AIRPORT WAY LEASE
THIS LEASE AGREEMENT made this 9th day of November, 1994, by and between AIRPORT
WAY RENTALS (the "Lessor") and XXXXX'X COFFEE CORPORATION, a Washington
Corporation (the "Lessee").
1. PREMISES. Lessor does hereby lease to Lessee those certain premises, to
wit: approximately 8,400 square feet of office and warehouse as outlined
on Exhibit A attached hereto (hereinafter called "Premises") being situated
upon land known as 0000 Xxxxxxx Xxx X., Xxxxxxx, XX. See Legal attached as
Exhibit B.
2. TERM. This Lease shall be for a term of ten (10) years and 0 months
commencing December 15, 1994 (the "Commencement Date") and terminating
March 31 2005. Providing Lessee is not then in default, Lessor grants
Lessee four (4) five (5) year options to renew providing Lessee gives
Lessor written notice of its' intent to renew 180 days prior to the then
current term.
3. RENT. Lessee covenants and agrees to pay Lessor at 0000 0xx Xxx., Xxxxx
000, Xxxxxxx, Xxxxxxxxxx 00000, or to such other party or at such other
place as Lessor may hereafter designate, monthly rent in advance without
offset or deduction, on or before the first (1st) day of each month of the
Lease term in the following amount:
Months 1-3 $0
Months 4-30 $3,200
Months 31-60 $3,600
Months 61-90 $3,900
Months 91-120 $4,200
Options Market Rent
4. USE. Lessee shall use the Premises for the purposes of anything related to
Xxxxx'x Coffee office, roasting plant and warehouse operations and shall
comply with all governmental laws, ordinances, regulations, orders and
directives and insurance requirements applicable to Lessee's use of the
Premises.
5. RULES AND REGULATIONS. Lessee agrees to comply with any Rules and
Regulations attached hereto, as well as such other reasonable rules and
regulations as may from time to time be adopted by Lessor for the
management, good order and safety of common areas, the building and its
tenant(s). Lessee shall be responsible for the compliance with such rules
and regulations by its employees, agents and invitees. Lessor's failure to
enforce any of such rules and regulations against Lessee or any other
tenant shall not be deemed to be a waiver of same.
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6. MAINTENANCE. Lessee agrees by taking possession that the Premises are in
tenantable and good condition. Lessee shall at its expense and at all
times keep and maintain the Premises, including but not limited to
storefronts, exterior doors and windows, tenant division walls and
mechanical, electrical, sprinkler and other utility systems, together with
connections to utility distribution systems, in good condition, repair and
order and in accordance with applicable laws, ordinances, rules,
regulations and requirements of government authorities and insurance rating
bureaus. Lessee shall further keep the Premises and adjoining common areas
in a neat, clean, safe and sanitary condition; protect water, drain, gas
and other pipes to prevent freezing or clogging and repair all leaks and
damage caused thereby; replace all glass and panels in windows and doors of
the Premises which become cracked, broken or damaged; and remove ice and
snow from entries and common areas immediately adjacent to the Premises.
After reasonable notice from Lessee, Lessor shall repair the roof, exterior
walls (excluding storefronts, doors and windows), foundations and common
areas and facilities, if any, and the cost thereof shall be shared as
provided in Section 8 hereof.
7. UTILITIES AND FEES. Lessee agrees to pay promptly when due all charges for
light, heat, water, sewer, garbage, fire protection and other utilities and
services to the Premises, and all license fees and other governmental
charges levied on Lessee's property and the operation of Lessee's business
on the Premises. Lessor shall not be liable for any injury or damages
suffered as a result of the interruption of utilities or services by fire,
or other casualty, strike, riot, vandalism, the making of necessary repairs
or improvements, or other causes beyond Lessor's control.
