LEASE AGREEMENT
THIS LEASE AGREEMENT is made and entered into this 1st day of July, 1999,
by and between LATAM HOLDINGS, INC., hereinafter to "Lessor", and FUSION
NETWORKS, INC., hereinafter referred to as "Lessee".
In consideration of the mutual convenants and agreements herein set forth,
and other good and valuable consideration, Lessor does hereby demise and lease
to Lessee, and Lessee does hereby lease from the Lessor, certain interior office
space, constituting approximately 1,600 square feet, within the premises
situated at 0000 X.X. 00xx Xxxxxx, Xxxxx, Xxxxxxx 00000, hereinafter called the
"leased premises", to be used for warehousing and in accordance with uses
normally incident thereto and for no other purpose.
1. Term of Lease. The term of this lease shall be for one (1) year commencing
on July 1, 1999, and ending on June 30, 2000, unless sooner terminated as
herein provided.
2. Rent. Lessee shall pay Lessor in equal monthly installments of $2,500.00
plus applicable sales tax, each in advance on the 1st day of the month,
commencing July 1, 1999 and continuing until the end of the term lease.
Upon execution of this lease Lessee shall pay Lessor first month rent plus
applicable sales .
3. Assigment and Subletting by Lessee. Lessee shall have the right with the
prior written consent of Lessor to assign this lease, and any interest
therein, and to sublet the leased premises, or any right or privilege
pertinent thereto, provided each assignee assumes in writing all of
Lessee's obligation under this lease, and Lessee shall remain liable for
each and every obligation under this lease.
4. Notices and Addresses. All notices provided to be given under this
agreement shall be given by certified mail or registered mail, addressed to
the proper party, at the following address:
LESSOR:
LATAM HOLDINGS, INC.
0000 X.X. 00xx Xxxxxx
Xxxxx, XX 00000
LESSEE:
FUSION NETWORKS, INC.
0000 X. X. 00xx Xxxxxx
Xxxxx, XX 00000
1
5. Parties Bound. This agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, executors,
administrators, legal representatives, successors, and assigns when
permitted by this agreement.
6. Applicable Law. This agreement shall be construed under and in accordance
with the laws of the State of Florida. Further, the parties intend to
create a landlord and tenant relationship concerning the leased premises as
a usufruct or an estate for years to any extent not provided for in this
agreement.
7. Legal Construction. In case any one or more of the provisions contained in
this lease shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provisions thereof and this
lease shall be construed as if such invalid, invalid, illegal, or
unenforceable provision had never been contained herein.
8. Sole Agreement of the Parties. This lease constitutes the sole and only
agreement of the parties hereto and supersedes any prior understanding or
written or oral agreements between the parties respecting the subject
matter within it.
9. Amendment. No amendment, modification, or alteration of the terms hereof
shall be binding unless the same be in writing, dated subsequent to the
date hereof, and duly executed by the parties hereto.
10. Rights and Remedies Cumulative. The rights and remedies provided by this
lease by reason thereof sustained by him as a result of Lessor's failure to
place and secure him in quiet possession of the leased premises, and the
parties hereto shall thereupon be under further obligation or liability to
each other by reason hereof.
11. Termination or Extension. Lessor and Lessee mutually agree that either
party may terminate this lease at any time during the term by giving the
other party written notice thereof at least sixty(60) days prior thereto.
12. Waste and Nuisance. Lessee shall not commit, or suffer to be committed, any
waste on the leased premises, nor shall he maintain, commit, or permit the
maintenance or commission of any nuisance on the leased premises or use the
leased premises for any unlawful purpose. Moreover, it is agreed by and
between the parties that the leased premises will be used only for the
storage of photographic matter.
13. Repairs. Lessor shall be responsible for maintaining and repairing the
exterior of the building, roof(to be free of leaks) and any major
electrical or plumbing problems. Lessee shall be responsible for minor
repair and routine maintenance expenses.
14. Lessor's Obligation. Lessor agrees to and shall, within twenty (20) days
from the date hereof, secure from a good and responsible company or
companies doing insurance business in the State of Florida, and maintain
the entire term of this lease, the following coverage:
2
As policy carried now shown to Lessee.
15. Lessee's Obligation. Lessee agrees to and shall, within 20 days from the
date hereof, secure from a good responsible company or companies doing
insurance business in the State of Florida and maintain during the entire
term of this lease, the following insurance coverage:
(1) Public liability insurance in the minimum amount of $100,000.00
loss from an accident resulting in bodily injury to or death of
persons, and $25,000.00, for loss from an accident resulting in
damage to or destruction of property.
(2) Fire and extended coverage insurance on Lessee's fixtures, goods,
wares and merchandise in or on the leased premises, with coverage
in an amount of not less than $25,000.00.
16. Additional Insured. Lessee agrees and shall name Lessor as an additional
insured on the aforementioned policies of insurance.
17. Subrogation Waiver. Lessee agrees that, in the event of loss due to any of
the perils for which they have agreed to provide insurance, Lessee shall
look solely to its insurance for recovery, Lessee hereby grants to Lessor,
on behalf of any insurer providing insurance to Lessee with respect to the
demised premises, a waiver of any right of subrogation which any insurer
Lessee may acquire against Lessor by virtue of payment of any loss under
such insurance. Lessee will furnish to Lessor a copy of the endorsement to
its insurance policy setting out the waiver of subrogation.
18. Prohibited Materials and Waste. Lessee agrees that during the term of the
lease, no chemical, toxic, caustic, radioactive, or otherwise hazardous
materials or waste shall be stored in or at the leased premises.
19. Maintenance of Leased Premises. Lessee shall at all times maintain the
leased premises in a clean and orderly condition.
20. Condemnation. If during the term of this lease or any extension or renewal
thereof, all of the leased premises should be taken for any public or
quasi-public use under law, ordinance, or regulation by right of eminent
domain, or should be sold to the condemning authority under threat of
condemnation, this lease shall terminate and the rent shall be abated
during the unexpired portion of this lease, effective as of the date taking
of said premises by the condemning authority.
21. Rent Payments. Rent payments are to be made payable to LATAM HOLDINGS, INC.
3
IN WITNESS WHEREOF, the undersigned Lessor and Lessee hereto execute this
agreement as of the day and year above written.
WITNESSES: LESSOR:
/s/ LATAM HOLDINGS, INC.
Name: __________________________
/s/ By : /s/
Name: __________________________ Xxxxxxxx Xxxxxxx
WITNESSES: LESSEE:
/s/ FUSION NETWORKS, INC.
Name: __________________________
/s/ By : /s/
Name: __________________________ Xxxxxxxx Xxxxxxx
4
