THIS LEASE made as of the 31st day of JULY, 2007 BETWEEN: MARK PHARMACEUTICAL SERVICES INC. (Hereinafter called the "Landlord")
Exhibit
10.7
THIS
LEASE made as of the 31st day of
JULY, 2007
BETWEEN:
XXXX PHARMACEUTICAL SERVICES
INC.
(Hereinafter called the
"Landlord")
OF
THE FIRST PART
- and -
XXXXXXXXXXXXXXX.XXX INC.
(Hereinafter called the
"Tenant")
OF
THE SECOND PART
1.
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Demise
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WITNESSETH
that in consideration of the rents, covenants, agreements and conditions
hereinafter reserved and contained on the part of the Tenant to be respectively
paid, kept, observed and performed, the Landlord hereby leases to the Tenant,
the condominium premises (herein called the "Demised Premises"), known
municipally as Units 11 and 12, 000 Xxxxxxx Xxxx., Xxxxxxx, Xxxxxxx
X0X 0X0, comprising approximately 6,720 square feet on main and second
floors.
2.
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Term
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TO HAVE
AND TO HOLD the Demised Premises for a term of 5 years and 1 day commencing on
the 31st day of
July, 2007 (hereinafter referred to as the "Commencement Date") and to be fully
completed and ended on the 31st day of
July, 2012, unless such term shall be sooner terminated as hereinafter provided
and subject only to any right of renewal provided for herein.
3.
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Rent
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a)
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YIELDING
AND PAYING THEREFOR during the term unto the Landlord, subject to
adjustment as hereinafter provided, in lawful money of Canada, without any
prior demand therefor and without any deduction, defalcation or set-off
whatsoever the following amounts payable monthly in advance as follows:
during the term hereof the annual basic rental of ONE HUNDRED AND FIVE
THOUSAND NINE HUNDRED AND THIRTY SEVEN ----- 56/100 ($105,937.56) DOLLARS
payable by equal consecutive monthly instalments of EIGHT THOUSAND EIGHT
HUNDRED AND TWENTY EIGHT ---- 13/100 ($8,828.13) DOLLARS in advance on the
first day of each and every month, the first instalment to be payable as
of the commencement date of the
term;
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b)
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The
Tenant has provided the sum of TWENTY EIGHT THOUSAND AND SEVENTY
THREE ---- 45/100 ($28,073.45) DOLLARS in settlement of the
rent due for the first (1st)
month’s rent and last two (2) months of the term plus
G.S.T.
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c)
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The
Tenant shall deliver to the Landlord, prior to the Commencement Date
twelve (12) postdated cheques each in the amount equal to the monthly base
rent provided herein plus the additional rent payment required under this
Lease. One month prior to the first and subsequent
anniversaries of the Lease, the Tenant agrees to deliver twelve (12)
postdated cheques to the Landlord.
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d)
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(i)
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A
lease year shall be a period of twelve months commencing on the first day
of a calendar month. The first day of the first lease year shall be the
commencement date. If such first day would fall on other than the first
day of a calendar month then the first lease year shall begin on the first
day of the calendar month next succeeding such date on which it would
otherwise have fallen and the term of this Lease shall be extended so as
to terminate on the last day of the calendar month in which the last day
of the term hereby demised would otherwise have fallen and rent and all
other amounts and charges payable hereunder shall be prorated and paid for
the extended portion of the term;
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(ii)
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Each lease year other than the first lease year shall commence on the day following the expiry of the immediately preceding lease year. |
4.
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The
Tenant covenants with the Landlord to pay rent and to pay additional rent
including:
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a)
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Taxes and Common
Expenses
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From
and after the commencement of the second year of the term and thereafter,
the Tenant shall, in each and every year pay and discharge the
increase, from base year 2007, all taxes (including local
improvement rates), duties and assessments, licence fees, that
may be levied, rated, charged or sent or assessed against the Demised
Premises; without limiting the generality of the foregoing, every other
tax, charge, rate assessment or payment which may become a charge or
encumbrance upon or levy or collected upon or in respect of the Demised
Premises or any part thereof, whether charged by any municipal,
parliamentary or other body during the term hereby demised. Tenant shall
also pay, as additional rent, any increase from base year 2007, in the
common expenses chargeable by the Condominium Corporation for the Units
forming the Demised Premises.
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INITIAL
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b)
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Plate Glass
Insurance
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The Tenant agrees at its own expense to
replace all plate and other glass damaged or broken from any cause and to
maintain proper and adequate insurance for this purpose and to furnish a
Certificate of Insurance to the Landlord as and when required.
