EXHIBIT 10.173
LEASE AGREEMENT
THIS LEASE AGREEMENT, dated April 30, 1999 is made and entered into by
and between Xxxx Realty Trust, a Massachusetts Trust hereinafter referred to as
"Lessor", and Catalina Industries, Inc., a Florida corporation hereinafter
referred to as "Lessee."
W I T N E S S T H
1. PREMISES AND TERM. In consideration of the mutual obligations of
Lessor and Lessee set forth herein, Lessor leases to Lessee, and Lessee leases
from Lessor the approximately 37,000 square foot building (the "Premises") known
and numbered as 00 Xxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx, together with all
rights, privileges, easements, appurtenances, and amenities belonging to or in
any way pertaining to the Premises, to have and to hold, subject to the terms,
covenants and conditions in this Lease. The term of this Lease shall commence on
July 1, 1999 and shall terminate on June 30, 2000.
2. RENT. Lessee agrees to pay to Lessor rent for the Premises, in
advance, without demand, at the rate of Eleven Thousand Dollars ($11,000.00) per
month during the term of this Lease. The above $11,000.00 monthly rent will be
adjusted, prospectively, for any increases and/or decreases in real estate
taxes, property insurance premiums (assuming the same coverage as currently
existing) and/or mortgage interest rates (assuming the present mortgage
agreement) with respect to the Premises. Notwithstanding the above, no changes
will be made in the monthly rent due to the refinancing of the real estate
mortgage.
3. REPAIRS. Lessor, at its own cost and expense, shall maintain the
roof, foundation and structural soundness of the exterior walls of the building
of which the Premises are a part in good repair, reasonable wear and tear
excluded. Lessee, at its own cost and expense, shall maintain all parts of the
Premises (except those for which Lessor is expressly responsible hereunder) in
good condition.
4. UTILITIES. Lessee shall pay for all water, gas, heat, light, power,
telephone, sewer and other utilities and services used on or at the Premises for
the term of this Lease.
5. FIRE AND CASULATY DAMAGE. If the Premises should be damaged or
destroyed by fire or other peril so that the Premises are unusable by Lessee for
a period exceeding thirty (30) days, this Lease shall become void.
6. SUBLETTING. Lessee shall have the right to sublet any or all of the
Premises during the term of this Lease.
7. QUIET ENJOYMENT. Lessor covenants that it has good title to the
Premises, free and clear of all liens and encumbrances, expecting only the lien
for current taxes not yet due, mortgages, government ordinances, and easements,
restrictions and other conditions of public record.
8. TAXES AND INSURANCE. Lessor shall be responsible for all real estate
taxes with respect to the Premises. Lessor shall be responsible for insuring the
physical structure of the Premises. Lessee shall pay all taxes charged against
any personal property owned by the Lessee. Lessee shall be responsible for
insuring all of Lessee's personal property contained in the Premises.
9. OPTION. This Lease may be extended for an one (1) year period upon
the mutual written agreement of Lessee and Lessor.
10. MUTUAL RELEASES. Lessor agrees to hold Lessee harmless from any
loss or claim arising out of the negligence of Lessor or its agents, employees,
representatives or invitees. Lessee agrees to hold Lessor harmless from any loss
or claim arising out of the negligence of Lessee or its agents, employees,
representatives or invitees.
11. SALE OF BUILDING. Upon the execution of a purchase contract with
respect to the Premises, Lessor shall have the right to cancel this Lease upon
ninety (90) days written notice to Lessee.
EXECUTED THIS 30TH DAY OF APRIL, 1999.
XXXX REALTY TRUST
/S/ XXXXXX XXXX
By:
CATALINA INDUSTRIES, INC.
/S/ XXXXXX XXXXX
By:
