Exhibit 10
COMMERCIAL RENTAL AGREEMENT
This Commercial Rental Agreement (Agreement) is entered into on this 1st day of
June, 2007, by and between Xxxxxxxx Xxxxx (Landlord) and Xxxxxxxx, Inc.
Corporation (Tenant). Landlord is the owner of land and improvements whose
address is: Xxxxx Xxxxxx 00 Xxxxx, Xxx Xxxxxxx, Xxxxxxx X.X. 00000 (Premises).
Landlord desires to rent the Premises to Tenant, and Tenant desires to rent the
Premises from Landlord for the term, at the rental and upon the provisions set
forth herein.
THEREFORE, in consideration of the mutual promises contained herein, and for
other good and valuable consideration, it is agreed:
TERM.
The Initial Term of the Rental shall begin on the 1st day of June, 2007, and
continue on a month-to-month basis. Landlord shall use its best efforts to put
Tenant in possession of the Premises on the beginning of the term. If Landlord
is unable to timely provide the Premises, rent shall xxxxx for the period of
delay. Tenant shall make no other claim against Landlord for any such delay.
RENT.
Tenant shall pay to Landlord during the Initial Term rent of Three Hundred
($300) per month. Each installment payment shall be due in advance on the first
day of each calendar month during the rental term to Landlord.
Tenant shall also pay to Landlord a "Security Deposit" in the amount of Three
Hundred Dollars ($300).
SUBLEASE AND ASSIGNMENT.
Tenant shall not sublease all or any part of the Premises, or assign this
Agreement in whole or in part without Landlord's consent, such consent not to be
unreasonably withheld or delayed.
REPAIRS.
During the Rental term, Tenant shall make, at Tenant's expense, all necessary
repairs to the Premises. Repairs shall include such items as routine repairs of
floors, walls, ceilings, and other parts of the Premises damaged or worn through
normal occupancy, except for major mechanical systems or the roof, subject to
the obligations of the parties otherwise set forth in this Agreement.
ALTERATIONS AND IMPROVEMENTS.
Tenant, at Tenant's expense, shall have the right, upon obtaining Landlord's
consent, to remodel, redecorate, and make additions, improvements and
replacements of and to all or any part of the Premises from time to time as
Tenant may deem desirable, provided the same are made in a workmanlike manner
and utilizing good quality materials. Tenant shall have the right to place and
install personal property, trade fixtures, equipment and other temporary
installations in and upon the Premises, and fasten the same to the premises. All
personal property, equipment, machinery, trade fixtures and temporary
installations, whether acquired by Tenant at the commencement of the rental term
or placed or installed on the Premises by Tenant thereafter, shall remain
Tenant's property free and clear of any claim by Landlord. Tenant shall have the
right to remove the same at any time during the term of this Agreement provided
that Tenant shall repair, at Tenant's expense, all damage to the Premises caused
by such removal.
PROPERTY TAXES.
Landlord shall pay, prior to delinquency, all general real estate taxes and
installments of special assessments coming due during the rental term on the
Premises, and all personal property taxes with respect to Landlord's personal
property, if any, on the Premises. Tenant shall be responsible for paying all
personal property taxes with respect to Tenant's personal property at the
Premises.
INSURANCE.
If the Premises or any other part of the Building is damaged by fire or other
casualty resulting from any act of negligence by Tenant or by any of Tenant's
agents, employees or invitees, rent shall not be diminished or abated while such
damages are under repair, and Tenant shall be responsible for the costs of
repair not covered by insurance.
Landlord shall maintain fire and extended coverage insurance on the Building and
the Premises in such amount as Landlord shall deem appropriate. Tenant shall be
responsible, at its expense, for fire and extended coverage insurance on all of
its personal property, including removable trade fixtures, located in the
Premises.
Tenant and Landlord shall, each at its own expense, maintain a policy or
policies of comprehensive general liability insurance with respect to the
particular activities of each in the Building with the premiums thereon fully
paid on or before due date.
UTILITIES.
