Exhibit 10.17 - Partial Surrender of Lease
for 100-101 A & B 000 X.
0xx Xxxxxx, Xxxxx Xxxxxxxxx
PARTIAL SURRENDER OF LEASE
THIS PARTIAL SURRENDER AND RELEASE made as of the 25th day of June,
2001.
BETWEEN:
TECHWEST MANAGEMENT INC.
x/x Xx. Xxxx X. Xxxxxx
0000 - 000 Xxxxxx Xxxxxx
Xxxxxxxxx XX
X0X 0X0
(hereinafter "Tenant")
AND:
SIDEWARE SYSTEMS INC.
x/x Xx. Xxxx X. Xxxxxx
0000 - 000 Xxxxxx Xxxxxx
Xxxxxxxxx XX
X0X 0X0
AND:
BRAINTECH INC.
000-000 Xxxx 0xx Xxxxxx
Xxxxx Xxxxxxxxx XX
X0X 0X0
(together, the "Co-covenantor")
AND:
HOOPP REALTY INC.
c/o Tonko Development (BC) Ltd.
000-000 Xxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx XX
X0X 0X0
(the "Landlord")
WHEREAS:
A. Pursuant to the lease commencing September 1, 1993, as modified
August 12, 1996, as assigned and modified August 17, 1998, and as
amended June 1, 2000 (the "Lease") the Landlord did demise and lease
unto the Tenant the premises known as Units 100-103A and 100-105B, 000
Xxxx 0xx Xxxxxx, Xxxxx Xxxxxxxxx, XX (the "Demised Premises"), shown as
outlined in black on the sketch plan attached as Schedule "A" hereto
and being part of those lands and premises situate, lying and being in
the City of North Vancouver in the Province of British Columbia and
more particularly known and described as:
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Xxx 00, Xxxxx X, Xxxxxxxx Xxx 000, Xxxx 00000
Xxxx of North Vancouver, British Columbia
(the "Lands")
B. The Tenant wishes to surrender the Lease with respect to Units
100-101 A&B only (the "Surrendered Premises"), as shown cross-hatched
on Schedule "A", to the Landlord, and the Landlord has agreed to accept
the same, all on the terms and conditions hereinafter set out;
C. The Tenant agrees to surrender 10 parking stalls to the Landlord;
D. The rents, covenants and conditions on the part of the Tenant
reserved and contained in the Lease, with respect to the Surrendered
Premises only, will have been paid, observed and performed up to
midnight, July 14, 2001 (the "Effective Date") and the Tenant has
agreed with the Landlord that the Lease, with respect to the
Surrendered Premises only, and the Surrendered Premises shall be
surrendered as of the Effective Date;
NOW THEREFORE THIS PARTIAL SURRENDER WITNESSES that in consideration
of the Surrendered Premises and of the sum of Thirty Thousand Two
Hundred Thirty Dollars and Fifty-Eight Cents ($30,230.58), including
GST, now paid by the Tenant to the Landlord, the parties hereto agree
as follows:
1. The Tenant, as the party presently entitled to the residue of the
term of years granted by the Lease, hereby assigns, surrenders and
quit claims to the Landlord on the Effective Date, the Surrendered
Premises and the Lease with respect to the Surrendered Premises only,
together with all rights of renewal therein contained to the extent
that the term granted in the Lease, with respect to the Surrendered
Premises only, may merge and be extinguished in the reversion
expectant therefrom, and such that the Lease will continue in full
force and effect with respect to the Demised Premises as they are
constituted following this Partial Surrender (the "Remaining
Premises").
2. The Landlord and the Tenant hereby agree that the Lease will
remain in full force and effect with respect to the Remaining Premises
and will be discharged and surrendered as of the Effective Date with
respect to the Surrendered Premises only.
3. The Tenant, for itself and its successors and assigns, hereby
covenants with the Landlord that as of the Effective Date:
(a) it shall have good right, full power and authority to assign
and surrender the Surrendered Premises and the Lease with
respect to the Surrendered Premises only;
(b) it has not at any time done any act whereby the unexpired
residue of the said term is or may be charged or encumbered;
and
(c) the rents, covenants and conditions on the part of the Tenant
reserved and contained in the Lease shall be paid, observed
and performed up to and including the Effective Date.
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4. Notwithstanding anything to the contrary herein contained, if the
Landlord, subsequent to the date hereof, ascertains that the Tenant
owes further sums to it by way of rent or additional rent having
accrued due during that part of the said term prior to the Effective
Date, the Tenant shall forthwith pay on demand such sums to the
Landlord PROVIDED that this obligation shall be extinguished at the
end of two (2) years from the date hereof.
5. The Tenant shall, on or before the Effective Date, remove all
furniture and tenant's fixtures from the Surrendered Premises and in
so doing shall cause no damage to the Surrendered Premises or the
Development. Such removal shall be carried out pursuant to any Rules
and Regulations attached to and forming part of the Lease or issued
pursuant thereto.
6. Wherever the singular or plural is used in this Partial Surrender,
the same shall be construed to mean and include the plural, the
feminine or the body politic as the context may require.
7. This Agreement shall ensure to the benefit and be binding upon the
parties hereto and their respective heirs and assigns.
8. Save as aforesaid, the Landlord from and after the Effective Date,
hereby releases the Tenant from all liability, claims and demands in
respect of any of the covenants contained in or otherwise arising
under the Lease with respect to the Surrendered Premises only.
IN WITNESS WHEREOF the parties hereto have executed this Partial
Surrender and Release as of the day, month and year first above
written.
LANDLORD: HOOPP REALTY INC., by its duly appointed agent
TONKO DEVELOPMENT (BC) LTD.
"Xxxxx Xxxxxx"
By: Xxxxx Xxxxxx, General Manager
TENANT: TECHWEST MANAGEMENT INC.
By: "Xxxxx Xxxxxxxxxx"
Director
Print Name and Position
CO-COVENANTOR: SIDEWARE SYSTEMS INC.
By: "Xxxxx Xxxxxxxxxx"
Director
Print Name and Position
CO-COVENANTOR: BRAINTECH INC.
By: "Xxxxxx Xxxxx"
Director
Print Name and Position
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Schedule "A"
Floor Plan(s)
Legal Description:
Xxx 00, Xxxxx X, Xxxxxxxx Xxx 000, Xxxx 00000, Xxxx of North
Vancouver, British Columbia
Location of Premises:
[DIAGRAM]
