1
EXHIBIT 10.30
LEASE OF COMMERCIAL PROPERTY
PARISH OF TANGIPAHOA
STATE OF LOUISIANA
Personally came and appeared before me
XXXXXXX XXXXXXX hereinafter referred to sometimes as "LESSOR" hereby
leases to
XXXXXXX'X THUNDER KARTS, INC., represented by the duly authorized
undersigned, hereinafter referred to sometimes as "LESSEE".
By this instrument, its terms and conditions, lessor(s) does lease to
lessee(s) the following described property:
3.41 acres of land in the Town of Roseland, Tangipahoa Parish,
Louisiana, and being all of Ten (10) acres Xxx 0 xxxxx X. xx X.X.
Xxxxxxx 00 and the Southern portion of Xxx 0 xxxxx Xxxx xx X.X. Xxxxxxx
00, described as follows:
From the NE corner of said Xxx 0, Xxxxxxxx Xxxxxx xxxxxxx Xxxxx 0 xxx.
50 min. E., along Western right of way of I.C.R.R. 651.2 feet to NE
corner of said 4.41 acres and point of beginning of this survey, thence
South 89 deg. 10 min. W. 427.8 feet to eastern right of way line of U.S.
Highway 51, thence with said right of way South 33 deg. 48 min. E. at
90.3 feet, a concrete right of way marker at 396.0 feet, another
concrete marker and beginning of curve, thence South 30 deg. E. 100
feet, South 27 deg. 45 min. E. 100 feet, South 24 deg. 15 min. E. 100
feet, and South 20 deg. E. 70.6 feet to South line of Lot 5; thence
North 0 deg. 50 min. W. along said Western right of way of I.C.R.R.
668.9 feet to point of beginning all as per survey of X.X. Xxxxxxxxx,
Surveyor, dated June 25, 1959, with all improvements and equipment.
SECTION ONE - TERM
This lease is for the period of time from 1 October, 1995 until 31
December, 1996, with option for an additional year, beginning 1 January, 1997.
The consideration of the primary term will be for $6,025.00 per month, payable
beginning 1 October, 1995, and on the same day of each month thereafter for the
term of this lease. The consideration and other terms of the option period
are to be negotiated.
This lease is not assignable, transferable, or subleaseable in whole
and/or in part.
2
The net rental hereinabove fixed for the respective periods above
mentioned means that in addition to the said amounts of actual rental, the
Lessee will pay all taxes levied by the State and all political sub-division on
the leased property for the period covered by this lease, and will pay all
insurance and premiums of such policies of fire, tornado, and rental insurance
as the Lessor may desire carried against the leased property during the period
covered by this lease.
The taxes and insurance premiums herein provided to be paid by Lessee
are a part of the rent for the leased premises, and, should the Lessee fail to
pay promptly and punctually any of said taxes or insurance premiums, the Lessor
may, but need not, pay same and recover repayment thereof at once from the
Lessee with interest at the rate of eight per cent (8%) per annum from date of
payment.
Lessee shall obtain fire and hazard insurance upon the leased property
during the term of the lease, naming Lessor as loss payee. This shall be with
an insurance company with a rating of acceptable solvency licensed to do
business in Louisiana.
Lessee shall comply in every respect at Lessee's own expense, with the
rules and regulations of the Louisiana Fire Prevention Bureau, or those of any
similar bureau or association in existence at the time.
SECTION TWO - USE OF PREMISES LEASED
The premises leased shall be for the purpose of operation of a Go-Kart
Manufacturer, yard tools, pressure washers, and the like, and necessary and
usually activities pursuant thereto.
The Lessee shall not be able to grant right-of-ways, servitude, or
easements of any kind, type, or nature.
The constructions made by the Lessee shall be done so only with prior
written permission of the lessor and shall remain the property of the lessor
without prior consent.
Lessor shall have the right to inspect premises at any reasonable time.
SECTION THREE - UPKEEP OF PREMISES LEASED
The premises shall be maintained, mowed, and kept in orderly condition
and fashion by the Lessee at the cost of the Lessee.
