EXHIBIT 10.1
LEASE AND PURCHASE OPTION
THIS EXPLORATION LEASE AND PURCHASE OPTION (the "Lease") effective as
of the 8th day of January, 2001 regardless of the actual times of signing and
acknowledgement, between XXXXXX XXXXXX (hereinafter collectively called
"Owner"), and LENNOC VENTURES INC. (hereinafter called "LENNOC").
1. Owner, in consideration of the sum of Fifteen Hundred Dollars
($1,500.00) (the Initial Payment") to be paid upon signing this Lease
and Purchase Option and other considerations and of the royalties
herein reserved and the covenants to be performed by LENNOC, does
hereby lease, let and demise unto LENNOC and its successors and
assigns, all right, title and interest in the Sand Pass group of
unpatented mining claims and State of Utah mineral lease described in
Exhibit A hereto (hereinafter referred to as the "Premises", including
any or all surface rights thereto, located in Juab County, Utah.
2. The term of this Lease shall be twenty (20) years, to commence on the
effective date above written, and for so long thereafter as ores of
minerals from the Premises are being mined, processed and marketed by
LENNOC in commercially paying quantities. Whenever the continued term
of this Lease is dependent solely upon mining, processing or marketing
by LENNOC and there occur periods (I) when there is no reasonable
market for ores or minerals which are or could be produced by LENNOC
from the Premises for any periods of time each not to exceed two (2)
consecutive years; or (ii) when the mining processing of marketing by
LENNOC of ores or minerals from the Premises is prevented or
interrupted by a condition or happening of force majeure as specified
in Section 15 hereof, the term of this Lease shall nevertheless
continue during such periods. When a satisfactory market becomes
available, or upon cessation of any period of force majeure, LENNOC
shall have a reasonable time thereafter within which to resume mining,
processing or marketing of ores and minerals from the Premises. No
cessations of operations for ninety (90) consecutive days or less, when
such cessation is caused by any other reason, shall be considered a
break in the continuity of mining, processing or marketing. A
"reasonable market" shall not be deemed to exist and LENNOC may suspend
operations during periods when the products of the Premises cannot be
produced and sold at a profit by reason of low mineral prices and in
such event, Owner shall be given access to all relevant information
regarding such non-profitability.
3. LENNOC shall have, and it is hereby given and granted, the right to
enter onto and take over immediately the sole and exclusive possession
and control of said Premises in the whole and every part thereof and,
during the term of this Lease, to remain in the sole and exclusive
possession and control thereof, and to investigate, measure, sample,
examine, test, develop, work, operate, use, manage
and control, the same and the water and water rights, and to mine,
extract and remove from said Premises the ores and minerals therein and
appurtenant and belonging thereto, and to treat, mill, ship, sell or
otherwise dispose of the same and receive the full proceeds therefrom,
and to erect, construct, maintain, use and operate thereon and therein
roads, utility lines, buildings, structures, machinery and equipment
necessary for the foregoing purposes. The time; nature, location and
extent of such or any or all the above activities and the cessation and
resumption thereof shall be at the sole discretion of LENNOC and may
include without limitation, open pit, underground, strip or solution
mining methods, together with the right, subject to Section 4 hereof,
to use and destroy so much of the surface as may be necessary, useful
or convenient for the enjoyment of the rights herein granted. LENNOC
may also, if it so elects, use all or part of the Premises in the
enjoyment of such rights and may deposit or dump any materials thereon,
whether produced therefrom or from any other property.
4. LENNOC shall cause all work to be done in a careful and minerlike
manner, and to conform in all respects to all applicable mining laws
and regulations of all government authorities (local, state and
federal) having jurisdiction over the Premises relating to LENNOC"s
activities or operations of the Premises.
