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Exhibit 10.55
LEASE AGREEMENT
THIS LEASE AGREEMENT ("Lease") is made and executed by and between the Moller
Family members, specifically, C. A. Moller, individually, Xxxx Xxxxx Xxxxxx,
individually, and Xxxxxxxxx Xxxxxxx Xxxxxx Xxxxxx, individually, ("Landlord"),
whose address is 000 Xxxxxxx, Xxxxxxxx, Xxxxx 00000 and SPRINT INDUSTRIAL
SERVICES, INC. ("Tenant"), whose address for purposes of notice shall be X.X.
Xxx 00000 Xxxxxxx, Xxxxx 00000, effective the lst day of August, 1995
("Effective Date").
1. PREMISES. Landlord agrees to lease to Tenant, and Tenant agrees to lease
form Landlord the property more particularly described by the area marked in
blue which is shown on the Flood Insurance Rate Map dated June 5, 1989. (See
Attachment "A"), The Tenant shall use and occupy the Premises for general
business purposes only.
2. TERM. The term of this lease shall commence on the Effective Date and shall
continue thereafter for a period of sixty (60) months, Tenant shall provide the
Landlord with written notice thirty days' (30) prior to the Termination Date
(August 1, 1999) stating its intention to vacate the property or continue
leasing the Premises on a month-to-month basis at a rental rate to be
negotiated at that time. If the Tenant fails to surrender the Premises in the
condition set forth below upon their termination of its right of possession,
Tenant shall be deemed a Tenant-at-sufferance and shall pay double the Rent set
forth below.
3. RENT. Tenant agrees to pay Landlord rent of $500.00 per month on or before
the fifth day of each month commencing on the Effective Date. Rent shall be
paid to Landlord without notice, offset, deduction, abatement or demand, All
late payments shall bear interest from the date due until paid at 1 0% per
annum.
4. CONDITION OF PREMISES. Tenant shall not make any alterations, additions or
Improvements to the Premises without prior written consent of Landlord. Tenant
shall maintain the Promises in good order and repair, Tenant agrees to return
said Premises to its original condition upon termination of the lease, normal
wear and tear excluded. The original condition of the Premises is described in
Attachment "B", being a copy of a Polaroid photograph taken as of the date
shown on the photograph. Landlord agrees that tenant may stabilize the
Premises with concrete wash-out, limestone or other stabilization material for
the purpose of establishing a hard driving surface. In addition, Landlord
agrees that the Tenant may fence the perimeter of the Promises, provide
electrical power to the Premises, install a septic system and establish
manufactured offices (mobile office trailers) on the Premises for use by its
employees.
5. ENTRY. Landlord shall have the right to enter the Premises at any time
during regular business hours (8:00 A.M. to 5:00 P.M. Monday through Friday)
for any purpose that Landlord may reasonably deem necessary, Landlord may enter
the Premises without being doomed guilty of an eviction of Tenant, without
abatement of rent, and without liability, which Tenant hereby waives.
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6. DEFAULT. Tenant shall be deemed in default under this lease if Tenant fails
to pay rent when due, Tenant abandons the Premises by vacating the Premises for
twenty consecutive days, or Tenant fails to comply with any of the obligations
set forth in this lease, In the Event of default by Tenant, Landlord shall
provide Tenant with a Notice of Default and allow Tenant the opportunity to
cure said default within 20 days from receipt of Notice. Notice to be sent by
Landlord, Return Receipt Requested, to the address written below, In the Event
of Default by Tenant and after Landlord has provided Tenant with 20 days to
cure said default and after Tenant has failed to do so, Landlord shall have the
option to pursue any one or more of the following remedies:
a. Landlord may, without notice, re-enter and repossess the Promises, save
and except any equipment owned by Tenant and the manufactured offices, not
owned by Tenant.
b. Landlord may terminate the lease and treat the default as an entire
breach of this lease; Tenant shall immediately become liable to Landlord for
damages equal to the total of all unpaid rent through the Date of Termination.
In addition, the improvements described in Paragraph 4 including the
stabilization material, fencing, septic system electrical connections and any
other fixtures that may run with the Promises, but not including the
manufactured offices or any equipment owned by Tenant, will become the property
of the Landlord as mitigating damages for any other payments required under the
original term of the lease.
c. Landlord may terminate Tenant's rights to possession of the Premises
without terminating the Lease and Landlord may do any one of the following: (1)
recover from tenant all unpaid rent through the date that possession is
terminated and other amounts earned or due through such termination; (ii) take
possession to the improvements detailed in Paragraph 4, but not including the
manufactured offices or any equipment owned by Tenant. Waiver of Landlord of
any event of default shall not be deemed a waiver of any subsequent Event of
Default.
7. PROPERTY TAXES. Landlord shall be solely responsible for the timely payment
of all real property taxes assessed on the Premises. Landlord will provide
Tenant with sufficient proof of payment of said taxes upon delivery of the
executed lease agreement and prior to the Effective Date, including copies of
those payments to be made in future years, when paid.
8. INSURANCE. Tenant will obtain General Liability and Workers Compensation
Insurance in amounts it deems reasonable and will provide Landlord with
sufficient proof of insurance prior to the Effective Date.
9. SURRENDER. Upon termination of Tenant's right of possession to the
Premises, Tenant shall peaceably quit and surrender the Premises to Landlord
within 20 days of Notice.
10. INDEMNITY AND WAIVER OF LIABILITY. Tenant shall indemnify and hold
harmless Landlord from and against any and all liabilities, claims, costs and
actions of any kind arising from Tenant's occupation of the Premises. Landlord
shall not be liable to Tenant for any
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injuries or damages to Tenant or Tenant's property, In no event shall Landlord
be liable for any acts or omissions of Tenant.
11. MISCELLANEOUS. This lease may not be amended or modified unless in writing
and signed by all parties. Time is of the essence of this Agreement. To the
extent any provision is held to be unenforceable or invalid, the remainder
shall not be affected thereby, but shall be construed to the extent possible to
maintain the intent of the parties. Tenant shall observe and comply strictly
with the terms of this lease. All notices, statements, payments and
communications between parties hereto shall be deemed to have been sufficiently
given and delivered if deposited in the United States Mail, certified or
registered mail, return receipt requested, directed as follows:
If to Sprint Industrial Services, Inc.:
Xxxxxx X. Xxxxxx
X.X. Xxx 00000
Xxxxxxx, Xxxxx 00000
If to the Moller Family members:
C.A. Xxxxxx
Xxxx Xxxxx Xxxxxx
Xxxxxxxxx Xxxxxxx Xxxxxx Xxxxxx
000 Xxxxxxx
Xxxxxxxx, Xxxxx 00000
Such notice shall be deemed effective upon delivery.
12. GOVERNING LAW. The validity, effect and construction of this Agreement
shall be governed by the laws of the State of Texas.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the 21st day of July, 1995.
TENANT:
Sprint Industrial Services, Inc.
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx, Vice President
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LANDLORD:
C.A. Moller, Individually
Xxxx Xxxxx Xxxxxx, Individually
Xxxxxxxxx Xxxxxxx Xxxxxx Xxxxxx, Individually
/s/ C.A. Moller
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C.A. Moller
/s/ Xxxx Xxxxx Xxxxxx
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Xxxx Xxxxx Xxxxxx
/s/ Xxxxxxxxx Xxxxxxx Xxxxxx Xxxxxx
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Xxxxxxxxx Xxxxxxx Xxxxxx Xxxxxx
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