1
COMMERCIAL LEASE
This Lease ("Lease") is made this 1st day of July, 1992 by and between
Xxxxxxx and Xxxxx Xxxxxx (hereinafter "Landlord") and Learnsat Systems, Inc.
(hereinafter "Tenant"). In consideration for the mutual promises and covenants
contained herein, and for other good and valuable consideration, the parties
hereby agree as follows:
1. The Landlord leases to the Tenant, and the Tenant rents from the
Landlord the following described premises: Approximately 1,200 square feet at
000 Xxxxx Xxxxx Xxxxxx, Xxxxxx, Xxxxxxx 00000
2. The term of the Lease shall be for 12 Months commencing July 1, 1992 and
ending June 30, 1993 with options for continuing years.
3. The Tenant shall pay to Landlord as rent $9,000.00 per year in equal
monthly installments of $750.00 payable in advance at 00000 Xxxxxxx Xxx,
Xxxxxxxx, XX.
4. This Lease is subject to all present or future mortgages affecting the
premises.
5. Tenant shall use and occupy the premises only as a small business
subject at all times to the approval of the Landlord.
6. The Tenant shall not make any alterations in, additions to or
improvements to the premises without the prior written consent of the Landlord.
7. The Landlord, at his own expense, shall furnish the following utilities
or amenities for the benefit of the Tenant:
(NONE)
8. The Tenant, at his own expense, shall furnish the following: All
utilities, alterations (upon approval of landlord), insurance, and other related
expenses.
9. The Tenant shall purchase at his own expense public liability insurance
in the amount of $25,000 as well as fire and hazard insurance in the amount of
$90,000 for the premises and shall provide satisfactory evidence thereof to the
Landlord and shall continue same in force and effect throughout the Lease term
hereof.
10. The Tenant shall not permit or commit waste to the premises.
11. The Tenant shall comply with all rules, regulations, ordinances codes
and laws of all governmental authorities having jurisdiction over the premises.
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12. The Tenant shall not permit or engage in any activity which will effect
an increase in the rate of insurance for the Building in which the premises is
contained nor shall the Tenant permit or commit any nuisance thereon.
13. The Tenant shall not sub-let or assign the premises nor allow any other
person or business to use or occupy the premises without the prior written
consent of the Landlord, which consent may not be unreasonably withheld.
14. At the end of the term of this Lease, the Tenant shall surrender and
deliver up the premises in the same condition (subject to any additions,
alterations or improvements, if any) as presently exists, reasonable wear and
tear excluded.
15. Upon default in any term or condition of this Lease, the Landlord shall
have the right to undertake any or all other remedies permitted by Law.
16. This Lease shall be binding upon, and inure to the benefit of, the
parties, their heirs, successors, and assigns.
Signed this 16th day of May, 1992.
Xxxxx X. Xxxxxx Xxxxxxx Xxxxxx
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Tenant Landlord
Form 203