5. If LENNOC finds in its sole judgment that the Premises warrant
commercial development, it shall proceed with reasonable diligence with
the development of the Premises in such manner and on a tonnage basis
of such capacity as is deemed proper and adequate in LENNOC's sole
judgment, and shall advance all funds required therefor, including the
initial working capital in such an amount as it may deem proper for the
operation of the Premises. In equipping the Premises for operation,
LENNOC may determine in its sole judgment the location of any
buildings, structures, machinery, equipment, mine openings, ore and
waste storage dumps and whether the same shall be located outside the
limits of the Premises and may acquire other land by purchase, lease or
otherwise for such purposes. The title to and ownership of all capital
items of property purchased or constructed by LENNOC in equipping the
Premises for operation and all replacements and additions thereto shall
remain solely in LENNOC.
6. Owner hereby grants to LENNOC the exclusive and irrevocable right and
option to purchase the Premises for the sum of One Million Dollars
($1,000,000.00) reduced by all amounts paid to Owner prior to close of
escrow including the Initial Payment provided for in Section 1 hereof,
annual advance minimum royalty payments provided for in Section 8
hereof ("Purchase Price") and royalties provided for in Section 9
hereof. This option is exercisable at any time during the term of this
Lease.
7. At the time LENNOC elects to exercise the purchase option, LENNOC shall
give written notice of such election to Owner together with its
designation of a bank or title insurance company as escrow agent.
Within thirty (30) days after such notice is given. Owner and LENNOC
shall execute and deliver to the escrow agent
escrow instructions setting forth the terms and conditions of this
Lease. Upon execution of escrow instructions, Owner shall sign,
acknowledge and deliver to the escrow agent a warranty deed in a form
acceptable to LENNOC conveying to LENNOC all right, title and interest
in and to the Premises subject only to the paramount title of the
United States. The escrow instructions shall provide that:
(a) LENNOC shall deposit with the escrow agent the Purchase Price
upon the execution of the escrow instructions.
(b) Owner shall deposit with the escrow agent the warranty deed
upon execution of the escrow instructions.
(c) The escrow shall close when the Purchase Price and warranty
deed have been deposited with the escrow agent.
(d) Upon close of escrow the entire Purchase Price shall be
delivered to Owner and Owner's warranty deed shall be delivered
to LENNOC.
(e) The escrow charges shall be paid one-half by Owner and one-half
by LENNOC.
Not withstanding any other provision of this Lease, this Lease and
LENNOC's obligations thereunder shall terminate at the close of escrow.
8. Until this Lease is terminated or the Premises are purchased by LENNOC,
LENNOC shall pay to Owner the following advance minimum royalty amounts
according to the following schedule:
$ 3,000.00 on or before the first anniversary date of this Lease;
$ 6,000.00 on or before the second anniversary date of this Lease;
$ 9,000.00 on or before the third anniversary date of this Lease;
$12,000.00 on or before the fourth and each succeeding anniversary
date of this Lease.
The total amounts of the advance minimum royalty paid by LENNOC shall apply to
and be deducted from the Purchase Price, and from the current and future
production royalties provided for in Section 9 hereof. The remaining amount of
the Purchase Price not yet having been paid when the option to purchase is
exercised shall be paid at the close of escrow.
9. Commencing with Date of Commencement of Commercial Production, a
production royalty of all ores extracted and sold from the Premises
shall be paid to Owner in the amount of three percent (3%) of Net
Smelter Returns (as defined herein).
(a) The term "DATE OF COMMENCEMENT OF COMMERCIAL PRODUCTION" as used
herein shall mean the first (1st) day of the month following
expiration of the first consecutive two (2) month period within
which milling of ores produced from the Premises has yielded
concentrates of commercial quality and quantity.
