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Exhibit 10.27
LEASE AGREEMENT
This Lease agreement, made and entered into by and between:
The Tupelo Furniture Market
hereinafter referred to as Landlord, and
Quaker Fabric Corp. of Fall River,
hereinafter referred to as Tenant,
Witnesseth:
I.
In consideration of the obligation of tenant to pay as herein provided,
and in consideration of the other terms, provisions, and covenants hereof,
Landlord hereby agrees to let to Tenant, and Tenant hereby agrees to lease from
Landlord, the following described space in the Tupelo Furniture Market,
Mississippi Complex, situated on a tract of land at 000 Xxxxx Xxxx. A showroom
containing approximately 3200 square feet of space and being known as space
number B 15, together with all rights, privileges, easements, appurtenances, and
immunities belonging to or in any way pertaining to the said premises.
II.
Landlord agrees to have and to hold same space in reserve for Tenant
during markets for a period of 3 year(s) commencing on June 30, 1996 and ending
on June 30, 1999.
III.
Space will be considered Permanent and rental of said space will be at
a rate of $7.00 square foot, with payments for said space being made in 36 equal
installments to be received by Landlord on or before the first day of each month
with the monies for each market paid in full no less than thirty days before the
date of the market.
IV.
Special Provisions and agreements are listed below:
* Monthly rental rate will be $1,866.67, plus a $416.00 monthly
utility charge. ($2,282.67) due and payable on the first of
each month.
* If any proposed new location and space is unacceptable to the
Tenant, then the Tenant shall, at its option, have the right
to terminate this Lease.
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* If any relocation is required by the Landlord, the Landlord shall
provide comparable replacements for all installations and
improvements made by the Tenant in the space demised herein, which
are not reasonably movable by the Tenant, in the new space.
V.
3200 sq. feet x $7.00 (per Square Foot) = $22,400.00 per year
Utility Charge $416.00 per month Total: $27,392.00 per year
The Tupelo Furniture Market and the undersigned Exhibitor hereby enter in this
lease agreement upon the terms and conditions and regulations of the Tupelo
Furniture Market.
Company Quaker Fabric Corp. of Fall River
Address 000 Xxxxxxxx Xxxxxx
City Fall River State MA Zip 02721
Telephone (000) 000-0000
Printed Name of Company Official: Xxx Xxxxxxxx, VP. Sales
Date: X Date 8/19/96
Please remit at once to:
Tupelo Furniture Market
Mississippi Complex
000 Xxxxx Xxxx
Xxxxxx, XX 00000
X.X. Xxxxxxxxx, President
Xxxxx Xxxxxx, Managing Director
Mississippi Complex
(601) 844 - 1473
(000) 000-0000 - fax
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RULES AND REGULATIONS
WHICH ARE A PART OF THIS CONTRACT
* Management reserves the right to refuse any or all applications for
space and to prohibit or remove any exhibit, display or part thereof,
or proposed exhibit display or device, which in the opinion of show
management is not suitable to or in keeping with the policy of show
management.
* Booths are assigned for the purpose of displaying merchandise and must
be properly manned during the hours of the show.
* Exhibit fees - If the entire exhibit fee is not paid in full 30 days
prior to the opening of the show, management reserves the right to
cancel this display area and reassign it to another with no refund to
the original company to whom the display area was confirmed.
* All applicants for exhibit space must be authorized representatives of
the company for whom he is making application for space. He agrees to
display and offer for sale only those products and services of the
company he represents. This form, properly filled out, must be
submitted for approval when making application.
* Exhibit fee covers rental of exhibit space assigned for the period of
the show. Exhibitors accept full responsibility for any and all service
delivered to the exhibitor's space at any time during the show.
* All exhibitors must comply with the local fire protection code. This
code will be strictly enforced.
* Exhibitors will be held responsible for any and all property damage
incurred by their employees. Violators will be held responsible and
charged for repairs.
* Subletting of space is prohibited. Exhibitors are not permitted to
sublet any portion of their space, nor are they allowed to display or
offer for sale any merchandise or services other than their own
products as listed in this contract.
* In the event the exhibitor selects space already assigned to others,
management reserves the right to assign said exhibitor to space as
close as possible to the original choice made by the exhibitor.
* Management reserves the right to reassign space to exhibitors who might
accidentally be assigned to space whose proximity to competitors may
cause conflict.
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* Noisy or undignified displays are prohibited and will not be permitted
nor will noisily operated displays be allowed. Sound devices,
megaphones, loud speakers, side show tactics, or undignified methods of
attracting attention will not be permitted.
* Installation of exhibits - Exhibitors will be permitted to commence
setting up their exhibits on day(s) indicated. After official opening,
no cases or packing materials are to be left in the aisles or booths.
All displays must be built within the overall booth size.
* Dismantling of exhibit - Exhibitors will not be permitted to dismantle
their exhibits, nor do any packing prior to the official closing hour
of the show and then only after all visitors have left the exhibit
floor. It is agreed that your display will remain intact and properly
attended by your representative until the official closing time as
stated in your exhibitor kit. Management has pledged to visitors that
all exhibits will remain intact and attended until the close of the
show. All merchandise and display material must be removed from the
booths and packed ready for shipment no later than the time specified
in the exhibitor kit.
* Cancellation - In the event of cancellation of show due to fire,
strikes, or other causes beyond control, and if exhibit fees have been
paid and spaces assigned, exhibitor will permit a proportionate share
of his exhibit fee to be used by show management for direct expenses
incurred by show management in connection with the production of the
exhibit. The applicant agrees that after contract for space is accepted
and signed, it shall be binding upon the applicant hereof and subject
to all the terms and conditions of this contract, and constitutes a
non-cancellable contract for space assigned.
* Selling activities and promotional efforts must be confined within the
space assigned to each exhibitor.
* Any space either applied for or contracted for, of which the exhibitor
does not complete his contractual obligation, shall be deemed as
forfeited by the exhibitor, as shall any deposits or other monies paid.
Show management is herein authorized to dispose of such space as is
best for the success of the exhibit and shall retain as damages, any
and all such monies that had been paid, as damages and expenses.
* The exhibit facility, as well as any officer or staff member of either
organization mentioned, will not be responsible for any damage that
might accrue from fire, theft, loss of merchandise, water damage,
personal injury or damage alleged to have been caused or attributed to,
by reason of any exhibitor's participation in the show. It is agreed
that the exhibit facility shall be blameless for all liability which
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might ensue from any cause mentioned above, unless it is due to the
Landlord's negligence.
* Show management respectfully suggests that each exhibitor carry his own
insurance protection.
* Whenever the word "space" is used in this contract, it shall denote
booth, singular or plural.
* Landlord shall furnish working heat and air conditioning connections to
the Tenant's space. Landlord shall be responsible for all repairs to
the heat and air conditioning equipment.
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