It is further agreed that if any
insurance policy shall be cancelled or the coverage therein reduced in any way
by the insurer by reason of the use of the Demised Premises or the occupation of
the Tenant, or any part thereof by the Tenant or by any assignee or sub-tenant
of the Tenant, or by anyone permitted by the Tenant to be upon the Demised
Premises, and if the Tenant fails to remedy the condition giving rise to such
cancellation or reduction of coverage within five (5) days after notice thereof
has been given by the Landlord, the Landlord shall have the option to
either:
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i)
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Terminate
this Lease forthwith by leaving upon the Demised Premises a notice in
writing of the intention to do so and thereupon rent and any other
payments for which the Tenant is liable under this Lease shall be
apportioned and paid in full to the date of such termination of the Lease
and the Tenant shall immediately deliver up vacant possession of the
Demised Premises to the Landlord,
or
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ii)
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Enter
upon the Demised Premises and remedy the condition giving rise to such
cancellation or reduction and the Tenant shall forthwith pay the cost
thereof to the Landlord, which cost may be collected by the Landlord as
rent in arrears.
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c)
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Hydro, Heat
and Water
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To pay all hydro, water and gas rates
that may be levied, rated, charged, assessed against or attributed to the
Demised Premises.
To pay for and maintain the electric
hot water tank supplying the Demised Premises.
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d)
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Net
Lease
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The Parties hereto hereby covenant and
agree that the within Lease is intended to be partially net and carefree to the
Landlord. The Tenant hereby acknowledges, covenants and agrees that except as
otherwise specifically provided for, it will indemnify and keep indemnified the
Landlord from all costs, charges, expenses, outlays or other expenses
attributable to the Demised Premises and the Tenant's occupation thereof.
Despite the foregoing, it is understood that the Landlord shall be solely
responsible for and shall pay to the complete exoneration of the
Tenant:
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(i)
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All
income or capital gains taxes, capital taxes or levies, or any other taxes
personal to the Landlord;
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(ii)
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All
repairs or replacements to the structural portions and the roof structure
of the Demised Premises and all repairs and replacements to the Demised
Premises as a result of faulty construction, improper materials or
workmanship, soil or land subsidence or structural defects and
weaknesses;
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(iii)
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All
repairs, replacements, costs or expenses to the extent caused or
contributed to by the negligence or willful acts or omissions of the
Landlord or those for whom it is in law
responsible;
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(iv)
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All
repairs, replacements, costs or expenses to the extent covered by
insurance required to be maintained by the Landlord under this Lease, or
otherwise maintained by the
Landlord.
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(v)
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To
supply the Demised Premises with Water in accordance with the
requirements of the law.
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(vi)
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To
pay and satisfy all realty taxes, common expenses and any special
assessments imposed for the Demised Premises for the first year
of the term and thereafter, shall be responsible for realty taxes equal to
the base year 2007; any increase of base year taxes or common expenses,
from and after the second year of the term, shall be the responsibility of
the
Tenant.
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The
Tenant covenants and agrees to operate, maintain and keep the Demised Premises
in such good order and condition as would be kept by a reasonably careful owner
and to make promptly all needed repairs and replacements as shall be reasonably
necessary, excluding those matters for which the Landlord is responsible. All
repairs to the heating, ventilating and air-conditioning equipment and
electrical and plumbing systems servicing the Demised Premises shall be
completed by contractors, approved by the Landlord, at the Tenant’s
expense.
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d)
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Compliance with
Laws
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To comply promptly with the
requirements of every applicable statute, law and ordinance, and with every
applicable lawful regulation and order with respect to the removal of any
encroachment erected by the Tenant or to the condition, equipment, maintenance,
use or occupation of the Demised Premises and to comply with the applicable
regulations or orders of any liability or fire insurance company by which the
Tenant and/or Landlord may be insured and, except as herein specifically
provided, to assume the sole responsibility for the condition, operation,
maintenance and management of the Demised Premises. Provided that if
a municipality makes a charge against the Tenant or against the Demised Premises
by reason of the Tenant failing to observe the requirements of any municipal or
provincial by-law or regulation, the Tenant shall pay such charge and if the
Tenant fails to do so upon demand, the Landlord may pay the amount of such
charge and recover the amount so paid in the same manner as rent in arrears and
with like powers of distress.