At the cost and expense of the Lessee, the Lessee shall comply with all
sanitary laws, ordinances, rules, and orders from the board of health, and rules
and orders from other state, parish, and municipal authorities, complying with
the rules and regulations of local boards and other organizations of the ______
underwriters of similar authorities.
3
Lessee assumes the maintenance of the plumbing, including fixtures,
outlets, and drains, and the protection and repair of same, even when injured
by freeze.
Lessee will make all necessary repairs, including, repairs to the roof
and flooring, to keep the leased property in as good order as it now is;
ordinary wear and tear accepted, and is also to keep all toils in repair to
conform with good sanitary conditions. The Lessee does not have the right to
sublet any part of the leased premises without the written consent of the
Lessor.
LESSOR will not be responsible for damage caused by leaks in the roof,
by bursting of pipes by freezing or otherwise, or by any vices or defects of
the leased property, or the consequences thereof, except in the case of
positive neglect or failure to take action toward the remedying of such defects
within reasonable time after having written notice from Lessee of such defects
and the damage caused thereby. Should Lessee fail to promptly notify Lessor,
in writing, or any such defects, Lessee will become responsible for any damage
resulting to Lessor or other parties.
The said premises and appurtenances, including locks, keys, and
lighting, heating, plumbing systems, and fixtures and attachments, are
delivered in good order and Lessee is obligated to keep all of the same in like
good order during the term of this lease; to keep in repair all plumbing, even
when injured by freezing; to keep the chimneys, drains, and plumbing cleaned
and to deliver them at the expiration of this lease in said condition; to pay
all bills for water, light, and similar charges; to comply with all laws and
ordinances of the State, City, Board of health, and other public bodies, now in
force or which may hereafter be enacted of whatever character, at Lessee's own
expense; and to notify Lessor or agent, in writing, any time the leased
premises will be unoccupied, so that necessary vacancy permits may be obtained
from Lessor's insurance companies, and upon Lessee's failure to do so, Lessor
may take such steps as Lessor thinks necessary for Lessor's protection,
including retaking possession of the premises without relieving or impairing
Lessee's liability.
No repair shall be due Lessee except such as may be rendered necessary
by fire or other casualty, nor occasioned by fault or negligence of Lessee.
Lessor will not be responsible for damages of any sort of any persons or
property, however occasioned; and Lessee shall hold Lessor harmless from any
claims by or liability to third persons however arising, including or sidewalks
adjoining premises. Lessor shall at all time shave the right to enter the
premises for the purpose of inspection and making such, if any, repairs as
Lessor may be bound for or elect to make.
4
The description in whole or in part of the leased premises by fire or
other casualty will not violate this lease. If the premises cannot be repaired
or rebuilt within 30 days, the lease shall be terminated. If repair or
rebuilding within this time is possible, during the time of said repair or
rebuilding, lease rentals shall be suspended, and the lease shall be extended
an equal period of time, not to exceed 30 days.
The care, maintenance, and repairs of elevators, machinery, glass, or
plate glass are assumed by Lessee, together with all liability or claims for
damages.
Lessee is obligated not to display in, on, or about the leased premises
any sign or decoration, the nature of which, in the judgment of Lessor is
dangerous, unsightly, or detrimental to the property.
SECTION FOUR - SURRENDER OF PREMISES
In the event that the lessee fails to abide by and of the terms and/or
conditions herewith, and/or any/all amendments hereto, same failure shall be
grounds for termination of the lease, and shall render the lessee liable for
all court costs, attorney's fees, and other proper and necessary charges, fees,
and costs as a result of said failure.
If the lease is terminated, lapsed, or for whatever reason lessee fails
to abide by this lease and its terms, lessee shall immediately surrender
possession and if he fails to do so, he must pay liquidated damages of 5 times
the daily rent, and attorney's fees, court costs, and all other costs, fees,
and charges, necessary and proper thereto. He waives notice to vacate, does
herein confess his judgment, allowing lessor to be placed in possession at
once. If, for whatever reason, lessor allows lessee to remain in leased
premises after the expiration lapse, or termination of the lease, this shall
not be considered a reconduction of the lease.
