 000 Xxxxx
Xxxxxx, Xxx Xxxx, Xxx Xxxxxx.
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Term
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The
term of this demise shall be for One Year, One
Month*
*Landlord
shall have the premises at affable for occupancy on March 1, 2009 and
there shall be no rent due until April 1, 2009.
Beginning
March 1, 2009 and
ending March 31,
2010
The
rent for the demised terms shall be Twenty Seven Thousand Six Hundred and
00/100 ($27,600.00)
The
said rent is to be payable monthly in advance on the first day of each
calendar month for the term hereof, in installments as
follows:
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Payment
of Rent
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4/1/09-3/31/10=
$2,300.00
at
the office of Xxxxxx Xxxxxxxx & Son, X.X. Xxx X, Xxx Xxxx, XX 00000
or
as may be otherwise directed by Landlord in writing.
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THE
ABOVE LETTING IS UPON THE FOLLOWING CONDITIONS:
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Peaceful
Possession
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First.
– The Landlord covenants that the Tenant on paying the said rental
and performing the covenants and conditions in this Lease contained, shall
and may peaceably and quietly have, hold and enjoy the demised premises
for the term aforesaid.
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Purpose
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Second.
– The Tenant covenants and agrees to use the demised premises
as a
General
Office
And
agrees not to use or permit the premises to be used for any other purpose
without the prior written consent of the landlord endorsed
hereon.
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Default
in Pay-
ment
of Rent
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Third. – The Tenant shall,
without any previous demand therefore, pay to the Landlord, or its agent,
the said rent at the times and in the manner above provided. In
the event of the
non-
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Abandonment
Of Premises
Re-entry
and Reletting by Landlord
Tenant
Liable for Deficiency
Lien
of Landlord to Secure Performance Attorney’s Fees
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payment
of said rent, or any installment thereof, at the times and in the manner
above provided, and if the same shall remain in default for ten days after
becoming due, or if the Tenant shall be dispossessed for non-payment of
rent, or if the leased premises shall be deserted or vacated, the Landlord
or its agents shall have the right to and may enter the said premises as
the agent of the Tenant, either by force or otherwise, without being
liable for any prosecution or damages therefore, and may relet the
premises as the agent of the Tenant, and receive the rent therefore, upon
such terms as shall be satisfactory to the Landlord, and all rights of the
Tenant to repossess the premises under this lease shall be
forfeited. Such re-entry by the Landlord shall not operate to
release the Tenant from any rent to be paid or covenants to be performed
hereunder during the full term of this lease. For the purpose
of reletting, the landlord shall be authorized to make such repairs or
alterations in or to the leased premises as may be necessary to place the
same in good order and condition. The Tenant shall be liable to
the Landlord for the cost of such repairs or alterations, and all expenses
of such reletting. If the sum realized or to be realized from
the reletting is insufficient to satisfy the monthly or term rent provided
in this lease, the Landlord, at its option, may require the Tenant to pay
such deficiency month by month, or may hold the Tenant in advance for the
entire deficiency to be realized during the term of the
reletting. The tenant shall not be entitled to any surplus
accruing as a result of the reletting. The Landlord is hereby
granted a lien, in addition to any statutory lien or right to distrain
that may exist on all personal property of the Tenant in or upon the
demised premises, to secure payment of the rent and performance of the
covenants and conditions of this lease. The Landlord shall have
the right as agent of the Tenant, to take possession of any furniture,
fixtures or other personal property of the Tenant found in or about the
premises, and sell the same at public or private sale and to apply the
proceeds thereof to the payment of any monies becoming due under this
lease, the Tenant hereby waiving the benefit of all laws exempting
property from execution, levy and sale on distress or
judgment. The Tenant agrees to pay, as additional rent, all
attorney’s fees and other expenses incurred by the Landlord in enforcing
any of the obligations under this lease.
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Sub-letting
and Assignment
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Fourth.
– The Tenant shall not sub-let the demised premises nor any portion
thereof, nor shall this lease be assigned by the Tenant without the prior
written consent of the Landlord endorsed hereon. If tenant
needs to sublet, landlord must first be consulted and any sub-let will be
considered only at current market rates. Administrative costs
and brokerage commission will he charged for re-letting by
Landlord.
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Conditions
of Premises,
Alterations
and Improvements
Termination
Inflammable Materials
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Fifth.