(b) The term "NET SMELTER RETURNS" means amounts actually received by
LENNOC from the sale of ores and minerals, except in the case of
refined gold and silver in which case the Net Smelter Returns shall
be the average daily quotations for the calendar week in which gold
and silver is refined and made available for delivery to LENNOC, of
the London Final Gold Quotation and the Handy and Xxxxxx New York
official silver quotation as published in Metals Week (or its
recognized successor in publication of gold and silver quotations);
less but only to the extent actually incurred and borne by LENNOC
after the Date of Commencement of Commercial Production:
(i) Sales, use, gross receipts severance, ad valorem and other
taxes, if any, payable with respect to severance, production,
excluding any taxes on net incomes;
(ii) Charges and costs, if any, for transportation from the mine or
mill to places where ores and minerals are smelted, refined
and/or sold;
(iii) Charges, costs, including assaying and sampling costs, and
all penalties, if any, incurred upon smelting and/or refining
ores and minerals; in the event smelting or refining is carried
out in facilities owned or controlled, in whole or in part, by
LENNOC, charges, costs, and penalties for such operations shall
mean the actual costs incurred or the amount LENNOC would have
incurred if such operations were carried out at facilities not
owned or controlled by LENNOC then offering comparable services
for comparable product on prevailing terms, whichever is less.
(c) Should the Premises be mined by other than conventional mining
methods such as solution mining or in-situ mining, costs relating
to the mining, milling and introducing or extracting of solutions
into and from the ore, including xxxxx piles and concentrating the
pregnant solutions (e.g., solvent extraction, carbon extraction,
absorption, desorption, etc.) shall not be deducted in calculating
royalites hereunder. Operating Expenses relating to production of
metal products from such concentrated solutions
(e.g. electrowinning, precipitation, etc.) shall be considered the
equivalent of smelting and refining and shall be deductible.
(d) "OPERATING EXPENSES" referred to in paragraph (c) above shall mean
all costs, obligations, liabilities and expenses of whatsoever
nature (excluding depreciation) which are incurred or become
payable by LENNOC after the Date of Commencement of Commercial
Production in connection with or for the benefit of the
development, improvement, maintenance and operation of the process
related to the production of metal products from concentrated
solutions and the products thereof, including all expenses and
deductions from income allowable (but with discretion in LENNOC in
what accounting periods the same shall be chargeable) to such
products and processes for income tax purposes.
(e) LENNOC may commingle ore or other mined material from the Premises
with ore or other mined material from other properties, wither
before or after concentration or benefication, so long as the data
necessary to determine the weight and grade, or in the case of heap
leaching, solution or in situ mining, the metal content and percent
recovery, both of the ore removed from the Premises and the ore
with which it is commingled, are obtained by LENNOC, and furnished
to Owner. LENNOC shall then use such data to allocate net returns
from the commingled ore between the Premises and the other
properties from which the other commingled ore or other mined
material was removed. All such data and allocation calculations by
LENNOC shall be done in a manner recognized by the mining industry
as practical and sufficient at that time.
(f) All mineral products of the Premises which are marketed shall be
marketed at the best terms obtainable from any responsible smelter,
refinery, or end user with due regard to freight differentials, and
if such ores or concentrates or other products shall be treated at
a smelter or refinery owned or controlled by LENNOC, the smelter or
refinery schedules used for determining the Net Smelter royalty
shall not be less favorable to the Premises than the schedules then
being offered or being negotiated with independent shippers for
materials of a like character and similar quantity.
(g) Production royalties shall become due and payable by check on the
fifteenth (15th) day of the month following the sale of the
concentrates of smelting ores or mine products during the preceding
calendar quarter and following the receipt by LENNOC of all
necessary information for the calculation of the royalties.
(h) All production royalty payments shall be based on the amount
received by LENNOC from the sale of ores and minerals less
deductions allowed
hereunder, or in the case that LENNOC in its sole judgment deems it
reasonable to withhold production from sate then LENNOC shall
notify Owner in writing with sufficient information as to the
decision to withhold production from sale and Owner shall have five
(5) business days to notify LENNOC in potential market adjustments
or to determine the royalty payment due to Owner based on
multiplying the average price per unit listed in Metals Week for
such minerals for each calendar month by the total number of such
units of ores and minerals produced from the Premises and
subtracting from that product the appropriate deductions allowed
hereunder.
