Exhibit 10.71
[ENGLISH SUMMARY OF THE HEBREW ORIGINAL]
AGREEMENT OF LEASE DATED AUGUST 22, 2001
BETWEEN
AVIOD BUILDING AND EARTHWORKS COMPANY LTD. ET AL.
AND
M.D.T. PROTECTIVE INDUSTRIES LTD.
Summary of a Rental Agreement made and entered into in Tel Aviv on the 27th
day of August 2001 between Aviud Building and Earthworks Company Ltd et al. (the
"Lessor") and M.D.T. Protective Industries Ltd. (the "Lessee").
1. Demised Premises. The section of land 1 and 2 in section 3990, found in
the Northern Industrial Park, Lod, totaling 847 square meters.
2. Rental Period. The rental period will be for a period of 18 months from
the date, starting on the date of exchange in according to the conditions set
out in the agreement. The Lessee has the right to extend the rental period under
the same conditions for an additional two 12-month periods, which will renew
automatically, unless the Lessee sends a letter in writing to the Lessor 90 days
before the end of the first rental period, before the end of the lease. Prior to
the cessation of the relevant rental period the Lessee has to ensure that the
guarantees that were given at the beginning of the period will cover the
extended period. This includes post-dated checks for the rent. The Lessor agrees
that it will release the property no later than 15 days from the date agreed
3. Rent. Rent payable for the contractual period is $5.313 (equivalent in
New Israeli Shekels, based on the Bank of Israel exchange rate) per square meter
($4,500). In addition to the rent payable, the Lessee is obligated to pay all
other taxes and all local authority fees during the rental period in addition to
all amenities, water, gas, electricity etc. including insurance. The Lessee will
also pay the management company should it exist and should payment to them be
necessary.
4. Renovations, Etc. The Lessor is responsible for any basic renovations in
infrastructure as outlined. The Lessee or their representative is obligated not
to interfere with these works till they have been completed. The Lessee is
responsible for all the internal renovations and plans shall be provided to the
Lessor ahead of time for their approval.
5. Guarantees. The Lessee will provide the Lessor with a bank guarantee and
a personal guarantee.
6. Miscellaneous. All correspondence will be sent according to the
addresses set out in this contract above and will be used for all legal
transactions, or warning or request which could arise out of this contract.
Cancellation of the lease is 14 days ahead, whereby the Lessee informs the
Lessor to remove itself from the building and return the property to the Lessor
in each one of the following conditions: there is a breach of contract; the
Lessor breached the contract and did not rectify the breach within the 14 day
period; the Lessor or one of the parties dies or declares bankruptcy.