Lessee is bound not to transfer this lease in whole or in part, without
the written consent of Lessor; at the end of this lease to return, by actual
delivery of the keys, without further notice, possession of the said premises
and appurtenances, broom-cleaned and free from any trash whatsoever, delivered
in like good order as received, with the usual decay, wear, and tear being
accepted only. Lessee is to replace any and all broken glass, and to remove any
and all signs painted or placed in or upon the leased premises before leaving.
5
Lessee is obligated not to make any additions or alterations
whatsoever, to the premises without written permission. All additions,
alterations, improvements made by lessee with or without consent of lessor, no
matter how attached (except moveable trade fixtures), must remain the property
of the Lessor, unless otherwise stipulated herein. Lessee however, expressly
waiving all right to compensation therefore. The lessor, at his option, may
require the building to be replaced in its original condition.
SECTION FIVE - VACATING PREMISES
If the leased premises become vacated or abandoned by the lessee for
whatever type of reason because of his ejectment, or if the lessee removes
personal property or goods from the lease premises to the prejudices of the
lessor's lien, than the rent for the unexpired term shall become due along with
the attorney's fees, court costs, and other fees, costs, and charges pertinent
thereto, and the lessee shall have option to cancel the lease or to reenter
and relet the premises to other parties for such price and terms as he may
obtain and apply the net amount realized to the prepayment of the rent due and
owing by the lessee herein.
SECTION SIX - MISCELLANEOUS
Failure of LESSEE to property pay rent, bills, when promptly due at
maturity, as stipulated, or any other violation of any of the terms and
conditions of this lease, failure to comply with any of the obligations as
listed herein, or should voluntary or involuntary bankruptcy proceedings be
instituted by, or against LESSEE, or should LESSEE fail in business or become
insolvent or make assignment for benefit of creditors, when any of said events
shall ipso facto, and without need of formally putting in default, cause all
remaining installments to become immediately due and payable, and, at the
option of the LESSOR, authorize the cancellation of this lease for the
remainder of the unexpired term, and allow LESSOR to recover all actual damages
suffered by LESSOR by reason of the cancellation. In this event, LESSOR shall
be entitled to take immediate possession of said premises. Lessee hereby
assenting thereto and expressly waiving the legal notice to vacate the premises.
The attempted seizure of the leasehold by creditors of Lessee, by Writ
of ____, attachment, or other, shall void the Lease immediately, at the option
of the Lessor.
6
In the event of default by Lessee in any obligation or condition
hereof, Lessor is hereby irrevocably authorized to sell at public or private
sale, without recourse to judicial proceedings and with or without demand,
notice, advertisement, or putting Lessee in default, any or all of the contents
of the leased premises, upon which Lessor has a lien, and Lessor may purchase
same at the fair value thereof; in the event of any such sale, the proceeds
thereof, after the payment of all costs, fees, charges, and expenses of every
kind, shall be applied to the satisfaction of all amounts due Lessor and the
balance shall along be paid to Lessee.
Failure to strictly and promptly enforce these conditions shall not
operate as a waiver of Lessors' right, Lessor expressly reserving the right to
always enforce prompt payment of rent, or to cancel this lease, regardless of
any indulgences or extensions previously granted. Failure to comply with any
condition or obligation of this lease will make Lessee liable for any loss or
damage sustained by Lessor.
Should Lessee at any time use the leased premises or any portion thereof
for any illegal or unlawful purpose, or commit, or permit or tolerate the
commission therein of any act made punishable by fine or imprisonment under the
laws of the United States or the State of Louisiana, or any ordinance of this
City or Parish, the remedies set forth in the preceding paragraph shall be
available to Lessor immediately without necessity of giving any notice to
Lessee.
At the expiration of this lease, or its termination for other causes,
Lessee is obligated to immediately surrender possession, and should Lessee fail
to do so, he consents to pay as liquidated damages five times the rent per day,
with attorney's fees, costs, etc. Lessee also expressly waives any notice to
vacate at the expiration of this lease and all legal delays, and hereby
confesses judgment with costs, placing Lessor in possession to be executed at
once. Should Lessor allow or permit Lessee to remain in the leased premises
after the expiration of this lease, this shall not be construed as a
re-conduction of this lease.