8. MONTHLY OPERATING EXPENSE ADJUSTMENTS. Lessee shall pay as additional
monthly rent all expenses incurred by Lessor for operation of the land and
building(s) described on Exhibits A and B hereto during the term or any
extension hereof, as follows:
a) Real Estate taxes and assessments.
b) Usual and necessary costs of operation, maintenance and repair as
determined by standard accounting practice, including without
limitation, all utilities and services not metered or charged directly
to Lessee, insurance, painting, upkeep and repair of building
exterior, roofing, parking, landscaping, and all common areas and
facilities.
Lessor shall from time to time estimate to Lessee its monthly expense based
upon existing costs. Such monthly estimated amount shall be paid by Lessee
on or before the first day of each month. Lessor, annually or upon
termination hereof, shall compute Lessee's actual expenses. Any
overpayment shall be refunded or credited to Lessee, at its option, and any
deficiency shall be paid by Lessee within fifteen (15) days after the date
of Lessor's statement. Lessor's records showing expenditures made for such
expenses shall be available for Lessee's inspection at any reasonable time.
9. LESSOR'S RESERVATIONS. Lessor reserves the right without liability to
Lessee: (a) to inspect the Premises, to show them to prospective tenants,
and if they are vacated, to prepare
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them for re-occupancy; (b) to retain at all times and to use in appropriate
instances keys to doors within and into the Premises; (c) to make repairs,
alterations, additions or improvements, whether structural or otherwise, in
or about the building, and for such purposes to enter upon the Premises and
during the continuance of any work, to close common areas to interrupt or
temporarily suspend building services and facilities, all without affecting
any of Lessee's obligations hereunder, so long as the Premises are
reasonably accessible; and (d) generally to perform any act relating to the
safety, protection and preservation of the Premises or building.
10. POSSESSION. If Lessor does not deliver possession of the Premises at the
Commencement Date of the term of this Lease, Lessee may give Lessor written
notice of its intention to cancel this Lease if possession is not delivered
within ninety (90) days after receipt of such notice by Lessor. Lessor
shall not be liable for any damages caused by failure to deliver
possession of the Premises and Lessee shall not be liable for any rent
until such time as Lessor delivers possession. A delay of possession
shall not extend the term or the termination date. If Lessor offers
possession of the Premises or any portion thereof prior to the
Commencement Date of the term of this Lease, and if Lessee accepts such
early possession, then both parties shall be bound by all of the covenants
and terms contained herein during such period of early possession
including the payment of rent which shall be pro-rated accordingly and for
the number of days of such early possession.
11. ASSIGNMENT AND SUBLETTING. Lessee shall not either voluntarily or by
operation of law assign, transfer, convey or encumber this Lease or any
interest under it, or sublet to occupy or use the Premises without Lessor's
prior written consent. Lessor reserves the right to recapture the Premises
or applicable portion thereof in lieu of giving its consent by notice given
to Lessee within twenty (20) days after receipt of Lessee's written request
for assignment or subletting. Such recapture shall terminate this Lease as
to the applicable space effective on the prospective date of assignment or
subletting, which shall be the last day of a calendar month and not earlier
than sixty (60) days after receipt of Lessee's request hereunder. In the
event that Lessor shall not elect to recapture and shall thereafter give
its consent, Lessee shall pay Lessor a reasonable fee, not to exceed Five
Hundred And No/100 Dollars ($500.00) to reimburse Lessor for processing
costs incurred in connection with such consent. Lessor's consent shall not
release or discharge Lessee from future liability under this Lease and
shall not waive Lessor's right to consent to any future assignment or
sublease. Any assignment or subletting without Lessor's consent shall be
void and shall, at Lessor's option, constitute a default under this Lease.
A transfer by the present majority shareholders of ownership or control of
a majority of the voting stock of corporate Lessee shall be deemed an
assignment.
