EXHIBIT 10.3
LEASE
This lease is made and executed in duplicate by and between Wall Street
Properties, Inc. "lessor," and Intelligent Motor Cars, Inc. "lessee."
SECTION I - DESCRIPTION OF PREMISES
Lessor leases to lessee, and lessee hires from lessor, the premises
located at 0000 Xxxx Xxxxxxx Xxxx, Xxxx Xxxxxxxxxx, Xxxxxxx 00000. The legally
description of the property is as follows: All of Lots 4, 5, 6, and all of Lots
21, 22, 23, 24, 25, 26, inclusive and that portion of Xxx 00, xxxxx Xxxxx xx xxx
Xxxxx Xxxxx-xx-Xxx Line of Sunrise Boulevard as the same is now located and
existing, all in Xxxxx 0, Xxxxxxx Xxxx, 0xx Addition, according to the plat
thereof as recorded in Plat Book 7, at page 3 of the Public Records of Broward
County, Florida.
SECTION II - TERM
The term of this lease is five years (sixty months), beginning on March
1, 2005 and ending on February 28, 2010.
SECTION III - RENT
The monthly rent due shall be $4000 (four thousand dollars) per month
plus the applicable sales tax. Also, the tenant shall pay one twelfth of the
property taxes on the property. It is estimated that the property taxes are
$6000 (six thousand dollars) per year. Therefore, the monthly payments shall be
$4740 per month comprised of the following:
Monthly Rent $4000
Sales Tax (6%) $ 240
1/12 of Property Taxes $ 500
These payments are payable on the first of each month at 000 XX 00xx
Xxxxxx, Xxxxxxx Xxxxx, Xxxxxxx 00000. If any payment is more than five days late
then the lessor may impose a $100 (one hundred dollar) late fee on the lessor.
This late fee shall be considered additional rent. The failure of the lessor to
impose this late fee shall not forfeit the lessor's right to impose this late
fee in the future.
The lessee may terminate this lease by giving no less than ninety (90)
days written notice to the lessor. If the lessee does terminate this lease in
this manner then the lessee shall not be liable for any rent after the date of
termination.
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SECTION IV - USE OF PREMISES
The premises are leased to be used as a used automobile dealership.
SECTION V - PROHIBITION AGAINST ACTIVITIES INCREASING FIRE
INSURANCE RATES
Lessee agrees not to use the premises in any manner, even for the
purposes for which the premises are leased, that will increase risks covered by
insurance on the building where the premises are located, so as to increase the
rate of insurance on the premises, or to cause cancellation of any insurance
policy covering the building. Lessee further agrees not to keep on the premises,
or permit to be kept, used, or sold on the premises, anything prohibited by the
policy of fire insurance covering the premises. Lessee agrees to comply, at his
own expense, with all requirements of insurers necessary to keep in force the
fire and public liability insurance covering the premises and building.
SECTION VI - PROHIBITION AGAINST WASTE, NUISANCE OR UNLAWFUL USE
Lessee shall not commit, or allow to be committed, any waste on the
premises, create or allow any nuisance to exist on the premises, or use or allow
the premises to be used for any unlawful purpose.
SECTION VII - PAYMENT OF UTILITIES
Lessee shall pay for all utilities furnished the premises for the term
of this lease, including (but not limited to) electricity, gas, water, and
telephone service.
SECTION VIII - REPAIRS AND MAINTENANCE
Lessee, at his expense, shall maintain and keep the premises, including
without limitation, windows, doors, adjacent sidewalks, storefront, and interior
walls, in good repair. Lessor shall maintain in good condition the building roof
and exterior walls, except the storefront.
SECTION IX - DELIVERY, ACCEPTANCE, AND SURRENDER OF PREMISES
Lessor represents that the premises are in fit condition for use as a
body shop. Lessee agrees to accept the premises on possession as being in a good
state of repair and in sanitary condition. Lessee agrees to surrender the
premises to the lessor at the end of the lease term, if the lease is not
renewed, in the same condition as when lessee took possession, allowing for
reasonable use and wear, and damage by acts of God, including fire and storms.
Lessee agrees to remove all business signs or symbols placed on the premises by
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him before redelivery of the premises to the lessor, and to restore the portion
of the premises on which they were placed in the same condition as before their
placement.