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e)
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Inspection
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To permit the Landlord or the
Landlord's agents, at all reasonable times after not less than twenty-four (24)
hours oral notice (except in the case of an emergency in which case the Landlord
may enter at any time without notice) during the term hereof to enter the
Demised Premises to inspect the condition thereof; and, upon notice in writing
given by the Landlord to the Tenant of any want of repair for which the Tenant
is liable under the terms hereof, to rectify and make good any such defect in a
good and workmanlike manner within fifteen (15) days from the delivery of the
notice. Provided that if the Tenant shall not repair according to notice in
writing as herein provided, the Landlord may enter upon the Demised Premises
(without being liable for any disturbance or damage so caused) and may do such
repairs and add the cost thereof to the rent due on the next succeeding payment
date and such amount in addition to the regular payment then due shall
constitute rent hereunder.
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f)
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Repair
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At the expiration or sooner
determination of the said term, to peaceably surrender and yield up to the
Landlord the Demised Premises with all buildings, erections, driveways, parking
lots and appurtenances which existing at the Lease Commencement Date or which at
any time during the said term shall be made therein or thereon in good and
substantial repair and condition, save and except for reasonable wear and tear
and damage by fire or other casualty against which the Landlord is
insured. Provided, that it shall be the obligation of the Tenant to
maintain the premises in a reasonable state of repair throughout the term of
this Lease such state of repair to be consistent with the state of repair and
condition that a prudent Landlord would maintain.
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g)
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Assignment and
Sub-letting
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Not to assign, sub-let, license or part
with the possession of the Demised Premises or any part thereof or share the
occupation of the demise premises or any part thereof without the consent of the
Landlord in writing first had and obtained, such consent not to be unreasonably
or arbitrarily withheld. Provided that as a condition of the granting
of its consent, the Landlord may require any assignee, sub-tenant, licensee or
occupant of the Demised Premises to execute an agreement whereby he, it or they
attorn to and become the Tenants of the Landlord as if he, it or they had
executed this Lease. The Tenant shall furnish the Landlord copies of any
assignment, sub-lease licence or other agreement herein contemplated; provided
that no assignment, sub-letting or licensing or parting with possession of the
Demised Premises shall in any way release or be deemed to release the tenant (or
any Guarantor hereof) from their obligations under the terms of this
Lease. Provided further that the proposed assignee, sub-tenant,
licensee or occupant of the Demised Premises shall be required to provide
financial statements or other financial information as the Landlord may
required. It is agreed that the Landlord may consider in determining
whether to grant consent, among other matters the following:
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i)
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The
personal and business history of the proposed assignee, occupant or
sub-lessee and its key employees. The Tenant agrees to pay the reasonable
legal fees of the Landlord's solicitor relating to the preparation of the
Landlord's consent, and determination as to whether to give the
consent.
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ii)
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If
the Tenant herein is a private corporation and if by sale, transfer or
other disposition of its shares, the control of such corporation is
altered so that 50% of the shares are transferred in any manner, then same
shall be deemed as an assignment and the provisions of this paragraph
shall apply. The Tenant covenants and agrees to advise the
Landlord forthwith if such a transfer is
contemplated.
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h)
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Liability
Insurance
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To carry public liability insurance in
such amounts as shall from time to time be reasonable (but in no event less then
$2,000,000.00 inclusive of all injuries or deaths to persons or damage to
property of others arising from any one occurrence), in the name of both the
Landlord and the Tenant, and to pay the premiums for such insurance and to
deposit certificates
with respect to such insurance with the Landlord prior to taking occupation of
the Demised Premises, all such insurance to be carried in the company or
companies satisfactory insurance to be carried in the company or companies
satisfactory to the Landlord and be of a type and form satisfactory to the
Landlord; provided that if the Tenant shall fail to insure and keep insured as
herein provided, the Landlord shall be free to effect such insurance, at the
cost and expense of the Tenant, and the sum so expended by the Landlord shall be
added to the rent due on the next succeeding payment date and such amount in
addition to the regular payment then due shall constitute rent
hereunder.
INITIAL
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i)
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Indemnification
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Notwithstanding the provisions of the
previous paragraph hereof, to indemnify and save harmless the Landlord from all
liabilities, damages, costs, claims, suits or actions arising out
of:
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i)
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any
breach, violation or non-performance of any covenant herein contained on
the part of the Tenant;
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ii)
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any
damage to property howsoever occasioned by the use and occupation of the
Demised Premises;
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iii)
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any
injury to any person or persons, including death resulting at any time
therefrom, occurring in or about the Demised Premises or any part thereof
or resulting from the use and occupation of the Demised Premises during
the term of this Lease from any cause whatsoever;
and
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iv)
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any
other liability against which the Landlord is protected pursuant to
sub-paragraph 5 (b) hereof.