(i) LENNOC's engineering progress maps and factual data (but excluding
interpretive information or data) on all mining operations upon the
Premises pertinent to the computation of production royalties shall
be available upon request for inspection by Owner for a reasonable
period of time during normal business hours, but not more often
that once each calendar quarter and Owner may enter the Premises at
reasonable times for the purpose of inspecting the same, and LENNOC
shall facilitate such inspection in every reasonable way, but Owner
shall enter upon said Premises at the sole risk of Owner and so as
not to hinder unreasonable the operations of LENNOC; and Owner
shall indemnify and hold harmless LENNOC , its directors, officers
and employees from any damage, claim or demand by reason of injury
to or the presence of Owner or its agents, representatives,
licensees or guests or any of them on the Premises or approaches
thereto unless caused by the willful acts of LENNOC or its
employees. Annually, within ninety (90) days after each anniversary
date of this Lease, LENNOC shall provide to the Owner a copy of all
raw factual data obtained from exploration of the Premises. Owner
agrees to keep such data confidential until this Lease expires or
is terminated other than by purchase of the Premises by LENNOC.
(j) Owner shall be deemed to have waived any right it may have had to
object to the royalty settlement made by LENNOC for any quarter,
unless Owner notifies LENNOC in writing of such objection within
ninety (90) days after receipt of such royalty which may be
disputed. If Owner and LENNOC are unable to resolve the question by
agreement within thirty (30) days after LENNOC's receipt of notice
from Owner, the dispute shall be resolved as provided in Section 21
below.
10. For the purpose of determining the applicability of the royalty
provided for in Section 9 hereof, LENNOC and Owner agree that any and
all ores and minerals within the surface boundaries extended downward
vertically of any claim held under lease or agreement by LENNOC, or now
or hereafter owned by LENNOC, shall belong to such claim and none
other, and LENNOC shall be required to account only to the owner of
such claim for ores mined and removed by it
therefrom. As to the other claims or property adjoining or adjacent to
the Premises, this Lease and the purchase of the Premises by LENNOC are
intended to, and will, grant to LENNOC, subject to the terms hereof,
the full rights of possession and enjoyment in and to the Premises and
all ore and minerals therein and appurtenant thereto and all
extralateral rights thereof as provided by law.
11. Owner shall pay before they are delinquent all general property taxes
assessed against the ownership of Owner in the Premises during the term
of this Lease and shall be reimbursed by LENNOC for such taxes. LENNOC
shall pay, before they are delinquent, all taxes levied or assessed
against any and all personal property, machinery and equipment placed
upon the Premises by LENNOC during the term of this Lease. If Owner
fails to pay taxes chargeable solely to Owner when due, LENNOC may at
its option pay the taxes of Owner directly.
12. LENNOC shall comply with the Workmen's Compensation Laws of Utah and
with Social Security, Unemployment Insurance and all other state and
federal laws and regulations relating to LENNOC's operations and shall
save Owner harmless from any claim for damages or liability by reason
thereof. Without limiting the applicability of the foregoing, LENNOC
shall perform all reclamation of the Premises required by local, state
and federal laws and regulations as a result of LENNOC's activities or
operations on the Premises, and this obligation shall survive
termination of this Lease (except by purchase of the Premises).
LENNOC will discharge when due all claims, liabilities,
expenses and obligations of, relating to or associated with the
Premises which arise from or relate to any action, failure to act, or
man-made condition occurring or arising while this Lease is in effect
(but not before) whether or not arising out of federal, state or local
laws, rules or regulations now in effect or which may come into effect
in the future, including without limitation (i) and all obligations
under the Comprehensive Environmental Response Compensation Liability
Act of 1980 as amended ("CERCLA"), Pub. L. 95-510 and 96-561, and the
Resource Conservation and Recovery Act of 1980 ("RCRA"), Pub. L. 96-482
with respect to the Premises, and (ii) any and all personal injuries,
property damage, contamination or pollution, known or unknown,
determined to have resulted from LENNOC's activities or operations on
the Premises.
