EXHIBIT 10.2
LEASE
PARTIES
This lease made this 10th day of March, 1997, by and between Cozy Realty Inc.
("Landlord") and NJS Acquisition Corporation 33-11th Ave, Xxxx Sta. N.Y. 11
743, ("Tenant"),
PREMISES
Landlord leases to tenant and tenant leases from landlord, the property with
improvements known as 00 Xxxxxxxx Xxxxxx Xxxxxx Xxx X.X. 00000 , hereon referred
to as "premises".
TERM
This lease shall commence on the Fifteenth day of March, 1997, for a period of
39 months, unless sooner terminated according to provisions hereof. Payment
will begin on June 15th (March, April and May abated) and end on May 30th,
2000. Tenant has the option to renew at 6% inc for a term determined at a later
date.
RENTAL
Tenant shall promptly pay as monthly rental hereunder the sum of $2800.00
payable to landlord at 00 Xxxxxxxx Xxxxxx, Xxxxxx Xxx X.X. 00000 in advance on
or before the first day of each calendar month during the period of this lease.
If all rent due is not paid on or before the tenth of the month, tenant agrees
to pay a late charge of 2% of the total balance. Tenant agrees to pay a $15.00
charge for each returned check, plus late payment charges.
SECURITY DEPOSIT
Receipt is hereby acknowledged of $2,800.00 as security deposit for the faithful
performance of all the terms and conditions of this lease. Under no circumstance
is the said security deposit to be construed as rent, and tenant shall not be
entitled to any interest on same. Landlord is authorized to place security
deposit in an interest bearing account with interest accruing to landlord. The
security deposit will be returned to tenant only upon the occurrence of all of
the following conditions: (a) payment of all rent due; (b)the vacating of the
premises in clean condition; (c ) return of all keys to landlord ; (d) removal
of abandoned articles; and (e) upon furnishing a forwarding address to landlord.
Deductions from the security deposit shall be made for any damages done to the
premise, normal wear and tear expected, including, but not limited to ,
insufficient light bulbs, scratches, bums, stains, holes in walls, as well as
damages to personal property, if any. After the above conditions have been
complied by tenant, security deposit , along with an itemized accounting of any
charges or damages or other sums owed by tenant, will be mailed no later than
thirty (30) days after the termination of this lease.
Tenant shall not withhold payment of the last month's rental or any portion
thereof on the grounds that the security serves as security for the unpaid
rental.
Tenant agrees to give landlord thirty (30) days advance written notice of
vacating premises, and failure to do so shall constitute the forfeiture of the
security deposit herein.
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ABANDONED ARTICLES
All articles left in or upon the premises by the tenant upon termination of this
lease for any reason shall be disposed of by the landlord as becomes necessary
and in a manner as landlord may see fit and proper, and without recourse by
tenant. The landlord herein is further given the right to use the tenants
security deposit to cover the landlord's expenses in disposing of the tenant's
articles.
HOLDOVER
Unless another lease is signed by the parties or unless written notice of
termination is given by either party thirty (30) days prior to the expiration
date hereof, this lease shall be automatically renewed on a month to month basis
at a $168.00 rental increase per month. After expiration of the original term
hereof, thirty (30) days advance written notice is required by either party for
termination.
NOTICE REQUIREMENTS
Any notice required hereunder shall be given by personal delivery or regular
mail at landlord's address or the address of the leased premises.
FAILURE TO OCCUPY
If tenant fails to occupy premises in accordance with this lease, all deposits
hereunder shall be automatically forfeited.
CARE AND MAINTENANCE OF PREMISES
Tenant accepts the premises in its present condition and agrees to take good
care of the premises and to make no alterations, additions, repairs or
improvements without the prior written consent of landlord. Tenant agrees to
report promptly, in writing, to landlord when any portion of the premises is out
of repair, and to promptly reimburse landlord for any damage to the premises or
furnishings thereof caused by the negligence, misuse, or any other occurrence
attributable to tenant, tenant's agents, family or guests.
EQUIPMENT
Any electrical equipment which is part of the premises, including heating and
air conditioning equipment, will be delivered by the landlord in good operating
order. It is expressly understood that the tenant will properly operate all
such equipment and surrender same in good operating order at the termination of
this lease.
UTILITIES
Tenant will be responsible for electric usage, heat is included in rent.
OCCUPANCY
The premises shall be used only as an office. Neither whole or part of the
premises, nor any portion thereof, shall be assigned or sublet by tenant to any
other person without the prior written consent of landlord. Tenant accepts
existing locks as safe and acceptable In the event that tenant changes or adds
locks as security devices, keys or access shall be furnished to landlord.
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NUISANCE CLAUSE
Tenant and the family and guests of tenant shall fully comply with all federal,
state, municipal, and other laws and ordinances, and shall not commit any act
which is a nuisance or annoyance to the neighborhood.
LIABILITY OF LANDLORD
The landlord shall not be liable to tenant of tenant's invitees, family,
employees, agents or servants for any personal injuries or damage to personal
property caused by defects, disrepair or faulty construction of the premises.
Tenant hereby agrees to indemnify and hold hannless the landlord from and
against any and all claims for damages to premises or personal injury arising
from tenants use of premises, or from any activity, work or thing done,
permitted or suffered by tenant in or about the premises. If in landlords
judgement, there is substantial damages to the premises, landlord may terminate
this lease by giving written notice to tenant and the rent shall be prorated and
the balance refunded to tenant, less lawful deductions.
