Exhibit to 10-KSB (10)(xi)
LEASE AGREEMENT
THIS AGREEMENT made this 1st day of July, 1997.
BY AND BETWEEN Xxxxxx Devices, Inc. known and referred to as the
Owner in this Lease, having its principle office located at 00
Xxxxxx Xxxxx, Xxxxx Xxxxxxxxx, XX and Tayco Developments, Inc.,
known and referred to as the Tenant in this Lease.
LET IT BE WITNESSED, that the Owner has agreed to lease and by this
Lease does grant a lease to the Tenant, and the Tenant has agreed
to this Lease, and has leased the following described premises:
(Premises) Located at 000 Xxxxxx Xxxxx, Xxxxx Xxxxxxxxx, XX to
include 800 square feet of office space on the second floor,
including use of the rest rooms and kitchen facilities. Conference
room use is available upon prior approval from Owner.
(Term) For the term of three years beginning on the 1st day of
July, 1997 and ending the last day of June, 2000 at 12:00 in the
forenoon. Subject to the Terms of this Agreement
(Terms) The terms of this Agreement can be reviewed by either
party for any changes, adjustments or extentions upon which a 90
day written notice will be given each to the other party of any
change, adjustment or extention.
Any change, adjustment or extention will become attached
to this Agreement as an addendum.
(Rental) The Tenant agrees to pay the Owner at 00 Xxxxxx Xxxxx,
Xxxxx Xxxxxxxxx, XX the rent of Ten Thousand Dollars ($10,000.00)
annually in one (1) payment of Ten Thousand Dollars ($10,000.00)
by the 1st day of July, each year, for three (3) years (in full, no
later than 30 days from due date) during the term of this Lease.
Subject to the terms of this Agreement.
(Agreements) The Tenant agrees as follows:
(a) To punctually pay rent on above agreed day at above agreed
place.
(b) That no rental payment made to Owner will be returned or
rebated for any reason.
(c) To hold the Owner harmless from any expense, loss or damage by
reason of the violation of any laws, regulations, rules,
ordinances and requirements, or by reason of any damage that
might be sustained by reason of the Tenant's negligence.
(d) To hold the Owner harmless for any and all injury or liability
claims, including those from employees of the Tenant.
(e) To maintain the facility to be neat, clean and secure at all
times.
(f) The agreements and conditions contained in this Lease shall
apply to and bind and enure to the benefit of the personal
representatives and assigns of the Owner and the personal
representatives and licensed assigns of the Tenant.
(g) Immediate eviction can occur when a violation is committed to
any part of this agreement, and that it is at the discretion
of the Owner when a violation has been committed.
IN WITNESS WHEREOF the parties hereto have affixed their hands and
seals the day and year first above written.
Accepted by Xxxxxx Devices, Inc. Accepted by Tayco Developments,
Inc.
/s/Xxxxxxx X. Xxxxxx L.S. /s/Xxxxxx X. Xxxxxx L.S.
Xxxxxxx X. Xxxxxx, President Xxxxxx X. Xxxxxx, Secretary