LENNOC agrees to indemnify, defend and hold Owner harmless
from and against any and all losses, liabilities, claims, demands,
damages, costs and expenses of every kind, nature and description
(including, without limitation, reasonable attorneys' fees and
disbursements), based upon, arising out of or otherwise in respect of
any claims, liability or obligation assumed by LENNOC under this
section.
13. If LENNOC, at its option and in its sole judgment, desires to amend or
relocate any mining claims in the Premises, or if it discovers that
fractions exist between any of such claims, it may, at its sole
expense, amend or relocate such claims and
locate any such fractions, subject to this Lease, in the name of Owner.
LENNOC shall also prepare and file such notices and certificates as may
be required by state and federal Law as may be deemed appropriate to
effect such amendment or location. All such amended or relocated claims
or any fractions so located by LENNOC shall be included in the Premises
for purposes of this Lease.
This Lease shall constitute full and irrevocable power and authority
during the term hereof for LENNOC to apply for a United States mineral
patent in the name of Owner to any or all of the unpatented mining
claims that comprise the Premises, and Owner agrees to assist in such
application in any manner requested by LENNOC. If LENNOC makes such
relocation or files such additional and/or amended location
certificates as to such unpatented mining claims or applies for a
United States mineral patent to any or all of such unpatented mining
claims and such action is unsuccessful or the application is rejected
in whole or in part, LENNOC shall not be liable to Owner for such loss
in any manner whatsoever, provided LENNOC has proceeded in good faith
in taking such action or making such application. The rights of LENNOC
and Owner under this Lease shall extend to any and all such amended,
relocated and patented mining claims.
LENNOC shall pay all rentals and holding fees required, and shall
perform all assessment work that is required or allowed, for the
unpatented mining claims within the Premises in compliance with federal
and state regulations, and shall timely record and file with the proper
county, state and federal offices evidence of such work or payment in
compliance with assessment, recording and filing requirements. In the
event LENNOC terminates this Lease and the termination notice is
provided to Owner after August 1 of any assessment year, LENNOC shall
be obligated to perform the assessment work if required, or to pay the
rental or holding fees for that assessment year.
If federal law shall hereafter provide a tenure system for federally
owned minerals of lands in which mineral resources may exist and such
system is at variance with or in substitution for the existing system
provided for mining locations under the General Mining Law of 1872, as
amended, and if such law shall give the owners of unpatented mining
claims an option to acquire rights under the new law in exchange for or
in modification of their existing rights, this Lease shall constitute
full power and authority to LENNOC to make such election. In the event
such election is made, in order to keep this Lease in force and effect
as to such unpatented mining claims, LENNOC shall pay all minimum or
advance royalties, rentals, bonus payments, or other fees required by
such substituted or modified tenure system.
14. LENNOC shall keep the Premises and the whole and every part thereof
free and clear of liens for labor done or work performed upon the
Premises or materials furnished to it for the development or operations
thereof under this Lease while the same is in force and effect, and
will save and keep harmless Owner and indemnify Owner from all costs,
claims, loss or damage which may arise by
reason of injury to any persons employed by LENNOC in or upon the
Premises or any part thereof, or, except as provided in Section 9(I)
hereof, which may arise by reason of injury to any persons or damage to
any property as the result of any activities, work or operations of
LENNOC or of its possession and occupancy of the Premises. A lien upon
the Premises shall not constitute a default if LENNOC in good faith
disputes the validity of the claim;, in which event the existence of
the lien shall constitute a default only if such lien remains longer
than ten (10) days after the lien has been finally adjudicated as
valid.
15. If LENNOC is rendered unable, wholly or in part, to perform any of the
terms or covenants of this Lease, other than making the various
payments hereunder, it shall not be deemed in default for any failure
or delay in the performance thereof if such performance shall have been
prevented or delayed by any of the following conditions of force
majeure: labor disturbances, shortage of labor equipment, strikes,
lockouts, other industrial disturbances, acts of God, act of the public
enemy, lightning, fire, storm, flood, inclement weather, explosion,
inability to obtain governmental licenses, permits or approval,
regulations, restrictions, orders or acts of governmental agencies or
courts; or on account of any eventualities or conditions, similar or
dissimilar, whether enumerated or not, beyond the reasonable control of
LENNOC, including federal, state and local health, safety, land use and
environmental statues and regulations.
