EXHIBIT 99.1
LEASE AGREEMENT
THIS LEASE is entered into and made effective this 1st day of July,
2004, by and between 655992 B.C. Ltd., with address at 000 - 000 Xxxxxx Xxxxxx,
Xxxxxxxxx, X.X. X0X 0X0 (Lessor), and W.S. Industries, Inc., with address at
0000 Xxxx 00xx Xxx., Xxxxxxxxx, X.X. X0X 0X0, ("Lessee").
W I T N E S S E T H:
1. Lessor hereby Leases to Lessee and Lessee Leases from the Lessor,
265 square feet of cold storage space included in that certain real property
situate, located and being at 0000 Xxxxxxx Xxxx, Xxxxxxx, X.X. X0X 0X0 (the
"Premises"), for a term of one (1) year, commencing on the 1st day of July,
2004, and ending at midnight on 30th day of June, 2005, for a total rental of
FIVE HUNDRED CDN DOLLARS (CDN$500.00) per month, payable on the 1st day of each
month, commencing on the 1st day of July, 2004.
2. Lessee will use the Premises for conducting therein a wine and
beverage cold storage area and it shall not be used for any unlawful purposes.
3. Lessee shall not commit, or suffer to be committed, any waste upon
the said Premises, or any public or private nuisance. The Lessee shall not make,
or suffer to be made, any alterations of the said Premises or any part thereof,
without the prior written consent of the Lessor.
4. Lessee shall not vacate or abandon the Premises at any time during
the term, and if the Lessee shall abandon, vacate or surrender said Premises, or
be dispossessed by process of law, or otherwise, any personal property belonging
to the Lessee and left on the Premises shall, after 30 days' prior written
notice to Lessee, be deemed to be abandoned, at the option of Lessor.
5. Lessee, as a material part of the consideration to be rendered to
the Lessor under this Lease, hereby waives all claims against the Lessor for
damages to goods, wares and merchandise of any person, arising from the use of
the Premises by the Lessee, unless such damages arise from the negligence of
Lessor.
6. Lessee shall not conduct or permit to be conducted any sale by
auction on said Premises. The Lessee shall not place or permit to be placed any
projecting sign, marquee or awning on the front of the Premises without the
written consent of Lessor.
7. Lessor shall, as additional consideration hereunder, pay for all
cooling expenses, gas, heat, light, power, sewer use fees, telephone service,
garbage service, maintenance, real estate taxes and all other services and
utilities supplied to the Premises.
8. This Lease shall not be assignable without the written consent of
the Lessor; however, such consent shall not be unreasonably withheld. In the
event of a breach of this Lease by Lessee, or any of the covenants herein
contained on the part of the Lessee to be kept and performed, Lessor may give
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twenty (20) days written notice to Lessee to cure such default or defaults and
if Lessee fails to do so within twenty (20) days from the date of the mailing of
such notice, addressed to Lessee at the Premises, Lessor, besides other rights
or remedies it may have, shall have the immediate right of re-entry, and may
remove all persons and property from the Premises. Such property may be removed
and stored in a cold storage facility at any public warehouse or elsewhere at
the cost of, and for the account of, Lessee.
9. In case a lawsuit shall be brought for any unlawful detainer of the
Premises, for the recovery of any rent due under the provisions of this Lease,
or because of the breach of any other covenants herein contained, on the part of
the Lessee to be kept or performed, Lessee shall pay to the Lessor a reasonable
attorney's fee which shall be fixed by the court.
10. All notices to be given to the Lessee may be given in writing,
personally or by depositing the same in the mail, postage prepaid, and addressed
to Lessee at the Premises, whether or not the Lessee departed from, abandoned or
vacated the Premises.
11. The waiver by Lessor of any breach of any term, covenant or
condition herein contained shall not be deemed to be a waiver of such term,
covenant or condition or any subsequent breach of the same or any other term,
covenant or any condition therein contained.
12. Any holding over after the expiration of the term hereof, with the
consent of the Lessor, shall be construed to be tenancy from month to month
only, and at the same rental rate and terms as set forth herein.
13. Lessor shall, at its own cost and expense, during the term of this
Lease, maintain insurance against breakage from any cause, of all windows and
doors of the building, and in case any glass windows or doors of said building
shall at any time or times during said term be broken, Lessor shall and will
immediately afterwards replace the same with glass of equal size, thickness and
quality. Lessor shall also, at its own cost, maintain fire insurance on the
building and the personal property within the said Premises, including property
of Lessee.
14. Lessee agrees that it will save harmless and indemnify the Lessor
from and against all loss, liability or expense that may be incurred by reason
of any accident with the building, or from any damage, neglect or misadventure
arising from or in any way growing out of the use, misuse or abuse of the
Premises by Lessee.
15. It is further mutually understood and agreed by and between the
parties hereto, that for and in consideration of the performances of Lessee of
each, every and all of the terms and provisions of this Lease agreed to be kept
and performed by Lessee, Lessee shall have and hereby is granted the right to
renew this Lease for the Premises for an additional period of one (1) year from
and after the expiration of the term hereof, upon the same terms and conditions
herein contained, save and except that the rental shall be increased by CDN
$50.00 per month. Lessee shall give written notice to Lessor of intent to
exercise said option to renew at least sixty (60) days prior to the termination
date of this Lease.
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16. The provisions of this Lease shall inure to and be binding upon the
heirs, assigns, sublessee(s) and personal representatives of the respective
parties.
17. Lessee shall have the right to sublease the Premises to third
parties, but Lessee shall remain liable for performance of the terms hereof.
Lessee shall give Lessor written notice of any sublease.
IN WITNESS WHEREOF, the parties hereto have set their hands the day and
year first above written.
LESSOR:
/s/ XXXXX XXXXXXX
_______________________________________________
655992 B.C. Ltd.
LESSEE:
/s/ XXXXX XXXXXXX
_______________________________________________
W.S. Industries, Inc.
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