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Exhibit 10.1
Business Lease
The Landlord and The Tenant agree to lease the Rental Space for the
term and the Rent Stated, as follows:
Landlord: Xxxx X. Xxxxx
Tenant: Maritime Transport & Technology, Inc. (DBA TheBank Store
B.G.Banking Equipment, Inc.
Rental Space: A 14000 Sq. ft. parcel located in front building,, a 8900 sq. ft.
2nd Building, a 1076 sq. ft. 3rd building in rear.
Use of space: 3500 sq. ft. Office and balance in warehouse and shop.
Date of Lease: Xxxxxx 0, 0000
Xxxx: 3 years commencing August 1, 1998 and terminating August 1, 2001.
Rent: Payable in advance on the first day of each month as follows:
Year 1: $60,000.00 @ ($5000.00/month).
Year 2: Equal
Year 3: Equal
Security Deposits None
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Table of Contents
1. Possession and Use
2. Delay in Giving of Possession
3. No Assignment of Subletting
4. Rent and Additional Rent
5. Security
6. Liability Insurance
7. Unavailability of Fire Insurance, Rate Increases
8. Water Damage
9. Liability of Landlord and Tenant
10. Real Estate Taxes
11. Acceptance of Rental Space
12. Quiet Enjoyment
13. Utilities and Services
14. Tenant's Repairs, Maintenance, and Compliance
15. Landlord's Repairs and Maintenance
16. No Alterations
17. Signs
18. Access to Rental Space
19. Fire and Other Casualty
20. Eminent Domain
21. Subordination to Mortgage
22. Tenant's Certificate
23. Violation, Eviction, Re-entry and Damages
24. Notices
25. No Waiver
26. Survival
27. End of Term
28. Binding
29. Full Agreement
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1. Possession and Use
The Landlord shall give possession of the Rental Space to the Tenant
for the term. The tenant shall take possession of and use the Rental
Space for the purpose stated above. The Tenant may not use the Rental
Space for any other purpose without the written consent of the
Landlord.
The Tenant shall not allow the Rental Space to be used for any unlawful
or hazardous purpose. The Tenant is satisfied that the Rental Space is
zoned for the Use stated. The Tenant shall obtain any necessary
certificate of occupancy of other certificate permitting the Tenant to
use the Rental Space for that Use.
The Tenant shall not use the Rental Space in any manner that results in
(1) an increase in the rate of fire or liability insurance or (2)
cancellation of any fire or liability insurance policy on the Rental
Space. The Tenant shall comply with all requirements of the insurance
companies insuring the Rental Space. The Tenant shall not abandon the
Rental Space during the Term of this Lease or permit it to become
vacant for extended periods.
2. Delay in Giving of Possession
This paragraph applies if (a) the Landlord cannot give possession of
the Rental Space to the Tenant on the beginning date and (b) the reason
for the delay is not the Landlord's fault. The Landlord shall not be
held liable for the delay. The landlord shall then have 30 days in
which to give possession. If possession is given within that time this
Lease may be cancelled by either party on notice to the other.
3. No Assignment of Subletting
The Tenant may not do any of the following without the Landlord's
written consent: (a) assign this Lease (if the Tenant is a corporation,
the sale of a majority of its shares shall be treated as an
assignment), sublet all or any part of the Rental Space or (c) permit
any other person or business to use the Rental Space.
4. Rent and Additional Rent
Tenant shall pay the Rent to the Landlord at the Landlord's address.
If the Tenant fails to comply with any agreement in this Lease, the
Landlord may do so on behalf of the Tenant. The Landlord may charge the
cost to comply, including reasonable attorney's fees, to the Tenant as
"additional rent". The additional rent shall be due and payable as Rent
with the next monthly Rent payment. Non-payment of additional rent
shall give the Landlord the same rights against the tenant as if the
Tenant failed to pay the Rent.
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5. Security
The Tenant has given to the Landlord the Security stated above, The
Security shall be held by the Landlord during the Term of this lease.
The Landlord may deduct from the Security any expenses incurred in
connection with the Tenant's violation of any agreement in this lease.