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j)
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Neat and Tidy
Maintenance
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To keep the Demised Premises and every
part thereof in a neat and tidy condition and not to allow any refuse, waste
material, garbage or other loose or objectionable materials to accumulate on or
around the Demised Premises.
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k)
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Leaving Neat and
Tidy
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Upon the termination or surrender of
this Lease, to remove from the Demised Premises, at the Tenant's risk and
expense, all fixtures and chattels belonging to the Tenant and to leave the
Demised Premises neat and tidy, free and clear of all refuse, waste material,
garbage or other loose or objectionable materials, all of said work to be done
to the satisfaction of the Landlord, and the Tenant shall make good all damages
caused to the Demised Premises by such removal. If the Demised
Premises are not left neat, tidy and free and clear of all refuse, waste
material, garbage, loose or other objectionable materials by the Tenant, then
the Landlord may carry out such work as agent of and at the expense of the
Tenant and the Tenant shall pay to the Landlord all costs and expenses incurred
in so doing.
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l)
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Alterations and
Removal of Fixtures
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To maintain the Demised Premises as
they would be maintained by a careful and prudent owner. The Tenant hereby
covenants not to make any changes or alternations to the Building whatsoever
without the prior written consent of the Landlord having first been obtained
(which consent shall not be unreasonably withheld) and provided that any change,
alteration, addition or improvement shall comply with all statutes, regulations
or by-laws of any Municipal, Provincial, Federal or other authority; provided
further that the Tenant shall pay to the Landlord the amount of the increase of
any insurance premium or policy covering the Demised Premises, to the extent
that such increase is strictly attributable to an action by the Tenant under
this paragraph and that such insurance shall not thereby be made liable to
avoidance or cancellation by the insurer.
Upon the termination of this Lease all
alterations, additions, improvements which may be made or installed upon the
Demised Premises and which in any manner are attached to the floors, walls or
ceilings shall remain upon and be surrendered with the Demised Premises as a
part thereof, without disturbance, molestation or injury. If any
additional or new locks are placed upon or affixed to the Demised Premises, such
locks and keys thereto shall become the property of the Landlord and shall be
handed over to the Landlord upon the termination or surrender of this
Lease.
Notwithstanding anything herein
contained:
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i)
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the
Tenant may install its usual trade fixtures in the usual manner provided
such installation does not damage the structure or nature of any portion
of the Demised Premises, and
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INITIAL
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ii)
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provided
the Tenant has paid the rent hereby reserved and performed the covenants
herein contained and on its part to be performed, the Tenant shall have
the right at the expiration or other termination of this Lease to remove
such trade fixtures, but the Tenant shall make good the damage or injury
caused to the Demised Premises that shall have resulted from such
installation and removal.
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m)
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Overloading
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Not to bring upon the Demised Premises
or any part thereof any machinery, equipment, articles or thing that may by
reason of its weight or size damage the Demised Premises and will not at any
time overload the floors of the Demised Premises. If any damage is
caused to the Demised Premises by any machinery, equipment, article or thing or
by overloading or by any act, neglect or misuse on the part of the Tenant or any
of the Tenant's servants, agents or employees or any person having business with
the Tenant, Tenant will forthwith pay to the Landlord the cost of making good
the same.
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n)
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Evidence of
Payments
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At any time at the request of the
Landlord, to produce to the Landlord satisfactory evidence of the due payment by
the Tenant of all payments required to be made by the Tenant under this
Lease.
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o)
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Failure to Pay Taxes
or Other Costs
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That in the event that the Tenant fails
to pay any taxes, rates, services, utilities or other charges or costs which the
Tenant has herein covenanted to pay, the Landlord may pay the same and shall be
entitled to charge the sums so paid to the Tenant who shall pay them forthwith
on demand; and the Landlord, in addition to any other rights, shall have the
same remedies and may take the same steps as for the recovery of rent in arrears
under the terms of this Lease.
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p)
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Arrears
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That all arrears of rent and any monies
paid by the Landlord hereunder, on behalf of the Tenant shall bear interest at
the rate of 3% per annum above the minimum lending rate charged by the Canadian
Imperial Bank of Commerce from time to time, to its most favoured customers,
from the time such arrears of payments become due until paid to the Landlord by
the Tenant.