No auction sales, etc., shall be conducted on the premises without the
written consent of Lessor.
7
Should any claim in favor of Lessor upon this lease be placed in the
hands of an agent or attorney to give special attention to the enforcement of
such claim, Lessee shall in order to protect Lessor fully against all expenses,
pay as fees and compensation to such agent or attorney additional sum of ten
percent (10%) of the amount due on such claim, provided that amount be over
$1,000.00, and twenty percent (20%) if that amount be $1,000.00 or under,
together with all costs, charges, and expenses.
Lessor hereby reserves the right to post and to keep posted on the
property, card, "For Sale" or "Auction Sale", during the term of this lease,
and cords, "For Rent", during the ninety days preceding the expiration of this
lease, and Lessee hereby consents to allow the premises to be inspected on an
order from Lessor or agent. In the event that Lessee is absent from the City, at
any time during the last mentioned period, keys to the premises will be left
with some representative of Lessee in order that the property may be shown, and
Lessor or agent will be advised in writing where the keys may be obtained.
Failure to comply with these conditions and/or obligations of this
lease, will allow Lessor to obtain access to the premises so that the property
may be shown in any manner and fashion at Lessor's discretion.
This instrument shall constitute all of the agreements and obligations
of the parties hereto; any amendments hereto shall be reduced to writing to be
valid an binding between the parties.
WITNESSES:
/s/ [ILLEGIBLE] /s/ XXXXXXX XXXXXXX
-------------------------------- --------------------------------
XXXXXXX XXXXXXX, LESSOR
/s/ XXXXXX XXXXXXX /s/ XXXXXXX THUNDER KARTS BY
-------------------------------- XXXXXXX XXXXXXX
--------------------------------
XXXXXXX'X THUNDER KARTS, INC.
by XXXXXXX XXXXXXX, PRESIDENT,
LESSEE
SWORN TO AND SUBSCRIBED BEFORE ME THIS 27th day of SEPTEMBER, 1995.
/s/ XXXX X. XXXXXXXX
-------------------------------
NOTARY PUBLIC
8
AMENDED LEASE OF COMMERCIAL PROPERTY
PARISH OF TANGIPAHOA
STATE OF LOUISIANA
Personally came and appeared before me
XXXXXXX XXXXXXX hereinafter referred to sometimes as "LESSOR", and
XXXXXXX'X THUNDER KARTS, INC., represented by the duly authorized
undersigned, hereinafter referred to sometimes as "LESSEE".
The parties refer to certain instruments entitled "LEASE OF COMMERCIAL
PROPERTY", and "MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF XXXXXXX'X
THUNDER KARTS, INC.", and "NOTICE OF LEASE", executed by the parties on 27
SEPTEMBER, 1995, the latter having been filed OCTOBER 10, 1995, AT COB 803 PAGE
258, INSTRUMENT #477439, TANGIPAHOA PARISH, CLERK OF COURT.
The parties wish to amend the documents, but only insofar as the
following regarding the property description. The property described in the
Lease of Commercial Property being leased to the lessee was described as
follows:
3.41 acres of land in the Town of Roseland, Tangipahoa Parish,
Louisiana, and being all of Ten (10) acres Xxx 0 xxxxx X. xx X.X.
Xxxxxxx 00 and the Southern portion of Xxx 0 xxxxx Xxxx xx X.X. Xxxxxxx
00, described as follows:
From the NE xxxxxx of said Xxx 0, Xxxxxxxx Xxxxxx xxxxxxx Xxxxx 0 xxx.
50 min. E., along Western right of way of I.C.R.R. 651.2 feet to NE
corner of said 4.41 acres and point of beginning of this survey,
thence South 89 deg. 10 min. W. 427.8 feet to eastern right of way
line of U.S. Highway 51,
thence with said right of way south 33 deg. 48 min, E. at 90.3 feet,
and concrete right of way marker at 396.0 feet, another concrete marker
and beginning of curve,
thence South 30 deg. E. 100 feet, south 27 deg. 34 min. E. 100 feet,
South 24 deg. 15 min. E. 100 feet, and South 20 deg. E. 70.6 feet to
South line of Lot 5;
thence North 0 deg. 50 min. E. along said Western right of way of
I.C.R.R. 668.9 feet to point of beginning all as part survey of X.X.