16. The failure of LENNOC to make or cause to be made any of the payments
provided for in Sections 8 or 9 hereof or to keep or perform any
agreement on its part to be kept or performed according to the terms
and provisions of this Lease, shall, at the election of Owner, work a
forfeiture of this Lease; provided, however, that in the event of a
default on the part of LENNOC, and the election of the Owner to
terminate this Lease on account thereof, Owner shall give to LENNOC a
written notice of its intention to declare a forfeiture of this Lease
and to terminate the same on account thereof, specifying the particular
default or defaults relied upon by it, and LENNOC shall have thirty
(30) days after receipt of such notice in which to cure or commence and
diligently pursue actions to cure the alleged default or defaults, in
which event there shall be no forfeiture therefor. If LENNOC disagrees
that such default occurred, it shall advise Owner in writing thirty
(30) days after receipt of the notice of default. If, within fifteen
(15) days thereafter, the parties have not resolved the dispute by
mutual agreement, the issue of default shall then be resolved pursuant
to Section 21 hereof.
17. Notwithstanding any provisions herein to the contrary, LENNOC may
terminate this Lease by providing thirty (30) days' written notice to
Owner. Upon total cancellation and termination of this Lease, LENNOC
shall be under no further obligation to Owner of any kind or nature
whatsoever, except for the making of payments which have already
accrued at the date of such cancellation and termination and for the
payment of LENNOC's proportion of any taxes accrued while this Lease
was in effect. Upon request by Owner given within ninety (90) days
after termination or exploration of this Lease, LENNOC shall furnish
Owner
with copies of all raw factual data obtained from exploration,
development and mining of the Premises.
18. In the event of a forfeiture, cancellation or other termination of this
Lease, LENNOC shall surrender to Owner peaceable possession of the
Premises and shall within thirty (30) days thereafter, if requested by
Owner, deliver to the Owner a written relinquishment hereof, together
with a copy of its engineering progress maps showing any workings made
or uncovered by LENNOC on the Premises
19. LENNOC shall have and is hereby given and granted six (6) months after
a valid forfeiture, cancellation or other termination of this Lease
(other than purchase of the Premises) to remove from the Premises all
machinery, trade fixtures and equipment erected or placed in or upon
the Premises by it. If LENNOC is hampered by snowdrifts, washouts,
inclement weather, other climatic conditions or conditions of force
majeure, from completing the removal of said property and equipment
within the time specified, then Owner agrees to extend the time by a
reasonable period if requested by LENNOC. Any such property not removed
within said six (6) months shall become property of Owner, and LENNOC
shall have no further rights, obligations or liabilities with respect
thereto.
20. Owner covenants that Owner now holds title and possession of the
unpatented mining claims within the Premises, subject only to the
paramount title of the United States, free and clear from all former
grants, sales, liens or encumbrances. Owner agrees to furnish to LENNOC
such abstracts, deeds or other evidences of title as may be in Owner's
possession and control, and to allow and cooperate with LENNOC at
LENNOC's option and cost and expense, to have abstracts brought to
date. Owner covenants that it has full power and authority to enter
this Lease.
In the event Owner owns a lesser mineral interest in the Premises than
that covenanted above, then all payments herein provided for shall be
paid to Owner only in the proportion that the mineral interest of Owner
bears to the mineral interest covenanted above. No change or transfer
of any interest of Owner shall be binding upon LENNOC until a
recordable instrument effecting such change or transfer has been
recorded and a copy thereof has been delivered to and received by
LENNOC.