The landlord shall not be liable for personal injuries or property damage or
loss from theft, vandalism, fire, water, hurricane, rain, explosion, or other
causes whatsoever, unless the same is due to negligence or fault of landlord.
Landlord shall have no duty to furnish smoke detectors except as required by
statute. When smoke detectors are furnished, landlord shall test same and
provide initial batteries at lease commencement; thereafter tenant shall pay for
and replace smoke detector batteries, if any, as needed.
TENANTS INSURANCE
Tenant is hereby notified that landlord's insurance does not insure tenant
against loss of personal property on the premise due to fire, theft, vandalism,
or other causes. Tenant is responsible for insurance on tenant's own property
for fire and casualty loss and for tenant's family for liability insurance
coverage.
CONTRACTUAL LIEN
Tenant does, by the execution of this commercial lease, grant to the landlord an
express contract lien and security interest upon all fixtures, goods and
property of the tenant now or hereafter placed in or upon the premise in order
to secure the prompt payment of rent herein provided, and the full compliance by
tenant of all agreements and covenants hereunder. This contract lien shall be in
addition to such statutory liens as landlord may have under and by virtue of the
laws of the state of New York, as presently existing or as may be amended. In
order to exercise contractual or statutory lien rights when tenant is in default
hereunder, landlord may peacefully enter the premises and remove and store all
property therein, except property exempt by statute, provided, however, tenant
must be present or written notice of entry must be left afterward.
POST OFFICE BOX KEY
It is hereby acknowledged that tenant received one (1) post office box key. It
is hereby understood by tenant that a fee of twenty five ($25.00) dollars will
be paid to landlord for any lost key before landlord replaces said key.
DEFAULT
In the event the tenant shall default in the prompt payment of rent when same is
due, or fail to perform any of the provisions of this lease, or in the event the
tenant shall abandon the premises, or leave vacant, landlord, without further
notice, may re-enter the premises by summary proceedings, or by force, without
being liable for prosecution thereof Landlord may also take possession of said
premises, and remove all of the
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persons or property therefrom, and may elect to either cancel this lease, or to
relet the premises and receive the rent therefor. Such rent shall be applied
first to the expenses incurred by landlord in entering and reletting, and then
to the payment due under this lease, tenant shall be remain liable for any
deficiency in the total amount due under said lease Tenant's absence from the
premises for three (3) consecutive days while all or any portion of rent is
delinquent, shall be deemed anabondonment of the premises. If tenant otherwise
violates the terms of this lease, landlord may terminate tenants right of
occupancy by giving three (3) days notice in writing. Landlord shall
specifically have the right to institute and maintain the statutory suit of
Forcible Entry and Detainer in proper court, and obtain a writ for possession
thereby. In addition to all other remedies provided herein, tenant agrees to
compensate landlord for all reasonable expenses necessary to enforce this lease
and to collect the rental or damages for breach of this lease, including, but
not limited to, all court costs and reasonable attorney's fees incurred in
connection therewith.
INSPECTION
Landlord shall have the right to enter the premises at all reasonable hours to
examine same or to make repairs and to show the premises to prospective tenants
or purchasers.
NO WARRANTY OF HABITABILITY
Landlord and realtor hereby disclaim any Warranty of Habitability covering the
premises and tenant hereby knowingly, voluntarily and for consideration waives
any such warranty of habitability, it being expressly agreed and understood that
the tenant has inspected the premises and has accepted it as "As is" in its
present condition as habitable, suitable for tenants purposes. Tenant expressly
further agrees that landlord shall have no duty or obligation whatsoever, unless
otherwise specified herein, to make any subsequent repairs to the premises, or
any part thereof during the term of this lease that effect or may effect the
habitability of the premises or the physical health or safety of the tenant,
whether or not the premises later become in a state of disrepair by reason of
ordinary wear and tear or otherwise. Tenant expressly acknowledges and
understands that the rental negotiated by the parties hereto takes into account
the fact that the premises is being rented in "As is""present condition.
FAIR HOUSING
In accordance with the law, this premises is offered without respect to race,
color, religion, sex, or national origin of tenant.
MISCELLANEOUS
This lease shall constitute a full understanding between the parties herein, and
no other agreement unless in writing and signed by the parties hereto shall be
binding upon the subject property.
SPECIAL CONDITIONS
Cozy realty Will provide all plumbing material, including toilet, bathroom sink,
kitchen srnk, all piping and fittings, removal and installation of concrete and
demolition of partitions.
NJS will provide floor tile and labor, spackle, paint and labor, lighting,
electrical fixtures and labor, waste container, any carpeting and cabinetry.
Cozy Realty will coordinate plumber and NJS will pay plumber no more than
$500.00 upon completion of the job.
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SIGNED
_____________________________
TENANT
_____________________________
TENANT
GUARANTY
In consideration of the execution of the within lease by the landlord, at the
request of the undersigned and in reliance of this guaranty, the undersigned
hereby guarantees unto the landlord, its successors and assigns, the prompt
payment of all rent and the performance of all of the terms, covenants and
conditions provided in said lease, hereby waiving all notice of default, and
consenting to any extensions of time or changes in the manner of payment or
performance of any of the terms and conditions of the said lease the landlord
may grant the tenant, and xxxxxx consenting to the assignment and the successive
assignments of the said lease, and any modifications thereof, including the sub-
letting and changing the use of the demised premises, all without notice to the
undersigned. The undersigned agrees to pay the land lord all expenses incurred
in enforcing the obligations of the tenant under the within lease and in
enforcing his guaranty.
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