12. ALTERATIONS. After obtaining the prior written consent of Lessor, Lessee
may make minor alterations, additions and improvements in said Premises at
its sole cost and expense. Lessee agrees to save Lessor harmless from any
damage, loss, or expense arising therefrom and to comply with all laws,
ordinances, rules and regulations. Upon termination of this Lease, all
alterations, additions and improvements made in, to or on the Premises
(including without limitation all electrical, lighting, plumbing, heating,
air conditioning, and communications equipment and systems, doors, windows,
partitions, drapery, carpeting, shelving, counters, and
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physically attached fixtures unless excluded by written agreement
annexed hereto), shall remain upon and be surrendered as a part of
the Premises; provided however, upon Lessor's request, Lessee shall
promptly remove those additions, alterations, or improvements as
may be specified by Lessor, and repair, and restore the Premises to
its original condition at Lessee's sole cost and expense.
13. LIENS. Lessee shall keep the Premises free from any liens arising
out of any work performed, materials furnished, equipment supplied,
or obligations incurred by or on behalf of Lessee. No work
performed, material furnished, equipment supplied or obligations
incurred by or on behalf of Lessee shall be deemed to be for the
immediate use and benefit of Lessor so that no mechanic's lien or
other lien shall be allowed against Lessor's estate in the
premises. Lessor does not authorize or consent to the performance
of any work, furnishing of material or supply of equipment incurred
by or on behalf of Lessee prior to Lessee providing Lessor with the
signed waiver of lien referred to above. Lessor may require, at
Lessee's sole cost and expense, a lien release and completion bond
in an amount equal to either the actual contract price or one and
one-half times the estimated cost of any improvements, additions or
alterations in the Premises which Lessee desires to make, to insure
Lessor against any liability for lien and to insure completion of
the work.
14. SIGNS. All signs or symbols placed by Lessee in the windows and
doors of the Premises, or upon any exterior part of the building,
shall be subject to Lessor's prior approval. Prior to termination
of this Lease, Lessee will remove all signs placed by it upon the
Premises, and will repair any damages caused by such removal.
15. INSURANCE.
A. Lessee shall pay for and maintain, during the entire Lease
Term, the following policies of insurance:
(i) Commercial general liability insurance, including
products, completed operations coverage and auto
liability insurance covering Lessee's operations and
the Premises including but not limited to coverage for
personal injuries with limits of not less than
$1,000,000 combined single limit for death, personal
injury, and property damage, per occurrence, including
Lessor as an additional insured. Such policies shall be
endorsed to provide contractual liability insurance
covering all liability assumed by Lessee under the
provisions of this Lease and a copy of said endorsement
will be delivered to Lessor prior to commencement of
the Term.
(ii) Special cause of loss or "all risk" perils property
insurance upon all building improvements and
alterations on the Premises and upon Lessee's property,
including but not limited to Fire and Extended
Coverage, Vandalism and Malicious Mischief, in the
amount of one hundred percent (100%) full replacement
cost, including Lessor as an additional insured, as its
interests may
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appear, with a loss payable clause in favor of Lessor
to the extent of Lessor's interest in property damaged,
except to the extent proceeds are required to be paid
to holders of mortgages or trust deeds.
B. Each policy provided by Lessee shall expressly provide that it
it shall not be subject to cancellation or material change
without at least thirty (30) days prior written notice to the
other party. Lessee shall furnish the other, prior to
commencement of the Term, with insurance certificates and,
upon request, copies of such policies required to be
maintained hereunder.
16. INDEMNITY AGAINST LIABILITY FOR LOSS OR DAMAGE BY LESSEE.
A. Lessee assumes all liability for and shall indemnify, hold
harmless and defend Lessor from and against all loss, damage
or expense which the Lessor may sustain or incur, and against
any and all claims, demands, suits and actions whatsoever,
including expense of investigation and litigation, on account
of injury to or death of persons, including without limitation
employees of Lessor, employees of Lessee or its affiliated
companies (Lessee hereby acknowledges its immunity under the
Washington State Industrial Insurance Act and hereby waives
said immunity for purposes of this indemnification clause with
respect to any claims by its employees) or on account of
damage to or destruction of property, including without
limitation property owned by and property in the care, custody
or control of Lessor during the Term, due to or arising in any
manner from:
(i) The acts or negligence of Lessee or any contractor,
subcontractor, or agent of Lessee or their respective
employees;
(ii) Except as otherwise provided in Subsection 16(E), the
condition, use or operation of the Premises and/or
materials or substances used by Lessee or any of its
contractors, subcontractors or agents of Lessee or by
their respective employees, regardless of whether or not
furnished by Lessor under this Lease or otherwise;
(iii) Any damage or injury to persons or property arising out
of Lessee's breach or this Lease, including, but not
limited to, obligations of Lessee under Section 6,
Maintenance.