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q)
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Use
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To use the Demised Premises to operate
only for general
offices. Tenant shall ensure that its use complies with all municipal and
provincial requirements.
5.
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The
Landlord covenants with the Tenant:
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a)
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Quiet
Enjoyment
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That the Tenant, paying the rent hereby
reserved and performing the covenants herein on its part contained, shall
peaceably possess and enjoy the Demised Premises for the term hereby
granted.
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b)
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Fire
Insurance
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To insure and keep insured during the
term of this Lease the building against loss by fire and such other perils as
may from time to time be included in the standard fire insurance additional
perils supplementary contract generally available in the Province of Ontario,
for its full insurable value with loss, if any, payable to the Landlord or as
the Landlord may direct, and the Tenant covenants to pay the premium accounts
therefor within ten (10) days after the account for same has been submitted to
the Tenant.
PROVISOS:
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a)
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Destruction or Damage
of Premises
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Provided always and it is hereby agreed
that, if during the currency of this Lease:
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i)
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the
Demised Premises are totally destroyed by fire or any such other perils as
may from time to time be included in the standard fire insurance
additional perils supplementary contract generally available in the
Province of Ontario, so that it cannot be repaired with reasonable
diligence within 120 days of the happening of such injury, then the Lease
shall cease and become null and void from the date of such damage or
destruction, and the Tenant shall immediately surrender the Demised
Premises and all interest therein to the Landlord, and the Tenant shall
pay rent only to the time of such surrender and any prepaid rent shall be
returned to the Tenant and in case of destruction or partial destruction
as above mentioned, the Landlord may re-enter or repossess the Demised
Premises discharged of this Lease and may remove all parties
therefrom;
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ii)
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if
the Demised Premises are destroyed or damaged or partially destroyed or
damaged by fire or any such other perils as may from time to time be
included in the standard fire insurance additional perils supplementary
contract generally available in the Province of Ontario, and can be
repaired with reasonable diligence within 120 days from the happening of
said injury, and if the damage is such as to render the Demised Premises
wholly unfit for occupancy, then the rent shall not run or accrue after
the said injury, or while the process of repairs is going on, and the
Landlord shall repair the same with all reasonable speed and then the rent
shall recommence immediately after the said repairs have been
completed;
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iii)
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if
the Demised Premises are partially destroyed or damaged by fire or any
such other perils as may from time to time be included in the standard
fire insurance additional perils supplementary contract generally
available in the Province of Ontario, and can be repaired with reasonable
diligence within 120 days from the happening of said injury, and if the
damage is such that the Demised Premises can be partially used, then until
such damage shall have been repaired, the rent shall xxxxx in proportion
that the part of the Demised Premises rendered unfit for occupancy bears
to the whole of the Demised Premises and the Landlord shall repair with
all reasonable speed.
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b)
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Insured
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The Landlord shall not be liable or
responsible in any way whether in contract or in tort for any personal or
consequential injury or damages of any nature whatsoever that may be suffered or
sustained by the Tenant or to any employee, agent, invitee or licensee of the
Tenant or any other person who may be upon the Demised Premises or for any loss
of or damage or injury to any property belonging to the Tenant or to its
employees or to any other person while such property is on the Demised Premises
and, in particular, (but without limiting the generality of the foregoing), the
Landlord shall not be liable for any loss or damage or damages of any nature
whatsoever to any such property caused by theft or breakage or other cause, to
supply adequate drainage, snow or ice removal, or by reason of the interruption
of any public utility or service or in the event of steam, water, rain or snow
which may leak into, issue or flow from any part of the Demised Premises or from
the water, snow, sprinkler or drainage pipes or plumbing works of the same, or
from any other place or quarter or for any damage caused by anything done or
omitted to be done by any Tenant, nor shall the Tenant be entitled to any
abatement of rent in respect of any such condition, failure or interruption of
service above said.
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c)
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Notices
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Any
notice required or contemplated by any provision of this Lease shall be given in
writing and if to the Landlord either deliver to the Landlord or mailed by
prepaid registered mail addressed to the Landlord at 00 Xxxxxxx Xxxxxxxx,
Xxxxxxxx Xxxx, Xxxxxxx X0X 0X0 and if to the Tenant either delivered to the
Tenant personally or mailed by prepaid registered mail addressed to the Tenant
at the Demised Premises. Every notice shall be deemed to have been given when
delivered or, if mailed as aforesaid, upon the second business day following the
day when it was mailed. The Landlord may from time to time by notice in writing
to the Tenant designate another address in Canada as the address to which
notices are to be mailed to it.