– The Tenant has examined the demised premises, and accepts them in their
present condition (except as otherwise expressly provided herein) and
without any representations on the part of the Landlord or its agent as to
the present or future condition of the said premises. The
Tenant shall keep the demised premises in good condition, and shall
redecorate, paint and renovate the said premises as may be necessary to
keep them in repair and good appearance. The Tenant shall quit
and surrender the premises at the end of the demised term in as good
condition as the reasonable use thereof will permit. The Tenant
shall not make any alterations, additions, or improvements to said
premises without the prior written consent of the Landlord. All
erections, alterations, additions and improvements, whether temporary or
permanent in character, which may be made upon the premises either by the
Landlord or the Tenant, except furniture or movable trade fixtures
installed at the expense of the Tenant, shall be the property of the
Landlord and shall remain upon and be surrendered with the premises as a
part thereof at the termination of this Lease, without compensation to the
Tenant. The Tenant further agrees to keep said premises and all
parts thereof in a clean and sanitary condition and free from trash,
inflammable material and other objectionable matter.
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Mechanics’
Liens
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Sixth.
– In the event that any mechanics’ lien is filed against the premises as a
result of alterations, additions or improvements made by the Tenant, the
Landlord, at its option, after thirty days notice to Tenant, may terminate
this least and may pay the said lien, without inquiring into the validity
thereof, and the Tenant shall forthwith reimburse the Landlord the total
expense incurred by the Landlord in discharging the said lien, as
additional rent hereunder.
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Insurance
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Seventh.
– Tenant shall obtain, pay for, and keep in effect, for the
benefit of the Landlord and the Tenant, Public Liability Insurance on the
Rental space. The insurance company must be acceptable to the
Landlord, provided Landlord shall act reasonable in judging such company’s
acceptability. The coverage must be at least the minimum amount
of $1,000,000.00 under this Lease. Landlord shall be
named as an additional insured on such policy. All such
policies shall state that the insurance company cannot cancel or refuse to
renew without at least ten (10)
days
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written
notice to the Landlord. Tenant shall deliver a certificate of
insurance to the Landlord, with proof of full payment of the first year’s
premium prior to Landlord granting access to the premises to the
Tenant. Tenant shall deliver a renewal certificate of insurance
to Landlord not less than 15 days before the expiration date of each
policy. Landlord and Tenant shall each obtain their own
insurance for fire and other casualty as to that property in which that
party has an insurable interest.
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Glass
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The
Tenant agrees to replace at the Tenant’s expense any and all glass that
may become broken in and on the demised premises. Plate glass
and mirrors, if any, shall be insured by the Tenant at their full
insurable value in a company satisfactory to the
Landlord.
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Liability
of Landlord
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Eighth.
– The Landlord shall not be responsible for the loss of or damage to
property, or injury to persons, occurring in or about the demised
premises, by reason of an existing or future condition, detect, matter or
thing in said demised premises or the property of which the premises are a
part, or for the acts, omissions or negligence of other persons or tenants
in and about the said property. The Tenant agrees to indemnify
and save the Landlord harmless from all claims and liability for losses of
or damage to property, or injuries to persons occurring in or about the
demised premises. The tenant at his own expense
shall supply a business liability insurance certificate stating landlord
as an additional insured to the landlord, with minimum liability coverage
in the amount of $1,000.000.00. All policies shall state
that the insurance company cannot cancel or refuse to renew without at
least 10 days written notice to the Landlord.
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Services
and Utilities
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Ninth.
– Utilities and services furnished to the demised premises for the benefit
of the Tenant shall be provided and paid for as follows: water
by the Landlord;
electricity by the Tenant; heat by the
Tenant; air
conditioning by the Tenant, hot water by the
Landlord;
Tenants
shall be responsible directly to the Landlord for their 38% share of the
electrical usage from the Jersey Central Power & Light Co. (JCP&L)
for Meter No. G28742896. Landlord shall
keep the xxxx in their name and invoice Tenant on a monthly basis for
their share.
The
Landlord shall not be liable for any interruption or delay in any of the
above services for any reason.
It
is understood that the trash is picked up each evening from a container
provided by Landlord in designated area of parking lot. Tenant
shall deposit their office trash in said
container. *See paragraph #29.
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Right
to
Inspect
and
Exhibit
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Tenth.
– The Landlord, or its agents, shall have the right to enter the demised
premises at reasonable hours in the day or night, to examine the same, or
to run telephone or other wires, or to make such repairs, additions or
alterations as it shall deem necessary for the safety, preservation or
restoration of the improvements, or for the safety or convenience of the
occupants or users thereof (there being no obligation, however, on the
part of the Landlord to make any such repairs, additions or alterations),
or to exhibit the same to prospective purchasers and put upon the premises
a suitable “For Sale” sign. For three months prior to the
expiration of the demised term, the Landlord, or its agents, may similarly
exhibit the premises to prospective tenants, and may place the usual “To
Let” signs thereon.
