Exhibit 10.79.1
1
LEASE
BETWEEN THE UNDERSIGNED:
MAJORQUE, a Limited Liability Company with capital of 1,000,000 Francs,
headquartered in Wissous (91320), 00 xxxxxx Xxxxxx, recorded with the Register
of Commerce and Companies of Evry under No. B 420 026 387, represented by its
Manager, Ms. Xxxxx Benharrous.
Hereinafter "LESSOR,"
PARTY OF THE FIRST PART,
AND:
INTER PARFUMS, a corporation with capital of 45,515,720 Francs, with
headquarters at 0 Xxxx-Xxxxx xxx Xxxxxx-Xxxxxxx, 00000 Xxxxx, recorded with the
Register of Commerce and Companies of Paris under No. B 350 219 382, represented
by Xx. Xxxxxxxx Xxxxxxx, Chairman of the Supervision Board, duly authorized for
this instrument.
Hereinafter "LESSEE,"
PARTY OF THE SECOND PART,
THE FOLLOWING HAS BEEN ESTABLISHED:
Lessor leases and rents, pursuant to the provisions of decree No. 53-960 of
September 30, 1953, as amended, to Inter Parfums, which the latter accepts, the
premises described below, in a building located in Paris 8th (arrondissement),
00 xxxxxx Xxxxxxxx Xxxxxxxxx.
ARTICLE 1 - DESCRIPTION
In the building located in Paris 8th (arrondissement), 00 xxxxxx Xxxxxxxx
Xxxxxxxxx, on the 1st floor:
- A space including ten offices, a kitchen, a file room, two toilets (one of
which double), an entrance. Individual electric heating.
As these spaces arise from the enclosed plan (Addendum 1).
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As said premises exist and are, without any exception or reservation, without
need of more ample description since Lessee declares that it knows them, having
seen and visited them for the purpose hereof. The parties agree that the leased
premises form an indivisible whole.
ARTICLE 2 - TERM
This lease is granted and accepted for a term of nine years, from April 7, 2000.
Lessee may cancel at the end of each three-year period, under the conditions set
forth in the decree of September 30, 1953.
Given the renovations necessary in these premises, Lessor grants a two-month
grace period for the rent and charges, so that the first payment of rent and
charges will take place on June 7, 2000.
ARTICLE 3 - OBTAINING ENJOYMENT AND STATEMENT OF THE CONDITION OF THE PREMISES
The premises will be taken as they are on the beginning date of enjoyment,
whereby Lessee may not require repairs or work of any nature throughout the term
of the lease.
Throughout the term of the lease, Lessee must make all tenant repairs.
At the end of the lease, the leased premises must be returned in perfect tenant
repair condition.
Lessee may not require any renovation, any claim or any work, and may not
exercise any remedy against Lessor due to cases of force majeure and any other
causes of any type in connection with the condition of the premises.
Lessee will pay for all fitting out work, installations and construction ordered
by a law or regulation in matters of hygiene or safety on the premises
themselves.
ARTICLE 4 - UTILIZATION OF THE PREMISES
Lessee may not give the premises any utilization other than that set forth in
this lease, to wit:
SALE OF COSMETIC PRODUCTS
Lessee must permanently engage in the aforementioned activities on the premises.
[initials]
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ARTICLE 5 - CHARGES AND CONDITIONS
In addition, this lease is executed under the following charges and conditions
which Lessee pledges to perform and accomplish under penalty of any damages and
even cancellation if Lessor so chooses:
1) Lessee must furnish and keep furnished the leased premises with
equipment, merchandise, furniture and movables, in sufficient quality and value
to cover the payment of the rent and the performance of the conditions of the
lease.
2) Lessee may not close the leased premises, which must remain open for
the aforementioned commercial activity throughout the term of the lease and
until its expiration, except in case of force majeure or Lessee's need to do
work that requires closing.
3) It will keep the premises in good tenant repair conditions
throughout the term of the lease and will do at its own expense all works or
repairs of any nature which are or may become necessary, including those that
may arise from a regulatory obligation, so that at the end of the lease, it may
return them in good tenant repair condition.
It is also agreed that, should the administration or any authority whatsoever
require, at a certain time, a modification and/or utilization of the space, even
if such requirement follows a case of force majeure, all charges and
consequences of this modification and/or utilization will be fully paid by
Lessee, which pledges to do so. However, Lessee may not be obligated to do the
work necessary for such modification and/or utilization of the space.
4) Lessee pledges to maintain and replace, at its expense, any amount
of work and repairs (including due to old age) all installations, pipes,
devices, closures and, more generally, all elements furnishing or making up the
leased premises, without exception.
Lessee agrees that, should it fail to do all work related to maintenance, repair
and replacement in its charge, Lessor may do such work and repairs in its place
and stead, thirty days after sending a registered letter with return receipt
requested, which remains without response, except in emergencies; Lessee pledges
to reimburse the actual cost thereof, including all related expenses and fees
within fifteen days from receipt of Lessor's statement.
5) It will enjoy the premises as a good head of family, in accordance
with the utilization indicated above, and may not, in any case, do or cause
anything to be done that may deteriorate them; it must immediately notify Lessor
of any damage caused to the entire property and all damage or deterioration
produced on the leased premises.