Xxxxxxxxx, Surveyor, dated June 25, 1959, with all improvements and
equipment.
9
The parties wish to amend the property description being leased to said
Lessee from said Lessor, so that it now reads as follows:
1. 3.41 acres of land in the Town of Roseland, Tangipahoa Parish,
Louisiana, and being all of Ten (10) acres Xxx 0 xxxxx X. xx X.X.
Xxxxxxx 00 and the Southern portion of Xxx 0 xxxxx Xxxx xx X.X. Xxxxxxx
00, described as follows:
From the NE corner of said Xxx 0, Xxxxxxxx Xxxxxx xxxxxxx Xxxxx 0 xxx.
50 min. E., along Western right of way of I.C.R.R. 651.2 feet to NE
corner of said 4.41 acres and point of beginning of this survey,
thence South 89 deg. 10 min. W. 427.8 feet to eastern right of way line
of U.S. Highway 51, thence with said right of way South 33 deg. 48 min.
E. at 90.3 feet, a concrete right of way marker at 396.0 feet, another
concrete marker and beginning of curve,
thence South 30 deg. E. 100 feet, South 27 deg. 45 min. E. 100 feet,
South 24 deg. 15 min. E. 100 feet, and South 20 deg. E. 70.6 feet to
South line of Lot 5;
thence North 0 deg. 50 min. W. along said Western right of way of
I.C.R.R. 668.9 feet to point of beginning all as per survey of X.X.
Xxxxxxxxx, Surveyor, dated June 26, 1959, with all improvements and
equipment.
2. A certain piece or parcel of land in the Town of Roseland,
Louisiana, containing 2.50 acres, more or less, and being more
particularly described as follow, to-wit:
12 acres of land, more or less, being all of Xxxx 0 xxx 0 xx xxx Xxxx
xx Xxxxxxxx, lying East of Highway 51;
LESS and EXCEPT A tract containing 6 acres, more or less, sold by
vendor to Xxxx Xxxxxxx by Deed recorded in COB 220 page 541, and
LESS AND EXCEPT a 3.41 acre tract sold by vendor to Hood Enterprises,
Inc., by deed recorded in COB 239 page 528; being a tract of land
bounded now or formerly to the East by I.C.R.R., West by the East line
of U.S. Highway 51, and South by Hood Enterprises, Inc., together with
all the buildings and improvements thereon.
Subject to lifetime usufruct of all of the highway frontage by a depth
of 140 feet parallel lines, except the South 25 feet fronting on
Highway 51, reserved by Xxxxxx X. Xxxxxxx. An Act of Revocation of
Usufruct was signed by said parties, revoking said usufruct on the 15th
day of May, 1986, same filed in the records of the Clerk of Court,
Tangipahoa Parish, at COB 0628 page 788, Instrument #0358904, 16 May,
1986.
10
The parties wish to amend the property description being leased to said
Lessee from said Lessor, so that it now reads as follows:
1. 3.41 acres of land in the Town of Roseland, Tangipahoa Parish,
Louisiana, and being all of Ten (10) acres Xxx 0 xxxxx X. xx X.X.
Xxxxxxx 00 and the Southern portion of Xxx 0 xxxxx Xxxx xx X.X. Xxxxxxx
00, described as follows:
From the NE corner of said Xxx 0, Xxxxxxxx Xxxxxx xxxxxxx Xxxxx 0 xxx.
50 min. E., along Western right of way of I.C.R.R. 651.2 feet to NE
corner of said 4.41 acres and point of beginning of this survey,
thence South 89 deg. 10 min. W. 427.8 feet to eastern right of way line
of U.S. Highway 51, thence with said right of way South 33 deg. 48 min.