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Damage
by Fire,
Explosion
the Elements or Otherwise
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Eleventh.
– In the event of the destruction demised premises or the building
containing the said premises by fire, explosion, the elements or otherwise
during the term hereby created, or previous thereto, or such partial
destruction thereof as to render the premises wholly untenantable or unfit
for occupancy, or shall the demised premises be so badly injured that the
same cannot be repaired within ninety days from the happening of such
injury, then and in such case the terms hereby created shall, at the
option of the Landlord, cease and become null and void from the date of
such damaged or destruction, and the Tenant shall immediately surrender
said premises and all the Tenant’s interest therein to the Landlord, and
shall pay rent only to the time of such surrender, in which event the
Landlord may reenter and re-possess the premises thus discharge from this
lease and may remove all parties therefrom. Should the demised
premises be rendered untenantable and unfit for occupancy, but yet be
repairable within ninety days front the happening of said injury or while
repairs are being made, but shall recommence immediately after said
repairs shall be completed. But if the premises shall be so
slightly injured as not to be rendered untenantable and unfit for
occupancy, then the Landlord agrees to repair the same
with
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reasonable
promptness and in that case the rent accrued and accruing shall not cease
or determine. The Tenant shall immediately notify the Landlord
in case of fire or other damage to the premises.
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Observation
Of
Laws,
Ordinances,
Rules and Regulations
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Twelfth.
– The Tenant agrees to observe and comply with all laws, ordinances, rules
and regulations of the Federal, State, County and Municipal authorities
applicable to the business to to be conducted by the Tenant in the demised
premises. The Tenant agrees not to do or permit anything to be
done in said premises. or keep anything therein, which will increase the
rate of fire insurance premiums on the improvements or any part thereof,
or on property kept therein, or which will obstruct or interfere with the
rights of other tenants, or conflict with the regulations of the Fire
Department or with any insurance polices upon said improvements or any
part thereof. In the event of any increase in insurance
premiums resulting from the Tenant’s occupancy of’ the premises, or from
any act or omission on the part of the Tenant, the Tenant agrees to pay
said increase in insurance premiums on the improvements or contents
thereof as additional rent.
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Signs
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Thirteenth.
– No sign, advertisement or notice shall be affixed to or placed upon any
part of the demised premises by the Tenant, except in such manner, and of
such size, design and color as shall be approved in advance in writing by
the Landlord.
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Subordination
of Mortgages and Deeds of Trust
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Fourteenth.
– This lease is subject and is hereby subordinated to all present and
future mortgages, deeds of trust and other encumbrances affecting the
demised premises or the property of which the premises are a
part. The Tenant agrees to execute, at no expense to the
Landlord, any any instrument which may be deemed necessary or desirable by
the Landlord to further effect the subordination of this lease to any such
mortgage, deed of trust or encumbrance.
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Sale
of Premises
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Fifteenth.
– In event of the sale by the Landlord of the demised premises, or the
property of which said, premises are a part, the landlord or the purchaser
may terminate this lease on the thirtieth day of April in any year upon
giving the Tenant notice of such termination prior to the first day of
January in the same year.
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Rules
and Regulations of Landlord
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Sixteenth.
– The rules and regulations regarding the demised premises, affixed to
this lease, if any, as well as any other and further reasonable rules and
regulations which shall be made by the Landlord, shall be observed by the
Tenant and by the Tenant’s employees, agents and customers. The
Landlord.
reserves the right to rescind any presently existing rules applicable to
the demised premises, and to make such other and further reasonable rules
and regulations as, in its judgment, may from time to time be desirable
for the safety, care and cleanliness of the premises, and for the
preservation of good order therein, which rules, when so made and notice
thereof given to the Tenant, shall have the same force and effect as if
originally made a part of this lease. Such other and further
rules shall not, however, be inconsistent with the proper and rightful
enjoyment by the Tenant of the demised premises.
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Violation
of
Covenants,
Forfeiture
of Lease, Re-
entry
of
Landlord
Non-waiver
or Breach
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Seventeenth.