For example, if the Tenant does not leave the Rental Space in good
condition at the end of the term, the Security may be used to put it in
good condition, if the amount of damage exceeds the Security, the
Tenant shall pay the additional amount to the Landlord on demand.
If the Landlord uses the Security or any part of it during the Term,
the Tenant shall on demand pay the Landlord for the amount used. The
amount of the Security is to remain constant throughout the Term. The
security is not to be used by the Tenant for the payment of Rent. The
Landlord shall repay to the Tenant any balance remaining within a
reasonable time after the end of the Term. The tenant shall not be
entitled to interest pm the Security.
If the Landlord's interest in the Rental Space is transferred, the
Landlord shall turn over the Security to the new Landlord. The Landlord
shall notify the Tenant of the name and address of the new Landlord.
Notification must be given within 5 days after the transfer, by
registered or certified mail. The Landlord shall then no longer be
responsible to the Tenant for the repayment of the Security. The new
Landlord shall be responsible to the Tenant for the return of the
Security in accordance with the terms of this Lease.
6. Liability Insurance
The Tenant shall obtain, pay for, and keep in effect for the benefit of
the Landlord and the Tenant public liability insurance on the Rental
Space. The insurance company and the broker must be acceptable to the
Landlord. This coverage must be in at least the minimum amounts stated
above.
All policies shall state that the insurance company cannot cancel or
refuse to renew without at least 10 days written notice to the
Landlord.
The Tenant shall deliver the original policy to the Landlord with proof
of payment of the first year's premiums. This shall be done not less
than 15 days before the Beginning of the Term. The Tenant shall deliver
a renewal policy to the Landlord with proof of payment not less than 15
days before the expiration date of each policy.
7. Unavailability of Fire Insurance, Rate Increases
If due to the Tenant's use of the Rental Space the Landlord cannot
obtain and maintain fire insurance on the Building in an amount and
form reasonably acceptable to the Landlord, the Landlord may cancel
this Lease on 30 days notice to the Tenant. If due to the Tenant's use
of the Rental Space the fire insurance rate is increased, the Tenant
shall pay the increase in the premium to the Landlord on demand.
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8. Water Damage
The Landlord shall not be liable for any damage or injury to any
persons or property caused by the leak or flow of water from or into
any part of the Building.
9. Liability of Landlord and Tenant
The Landlord shall not be liable for injury or damage to any person or
property unless it is due to the Landlord's act or neglect. The Tenant
is liable for any loss, injury or damage to any person or property
cased by the act or neglect of the Tenant or the Tenant's employees.
The Tenant shall defend the Landlord from and reimburse the Landlord
for all liability and costs resulting from any unjust or damage due to
the act or neglect of the Tenant or the Tenant's employees.
10. Real Estate Taxes
The Landlord shall pay the yearly Municipal Real Estate Taxes on the
Building in the amount stated above. This is the tax assessed for the
Base Year stated above. The Tenant shall pay the Percent of Increase
stated above of each yearly increase in the Municipal Real Estate Taxes
over the tax for the Base Year. The Tenant shall pay this amount yearly
in one sum within 30 days of the Landlord's written request accompanied
by a copy of the current year's tax xxxx. The Tenant liability for this
payment shall be pro-rated for any part of the year the Tenant does not
occupy the Rental Space under this Lease.
11. Acceptance of Rental Space
The Tenant has inspected the Rental Space and agrees that the Rental
Space is in satisfactory condition, the Tenant accepts the Rental Space
`as is'.
12. Quiet Enjoyment
The Landlord has the right to enter into this Lease. If the Tenant
complies with this Lease, the Landlord must provide the Tenant with
undisturbed possession of the Rental Space.
13. Utilities and Services
The Tenant shall arrange and pay for all utilities and services
required for the Rental Space, including the following: (a) Heat (b)
Electric (c) Hot and cold water (d) Gas.
The Landlord is not liable for any inconvenience or harm caused by any
stoppage or reduction of utilities and services beyond the control of
the Landlord. This does not excuse the Tenant from paying rent.