C. Lessee assumes all responsibility for and shall indemnify and
hold harmless Lessor and affiliated companies against, and
shall assume the defense of, any claims, suits or judgments
brought against Lessor or its affiliated companies under the
Federal Employer's Liability Act whenever employees of Lessee
or any of its contractors, subcontractors, or agents claim or
allege that they are employees of Lessor or its
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affiliated companies within the meaning of said Act or that
they are furthering operational activities of Lessor or its
affiliated companies.
D. In the event any claim or suit is brought against Lessor or
affiliated companies by employees of Lessee or any of
contractors, subcontractors, or agents, under the theory
outlined in the preceding paragraph, Lessor shall give Lessee
reasonable notice in writing of the pendency of such claim or
suit and, upon receipt of such notice, Lessee shall forthwith
assume the defense of such claim or suit, and shall save and
hold harmless Lessor and affiliated companies, from all loss,
cost, expense and liability by reason thereof.
E. Lessee assumes all responsibility for and shall indemnify,
hold harmless and defend Lessor and affiliated companies, from
and against any and all claims, demands, suits and actions
whatsoever, including expense of investigation and litigation,
for injury to or death of Lessee or any contractor,
subcontractor, or agent or any of their respective employees,
due to the condition or state of repair of the portions of the
Premises which Lessee is responsible to maintain under this
Lease or other property of Lessor upon, about or in connection
with the terms of the Lease. Lessor assumes all responsibility
for and shall indemnify, hold harmless and defend Lessee and
affiliated companies, from and against any and all claims,
demands, suits and actions whatsoever, including expense of
investigation and litigation, for injury to or death of Lessee
or any contractor, subcontractor, or agent or any of their
respective employees, due to the condition or state of repair
of the portions of the Premises for which Lessor is
responsible to maintain under this Lease or other property of
Lessor upon, about or in connection with the terms of this
Lease.
F. It is mutually understood and agreed that the assumption of
liabilities and indemnification provided for in this Section
shall survive any termination of this Lease.
G. Notwithstanding the preceding provisions of this Section 16,
Lessor and Lessee each herewith and hereby release and relieve
the other and waive its entire right of recovery against the
other for loss or damage arising out of or incident to perils
insured against, whether due to the negligence of either
party, their agents, employees, contractors, invitees or
otherwise.
17. DAMAGE OR DESTRUCTION. If the Premises or the building shall be
damaged or destroyed by fire or other casualty, Lessor shall have
the option either (a) to repair or rebuild within one hundred
twenty (120) days, or (b) not to repair or rebuild, and to cancel
this Lease on thirty (30) days notice. If Lessor fails to give
Lessee written notice of its election within thirty (30) days from
the date of damage, or if the restoration of the Premises cannot be
completed within one hundred twenty (120) days from date of notice,
Lessee may cancel this Lease at its option on thirty (30) days
notice. During the period of untenantability, rent shall xxxxx in
the same ratio as the portion of the Premises rendered
untenantable bears to the whole
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of the Premises; provided that if the damage is due to the fault or neglect
of Lessee, there shall be no abatement of rent.