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d)
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Signs
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The Tenant shall be permitted by the
Landlord to use the existing signage affixed to the front of the Demised
Premises. The Tenant shall pay the cost of art work and graphics. The
foregoing is subject to the Tenant at its own expense, obtaining all required
municipal approvals for signage. No sign may be erected on the
roof. Provided all signs comply with all applicable municipal
by-laws, ordinances and restrictions, and on ceasing to be a Tenant of the
Demised Premises, the Tenant will, before removing its goods and fixtures from
the Demised Premises, cause any sign aforesaid to be removed or obliterated at
its own expense and in a workmanlike manner to the satisfaction of the
Landlord.
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e)
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Bankruptcy or
Abandonment
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If the term hereby granted or any of
the goods and chattels of the Tenant on the Demised Premises shall be at any
time during the said term seized or taken in execution or attachment or
otherwise by any creditor of the Tenant or if the Tenant shall make any
assignment for the benefit of creditors or any bulk sale, or shall on becoming
bankrupt or insolvent take the benefit of any statute now or hereafter in force
for bankrupt or insolvent debtors or if the Tenant ceases or threatens to cease
to carry on business, commits an act of bankruptcy, becomes insolvent or makes a
proposal to the Tenant's creditors, or if a receiver or receiver-manager or
other like person is appointed of any of the assets of the Tenant or if any
order shall be made or proceedings taken for the winding up of the Tenant or for
the termination of the Tenant's existence, or if the Demised Premises shall
without the written consent of the Landlord become and remain
vacant for a period of
INITIAL
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fifteen
days, or to be used by any other persons than those entitled to use them under
the terms of this Lease, or if the Tenant shall without the written consent of
the Landlord abandon or attempt to abandon the Demised Premises or attempt to
sell or dispose of the Tenant's goods or chattels or remove them or any of them
from the Demised Premises so that there would not remain on the Demised Premises
in the event of such abandonment, sale or disposal sufficient goods subject to
distress to satisfy the rent then due or accruing due, then and in every such
case the then current month's rent and the next ensuing three months' rent and
the Tenant's share of the taxes for the then current year (to be reckoned on the
rate for the next preceding year in case the rate shall not have been fixed for
the then current year) shall immediately become due and be paid and the Landlord
may re-enter and take possession of the Demised Premises as though the Tenant or
any other occupant of the Demised Premises were holding over after expiration of
the term, and the term shall, at the option of the Landlord, forthwith become
forfeited and terminated, and in every one of the cases above such accelerated
rent shall be recoverable by the Landlord in the same manner as if it were rent
in arrears.
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f)
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Waiver of
Exemption
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Notwithstanding anything contained in
any statute or amendment or revision thereof, none of the goods or chattels of
the said Tenant at any time during the continuance of the term hereby created
situate on the Demised Premises shall be exempt from levy by distress for rent
in arrears as provided for by any section of the said Act, and that upon any
claim being made for such exemption by the Tenant or on distress being made by
the landlord this covenant and agreement may be pleaded as an estoppel against
the Tenant in any action brought to test the right to the levying upon any such
goods as are named as exempt in any such section, and the
Tenant waives every benefit that might have accrued to the Tenant
under any such legislation but for this covenant.
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g)
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Re-entry
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The Tenant further covenants and agrees
with the Landlord that in case of non-payment of any rent at the times as herein
provided, or the non-performance of any covenant by the Tenant, or in case the
Demised Premises shall be deserted or vacated for over thirty (30) days, the
Landlord, in addition to all other rights hereby reserved to the Landlord shall
have the right to re-enter the same as the agent of the Tenant either by force
or otherwise, without being liable for any prosecution therefor and to re-let
the whole or any portion of the Demised Premises, for any period equal to or
greater or less then the remainder of the then current term as agent of the
Tenant, and to receive the rent therefor, said rent to be any sum which the
Landlord deems reasonable, to any Tenant which the Landlord may deem suitable
and satisfactory, and for any use and purpose which the Landlord may deem
appropriate, and in connection with any such Lease the Landlord may make such
changes in the character of the improvements of the Demised Premises as the
Landlord may determine to be appropriate or helpful in effecting such
Lease. However, in no event shall the Landlord be under any
obligation to re-let the Demised Premises in whole or in part for any purpose
which the Landlord may regard as injurious to the Demised Premises, or to any
Tenant which the Landlord, in the exercise of reasonable discretion, shall deem
to be objectionable, and as the agent of the Tenant to take possession of any
furniture or other property on the Demised Premises and to sell the same at
public or private sale without notice and to apply the proceeds of such sale and
any rent derived from re-letting the Demised Premises, upon account of the rent
due under these presents, and the Tenant shall remain liable to the Landlord for
the deficiency, if any, it being the intention of this Lease that nothing in
this Lease contained and no entry made by the landlord hereunder, shall in any
way release the Tenant from the payment of the rent hereby reserved during the
term hereof beyond such sum as may be realized by the Landlord by the re-letting
and sale of furniture hereinbefore allowed. The Landlord shall not,
in any event be required to pay to the Tenant any surplus of any sums received
by the landlord on a re-letting of Demised Premises in excess of the rent
reserved in this Lease.