SECTION XI - LESSOR'S RIGHT TO INSPECT, REPAIR, AND MAINTAIN PREMISES
Lessor reserves the right to enter the premises at reasonable times to
inspect them, to perform required maintenance and repair, or to make additions
or alterations to any part of the building in which the premises leased are
located, and lessee agrees to permit lessor to do so. Lessor may, in connection
with such alterations, additions, or repairs, erect scaffolding, fences, and
similar structures, post relevant notices, and place moveable equipment without
any obligation to reduce lessee's rent for the premises during such period, and
without incurring liability to lessee for disturbance of quiet enjoyment of the
premises, or loss of occupation of the premises.
SECTION XII - POSTING OF SIGNS BY LESSOR
Lessor reserves the right to place "For Sale" signs on the premises at
any time during the lease, or "For Lease" or "For Rent" signs on the premises at
any time within 60 (sixty) days of expiration of the lease.
SECTION XIII - LIABILITY INSURANCE
Lessee agrees to procure and maintain in force during the term of this
lease and any extension of this lease, at his expense, public liability
insurance in companies and through brokers approved by lessor, adequate to
protect against liability for damage claims through public use of or arising out
of accidents occurring in or around the leased premises, in a minimum amount of
$500,000 (five hundred thousand dollars). The insurance policies shall provide
coverage for lessor's contingent liability on such claims or losses. The
policies shall be delivered to lessor for keeping.
SECTION XIV - ASSIGNMENT OR SUBLEASE
Lessee may assign or sublease the premises leased, any part of the
premises, or any right or privilege connected with the premises.
SECTION XV - EFFECT OF LESSEE'S RECEIVERSHIP OR ASSIGNMENT FOR
BENEFIT OF CREDITORS
Appointment of a receiver to take possession of lessee's assets, except
a receiver appointed at lessor's request as provided in this lease or lessee's
general assignment for benefit of creditors is a breach of this lease.
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SECTION XVI- NOTICES
Notices given pursuant to the provisions of this lease, or necessary to
carry out its provisions, shall be in writing, and delivered personally to the
person to whom the notice is to be given, or mailed postage prepaid, addressed
to such person. Lessor's address for this purpose shall be 000 XX 00 Xxxxxx,
Xxxxxxx Xxxxx, Xxxxxxx 00000 or such other address as he may in writing
designate to lessee. Notices to lessee may be addressed to lessee at the
premises leased.
SECTION XVII - EFFECT OF LESSOR'S WAIVER OF COVENANTS
Lessor's waiver of breach of one covenant or condition of this lease is
not a waiver of breach of others, or of subsequent breach of the one waived.
Lessor's acceptance of rent installments after breach is not a waiver of the
breach, except of breach of the covenant to pay the rent installment or
installments accepted.
SECTION XVIII - BINDING EFFECT ON SUCCESSORS AND ASSIGNS
This lease and the covenants and conditions of this lease apply to and
are binding on the heirs, successors, executors, administrators, and assigns of
the parties to this lease.
SECTION XIX - TIME OF THE ESSENCE
Time is of the essence in this lease.
SECTION XX - EFFECT OF EMINENT DOMAIN PROCEEDINGS
Eminent domain proceedings resulting in the condemnation of a part of
the premises leased by this agreement that leave the rest usable by lessee for
purposes of the business for which the premises are leased will not terminate
this lease, unless lessor at his option terminates it by giving written notice
of termination to the lessee. The effect of such condemnation, should such
option not be exercised, will be to terminate the lease as to the portion of the
premises condemned, and leave it in effect as to the remainder of the premises.
Lessee's rental for the remainder of the lease term shall in such case be
reduced by the amount that the usefulness of the premises to his for such
business purposes is reduced. All compensation awarded in the eminent domain
proceeding as a result of such condemnation shall be lessor's. Lessee assigns
and transfers to lessor any claim he may have to compensation for damages as a
result of such condemnation.
SECTION XXI - ATTORNEY'S FEES AND COSTS
The prevailing party to any legal action to enforce this lease shall be
entitled to recover their reasonable attorney's fees and costs incurred.
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_____________________________ ____________________________________
witness Wall Street Properties, Inc.
By:_________________________________
_____________________________ Date________________________________
witness
_____________________________ ____________________________________
witness Intelligent Motor Cars, Inc.
By:_________________________________
_____________________________ Date________________________________
witness
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