LEASE AND MANAGEMENT
STATE OF GEORGIA
COUNTY OF COFFEE
THIS LEASE AND AGREEMENT made and entered into this 10th day of October,
1997, by and between THE XXXXXX CORP. and NORTHEASTERN PLASTICS, INC.
W I T N E S S E T H:
In consideration of the representations and agreements herein
contained, the parties hereto agree as follows:
ARTICLE I
"Lessor" means The Xxxxxx Corp., its representatives, successors and
assigns.
"Lessee" means Northeastern Plastics, Inc., its representatives,
successors and assigns.
"Premises" means 30,000 square feet in the southern section of a
building owned by Lessor and more commonly referred to as "Xxxxxx Garments".
Said building is located on real property owned by Lessor lying and being on
Ga. Highway #32 West in Coffee County, Xxxxxxx Xxxxxxxx, Georgia. Said
premises shall include one (1) front loading dock, one (1) 10' x 10' side
door and Lessee shall have the right to use one (1) 12' x 12' unloading dock
located in the northern end of the building. Also, said premises shall
include an office area with a minimum of 1000 square feet which shall
adequate heating and air conditioning shall include two (2) bathrooms. Said
office area shall have finished walls and
LEASE AND AGREEMENT BETWEEN THE
XXXXXX CORP. AND NORTHEASTERN
PLASTICS, INC.
PAGE 1 OF 7 PAGES
floors and shall include two windows, with one window at the south side of
the building looking out toward Ga. Highway #32 and the other window shall
give an unobstructed view of the interior of the warehouse area. Said area
shall be completed, at Lessor's expense, prior to Lessee occupying said
building. Lessor shall, at its sole expense, have a 8 foot high chain link
fence erected so as to separate the areas of the building used by Lessor and
the area used by Lessee.
ARTICLE II
This Lease shall become effective on the 10th day of October, 1997 and
the leasehold estate created in this Lease shall then begin and subject to
the provisions of this Agreement, shall expire on the 9th day of October,
1999. Lessor agrees to deliver to Lessee sole and exclusive possession of
the Premises above-described. Commencing on the effective date of this Lease
and continuing on the 1st day of each month thereafter, Lessee shall pay to
Lessor the sum of Two Thousand Eight Hundred Seventy Five Dollars ($2,875.00)
per month during the initial term of this Lease for rental on the 30,000 sq.
ft. building space ($1.15 x 30,000 sq. ft per year = $34,500.00 per year).
Also, commencing on the effective date of this Lease and continuing on the
1st day of each month thereafter, Lessee shall pay to Lessor the sum of Four
Hundred Dollars ($400.00) per month during the initial term of this Lease for
rental on the 1,000 square foot office area ($4.80
LEASE AND AGREEMENT BETWEEN THE
XXXXXX CORP. AND NORTHEASTERN
PLASTICS, INC.
PAGE 2 OF 7 PAGES
x 1,000 sq. ft. per year - $4800.00 per year). Said 1,000 square foot office
area will be built by Lessor for the benefit and use of Lessee during the
initial term of this Lease and any renewal thereof. Said rental amount
includes all water and sewerage charges incurred by Lessee on Premises during
the term of this Lease.
ARTICLE III
The initial term of this Lease shall be for a period of two (2) years
from the effective date and Lessee shall have the option to renew said Lease
for an additional two (2) year period after the initial term with the monthly
rental to be increased based on the CPI. Lessee shall notify Lessor at least
sixty (60) days in advance, in writing, prior to the expiration of the initial
term of the exercise of this option to renew.
ARTICLE IV
Lessor agrees that during the term of this Lease it will, at its own
expense, keep the premises in as reasonably safe condition as is possible and
to keep said premises in good repair, making from time to time all necessary
repairs thereto.
Lessee may, at its own expense, make from time to time any additions,
modifications or improvements to the premises as it may deem desirable upon
giving Lessor thirty (30) days written notice. Lessee shall not permit any
mechanic's liens, materialman's liens, security interest or other encumbrance
to remain against the
LEASE AND AGREEMENT BETWEEN THE
XXXXXX CORP. AND NORTHEASTERN
PLASTICS, INC.
PAGE 3 OF 7 PAGES
premises for labor or materials furnished in connection with any additions,
modifications, improvements, repairs or replacements so made by them.
ARTICLE V
Lessor shall be responsible for maintaining fire and casualty insurance
on the Premises. It is further understood that all ad valorem (property)
taxes assessed against the Premises shall be promptly paid by Lessor.
However, Lessee may, if it so desires, maintain insurance coverage on the
contents of said building which are the sole and exclusive property of Lessee.