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h)
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Removal of
Goods
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In the event of removal by the Tenant,
except in the ordinary course of trade of goods and chattels from off the
Demised Premises, the Landlord may follow same for thirty (30) days in the same
manner as is provided for in any Act respecting the fraudulent and clandestine
removal of goods.
INITIAL
o
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i)
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Sale or Rent
Signs
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The
Tenant shall not paint, display, inscribe, place or affix any sign, symbol,
notice or lettering of any kind anywhere outside the Demised Premises without
the consent in writing of the Landlord which consent shall not be unreasonably
withheld. The Landlord orits agents may enter and exhibit the Demised Premises
to prospective tenants or purchasers of the building during normal business
hours during the term hereof and place upon the building or the Demised Premises
a notice of reasonable dimensions and reasonably placed stating that the
building is for sale or the Demised Premises are for rent which notice the
Tenant shall not remove or obscure, but the Landlord in exercising its rights
hereunder shall proceed to the extent possible so as to minimize interference
with the Tenant's use and enjoyment of the Demised Premises.
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j)
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Subordination and
Attornment
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i)
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This
Lease is and will remain subordinate to every mortgage, charge, trust
deed, financing, refinancing or collateral financing and the instruments
of, as well as the charge or lien resulting from all or any of them and
any renewals or extensions of them (hereinafter referred to as the
"Encumbrances") from time to time affecting the Demised Premises and the
Tenant will, on request, subordinate this Lease in the form requested by
the landlord to any Encumbrance and to all advances made or to be made on
the security of any Encumbrance. The Tenant will also attorn to the holder
of any Encumbrance;
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ii)
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If
possession is taken under, or any proceedings are brought for the
foreclosure of, or if a power of sale is exercised resulting from an
Encumbrance the Tenant will attorn to the person that so takes possession
if that person requests it and will recognize that person as the Landlord
under this Lease;
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iii)
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The
Tenant hereby constitutes the Landlord its agent and attorney for the
purpose of executing any document or instrument required to give effect to
a subordination of its interests under this Lease or any attornment or any
other instrument which is reasonably required to give full force and
effect to this paragraph;
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iv)
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Notwithstanding
each of the above foregoing sub-paragraphs of this paragraph 5(j) the
Tenant shall not be required to postpone its interest in the within Lease
to any encumbrancer which will not allow it to continue in quiet
possession of the Demised Premises in accordance with the terms of the
within Lease as long as the Tenant is not in default hereunder, whether
the Encumbrance is in good standing or
not.
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k)
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Assignment to
Mortgagee
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The Tenant declares that the Landlord
may assign the Landlord's rights under this Lease to a purchaser of the property
or to lender or lenders as collateral security for any loan to the Landlord and
in the event that such an assignment is given and executed by the Landlord and
notification is given to the Tenant, the Tenant, if so requested, will without
cost, at any time, and from time to time:
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i)
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execute
an Acknowledgement concerning the performance and observance by the
landlord of the Landlord's obligations under this Lease and concerning the
payment by the Tenant of the rent reserved and other sums payable by and
under this Lease as may be required by such mortgagee or mortgagees or by
such purchaser or purchasers;
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ii)
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certify
that this Lease is unmodified and is in full force and effect (or if
modified, stating the modification and that the same is in full force and
effect as modified);
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iii)
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provide
particulars of any monies or security deposited hereunder with the
Landlord and advise whether or not there is any existing default on the
part of the Landlord of which the Tenant has
notice;
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iv)
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provide
such evidence as may be required by the purchaser or mortgagee that the
Demised Premises have been satisfactorily completed. If the
Demised Premises are not so completed the Tenant shall given an itemized
list of the uncompleted items.
