Exhibit 10.11
LEASE AGREEMENT
THIS LEASE AGREEMENT (this "Agreement") is made effective as of the 1st
day of June, 1998 by and between Intercap Resource Management U.S., Inc.,
Houston, Texas ("Lessor") and Marine Shuttle Operations Inc., a Nevada
corporation ("Lessee").
AGREEMENT
In consideration of the mutual agreements hereinafter set forth, the
parties agree as follows:
1. Lease. The Lessor herewith leases to Lessee for the business use of
the Lessee a furnished office of approximately 500 square foot at 0000 Xxxxxxxx
Xxxxxxxxx, Xxxxxxx, Xxxxx 00000.
2. Rent. The Lessee shall pay to the Lessor a monthly rent of US
$750.00 payable in advance on the first business day of each month to the
account as indicated by the Lessor to the Lessee.
3. Term and Termination. The term of the Lease shall commence on June
1, 1998 and will continue for six months thereafter (the "Term"). At the end of
each expiring Term, the Term shall automatically renew for an additional six
months, unless either the Lessor or the Lessee gives (30) days prior written
notice of termination to the other.
4. Notice. All notices, requests, demands and other communications
required or permitted hereunder must be in writing and deemed given and
effective when personally delivered or sent by facsimile with confirmation of
receipt or when deposited in the mail with postage prepaid to the party to which
the same is directed at the following addresses (or at such other addresses as
will be given in writing by the parties to one another):
To the Lessor: Intercap Resource Management U.S., Inc.
Attn.: Xx. Xxx X. Xxxx,
0000 Xxxxxxxx Xxxxxxxxx
Xxxxxxx, Xxxxx 00000
To the Lessee: Marine Shuttle Operations, Inc.
Attn.: Xx. Xxxxx Xxxx, President
0000 Xxxxxxxx Xxxxxxxxx
Xxxxxxx, Xxxxx 00000
6. Miscellaneous.
(a) Assignment. The parties may not assign any rights or
delegate any duties they have assumed hereunder without the prior written
consent of the other party. This Agreement is personal to the the parties. The
Lessee is not entitled to grant a sublease to any third party.
(b) Governing Law and Choice of Forum. This Agreement will be
governed by and construed in accordance with the internal laws of the State of
Texas. The parties agree that any appropriate court located in Houston, Texas,
will have exclusive jurisdiction of any case or controversy arising under or in
connection with this Agreement and will be a proper forum in which to adjudicate
such case or controversy. The parties expressly consent to personal jurisdiction
and venue in such courts.
(c) Entire Agreement/Amendment. This Agreement embodies the
entire agreement of the parties hereto relating to the subject matter hereof and
supersedes all oral agreements, and to the extent inconsistent with the terms
hereof, all other written agreements. This Agreement may not be modified,
amended, supplemented or terminated except by a written instrument executed by
all parties hereto.
(d) Severability. Each of the covenants and agreements herein
above contained will be deemed separate, severable and independent covenants,
and in the event that any covenant will be declared invalid by any court of
competent jurisdiction, such invalidity will not in any manner affect or impair
the validity or enforceability of any other part or provision of such covenant
or of any other covenant contained herein.
(e) Captions and Section Headings. Captions and section
headings used herein are for convenience only and are not a part of this
Agreement and will not be used in construing it.
(f) Fax Execution. This Agreement may be executed by delivery
of executed signature pages by fax and such fax execution will be effective for
all purposes.
EXECUTED AS OF JUNE 1, 1998
[Lessor]
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By: Xxx Holder
Title: Vice President
[Lessee]
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By: Xxxxx Xxxx
Title: President