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14. Tenant's Repairs, Maintenance, and Compliance
(a) Promptly comply withal laws, orders, rules and requirements of
governmental authorities, insurance carriers, board of fire underwriters, or
similar groups.
(b) Maintain the Rental Space and all equipment and mixtures in it in good
repair and appearance,
(c) Make all necessary repairs to the Rental Space and all equipment and
fixtures in it, except structural repairs.
(d) Maintain the Rental Space in a neat, clean, safe, and sanitary
condition, free of all garbage.
(e) Keep the walks, driveway, parking area, yard, entrances, hallways, and
stairs cleaned and free from trash, debris, snow and ice.
(f) Use all electric, plumbing and other facilities in the Rental Space
safely,
(g) Use no more electricity than the wiring or feed the Rental Space can
safely carry,
(h) Promptly replace all broken glass in the Rental space,
(i) Do nothing to destroy, deface, damage, or remove any part of the Rental
Space
(j) Keep nothing in the Rental Space which is inflammable, dangerous or
explosive or which might increase the danger of fire or other casualty.
(k) Promptly notify the Landlord when there are conditions which need
repair
(l) Do nothing to destroy the peace and quiet of the Landlord, other
tenants, or persons in the neighborhood.
(m) Avoid littering in the building or on its grounds.
The Tenant shall pay any expenses involved in complying with the above.
15. Landlord's Repairs and Maintenance
(a) Maintain the public areas, roof and exterior walls in good condition,
(b) Make all structural repairs unless these repairs are made necessary by the
act or neglect of the Tenant or the Tenant's employees.
(c) Make necessary replacements of the plumbing, cooling, hearing and
electrical systems,
(d) Maintain the elevators in the Building, if any.
16. No Alterations
The Tenant may not make any changes or additions to the Rental Space
without the Landlord's written consent. Any changes or additions made without
the Landlord's written consent shall be removed by the Tenant on demand.
All changes or additions made with the Landlord's written consent shall
become the property of the Landlord when completed and paid for by the Tenant.
They shall remain as part of the Rental Space at the end of the Term. The
Landlord may demand that tenant remove any changes or additions at the end of
the term. The Tenant shall promptly pay for all costs of any permitted changes
or additions. The Tenant shall not allow any mechanic's lien or other claim to
be filed against the building. If any lien or claim is filed
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against the building, the tenant shall have it promptly removed.
17. Signs
The Tenant shall obtain the Landlord's written consent before placing
any sign on or about the Rental Space, signs must conform with all applicable
municipal ordinances and regulations.
18. Access to Rental Space
The Landlord shall have access to the Rental Space on reasonable notice to the
Tenant to (a) inspect the Rental Space (b) make necessary repairs, alterations,
or improvements, (c) supply services, and (d) show it to prospective buyers,
mortgage lenders, contractors or insurers.
The Landlord may show the Rental space to rental applicants at reasonable hours
on notice to the Tenant within 6 months before the end of the Term.
The Landlord may enter the Rental Space at any time without notice to the Tenant
in case of emergency.
19. Fire and Other Casualty
The Tenant shall notify the Landlord at once of any fire or other casualty in
the Rental space. The Tenant is not required to pay Rent when the Rental Space
is unusable. If the Tenant uses part of the Rental Space, the Tenant must pay
Rent pro-rata for the usable part.
If the Rental Space is partially damaged by fire or other casualty, the Landlord
shall repair it as soon as possible. This includes the damage to the Rental
Space and fixtures installed by the Landlord. The landlord need not repair or
replace anything installed by the Tenant.
Either party may cancel this Lease if the Rental space is so damaged by fire or
other casualty that is cannot be repaired within 90 days. If the parties cannot
agree, the opinion of a contractor chosen by the Landlord and the Tenant will be
binding on both parties.
This lease shall end if the Rental Space is totally destroyed. The
Tenant shall pay Rent to the date of destruction.
If the fire or other casualty is caused by the act or neglect of the
Tenant or the Tenant's employees, the Tenant shall pay for all repairs and all
other damage.