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It
is hereby agreed that any such statement delivered pursuant to the
provisions of this paragraph may be conclusively relied upon by any
purchaser and/or mortgagee, save as to any default on the part of the
Landlord of which the Tenant does not have notice at the date
thereof. If the Tenant fails to give such statement within ten
(10) days after the receipt of notice requesting same, then the Landlord
may sign such statement as Attorney for the Tenant and the contents of
such statement shall be binding on the
Tenant.
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l)
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Overholding
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It is hereby agreed that if the Tenant
occupies the Demised Premises after the expiration of this Lease or any renewal
thereof without any further writtenagreement and the Landlord accepts rent for
the Demised Premises, the Tenant shall be a monthly Tenant only (terminable on
one month's notice) at the same rent payable during the month immediately
preceding the expiration or termination of this Lease, and otherwise as far as
applicable to a monthly tenancy, upon the same covenants, provisos and
conditions as contained in this Lease.
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m)
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No
Representation
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The Tenant agrees that no
representations or promises with respect to the Demised Premises have been made
by the Landlord or by any agent or other person on its behalf except as are
herein expressly set forth, and that the entering into possession by the Tenant
shall be conclusive evidence as against the Tenant that the Demised Premises
were in good and satisfactory condition at the time possession was so
taken.
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n)
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Waiver
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Any condoning, excusing or overlooking
by the Landlord of any breach, default or non-performance by the Tenant at any
time of any covenant, proviso or condition herein contained shall not operate to
waive the Landlord's rights under this Lease in spite of any later default,
breach or non-performance so as to defeat in any way the rights of the Landlord
under this Lease on any such later default, breach or non-observance and all
rights and remedies of the Landlord shall be deemed to be cumulative not
alternative.
6.
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Option of
Renewal
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If the
Tenant has otherwise complied with all terms, conditions and provisos herein
contained and has not been in default hereof, the Landlord grants to the Tenant
one (1) option to renew the Lease for an additional term of five (5) years from
the end of the term then being completed. The Tenant shall give the Landlord at
least six (6) months written notice prior to the expiration of the leased term
of its intention to renew, failing which the option to renew shall be null and
void. If the option is exercised, it shall be on the same terms and conditions
as contained in the original lease except as to the amount of rent to be paid.
The parties shall, within 120 days of the giving of the notice by the Tenant and
to be not later than 60 days prior to the expiry date of this Lease, negotiate
the rent to be payable during the renewal term. The rent shall be in accordance
with the prevailing rents charged in the same vicinity as the Demised Premises
save and except that in no case shall the rent be less than the rent payable
during the last year of the prior term.
7.
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All
of the provisions of this Lease are to be construed as covenants and
agreements. If any provision of this Lease is illegal or
unenforceable it shall be considered separate and severable from the
remaining provisions of this Lease, which shall remain in full force and
be binding as though the said provisions had never been
included.
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8.
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Rules
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The
Tenant, its servants, agents and employees will at all times during the
occupancy of the Demised Premises observe and conform to such rules and
regulations as shall be made from time to time by the Landlord, and of which the
Tenant shall be notified, such rules and regulations shall be deemed to be
incorporated in, and form part of, this Lease.
9.
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Enure
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Subject
to any restrictions herein contained this Lease shall enure to the benefit of
and be binding upon the heirs, executors, administrators, successors and assigns
of the parties hereto.
10.
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Headings
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The
headings to the various paragraphs of this Lease have been inserted for
convenience of reference only and shall not modify, amend or change the express
terms and provisions of this Lease.
11.
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Gender
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The words
importing the singular number only shall include the plural, and vice
versa. Words importing the neuter of masculine gender shall include
the feminine gender, and words importing persons shall include firms and
corporations and vice versa.
12.
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Context
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Unless
the context otherwise requires, the word "Landlord" and the word "Tenant"
wherever used herein shall be construed to include and shall mean the executors,
administrators, successors and/or assigns of the said Landlord and Tenant
respectively, and when there are two or more Tenants bound by the same covenants
herein contained, their obligations shall be joint and several.
IN WITNESS WHEREOF the Landlord and
Tenant have hereunto executed these presents.
XXXX
PHARMACEUTICAL SERVICES INC.
Per:
I
have the authority to bind the Corporation
XXXXXXXXXXXXXXX.XXX
INC.
Per:
I
have the authority to bind the Corporation