E. at 90.3 feet, a concrete right of way marker at 396.0 feet, another
concrete marker and beginning of curve,
thence South 30 deg. E. 100 feet, South 27 deg. 45 min. E. 100 feet,
south 24 deg. 15 min. E. 100 feet, and south 20 deg. E. 70.6 feet South
line of Lot 5;
thence North 0 deg. 50 min. W. along said Western right of way of
I.C.R.R. 668.9 feet to point of beginning all as per survey of X.X.
Xxxxxxxxx, Surveyor, dated June 25, 1959, with all improvements and
equipment.
2. A certain piece or parcel of land in the Town of Roseland,
Louisiana, containing 2.50 acres, more or less, and being more
particularly described as follows: to -wit:
12 acres of land, more or less, being all of Xxxx 0 xxx 0 xx xxx Xxxx
xx Xxxxxxxx, lying East of Highway 51;
LESS AND EXCEPT A tract containing 6 acres, more or less, sold by
vendor to Xxxx Xxxxxxx by Deed recorded in COB 220 page 541, and
LESS AND EXCEPT a 3.41 acre tract sold by vendor to Hood Enterprises,
Inc., by deed recorded in COB 239 page 528; being a tract of land
bounded now or formerly to the East by I.C.R.R., West by the East line
of U.S. Highway 51, and South by Hood Enterprises, Inc., together with
all the buildings and improvements thereon.
Subject to lifetime usufruct of all of the highway frontage by a depth
of 140 feet parallel lines, except the South 25 feet fronting on
Highway 51, reserved by Xxxxxx X. Xxxxxxx. An Act of Revocation of
Usufruct was signed by said parties, revoking said usufruct on the 15th
day of May, 1986, same filed in the records of the Clerk of Court,
Tangipahoa Parish, at COB 0628 page 788, Instrument #0358904, 16 May,
1986.
11
In all other respects in the Lease, notice of Lease Minutes of the
Meeting of the Board of Directors of Xxxxxxx'x Thunder Karts, Inc., and other,
are confirmed herewith, though not recited herein.
IN WITNESS WHEREOF, I have affixed my name in the presence of the two
undersigned witnesses, and notary public.
SWORN TO AND SUBSCRIBED BEFORE ME this 30th day of NOVEMBER, 1995.
WITNESSES:
/s/ [ILLEGIBLE] /s/ XXXXXXX XXXXXXX
-------------------------------- --------------------------------
XXXXXXX XXXXXXX, LESSOR
/s/ XXXX XXXXXXX /s/ XXXXXXX'X THUNDER KARTS BY
-------------------------------- XXXXXXX XXXXXXX
--------------------------------
XXXXXXX'X THUNDER KARTS, INC.
by XXXXXXX XXXXXXX, PRESIDENT,
LESSEE
[ILLEGIBLE]
--------------------------------
NOTARY PUBLIC
12
FIRST AMENDMENT TO
LEASE OF COMMERCIAL PROPERTY
PARISH OF TANGIPAHOA )
) ss.
STATE OF LOUISIANA )
Personally came and appeared before me XXXXXXX XXXXXXX, hereinafter
referred to as "Lessor" and XXXXXXX'X THUNDER KARTS, INC., represented by the
duly authorized undersigned, hereinafter referred to sometimes as "Lessee."
RECITALS
1. Lessor and Lessee executed a Lease of Commercial property
dated September 27, 1995 and an Amended Lease of Commercial Property dated
November 28, 1995 amending the property description in the September 27, 1995
lease (the September 27, 1995 lease and the November 28, 1995 amended lease are
jointly referred to as the "Lease Agreement").
2. Lessor and Lessee desire to modify the Lease Agreement as
hereinafter provided.
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. The first and second paragraphs of Section One of the Lease
Agreement are hereby deleted in their entirety and the following is substituted
in lieu thereof:
"SECTION ONE - TERM.