18. EMINENT DOMAIN. If the whole of the Premises shall be taken by any public
authority under the power of eminent domain, or purchased by the condemnor
in lieu thereof, then the term of this Lease shall cease as of the date
possession is taken by such public authority. If only part of the Premises
shall be so taken, the Lease shall terminate only as to the portion taken,
and shall continue in full force and effect as to the remainder of said
Premises, and the monthly rent shall be reduced proportionately; provided,
however, if the remainder of the Premises cannot be made tenantable for the
purposes for which Lessee has been using the Premises or if more than
twenty-five percent (25%) of the rentable square footage of the Premises
shall be so taken, then either party, by written notice to the other, given
at least thirty (30) days prior to the date that possession must be
surrendered to the public authority, may terminate this Lease effective as
of such surrender of possession. If any part of the building other than the
Premises shall be so taken so as to render in Lessor's opinion the
termination of this Lease beneficial to the remaining portion of the
building, Lessor shall have the right within sixty (60) days of said taking
to terminate this Lease upon thirty (30) days written notice to Lessee. In
the event of any taking, whether whole or partial, Lessor shall be entitled
to all awards, settlements, or compensation which may be given for the land
and buildings. Lessee shall have no claim against Lessor for the value of
any unexpired term of this Lease.
19. INSOLVENCY. If Lessee shall be declared insolvent or bankrupt, or if
Lessee's leasehold interest herein shall be levied upon or seized under
writ of any court of law, or if a trustee, receiver or assignee be
appointed for the property of Lessee, whether under operation of State or
Federal statutes, then Lessor may, at its option, immediately, without
notice (notice being expressly waived), terminate this Lease and take
possession of said Premises, without, however, terminating Lessee's
obligations under this Lease.
20. DEFAULT AND RE-ENTRY. If Lessee fails to keep or perform any of the
covenants and agreements herein contained, then the same shall constitute a
breach hereof, and if Lessee has not remedied such breach within three (3)
days after written notice thereof from Lessor if the breach is non-payment
of rent or other charges, or within ten (10) days after written notice
thereof from Lessor in the event of the breach of any other covenant, then
Lessor may, at its option, without further notice or demand:
(a) Cure such breach for the account and at the expense of Lessee and such
expense shall be deemed additional rent due on the first of the
following month; or
(b) Re-enter the Premises, remove all persons therefrom, take possession
of the Premises and remove all personal property therein at Lessee's
risk and expense and (1) terminate this Lease, or (2) without
terminating the Lease or in any way affecting the rights and remedies
of Lessor or the obligations of Lessee, re-let the whole or any part
of the Premises as agent for Lessee, upon such terms and conditions as
Lessor may deem
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advisable. In either event, any monies received from Lessee and any
deposit or other amounts held by Lessor may first be applied by Lessor
to any damages suffered by Lessor as a result of such default,
including without limitation, costs and expenses incurred on re-entry
and re-letting, any unamortized tenant improvements and commissions,
cleaning, necessary repairs, restoration and alteration, and any
commissions incurred on re-letting, and the balance of such amounts
may be applied toward payment of other sums due to Lessor hereunder.
In the event the Premises are re-let for Lessee's account, Lessee
shall pay to Lessor monthly any deficiency; however, Lessor shall not
be required to pay any excess to Lessee. The above remedies of Lessor
are cumulative and in addition to RCW 59.12 or any other remedies now
or hereafter allowed by law or elsewhere provided for in this Lease.
21. REMOVAL OF PROPERTY. Any property of Lessee removed by Lessor in accordance
with Section 19 above may be stored by Lessor or may be deposited on any
area adjacent to the building at the sole risk and expense of Lessee and
without any further responsibility of Lessor, and Lessor may at its sole
discretion without or after removing said property, without obligation to
do so and without notice to Lessee, sell or dispose of the same at public
or private sale for the account of Lessee, in which event the proceeds
therefrom may be applied by Lessor upon any indebtedness due from Lessee to
Lessor. Lessee waives all claims for damages that may be caused by Lessor
re-entering the Premises and removing or disposing of said property as
herein provided.
22. COSTS AND ATTORNEYS' FEES. In the event either party shall commence legal
action to enforce any provision of this Lease, the court shall award to the
prevailing party all reasonable attorneys' fees and all costs incurred in
connection therewith, including fees and costs on appeal. Any action
relating to this Lease shall be brought in the County in which the Premises
are located or, at Lessor's election, in King County, Washington.
