Exhibit 10.47
EXHIBIT 6
COMMERCIAL LEASE
THIS LEASE is entered into this 7th day of August, 1997, by and between
L.B.O. HOLDING, INC., a Maine corporation with a mailing address of P. X. Xxx
000, Xxxxxxxx, Xxx Xxxxxxxxx, 00000 ("Lessor") and Grand Summit Hotel
Condominium Unit Owners' Association, Inc. of Xxxxxxxx, Xxxxxxx County, New
Hampshire ("Lessee").
1. Leased Premises.
A. In consideration of the rents and agreements contained herein, to be
observed and performed by the Lessee, the Lessor leases and lets to the
Lessee, and the Lessee leases and takes from the Lessor the premises
described in Appendix A attached hereto and made a part hereof (hereinafter
called "Leased Premises").
B. The demised premises are leased subject to existing encumbrances of
record none of which will materially interfere with the Lessee's beneficial
use and occupancy of the demised premises during the term hereof.
C. Lessee has had reasonable opportunity to examine, and has examined the
demised premises, and accepts the same in their existing condition. No
representation, statement or warranty, express or implied, has been made by
or on behalf of the Lessor as to such condition or fitness for intended
use.
D. The Lessee's use of the premises shall be in common with Lessor and
its members, guests and invitees.
2. Term of Lease.
The term of this Lease shall be Two (2) years and shall commence on the
28th day of March, 1997 and shall expire upon the 27th day of March, 1999.
3. Rent.
The Lessee covenants and agrees to pay as rent for the leased premises:
A. for the first twelve months hereof, the fixed sum of $5,333.33 per
month.
B. for the thirteenth through the twenty-fourth months hereof, the fixed
sum of $5,333.33 per month.
C. Rental payments shall be due and payable on the 1st day of each month,
in advance.
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4. Right to Inspect Lessor's Books.
The Lessee shall have the privilege at all times, by itself or by an
auditor or auditors selected by it, of examining all such books or accounts,
or other records of the Lessor, kept either at said premises or at other
premises maintained by it, as shall be necessary or useful for the purpose of
enabling the Lessee to verify the amount of the actual cost of operation and
maintenance of the leased premises.
5. Holding Over.
If the Lessee continues to occupy the demised premises after the
termination hereof, it shall have no more rights than a tenant by sufferance,
but shall be liable for aggregate rental as determined herein during such
occupancy and shall be liable for any loss, expense or consequential damages
due to such holding over. Nothing in this article shall be construed to
permit such holding over.
6. Taxes.
The Lessor shall cause to be paid all real estate taxes which may be
levied against the demised premises and the land on which they are situated
during the term hereof, provided, however, that the prorated amount of those
taxes shall be included in the actual costs described in Paragraph 12 hereof.
7. Use of Demised Premises.
The demised premises shall be used only as a health club.
The Lessee and its members, guests or invitees shall faithfully obey all
rules and regulations which may be adopted by the Lessor pertaining to the
premises and shall only be entitled to use of the premises subject to the
same restrictions as Lessor, its members, guests or invitees.
8. Utilities.
The Lessor shall not be liable for an interruption of any utilities or
services in the leased premises nor for any interruption in the availability
for use of the premises.
9. Destruction of Leased Premises.
If the leased premises are damaged to the extent of sixty percent (60%)
or more of the sound value, the premises may, at the option of the Lessee, be
deemed totally destroyed, and the Lease may then be cancelled by the Lessee
and of no effect. Lessor and Lessee, notwithstanding the provisions of this
Articles, may elect to continue this Lease upon such terms and conditions as
the parties may mutually agree until the premises can be restored or rebuilt.
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10. Assignment or Subletting.
This Lease may not be assigned. No portion of the premises may be sublet.
11. Default of the Lessee.
In the event of failure of Lessee to pay when due the rent provided
herein or to observe and perform its obligations under this Lease then Lessor
shall give Lessee written notice of such failure and Lessee shall have ten
(10) days to cure such failure or to commence such cure if not reasonably
curable within thirty (30) days. If Lessee shall fail to cure or commence
the cure of any default in accordance with this paragraph, the Lessor, in
addition to any other rights or remedies it may have, may terminate this
Lease upon seven (7) days written notice to Lessee provided that such rental
termination shall not relieve Lessee from any other liability arising under
this Lease.
12. Renewal.
This Lease may be renewed by the Lessee, with prior approval of the
Lessor, upon identical terms and conditions for up to six (6) additional
three (3) year terms, except that the fixed sum rent provided for in
paragraph 3 shall be adjusted on the first day of every year during any
renewal term to equal the actual cost of operating the premises for the prior
year plus fifteen percent (15%). The resulting figure, shall be the rent for
the ensuing one year period. This Lease shall be automatically so extended
unless either party notifies the other in writing to the contrary at least
thirty (30) days prior to the commencement of a renewal term.
13. Notices.
Any notice, demand, request or other instrument which may be or is
required to be given under this Lease shall be deemed to have been properly
given if given in writing and as of the date of mailing and if mailed,
postage prepaid, by certified mail, return receipt requested (a) if to Lessor
at Bartlett, New Hampshire; (b) if to Lessee at Bartlett, New Hampshire.
14. Amendments.
This Lease may be modified or amended only by a writing duly authorized
and executed by both Lessor and Lessee.
15. Default of the Lessor.
Lessor and Lessee further agree that in the event of Lessor's failure to
perform its obligations under the terms of this Lease then Lessee shall give
Lessor written notice of such default and Lessor shall have thirty (30) days
to cure such default, or to commence such cure if not reasonably curable
within thirty (30) days. If Lessor shall fail to cure, or commence the cure
of, any default in accordance with this paragraph, then Lessee may cure such
default and
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upon submitting to Lessor receipts for any expenses therein incurred, deduct
such expenses from its next annual rental.
16. Recording.
The Lessee agrees that it will not record this Lease. Either party
shall, upon request of the other, execute and deliver to said requesting
party, a short form of this Lease suitable for recording.
IN WITNESS WHEREOF, L.B.O. Holding, Inc., Lessor herein, has hereunto
caused its name to be subscribed and its seal affixed by its Managing
Director, C.O.O., thereunto duly authorized this 7th day of August, 1997.
LESSOR:
L.B.O. Holding, Inc.
/s/ Illegible By: /s/ Xxxxxx X. Xxxxxxx
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Its Duly Authorized Managing
Director, C.O.O.
IN WITNESS WHEREOF, Grand Summit Hotel Condominium Unit Owners'
Association, INC, Lessee herein, has hereunto caused its name to be
subscribed and its seal affixed by its Managing Director, C.O.O., thereunto
duly authorized this 7th day of August, 1997.
LESSEE:
Grand Summit Hotel Condominium Unit
Owners' Association, INC.
/s/ Xxxxx X. Xxxxxx By: /s/ Illegible
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Notary Public -------------------------------------
Its Duly Authorized Vice President
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CERTIFICATION
I hereby certify that the Management Agreement dated August 7, 1997
attached hereto is a true and accurate copy.
/s/ Xxxx Xxxxxx
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Xxxx Xxxxxx, Vice President
Grand Summit Resort Properties, Inc.
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