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20. Eminent Domain
Eminent Domain is the right of a government to lawfully condemn and take
private property for public use. Fair value must be paid for the property. The
taking occurs either by court order or by deed to the condemning party. If any
part of the Rental Space is taken by eminent domain, either party may cancel
this lease on 30 days notice to the other. The entire payment for the taking
shall belong to the Landlord. The Tenant shall make no claim for the value of
this Lease for the remaining part of the term.
21. Subordination to Mortgage
In a foreclosure sale all mortgages, which now or in the future affect the
building, have priority over this. This means that the holder of a mortgage may
end this Lease on a foreclosure sale. The Tenant shall sign all papers needed to
give any mortgage priority over this Lease. If the Tenant refuses, the Landlord
may sign the papers on behalf of the Tenant.
22. Tenant's Certificate
At the request of the Landlord, the Tenant shall sign a certificate stating
that (a) this Lease has not been amended and is in effect, (b) the Landlord has
fully performed all of the Landlord's agreements in this lease, (c) the Tenant
has no rights to the Rental Space except as stated in this Lease, (d) the Tenant
has paid all Rent to date, and (e) the Tenant has not paid Rent for more than
one month in advance. The certificate shall also list all the property attached
to the Rental Space owned by the Tenant.
23. Violation, Eviction, Re-entry and Damages
The Landlord reserves a right of re-entry which allows the Landlord to end this
Lease and re-enter the Rental space if the Tenant violates any agreement in this
Lease, This is done by eviction. Eviction is a court procedure to remove a
tenant, Eviction is started by the filing of a complaint in the court and the
service of a summons on the tenant to appear in court. The Landlord may also
evict the Tenant for any one of the other grounds of good cause provided by law.
After a court order of eviction and compliance with the warrant of removal, the
Landlord may re-enter and take back possession of the Rental Space. If the cause
for eviction is nonpayment of Rent, notice does not have to be given to the
tenant before the Landlord files a complaint. If there is any other cause to
evict, the Landlord must give to the Tenant the notice required by law before
the Landlord files a complaint for eviction. The tenant is liable for Full
damages caused by the Tenant's violation of any agreement in this Lease. This
includes reasonable attorney's fees and costs.
After eviction the Tenant shall pay the Rent for the Term or until the Landlord
re-rents the Rental Space, if sooner. If the Landlord re-rents the Rental Space
for less than the Tenant's Rent, the Tenant shall pay the difference until the
end of the Term. The Tenant shall not be entitled to any excess resulting from
the re-renting. The Tenant shall also pay (a) all reasonable expenses incurred
by the Landlord in preparing the Rental Space for re-renting and (b) commissions
paid to a broker for finding a new tenant.
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24. Notices
All notices given under this Lease must be in writing. Each party must
accept and claim the notices given by the other. Unless otherwise provided by
law, they may be given by (a) personal delivery, or (b) certified mail, return
receipt requested. Notices shall be addressed to the Landlord at the address
written at the beginning of this lease and to the Tenant at the Rental Space.
25. No Waiver
The Landlord's failure to enforce any agreement in this lease shall not
prevent the Landlord from enforcing the agreement for any violations occurring
at a later time.
26. Survival
If any agreement in this lease is contrary to law, the rest of the
Lease shall remain in effect.
27. End of Term
At the end of the Term the Tenant shall (a) lease the Rental Space clean,
(b) remove all of the tenant's property, (c) remove all signs and restore that
portion of the Rental Space on which they were placed, (d) repair all damage
caused by moving, and (e) return the Rental Space to the Landlord in the same
condition as it was at the beginning of the term except for normal wear and
tear.
If the tenant leaves any property in the Rental Space, the Landlord may
(a) dispose of it and charge the Tenant for the cost of disposal, or (b) keep it
as abandoned Property.
28. Binding
This lease binds the Landlord and the Tenant and all parties who
lawfully succeed to their rights or take their places.
29. Full Agreement
The parties have read this Lease. It contains their full agreement. It
may not be changed except in writing signed by the Landlord and the Tenant.
/s/ Xxxx Xxxxx
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Xxxx Xxxxx
For Maritime Transport & Technology, Inc.
/s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx
