REAL ESTATE LEASE
This Lease Agreement (this "Lease") is made effective
as of December 1st, 2000,
By and between XXXXXXX INVESTMENTS ("LANDLORD"), and Digitec
Information Systems, A Wholly Owned Subsidiary of Triden
Telecom. ("Tenant") The parties agree as follows:
1. Premises: Landlord, is consideration of the lease
payments provided in this Agreement, leases to the Tenant,
THE BUILDING AND PARKING LOT ("The Premises"), located at
0000 XXXXX XXXX, XXXXXXX XXXXXXX, XXXXX 00000.
2. Terms: The Lease term shall commence on December 1st,
2000 and shall terminate on November 31st, 2010.
3. Renewal Terms: This Lease shall automatically renew
for an additional period of FIVE (5) Years per renewal term
on the same terms and conditions as this Lease Agreement,
unless either party gives written notice of the termination
of the Lease no later than 60 days prior to the end of the
initial term or renewal term.
4. Lease Payments: Tenant shall pay to the Landlord.
Lease payments shall be in the amount of Two Thousand Seven
Hundred Fifty Dollars, ($2,750.00), payable in advance, on
the 1st day of each month, beginning on December 1st, 2000,
and will continue to be due and payable on the first of each
month until November1st, 2010. Such payments shall be made
to the landlord at XXXXXXX INVESTMENTS, X.X. XXX 0000,
XXXXXXX XXXXXXX, XXXXX 00000.
5. Late Payments: Tenant shall also pay a late charge
equal to 5% of the required monthly payment for each payment
that is not paid within 10 days after the Due Date for such
late payment.
6. Possession: Tenant shall be entitled to possession on
the 1st day of the term of this Lease, and shall yield
possession to the Landlord on the last day of the term of
this Lease, unless otherwise agreed by both parties in
writing.
7. Use of Premises: Tenant may use the Premises only IN
ANY LEGAL BUSINESS ACTIVITY. The Premises may be used for
any other purpose only with prior written consent of the
Landlord.
Remodeling or Structural Improvements: Tenant shall have
the obligation to conduct any construction or remodeling (at
Tenant's expense) that may be required to use the Premises
as specified above, and may construct such fixtures on the
premises (at Tenant's expense) that appropriately facilitate
its
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8. use for such purposes. Such construction shall be
undertaken and such fixtures may be erected only with the
prior written consent of the Landlord, which shall not be
unreasonably withheld. At the end of the Lease Term, Tenant
shall be entitled to remove, or at the request of the
Landlord, shall remove such fixtures, and shall restore the
Premises (at Tenant's expense) to substantially the same
condition of the Premises as at the commencement of this
Lease Agreement.
9. Maintenance: Tenant shall have the obligation to
maintenance the Premises in good repair at all times.
10. Access by landlord to Premises: Subject to Tenant's
consent (which shall not be unreasonably withheld), Landlord
shall have the right to enter the premises to make
inspections, provide necessary services, or show the
building to prospective buyers, mortgages, tenants or
workmen. As provided by Law, in the case of an emergency,
Landlord may enter the Premises without Tenant's consent.
11. Utilities and Services: Tenant shall be responsible
for all utilities and services in connection with the
Premises.
12. Property Insurance: Tenant shall maintain fire and
casualty insurance on the Premises in an amount equal to
$300,000.00. Landlord shall be named as an insured on such
policies. Tenant shall deliver appropriate evidence to
landlord as proof that adequate insurance in force.
Landlord shall have the right to require that the Landlord
receive notice of any termination of such insurance
policies. Tenant shall also maintain any other insurance
which landlord may reasonably require for the protection of
Landlord's interest in the Premises.
13. Liability Insurance: Tenant shall maintain public
liability insurance with personal injury limits of at least
$50,000.00 for injury to one person, and $1,000,000.00 for
any one accident, and a limit of at lease $1,000,000.00 for
damage to property. Tenant shall deliver appropriate
evidence to Landlord as proof that adequate insurance is in
force. Landlord shall have the right to require that the
Landlord receive notice of any termination of such insurance
policies.