ARTICLE VI
If the premises are destroyed (in whole or in part) or is damaged by
fire or other casualty, Lessor may, at Lessor's expense, promptly repair,
rebuild or restore the property damaged or destroyed to substantially the
same condition as it existed prior to the event causing such damage or
destruction. Lessor shall repair, rebuild or restore said property no later
than forty five (45) days from the date of fire or other casualty.
In the event any governmental agency initiates condemnation proceedings
under the provisions of eminent domain, Lessor shall give Lessee at least six
months' notice to vacate said premises and this Lease shall be null and void.
ARTICLE VII
This Lease may not be assigned in whole or in part, nor may
LEASE AND AGREEMENT BETWEEN THE
XXXXXX CORP. AND NORTHEASTERN
PLASTICS, INC.
PAGE 4 OF 7 PAGES
the premises be subleased as a whole or in part, by the Lessee without the
prior written consent of the Lessor.
ARTICLE VIII
The following shall be "events of default" under this Lease and the
terms "event of default" or "default" shall mean, whenever they are used in
this Lease, any one or more of the following events:
(a) Failure of the Lessor to pay the rents required to be paid under
Article II and continuance of such failure for a period of ten (10) days
after written notice by the Lessor to the Lessee.
(b) Failure by Lessee to observe and perform any covenant, condition or
agreement on its part to be observed or performed, other than as required in
subsection (a) of this section, for a period of ten (10) days after written
notice, specifying such failure and requesting that it be remedied, given to
Lessee by Lessor.
(c) Lessee shall apply for or consent to the appointment of or the
taking of possession by a receiver, custodian, trustee or liquidator of the
Lessee of all or substantial part of their property or commence a voluntary
case under the Federal Bankruptcy Code.
ARTICLE IX
Whenever any event of default referred to in Article VIII above shall
have happened or be subsisting, Lessor may take any one
LEASE AND AGREEMENT BETWEEN THE
XXXXXX CORP. AND NORTHEASTERN
PLASTICS, INC.
PAGE 5 OF 7 PAGES
or more of the following remedial steps:
(a) Lessor may re-enter and take possession of the premises and declare
this agreement and any provisions thereof to be null and void.
(b) Lessor may take whatever action at law or in equity may appear
necessary or desirable to collect the rent and any other amounts payable by
Lessee hereunder, then due and thereafter to become due, or to enforce
performance and observance of any obligation, agreement or covenant of Lessee
under this Agreement.
In the event any agreement contained in this Lease shall be breached by
either party and thereafter waived by the other party, such waiver shall be
limited to the particular breach so waived and shall not be deemed to waive
any other breach hereunder.
ARTICLE X
All notice, certificates or other communications hereunder shall be
sufficiently given and shall be deemed given when mailed by registered or
certified mail, return receipt requested, postage pre-paid addressed as
follows:
To Lessor: The Xxxxxx Corp.
Xx. Xxxxxx Xxxxxx
00000 Xxxxxxx 00
Xxxxxxxx, XX 00000
To Lessee: Northeastern Plastics, Inc.
Xx. Xxxx Xxxxxx
000 Xxxxxxx Xxxxxx
Xxxxxxxx, X.X. 00000
LEASE AND AGREEMENT BETWEEN THE
XXXXXX CORP. AND NORTHEASTERN
PLASTICS, INC.
PAGE 6 OF 7 PAGES
ARTICLE XI
This Lease shall inure to the benefit of and shall be binding upon the
Lessor, the Lessee and its respective successors and assigns. In the event
any of the provisions of this Lease shall be held invalid or unenforceable by
any Court of competent jurisdiction, such holding shall not invalidate or
render unenforceable any other provisions hereof. It is understood and
agreed that this Lease & Agreement shall be governed by the laws of the State
of Georgia.
TIME IS OF THE ESSENCE OF THIS AGREEMENT.
IN WITNESS WHEREOF, the parties hereto have executed this Lease and
Agreement the day and year first above written.
THE XXXXXX CORP., LESSOR
By: Xxxxxx Xxxxxx
-----------------------------------
Xxxxxx Xxxxxx, President
Signed, sealed and delivered
in the presence of:
Xxxxx Xxxxxx
------------------------------
Witness
Xxxxx Xxxxxx
------------------------------
Notary Public
2-22-99
NORTHEASTERN PLASTICS, INC., LESSEE
By: Xxxx X. Xxxxxx
-----------------------------------
Xxxx X. Xxxxxx, President
Signed, sealed and delivered
in the presence of:
XXXXXX X. XXXXX
(Illegible) Notary Public, State of New York
------------------------------ No. 4879674
Witness Qualified in Rockland County
Commission Expires December 15, 1998
Xxxxxx X. Xxxxx
------------------------------
Notary Public
LEASE AND AGREEMENT BETWEEN THE
XXXXXX CORP. AND NORTHEASTERN
PLASTICS, INC.
PAGE 7 OF 7 PAGES
