EXHIBIT 10.32
LEASE AGREEMENT
MADE AND EXECUTED ON THE 29TH OF MAY, 2002
BETWEEN: Xxxxx Xxxxx Real Estate, Ltd.
Private Co. 00-0000000
Of: 00 Xxxxxxx Xx., Ramat Gan
(hereinafter: "the Landlord")
THE FIRST PARTY;
AND BETWEEN: Ituran Cellular Communication, Ltd.
Private Co. 00-0000000
Of: 0 Xxxxxxxx Xx., Xxxx Industrial Zone
(hereinafter: "the Tenant")
THE SECOND PARTY;
WHEREAS: On September 18, 1998 a lease agreement was signed between
the Tadiran Telematics, Ltd. and Tadiran Ltd. (hereinafter,
"the Basic Lease Agreement"), according to which the Tadiran
Telematics, Ltd. was renting a property known as part of
Parcel 21 of Block 6781 in the Holon Industrial Zone, with a
built-up area of approximately 1,600 sq.m. (hereinafter,
"the Telematics Property");
AND WHEREAS: On April 18, 2002 the Landlord purchased the Telematics
Property from Tadiran Ltd., (through Koor Industries, Ltd.),
as well as an adjacent area of about 800 sq.m. in size
(hereinafter, "the Leased Property"), and it was agreed that
upon the delivery of possession all of the rights and
obligations of Tadiran Ltd. regarding the Telematics
Property and the Leased Property would be transferred to the
Landlord;
AND WHEREAS: Beginning in February or thereabouts (hereinafter, "the
Determining Date") the Tenant is interested in renting the
Leased Property from the Landlord, and the Landlord is
interested in renting out the Leased Property in the manner
and circumstances set forth below;
AND WHEREAS: The parties wish to set out the relationship between them
regarding all matters concerning the Lease Period beginning
on the Determining Date and therefrom;
THEREFORE THE PARTIES HAVE DECLARED, AGREED AND STIPULATED AS FOLLOWS:
1. The Lease Agreement and all of its provisions shall apply to the lease
referred to in this Agreement, mutatis mutandis and with the changes
explicitly set out in this Agreement. The Lease Agreement is attached
hereto as APPENDIX A.
2. In the Lease Agreement, wherever mention is made of Tadiran, Ltd., this
shall be replaced with Xxxxx Xxxxx Real Estate, Ltd., and wherever
mention is made of Tadiran Telematics Ltd., this shall be replaced with
Ituran Cellular Communications, Ltd. The Lease Agreement shall apply to
the Leased Property and the relationship between the parties.
3. The Lease Period shall begin on the Determining Date, and extend for a
period of two years. The Tenant is hereby given four options of two years
each to extend the Lease Period. The Lease Agreement shall be renewed
automatically for two years, each time in accordance with the
aforementioned options, unless the Tenant informs the Landlord otherwise
by the end of the agreement via written notification 120 days prior to
the end of the Lease Period.
4. The lease fee and all payments the Tenant is obligated to pay to the
Landlord shall be the same as the lease fee and other payments that
Tadiran Telematics Ltd. pays to the Landlord, and in proportion to the
size of the Leased Property in relationship to the Telematics Property.
5. The Leased Property shall be surrendered to the Tenant on the Determining
Date "as is."
AND IN WITNESS THEREOF THE PARTIES HAVE AFFIXED THEIR SIGNATURES:
(stamped and signed) (stamped and signed)
Xxxxx Xxxxx Real Estate, Ltd. Ituran Cellular Communication, Ltd.
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XXXXX XXXXX REAL ESTATE, LTD. TADIRAN TELEMATICS, LTD.
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