– In case of violation by the Tenant of any of the covenants, agreements
and conditions of this lease, or of the rules and regulations now or
hereafter to be reasonably established by the Landlord, and upon failure
to discontinue such violation within ten days after notice thereof given
to the Tenant, this lease shall thenceforth, at the option of the
Landlord, become null and void, and the Landlord may re-enter without
further notice of demand. The Landlord rent in such case shall
become due, be apportioned and paid on and up to the day of such re-entry,
and the Tenant shall be liable for all loss or damage resulting from such
violation as aforesaid. No waiver by the Landlord of any
violation or breach of condition by the Tenant shall constitute or be
construed as a waiver of any other violation or breach of condition, nor
shall lapse of time after breach of condition by the Tenant before the
Landlord shall exercise its option under this paragraph operate to defeat
the right of the landlord to declare this least null and void and to
re-enter upon the demised premises after the said breach or
violation.
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Notices
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Eighteenth.
– All notices and demands, legal or otherwise, incidental to this lease,
or the occupation of the demised premises shall be in
writing. If the Landlord or its agent desires to give or serve
upon the Tenant any notice or demand, it shall be sufficient to send a
copy thereof by registered mail, addressed to the Tenant at the demised
premises, or to lease a copy thereof with a person of suitable age found
on the premises, or to pose a copy thereof upon the door to said
premises. Notices from the Tenant to the Landlord shall be sent
by registered mail or delivered to the Landlord at the place hereinbefore
designated for the payment of rent, or to
such
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party
or place as the Landlord may from time to time designate in
writing.
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Bankruptcy,
Insolvency,
Assignment for
Benefit
of
Creditors
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Nineteenth.
– In is further agreed that if at any time during the term of this lease
the Tenant shall make any assignment for the benefit of creditors, or be
decreed insolvent or bankrupt according to law, or if a receiver shall be
appointed for the Tenant, then the Landlord may, at its option, terminate
this lease, exercise of such option to be evidenced by notice to that
effect served upon the assignee, receiver, trustee or other person in
charge of the liquidation of the property of the Tenant or the Tenant’s
estate, but such termination shall not release or discharge any payment of
rent payable hereunder and then accrued, or any liability then accrued by
reason of any agreement or covenant herein contained on the part of the
Tenant, or the Tenant’s legal representatives.
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Holding
over by Tenant
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Twentieth.
– In the event that the Tenant shall remain in the demised premises after
the expiration of the term of this tease without having executed a new
written lease with the Landlord, such holding over shall not constitute a
renewal or extension of this lease. The Landlord may, at its
option, elect to treat the Tenant as one who has not removed at the end of
his term, and thereupon be entitled to all the remedies against the Tenant
provided by law in that situation, or the Landlord may elect, at its
option, to construe such holding over as a tenancy from month to month,
subject to all the terms and conditions of this lease, except as to
duration thereof, and in that event the Tenant shall pay monthly rent in
advance at the rate of $4,000.00 per month.
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Eminent
Domain, Condemnation
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Twenty-first.
– If the property or any part thereof wherein the demised premises are
located shall be taken by public or quasi-public authority under any power
of eminent domain or condemnation, this lease, at the option of the
Landlord shall forthwith terminate and the Tenant shall have no claim or
interest in or to any award of damages for such taking.
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Security
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Twenty-second.
– The Tenant has this day deposited with the Landlord the sum of
$4,600.00* as security for the full and faithful performance by the Tenant
of all the terms, covenants and conditions of this lease upon the Tenant’s
part to be performed, which said sum shall be returned to the Tenant after
the time fixed as the expiration of the term herein, provided the Tenant
has fully and faithfully carried out all the said terms, covenants and
conditions on Tenant’s part to be performed. In the event of a
bona fide sale, subject to this lease, the landlord shall have the right
to transfer the security to the vendor for the benefit of the Tenant and
the Landlord shall be considered released by the Tenant from all liability
for the return of such security, and the Tenant agrees to look to the new
Landlord solely for the return of the said security, and it is agreed that
this shall apply to every transfer or assignment made of the security to a
new Landlord. The security deposited under this lease shall not
be mortgaged, assigned or encumbered by the Tenant without the written
consent of the Landlord. No portion of the security
deposit, deposited here under $4,600.00* may be applied by tenant against
any rental obligation due here under. *5,670.00 is on hand under a prior
lease. $1,070.00 shall be returned to Tenant upon the execution
of this lease.
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Arbitration
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Twenty-third.
– Any dispute arising under this lease shall be settled by arbitration
Then Landlord and Tenant shall each choose an arbitrator, and the two
arbitrators thus chosen shall select a third arbitrator. The
findings and award of the three arbitrators thus chosen shall be final and
binding on the parties hereto.
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Delivery
of Lease
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Twenty-fourth.
– No rights are to be conferred upon the Tenant until this lease has been
signed by the Landlord, and an executed copy of the lease has been
delivered to the Tenant.
