GREENTREE FINANCIAL GROUP, INC. 17111 Kenton Drive Cornelius, North Carolina 28031 COMMERCIAL LEASE
Exhibit
10.1
GREENTREE
FINANCIAL GROUP, INC.
00000
Xxxxxx Xxxxx
Xxxxxxxxx,
Xxxxx Xxxxxxxx 00000
This
lease is
made
between GreenTree
Financial Group, Inc.
of
Plantation, FL herein called Lessor, and Biometrix
International, Inc. of
Cornelius, NC herein called Lessee.
Lessee
hereby offers to lease from Lessor the premises situated in the County of
Mecklenburg, State of North Carolina, located at 00000 Xxxxxx Xxxxx, described
as office space upon the following TERMS and CONDITIONS:
1.
Terms and Rent.
Lessor
demises the above premises for a term of 3 years, commencing on the
1st
day of
January, 2005 and terminating on the 31st
day of
December, 2007, or sooner as provided herein at the monthly rental of one
hundred dollars ($100), payable in advance on the first day of each month for
that month’s rental, during the term of this lease. All rental payments shall be
made to Lessor at the address specified above. The lease amount is discounted
from the normal market value. (Refer to Chart 1)
2.
Use.
Lessee
shall use and occupy the premises for office space and storage. The premises
shall be used for no other purpose. Lessor represents that the premises may
lawfully be used for such purpose.
3.
Care and Maintenance of Premises. Lessee
acknowledges that the premises are in good order and repair, unless otherwise
indicated herein. Lessee shall, at his own expense and at all times, maintain
the premises in good and safe condition, including plate glass, electrical
wiring, plumbing and heating installations and any other system or equipment
upon the premises and shall surrender the same, at termination hereof, in as
good condition as received, normal wear and tear excepted. Lessee shall be
responsible for all repairs required to the premises for the Length of the
Lease.
4.
Alterations.
Lessee
shall not, without first obtaining the written consent of Lessor, make any
alterations, additions, or improvements, in, to or about the premises.
5.
Ordinances and Statutes. Lessee
shall comply with all statutes, ordinances and requirements of all municipal,
state and federal authorities now in force or which may hereafter be in force,
pertaining to the premises, occasioned by or affecting the use thereof by
Lessee.
6.
Assignment and Subletting. Lessee
shall not assign this lease or sublet any portion of the premises without prior
written consent of the Lessor, which shall not be unreasonably withheld. Any
such assignment or subletting without consent shall be void and, at the option
of the Lessor, may terminate the lease.
7.
Utilities.
All
applications and connections for necessary utility services on the demised
premises shall be made in the name of the Lessee only, and Lessee shall be
solely liable for utility charges as they become due, including those for sewer,
water, and gas, electricity, and telephone services.
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8.
Entry and Inspection.
Lessee
shall permit Lessor or Lessor’s agent to enter upon the premises at reasonable
times upon reasonable notice, for the purpose of inspecting the same, and will
permit Lessor at any time within sixty (60) days prior to the expiration of
this
lease, to place upon the premises any usual “To Let” or “For Lease” signs, and
permit persons desiring to lease the same to inspect the premises
thereafter.
9.
Possession.
If
Lessor is unable to deliver possession of the premises at the commencement
hereof, Lessor shall not be liable for any damage caused thereby, nor shall
this
lease be void or voidable, but Lessee shall not be liable for any rent until
possession is delivered. Lessee may terminate this lease if possession is not
delivered within 10 days of the commencement of the term hereof.
10.
Indemnification of Lessor. Lessor
shall not be liable for any damage or injury to Lessee, or any other person,
or
to any property, occurring on the demised premises or any part thereof, and
Lessee agrees to hold Lessor harmless from any claims for damages, no matter
how
caused.
11.
Insurance. Lessee,
at his expense, shall maintain liability insurance including bodily injury
and
property damage insuring Lessee and Lessor with minimum coverage as
follows:
Lessee
shall provide Lessor with a Certificate of Insurance showing Lessor as
additional insured. The Certificate shall provide for a ten-day written notice
to Lessor in the event of cancellation or material change of coverage. To the
maximum extent permitted by insurance policies which may be owned by Lessor
or
Lessee, Lessee and Lessor, for the benefit of each other, waive any and all
rights of subrogation which might otherwise exist.
12.
Eminent Domain.
If the
premises or any part thereof or any estate therein, or any part of the building
materially affecting Lessee’s use of premises, shall be taken by eminent domain,
this lease shall terminate on the date when title vests pursuant to such taking.