21. All disputes under this Lease shall be resolved in accordance with this
Section 21 as follows:
(a) Within fifteen (15) days of receipt of notice, the parties shall
meet to attempt in good faith to resolve any disputes arising under
this Lease. If the dispute cannot be resolved in such a meeting or
if no meeting of the parties has taken place within fifteen (15)
days of notice of a dispute, either party may initiate mediation as
provided hereinafter. If convened, such mediation will be attended
by a principal from each party. The
parties shall immediately endeavor to settle the dispute by
mediation under the Center for Public Resources Model Procedure for
Mediation of Business Disputes. The parties shall select an
acceptable third party neutral within ninety (90) days of the date
of notice. In the event that the parties cannot agree upon a third
party neutral, the parties will agree on a third party neutral with
the assistance of the Center for Public Resources. The third party
neutral shall determine who pays his/her fees, based on positions
taken, and other relevant circumstances.
(b) The third party neutral shall attempt to resolve any such dispute
in approximately thirty-two (32) days from the date of submission.
A principal from each party will be required to attend the
mediation. If mediation is not successful, the parties shall submit
such dispute to Alternate Dispute Resolution ("ADR") in accordance
with the following rules:
(i) shall designate an impartial third party within ten (10) days
of a party's request for ADR;
(ii) the original third-party neutral shall act as Chairman of the
panel;
(iii) the panel of three shall convene within thirty (30) days of
failed mediation for each party to present, in summary fashion,
its case;
(iv) each party shall be allowed present no more than four
witnesses;
(v) each party shall prepare a written opening statement limited to
forty (40) pages (plus exhibits)'
(vi) each party shall be entitled to an oral closing statement
limited to thirty (30) minutes;
(vii) each party shall be limited to a total of four hours for
witness and exhibit presentation; cross-examination of same
shall be limited to a total of four (4) hours for the four (4)
witnesses;
(viii) each party may prepare a written closing statement limited
to ten (10) pages (plus exhibits) within three (3) days of the
close of evidence;
(ix) the compensation of the panel shall be allocated by them
between the parties;
(x) the panel shall render a decision within ten (10) days of the
close of evidence; and
(xi) the place of the ADR will be set by the panel.
Any determination pursuant to this Section is binding and any party
hereto shall be entitled to enter such determination as a judgment by
any United States state or federal court having jurisdiction.
22. Owner agrees to execute, upon request by LENNOC, a short-from notice of
this Lease, which notice shall be for purposes of recordation.
23. Any interest or right to acquire any interest in real property within
one mile from the present exterior boundaries of the Premises acquired
during the term of this Lease by or on behalf of a party hereto shall
be subject to the terms and provisions of this Lease.
24. Any notices or payments required or permitted to be given or made to
the Owner or LENNOC hereunder shall be considered as delivered five (5)
business days after the same shall have been deposited in the United
States mail, duly registered, with postage thereon pre-paid. All
notices or payments given or made hereunder shall be addressed to the
respective addresses given below:
If to Owner: Mr. Xxxxxx Xxxxxx
0000 Xxxxx 000 Xxxx
Xxxxx, Xxxx
00000
If to LENNOC VENTURES INC.: President and Director
Xxxxxxx XxXxxxxx
000 Xxxxx Xxxx
Xxxxxx, Xxxxxxx
X0X 0X0
Said addresses for receiving notices may be changed by either party upon five
(5) business days' previous notice to the other party.
All payments made by LENNOC under this Lease shall be made to Xxxxxx Xxxxxx
S.S.# ###-##-####. Such payments shall satisfy all obligations of LENNOC to make
payments to all of the Owners hereunder.
25. This Lease may be assigned or there may be a transfer of interest by
either party provided that written notice is given and that the person
or persons in whose favor such assignment is given agrees to be bound
by the provisions of this Lease as if they were a party to this Lease.
26. These presents shall inure to the benefit of and be binding upon the
successors and assigns of the parties hereto.
IN WITNESS WHEREOF, the parties hereto have executed this Lease to become
effective as of the day and year first above written.
/s/ XXXXXX XXXXXX
----------------------------
XXXXXX XXXXXX
LENNOC VENTURES INC.
By: /s/ XXXXXXX XXXXXXXX
--------------------------
Xxxxxxx XxXxxxxx