23. SUBROGATION WAIVER. Lessor and Lessee each herewith and hereby release and
relieve the other and waive its entire right of recovery against the other
for loss or damage arising out of or incident to the perils of fire,
explosion or any other perils described in the "extended coverage"
insurance endorsement approved for use in the state in which the Premises
are situated which occurs in, on or about the Premises, whether due to the
negligence of either party, their agents, employees or otherwise.
24. HOLDING OVER. If Lessee, with the implied or express consent of Lessor,
shall hold over after the expiration of the term of this Lease, Lessee
shall remain bound by all the covenants and agreements herein, except that
(a) the tenancy shall be from month-to-month and (b) the monthly rent to be
paid by Lessee shall be determined by multiplying the monthly rent in
effect immediately preceding such expiration by a factor, the numerator of
which shall be the applicable X.X. Xxxxxx & Associates Construction Index
for the Seattle area most current preceding such expiration, and the
denominator of which shall be the said Boeckh Index which was current at
the date of the commencement of this Lease. In no event, however, shall the
monthly rent be less than that in effect immediately preceding such
expiration.
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25. SUBORDINATION AND ATTORNMENT; MORTGAGE PROTECTION
A. SUBORDINATION-NOTICE TO MORTGAGEE. At the request of Lessor, Lessee
shall promptly execute, acknowledge and deliver, all instruments which
may be required to subordinate this Lease to any existing or future
mortgages, deeds of trust and/or other security documents on or
encumbering the Premises or on the leasehold interest held by Lessor,
and to any extensions, renewals, or replacements thereof, provided
that the mortgagee or beneficiary, as the case may be, shall agree to
recognize this Lease in the event of foreclosure if Lessee is not in
default at such time. Notwithstanding anything to the contrary in this
Lease, the Lessor shall not be in default under any provision of this
Lease unless written notice specifying such default is given to Lessor
and to all persons who have an interest in all or part of the Premises
as mortgagees and/or deed of trust beneficiaries, and the mortgagee or
deed of trust holder shall have been provided thirty (30) days within
which to cure or commence the cure of such default and thereafter
diligently pursue such cure to completion including, if necessary to
effectuate such cure, the commencement of judicial or non-judicial
foreclosure proceedings.
B. LESSEE'S CERTIFICATE. Lessee shall at any time and from time to time
upon not less than three (3) days prior written notice from Lessor
execute, acknowledge and deliver to Lessor a statement in writing (a)
certifying that this Lease is unmodified and in full force and effect
(or, if modified, stating the nature of such modification and
certifying that this Lease as so modified is in full force and
effect), and the date to which the rental and other charges are paid
in advance, if any; and (b) acknowledging that there are not, to
Lessee's knowledge, any uncured defaults on the part of the Lessor or
Lessee hereunder, or specifying such defaults if any are claimed; and
(c) setting forth the date of commencement of rents and expiration of
the Lease Term hereof. Any such statement may be relied upon by any
prospective purchaser on encumbrancer of all or any portion of the
Premises of which the Premises are a part.
C. MORTGAGE PROTECTION CLAUSE. Lessee agrees to notify any mortgagee
and/or trust deed holders, by registered mail, with a copy of any
notice of default served upon the Lessor, provided that prior to such
notice Lessee has been notified in writing (by way of Notice of
Assignment of Rents and Lease, or otherwise) of the addresses of such
mortgagees and/or trust deed holders. Lessee further agrees that if
Lessor shall have failed to cure such default, then the mortgagees
and/or trust deed holders have thirty (30) days within which to cure
such default or if such default cannot be cured within that time, then
such additional times as may be necessary if within such thirty (30)
days any mortgagee and/or trust deed holder has commenced and is
diligently pursuing the remedies necessary to cure such default
(including but not limited to commencement of foreclosure proceedings
if necessary to affect such cure),
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in which event this Lease shall not be terminated if such remedies
are being so diligently pursued.