The rent, and any additional rent, shall be apportioned as of the termination
date, and any rent paid for any period beyond that date shall be repaid to
Lessee. Lessee shall not be entitled to any part of the award for such taking
or
any payment in lieu thereof.
13.
Destruction of Premises.
In the
event of a partial destruction of the premises during the term hereof, from
any
cause, Lessee shall forthwith repair the same, provided that such repairs can
be
made within one hundred twenty (120) days under existing governmental laws
and
regulations, but such partial destruction shall not terminate this lease, except
that Lessee shall be entitled to a proportionate reduction of rent while repairs
are being made, based upon the extent to which the making of such repairs shall
interfere with the business of Lessee on the premises. If such repairs cannot
be
made within said sixty (60) days, Lessor, at his option, may make the same
within a reasonable time, this lease continuing in effect with the rent
proportionately abated as foresaid, and in event that Lessor shall not elect
to
make such repairs which cannot be made within one hundred twenty (120) days,
this lease may be terminated at the option of either party. In the event that
the building in which the demised premises may be situated is destroyed to
an
extent of not less than one-third of the replacement costs thereof, Lessor
may
elect to terminate this lease whether the demised premises be injured or not.
A
total destruction of the building in which the premises may be situated shall
terminate this lease.
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14.
Lessor’s Remedies on Default. If
Lessee
defaults in the payment of rent, or any additional rent, or defaults in the
performance of any of the other covenants or conditions hereof, Lessor may
give
Lessee notice of such default and if Lessee does not cure any such default
within thirty (30) days, after the giving of such notice (or if such other
default is of such nature that it cannot be completely cured within such period,
if Lessee does not commence such curing within such thirty (30) days and
thereafter proceed with reasonable diligence and in good faith to cure such
default), then Lessor may terminate this lease on not less than thirty (30)
days’ notice to Lessee. On the date specified in such notice the term of this
lease shall terminate, and Lessee shall then quit and surrender the premises
to
Lessor, without extinguishing Lessee’s liability. If this lease shall have been
so terminated by Lessor, Lessor may at any time thereafter resume possession
of
the premises by any lawful means and remove Lessee or other occupants and their
effects. No failure to enforce any term shall be deemed a waiver.
15.
Tax Increase. In
the
event there is any increase during any year of the term of this lease in the
City, County or State real estate over and above the amount of such taxes
assessed for the tax year during which the term of this lease commences, whether
because of increased rate or valuation, Lessee shall pay to Lessor upon
presentation of paid tax bills an amount equal to 50% of the increase in taxes
upon the land and building in which the leased premises are situated. In the
event that such taxes are assessed for a tax year extending beyond the term
of
the lease, the obligation of the Lessee shall be proportionate to the portion
of
the lease term included in such year.
16.
Attorney’s Fees. In
case
suit should be brought for recovery of the premises or for any sum due
hereunder, or because of any act which may arise out of the possession of the
premises, by either party, the prevailing party shall be entitled to all the
costs incurred in connection with such action, including a reasonable attorney’s
fee.
17.
Waiver. No
failure of Lessor to enforce any term hereof shall be deemed to be a
waiver.
18.
Notices. Any
notice which either party may or is required to give, shall be given by mailing
the same, postage prepaid, to Lessee at the premises, or Lessor at the address
specified above, or at such other places as may be designated by the parties
from time to time.
19.
Heirs, Assigns, Successors. This
lease is pending upon and insures to the benefit of the heirs, assigns and
successors in interest to the parties.
20.
Option to Renew. Provided
that Lessee is not in default in the performance of this lease, Lessee shall
have the option to renew the lease for an additional term of thirty-sixty (36)
months commencing at the expiration of the initial lease term. All of the terms
and conditions of the lease shall apply during the renewal term. The option
shall be exercised by written notice given to Lessor not less than ninety (90)
days prior to the expiration of the initial lease term. If notice is not given
in the manner provided herein within the time specified, this option shall
expire.
21.
Subordination. This
lease is and shall be subordinated to all exiting and future liens and
encumbrances against the property.
22.
Entire Agreement. The
forgoing constitutes the entire agreement between the parties and may be
modified only by a writing signed by both parties. The following Exhibits,
if
any, have been made a part of this lease before the parties’ execution
hereof:
Signed
this 1st Day of January, 2005
By_________________________________
Lessor By:________________________Lessee
Rep.
GreenTree Financial Group,
Inc. Rep.
Biometrix International, Inc.
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