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Lease
Provisions Not Exclusive
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Twenty-fifth.
– The foregoing rights and remedies are not intended to be exclusive but a
additional to all rights, and remedies the Landlord would otherwise have
by law.
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Leasing
Binding On Heirs, Successors, Etc.
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Twenty-sixth.
– All of the terms, covenants and conditions of this lease shall inure to
the benefit of and be binding upon the respective heirs, executors,
administrators, successors and assigns of the parties
hereto. However, in the event of the death of the Tenant, if an
individual, the Landlord may, at its option. terminate this lease by
notifying the executor or administrator of the Tenant at the demised
premises.
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Tenant
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Twenty-seventh.
– This lease and the obligation of Tenant to pay rent hereunder and
perform all
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Obligation
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of
the other covenants and agreements hereunder on part of tenant to be
performed shall in nowise be affected, impaired or excused because
Landlord is unable to supply or is delayed in supplying any service
expressly or implied to be supplied or is unable to make, or is delayed in
making any repairs, additions, alterations or decorations or is unable to
supply or is delayed in supplying any equipment or fixtures if Landlord is
prevented or delayed from so doing by reason of governmental preemption in
connection with the National Emergency declared by the President of the
United States or in connection with any rule, order or regulation of any
department or subdivision thereof of any governmental agency or by reason
of the conditions of supply and demand which have been or are affected by
the war.
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No
Oral
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Twenty-eighth.
– This instrument may not be changed orally.
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Changes | ||
Trash
& Recycle
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Twenty-ninth.
– It is understood that Tenant shall comply with the trash & recycling
program as outlined and enforced by the Boro of Red Bank and by the
Landlord. It is understood that trash is picked up each evening
by Boro of Red
Bank from a deposit container provided by landlord in designated area of
parking lot. Tenant shall deposit his office trash in said
container.
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Late
Payment
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Thirtieth.
– In every case in which Tenant is required by the terms of this lease to
pay Landlord a sum of money and payment is not made within ten (10) days
after the same becomes due, a penalty of 5% shall be paid as additional
rent along with the sum of money owed. Interest on Late Payment
- If any sum of money is not paid within 30 days, interest shall also be
payable from the first due date at the rate of (18%) per annum calculated
on a per diem basis until paid. However, if the amount of
interest payable to the forgoing exceeds the maximum rate allowed by law,
then interest on said unpaid sums shall accrue at the maximum rate allowed
by law. Landlord may at its option, cause such late charge to
be added to and become a part of the next succeeding monthly installments
of fixed rent to be made pursuant here to. Any payment made
shall 1st
be applied to late fees, interest and other charges then to current
rents.
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Chair
Pads
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Thirty-first.
– Chair desk pads must be used on the carpet under all rolling type chairs
to preserve flooring.
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Bulb
Replacement
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Thirty-second.
– Tenant shall be responsible for the cost of replacement of all standard
lamps and bulbs and all ballast used by tenant in the Demised
Premises. The building management does provide such service and
tenant will be billed appropriately when service is
used.
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Smoke-Free
Building
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Thirty-third.
– This building is a SMOKE FREE building. All Tenants and their
invitees are required to comply.
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Parking
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Thirty-fourth.
– It is understood that 3 parking spaces shall be made available for
Tenant in the 0 Xxxxxxx Xxxx/Xxxxxx Xx. parking lot and their employees on
an ‘as available’ basis in the lot known as 000 Xxxxx Xxxxxx, Xxx Xxxx,
only.
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Lock
Changes
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Thirty-fifth.
– Landlord shall have a key for access to the entire subject premises at
all times. Landlord may enter the premises at all
times. If
Tenant changes locks the new keys must be keyed to the Landlord’s
masterkey.
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Notification
at End of Lease Term
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Thirty-sixth.
– Tenant shall notify Landlord 3 months (1/1/10) prior to expiration of
this Lease if he intends to vacate premises at the expiration of this
Lease.
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Fire
Alarms
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Thirty-seventh.
– Tenant is aware that the building has a hard-wired, central station
monitored smoke and heat detection system. Tenant, is aware
that any call to the central station that originates from the tenant’s
demised premises and is a result of negligence of the tenant, the tenant
will be responsible for any fine that the Boro of Red Bank or the Fire
Marshal’s office may impose for response to said alarm.
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Signatures
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The
landlord and the tenant agree to the terms of this Lease by signing
below. If a party is a corporation, this Lease is signed by its
proper corporate officers and its corporate seal is
affixed.
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IN
WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the day and
year aforesaid.
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