Landlord shall pay all charges for water, sewer, gas, electricity, telephone and
other services and utilities used by Tenant on the Premises during the term of
this Agreement unless otherwise expressly agreed in writing by Landlord. Tenant
acknowledges that the Premises are designed to provide standard office use
electrical facilities and standard office lighting. Tenant shall not use any
equipment or devices that utilizes excessive electrical energy or which may, in
Landlord's reasonable opinion, over load the wiring or interfere with electrical
services to other tenants.
SIGNS.
Following Landlord's consent, Tenant shall have the right to place on the
Premises, at locations selected by Tenant, any signs which are permitted by
applicable zoning ordinances and private restrictions.
ENTRY.
Landlord shall have the right to enter upon the Premises at reasonable hours to
inspect the same, provided Landlord shall not thereby unreasonably interfere
with Tenant's business on the Premises.
DAMAGE AND DESTRUCTION.
If the Premises or any part thereof or any appurtenance thereto is so damaged by
fire, casualty or structural defects, such damage or defects not being the
result of any act of negligence by Tenant or by any of Tenant's agents,
employees or invitees, that the same cannot be used for Tenant's purposes, then
Tenant shall have the right within ninety (90) days following damage to elect by
notice to Landlord to terminate this Agreement as of the date of such damage. In
the event of minor damage to any part of the Premises, and if such damage does
not render the Premises unusable for Tenant's purposes, Landlord shall promptly
repair such damage at the cost of the Landlord. In making the repairs called for
in this paragraph, Landlord shall not be liable for any delays resulting from
strikes, governmental restrictions, inability to obtain necessary materials or
labor or other matters which are beyond the reasonable control of Landlord.
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Tenant shall be relieved from paying rent and other charges during any portion
of the rental term that the Premises are inoperable or unfit for occupancy, or
use, in whole or in part, for Tenant's purposes. Rentals and other charges paid
in advance for any such periods shall be credited on the next ensuing payments,
if any, but if no further payments are to be made, any such advance payments
shall be refunded to Tenant. The provisions of this paragraph extend not only to
the matters aforesaid, but also to any occurrence which is beyond Tenant's
reasonable control and which renders the Premises, or any appurtenance thereto,
inoperable or unfit for occupancy or use, in whole or in part, for Tenant's
purposes.
CONDEMNATION.
If any legally, constituted authority condemns the Building or such part thereof
which shall make the Premises unsuitable for leasing, this Agreement shall cease
when the public authority takes possession, and Landlord and Tenant shall
account for rental as of that date. Such termination shall be without prejudice
to the rights of either party to recover compensation from the condemning
authority for any loss or damage caused by the condemnation. Neither party shall
have any rights in or to any award made to the other by the condemning
authority.
SECURITY DEPOSIT.
Landlord shall hold the Security Deposit without liability for interest and as
security for the performance by Tenant of Tenant's covenants and obligations
under this Agreement, it being expressly understood that Tenant shall not
consider the Security Deposit an advance payment of rent or a measure of
Landlord's damages in case of default. Unless otherwise provided by law or
regulation, Landlord may commingle the Security Deposit with Landlord's other
funds. Landlord may, from time to time, without prejudice to any other remedy,
use the Security Deposit to the extent necessary to make good any arrearages of
rent or to satisfy any other covenant or obligation of Tenant hereunder.
Following any such application of the Security Deposit, Tenant shall pay to
Landlord on demand the amount so applied in order to restore the Security
Deposit to its original amount. If Tenant is not in default at the termination
of this Agreement, Landlord shall return the balance of the Security Deposit
remaining after any such application to Tenant.
COMPLIANCE WITH LAW.
Tenant and Landlord each shall comply with all laws, orders, ordinances and
other public requirements now or hereafter affecting the Premises.
FINAL AGREEMENT.
This Agreement terminates and supersedes all prior understandings or Agreements
on the subject matter hereof. This Agreement may be modified only by a further
writing that is duly executed by both parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and
year first above written.
/s/ Xxxxxxxx Xxxxx /s/ Xxxxxx Xxxxx
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Landlord, Xxxxxxxx Xxxxx Tenant, Xxxxxx Xxxxx for Xxxxxxxx, Inc.
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