26. SURRENDER OF POSSESSION. Lessee shall, prior to the termination of this
Lease or of Lessee's right to possession, remove from the Premises all
personal property which Lessee is entitled to remove and those
alterations, additions, improvements or signs which may be required by
Lessor to be removed, pursuant to Sections 12 and 14 above, and shall
repair or pay for all damage to the Premises caused by such removal. All
such property remaining and every interest of Lessee in the same shall be
conclusively presumed to have been conveyed by Lessee to Lessor under
this Lease as a xxxx of sale, without compensation, allowance, or credit
to Lessee. Lessee shall upon termination of this Lease or of Lessee's
right of possession, deliver all keys to Lessor and peacefully quit and
surrender the Premises without notice, neat and clean, and in as good
condition as when Lessee took possession, except for reasonable wear and
tear as determined by Lessor.
27. LATE PAYMENT AND INTEREST. If any amount due from Lessee is not received
in the office of Lessor on or before the tenth (10th) day following the
date upon which such amount is due and payable, a late charge of five
percent (5%) of said amount shall become immediately due and payable,
which late charge Lessor and Lessee agree represents a fair and
reasonable estimate of the processing and accounting costs that Lessor
will incur by reason of such late payment. All past due amounts owing to
Lessor under this Lease, including rent, shall be assessed interest at an
annual percentage rate of twelve percent (12%) from the date due or date
of invoice, whichever is earlier, until paid.
28. NOTICE. Any notice required to be given by either party to the other
pursuant to the provisions of this Lease or any law, present or future,
shall be in writing, and shall be deemed to have been duly given or
sent if either delivered personally or deposited in the United States
Mail, postage prepaid, registered or certified, return receipt requested,
addressed to the Lessor at 0000 0xx Xxx., Xxxxx 000, Xxxxxxx, Xxxxxxxxxx
or to Lessee at 0000 Xxxxxxx Xxx X., Xxxxxxx, XX., xx to such other
address as either party may designate.
29. NO WAIVER OR COVENANTS. Time is of the essence of this Lease. Any
waiver by either party of any breach hereof by the other shall not be
considered a waiver of any future similar or other breach.
30. ENTIRE AGREEMENT. It is expressly understood and agreed by Lessor and
Lessee that there are no promises, agreements, conditions,
understandings, inducements, warranties, or representations, oral or
written, express or implied, between them, other than as herein set
forth and that this Lease shall not be modified in any manner except
by an instrument in writing executed by the parties.
Page 10
31. BINDING ON HEIRS, SUCCESSORS AND ASSIGNS. The covenants and agreements
of this Lease shall be binding upon the heirs, executors, administrators,
successors and assigns of both parties hereto, except as herein above
provided.
32. LESSOR'S ASSIGNMENT. It is fully understood that Lessor shall have the
full right to assign this Lease, without any notice to Lessee, thereby
relieving Lessor from all and any liabilities; provided however, that
the assignee assumes all Lessor's responsibilities as set forth in this
Lease.
LESSOR: AIRPORT WAY RENTALS LESSEE: XXXXX'X COFFEE CORPORATION
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxx X. X'Xxxxx
----------------------------------- -------------------------------
Art Xxxx Xxx X. X'Xxxxx
Its: Its: President
----------------------------------
Date: 11-10-94 Date: 11/9/94
33. LEASE CANCELLATION RIGHT BY LESSEE. It is understood and agreed that so
long as Lessee of the subject property is not in default, Lessee may
cancel this lease at the end of the 39th month of the subject lease
arrangement.
Any time after the 39th month, Lessee may present the Lessor with an
intent to vacate letter, and along with that letter a cashier's check
in the amount of one year's current prescribed rent plus taxes for that
year, and agree to leave the premises within 60 days of said notice.
If Lessee is in default at the time of the notice, the cancellation will
be accepted upon the cure of the default and the payment of the rent
indicated above.
By: /s/ Xxxxxx X. Xxxx By: /s/ Xxx X. X'Xxxxx
----------------------------------- -------------------------------
Xxxxxx X. Xxxx Xxx X. X'Xxxxx
Date: 11-10-94 Date: 11/9/94
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