Exhibit 10.10
LEASE CONTRACT
In Dorado, Puerto Rico, November 1, 2004.
APPEAR
ON THE FIRST PART: Plaza Professional Center, Inc., represented in this act by
its President, Xxxxxxxxx Plaza, hereinafter, the Lessor.
ON THE SECOND PART: PLAZA CONSULTING GROUP, INC. DBA Pharma SERV, a corporation
duly organized under the laws of the Commonwealth of Puerto Rico, with employer
social security number 00-0000000 represented in this act by its Vice-President
Xxxxxx Plaza Xxxxxxxxx, social security number ###-##-####, of legal age, single
and resident of Dorado, Puerto Rico, whose capacity to appear in this act shall
be demonstrated when and where required, hereinafter, the Lessee.
The parties state, and to the best of my knowledge, they have the necessary
legal capacity to execute this contract and freely and voluntarily
STATE
FIRST: Lessor states that it has full ownership and title of the commercial
premises known as "Sardinera Beach Office Center," located in Xxxx 000,
xxxxxxxxx 8.2, Costa de Oro Urbanization, Dorado, Puerto Rico, and in this two
stories commercial structure are located four (4) offices identified with
numbers one (1), two (2), three (3), and four (4), which are the object of the
present contract and which Lessor grants in lease to Lessee to be used in its
business, which is a company dedicated to Pharmaceutical Consulting Services.
SECOND: The parties have mutually agreed the contract for the lease of the above
described property which is carried out pursuant to the following
CLAUSES AND CONDITIONS
One: The term of the lease contract will be three (3) years starting on the
first (1st) day of November, two thousand and four (2004) and ending on the
first (1st) day of November, two thousand and seven (2007). If the parties wish
to extend the present contract, they will renegotiate the terms of same, and
Lessee is obligated to state its desire to extend it, ninety (90) days prior to
its termination. Such notice shall be in writing.
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Two: The agreed lease payment is Three thousand two hundred dollars ($3,200) per
month, payable on the first day of each month, starting the first payment on the
first (1st) day of November, two thousand and four (2004) and each first day of
each month thereafter.
If Lessee pays the lease payment after the tenth day of the month, a late charge
of $100.00 will be charged.
Three: It is an essential condition of this document that Lessee shall not
sub-lease all or part of the property to any other person and will dedicate same
solely and exclusively to the commercial activity stated at the First paragraph,
and it will be the obligation of Lessee to obtain the necessary permits for such
use.
Fourth: The water and electricity charges will be paid by Lessee as well as any
charges for the installation and expenses for telephone service, computer
connections or other data systems and/or utilities.
Five: Lessee states that it has inspected the property and it receives it in its
existing conditions, and is bound to preserve it in equal condition, including
preservation of the exterior aesthetics. Lessee agrees that the premises do not
include improvements other than those existing upon delivery.
Six: Payment of personal property taxes shall be the responsibility of Lessee.
Seven: For any other improvements to the premises, Lessee must obtain the
written consent of Lessor. Any allowed improvement will become the property of
Lessor upon termination of the contract, without having to pay Lessee for same.
Eight: Lessee is obligated to repair windows, doors or display windows of the
leased premises.
Nine: Lessor will not pay for any repairs not authorized by it, and/or for
repairs which have been caused by misuse, abuse or negligence of Lessee. Under
no circumstances Lessor will pay for repairs to equipment, improvements,
furniture or appliances the property of Lessee. Lessee is obligated to repair
display windows, windows, and doors of the rented premises.
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Ten: Lessee shall be solely responsible for obtaining all municipal or state
permits that are required for the operation of this business, such as municipal
license (patente), excise taxes, health certificates, and others.
Eleven: The following shall be causes for termination of this contract:
---1. Lateness in the monthly lease payment.
---2. The violation of any clause or condition of this contract.
Twelve: In the event that Lessor needs to file a repossession lawsuit before the
courts of the Commonwealth of Puerto Rico seeking that Lessee vacate the
premises, the later will be bound to pay all costs, expenses and legal fees in
which Lessor incurs.
Thirteen: Lessee is obligated to release and liberate Lessor from any and all
claims or lawsuits for personal or property damages filed against Lessor.
Fourteen: Upon receipt of timely notice, Lessee shall defend, indemnify, and
hold harmless Lessor of all legal action, claim, loss, damages and lawsuits
arising from any lesion, or tort and claims arising from a lesion or tort
occurring in the leased premises, due to the negligence, omissions, or actions
of Lessee, its agents, servants, employees, and visitors. In case Lessor
receives notice of any claim, action or proceeding that may result in the
indemnification of Lessor by Lessee, as provided above, Lessor shall notify
Lessee in writing and without delay providing all the available details of the
case. Lessor will immediately furnish to Lessee all claims, notices or services
of notice or other proceeding received by Lessor or its representatives.
Fifteen: Lessee, will maintain, at its sole cost, an insurance policy covering
all risks and public liability, and damages, covering its business and the
safety of its clients and visitors with a minimum coverage of $500,000, in which
Lessor shall be named as additional insured party.
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Sixteen: Lessee shall obtain additional insurance for the structure for the
proportionate area it uses, covering any damages that may be sustained by the
premises, including fire caused by the operation of its business, with enough
coverage to reconstruct all the premises occupied by it.
Seventeen: Lessee is responsible for the security of the equipment and inventory
and shall obtain an insurance policy covering any damages it may sustain.
Eighteen: If Lessee is convicted of any crime, it is its obligation to
immediately surrender possession of the premises it occupies.
Nineteen: All insurances required under this contract shall:
---1. Be issued by insurance companies authorized to do business in the
Commonwealth of Puerto Rico.
---2. Have an endorsement requiring prior written notice by the insurance
company and both parties, thirty (30) days in advance of any cancellation or
change in coverage, extension or amount of any policy.
Twenty: Lessee is obligated to comply with applicable regulations from the
Administration of Regulations and Permits (ARPE), for the signs of it commercial
premises, as well as with all standards adopted by Lessor. Any commercial signs
intended to be installed must be consulted with and approved by Lessor and it is
the obligation of Lesee to faithfully evidence the approval of ARPE for such
sign.
Twenty one: It is forbidden to install banners, posters, and loose-leaf or any
glued advertisements in the premises.
Such is the contract that the parties state that have read and understood, which
they ratify, stamping their initials in each page and the signature at the end.
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In Dorado, Puerto Rico, this ____ day of December, 2004.
(signed) Xxxxxxxxx Plaza (signed) Xxxxxx Plaza
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XXXXXXXXX PLAZA XXXXXXXXX XXXXXX PLAZA XXXXXXXXX
President Vice-President
Plaza Professional Center, Inc. Plaza Consulting Group, Inc.
Testimony number:_____
Recognized and subscribed before me by Xxxxxxxxx Plaza Xxxxxxxxx,
representing Plaza Professional Center, Inc., Xxxxxx Plaza Xxxxxxxxx, of the
above mentioned circumstances, personally known to me in Dorado, Puerto Rico,
this ____ day of December, 2004.
NOTARY PUBLIC
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