This Lease is for the period of time from 1 October, 1995
through 15 March, 1998 ("Primary Term"). Lessee shall have the right
and option to extend the term of the Lease for an additional two (2)
year period ("Extended Term"), commencing 15 March, 1998, by so
notifying Lessor on or before the expiration of the Primary Term. The
rent payable during the Primary Term of the Lease Agreement shall be
Six Thousand Twenty-Five Dollars ($6,025.00) per month, payable
beginning 1 October, 1995, and on the same day of each succeeding
month thereafter for the term of the Lease. During the Extended Term,
if any, the rent shall be adjusted annually at the commencement of the
Extended Term and on the anniversary date thereof, in accordance with
the Consumer Price Index in the appropriate jurisdiction. Other
conditions of the Extended Term are to be negotiated by Lessor and
Lessee.
Lessee has the unrestricted right to assign the whole or any
part of the Lease Agreement or to sublease the whole or any part of
the leased premises to any associated or affiliated corporation or
entity a majority of whose stock or interest is owned by Lessee or
Lessee's parent company or to any corporation or entity acquiring a
majority of the stock or assets of Lessee or Lessee's parent company.
Lessee has the unrestricted right to assign the whole or any part of
the Lease Agreement or to sublease the whole or any part of the leased
premises so long as
FIRST AMENDMENT TO LEASE OF COMMERCIAL PROPERTY - PAGE 1
13
the assignee assumes all of Lessee's obligations under the Lease
Agreement and the assignee is a good financial risk to the Landlord."
2. All references to the provision of insurance in paragraphs
three, four and five of Section One are hereby deleted in their entirety, and
the following shall be substituted as the last sentence of paragraph 3 in lieu
thereof:
"Lessor and Lessee shall mutually agree as to the insurance to be
carried against the leased property, and Lessee shall be responsible
for the payment of the premiums assessed thereunder, if any."
3. The first paragraph of Section Two of the Lease Agreement is
hereby deleted in its entirety and the following is substituted in lieu
thereof:
"SECTION TWO - USE OF PREMISES LEASED.
This premises leased shall be for the purpose of any
commercially reasonable business which is operating in compliance with
applicable law."
4. Section Four of the Lease Agreement is hereby amended by
deleting the last sentence thereof.
5. The following shall be inserted in the Lease Agreement as
Section Six, and existing Section Six shall become Section Seven:
"During the term of the Lease Agreement, including any extensions,
Lessee shall have a right of first refusal ("Right of First Refusal")
to purchase the premises on the same terms and conditions that Lessor
is prepared to accept from any third party. When Lessor receives a
third party offer to purchase the premises, which Lessor desires to
accept, Lessor shall promptly deliver the same, in writing, to Lessee,
and Lessee shall thereafter have ten (10) days in which to accept or
reject such offer in writing. If Lessee rejects such offer or fails
to accept the same in writing within such time, then Lessor shall be
free to sell the premises to such third party on the same terms and
conditions offered to Lessee in the foregoing manner. If Lessor does
not consummate a sale of the premises to such third party, the Right
of First Refusal shall apply to any future sale, and Lessor shall be
required to submit any future offer to Lessee in the foregoing
manner."
6. Renumbered Section Seven of the Lease Agreement is hereby
amended by deleting the phrase "when promptly due at maturity," appearing in
the first and second lines, and substituting in lieu thereof the following:
"within ten (10) days following the due date."
7. Except as amended hereby, the Lease Agreement shall remain in
full force and effect as currently written.
FIRST AMENDMENT TO LEASE OF COMMERCIAL PROPERTY - PAGE 2
14
WITNESSES:
/s/ XXXXXXX XXXXXXX
------------------------------- --------------------------------------
Xxxxxxx Xxxxxxx, Lessor
XXXXXXX'X THUNDER KARTS, INC.
-------------------------------
By: /s/ V. XXXX XXXXXXXX
-----------------------------------
Title: , Lessee
--------------------------
STATE OF TEXAS )
) ss.
COUNTY OF DALLAS )
SUBSCRIBED AND SWORN TO before me, the undersigned Notary Public, on
this day on this ________ day of March, 1996.
--------------------------------------
NOTARY PUBLIC, State of Texas
FIRST AMENDMENT TO LEASE OF COMMERCIAL PROPERTY - PAGE 3