14. Indemnity Regarding Use of Premises: Tenant agrees to
indemnify, hold harmless, and defend landlord from and
against any and all losses, claims, liabilities, and
expenses, including reasonable attorney fees, if any, which
Landlord may suffer or incur in connection with Tenant's use
of the Premises.
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15. Taxes: Taxes attributable to the premises or the use
of the Premises shall be allocated as follows:
a. Real Estate Taxes: Tenant shall pay all real estate
taxes and assessments for the Premises.
b. Personal Taxes: Tenant shall pay all personal taxes
and any other charges which may be levied against the
Premises and which are attributable to Tenant's of the
Premises.
16. Mechanics Liens: Neither the Tenant nor anyone claiming
through the Tenant shall have the right to mechanics lien or any
other kind of lien on the Premises and the filing of this Lease
constitutes notice that such liens are invalid. Further, Tenant
agrees to give actual advance notice to any contractors,
subcontractors or suppliers of goods, labor, or services that
such liens will not be valid.
17. Defaults: Tenant shall be in default of this Lease, if
Tenant fails to fulfill any Lease obligation or term by
which Tenant bound. Subject to any governing provisions of
law to the contrary, if Tenant fails to cure any financial
obligation within 30 days (or any other obligation within 60
days after written notice of such default is provided by
Landlord to Tenant, Landlord may take possession of the
Premises without further notice, and without prejudicing
landlord's rights to damages. In the alternative, Landlord
may elect to cure any default and the cost of such action
shall be added to Tenant's financial obligations under this
Lease. Tenant shall pay all costs, damages, and expenses
suffered by the Landlord by reason of the Tenant's defaults.
18. Cumulative Rights: The rights of the parties under
this Lease are cumulative, and shall not be construed as
exclusive unless otherwise required by law.
19. Subleasing: Tenant may not assign or sublease any
interest in the Premises without the prior written consent
of the landlord, which shall not be unreasonably withheld.
20. Termination Upon Sale of Premises: Notwithstanding any
other provision of this Lease, Landlords may terminate this
Lease upon 90 days written notice to Tenant that the
Premises have been sold.
21. Notice: Notices under this Lease shall not b4e deemed
valid unless given or served in writing and forwarded by
mail, postage prepaid, addressed as follows:
Landlord: Xxxxx X. Xxxxxxx
Xxxxxxx Investments
X.X. Xxx 0000
Xxxxxxx Xxxxxxx, Xxxxx 00000
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Tenant: Digitec Information Systems
A Wholly Owned Subsidiary of Triden Telecom
0000 Xxxxx Xxxx
Xxxxxxx Xxxxxxx, Xxxxx 00000
Addresses may be changed from time to time by
either party, providing written notice as set
forth above.
22. Entire Agreement/Amendment: This Lease Agreement
contains the entire agreement of the parties and there are
no other promises or conditions in any other agreement
whether oral or written. This Lease may be modified or
amended in writing, if the writing is signed by the party
obligated, under the amendment.
23. Severability: If any portion of this Lease shall be
held to be invalid or unenforceable for any reason, the
remaining provisions shall continue to be valid and
enforceable. If a court finds that any provision of this
Lease is invalid or unenforceable, but by limiting such
provision it would become valid and enforceable, then such
provision shall be deemed to be written, construed, and
enforced as so limited.
24. Subordination of Lease: This Lease is subordinate to
any mortgage that now exists, or may be given later by
Landlord, with respect to the Premises.
The parties hereby make this Lease Agreement effective by
signing as shown below:
LANDLORD:
XXXXXXX INVESTMENTS
By:/s/ Xxxxx X. Xxxxxxx - Owner .
Xxxxx X. Xxxxxxx - Owner
TENANT:
DIGITEC INFORMATION SYSTEMS, A WHOLLY OWNED SUBSIDIARY
OF TRIDEN TELECOM
By: /s/ Xxxxx X. Xxxxxxx
Title: President
Signed and agreed to on this the 1st day of December, 2000.
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