6) It must remove without delay all frames and decoration as well as
all installations done by it and that need to be removed in order to seek and
repair leaks of all types, cracks in smoke or
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ventilation stacks, especially after a fire or leak, and in general, for the
execution of work, provided such search is proven to be justified.
[initials]
It may not invoke in any manner the liability of Lessor if the public water or
electricity services are interrupted in the building following repairs or other
causes.
7) Lessee may not engage on the leased premises in any construction or
demolition concerning the masonry of the building, nor piercing of walls,
partitions or floors, without express written consent from Lessor, whereby the
work authorized by the latter must be done under the supervision of its
architect, whose fees will be paid by Lessee.
The work authorization must be materialized in three acts:
o a precise description
o a modification plan mentioning the current condition
o the insurance policies necessary for the realization of the work
which must be signed and approved by Lessor.
However, at the time of the request for authorization, Lessor may condition its
agreement on the restoration of the premises to their original state.
8) All embellishments, constructions, modifications, improvements,
installations and decorations of any type done by Lessee on the leased premises
during the term of the lease, remain, at the end of the lease, at any time and
under any status, property of Lessor, without any indemnity for Lessee,
including electric installations, air conditioning units in their entirety, and
all other elements of equipment possibly installed on the leased premises,
without limitation.
Lessee will allow, without remedy against Lessor, the work executed in the
building, on the public road, or in neighboring buildings, even if they
constitute a nuisance for its operation.
9) Lessee must pay for any modification of the incoming pipe,
replacement of the meter or internal installations that may be required by the
distributors of water, electricity, heating or air conditioning.
In particular, in the event or installation of a lost water air conditioning
system, it pledges to install a separate meter at its own expense.
10) Lessee must comply with all charges, city regulations, police and
road regulations and do nothing that may trouble the tranquility or cause a
trouble of enjoyment to the neighbors and to the inhabitants of the building,
especially due to noise, odors, smoke, etc., whereby the owner declines any
liability in this regard.
11) It must rigorously comply, in the operation of its activity, with
laws, regulations and
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administrative prescriptions, and must take upon itself, if applicable, any
modifications or installations that may be required by the administration or
health services so that Lessor may never be preoccupied in this regard.
[initials]
12) It must take all necessary precautions to avoid all noises, odors,
and smoke and to prevent the existence of any harmful animals or insects.
It must continuously supervise its personnel and assure their correct behavior.
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It will allow the installation and passage of all water, gas, electricity, and
heating pipes, all ducts regardless of their location, apparent or not found on
the leased premises and its accessories or appurtenances, to the entire extent
required, not only for the service of its own premises, but for the service of
the building.
13) All tenant repairs concerning the leased premises, including
repairs and replacements that become necessary during the lease, in glass and
mirrors, shutters, glass panes, chutes, water chutes, etc., will be paid by
Lessee. It will have the obligation to maintain everything in good cleanliness,
maintenance and operating condition.
14) Lessee may not claim from Lessor damages or rent reduction for
leaks, floods, water damages or infiltrations of any type produced on the leased
premises for any reason whatsoever.
15) Lessee must allow Lessor, its agent, and any person bearing the
authorization of Lessor to visit the leased premises whenever they deem fit,
especially in the event of work or repairs or during six months before the end
of this lease; with the understanding that Lessor must notify Lessee
sufficiently in advance and in writing, and take all necessary steps to
interfere as little as possible with its activity. Furthermore, Lessee must
allow Lessor, its agent, or any person bearing the authorization of Lessor to
visit the leased premises whenever they deem fit in the event of sale of the
building, during three months after the building is put on the market.
16) Lessee will insure and keep insured throughout the term of the
lease against the risks of fire and explosion, implosion, glass breakage, as
well as tenant risks, remedy of third parties and neighbors, water damages,
without limitation to this list, the furniture, movables, equipment and
merchandise found on the leased premises. The mirrors and glass in the space are
not insured together with the building.
It must regularly pay premiums and prove such payment at the first request of
Lessor.
Concerning more particularly the operation of the premises, Lessee must insure
it pursuant to applicable administrative and legal regulations.
Lessee will insure the leased premises at their reconstruction value.
17) Liability and remedy:
Lessee and its insurers expressly waive any remedy and action against Lessor and
its insurers, either due to the total or partial destruction of its equipment,
furniture, movables and merchandise and, more generally, any objects belonging
to it or in its possession for any reason whatsoever, or for their deterioration
or for deprivation of enjoyment of the premises, and even in the event of total
or partial loss of its business, including the intangible elements related to
such business.
Reciprocally, Lessor and its insurers expressly waive any remedy and actions to
which they may be
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entitled against Lessee and its insurers, in the event of damage of any type,
direct or indirect, incurred by the leased premises, equipment or furniture made
available to Lessee, as well as for loss of rent, trouble of enjoyment, or loss
of operation caused to third parties that may arise therefrom.
[initials]
Furthermore, Lessee declares that it waives any remedy against Lessor and its
insurer/s.
- In the event of damage, fire, theft, water damage, humidity or any
other circumstance affecting its own assets and the assets that may be
considered real estate by nature, by utilization or by incorporation,
installed at its expense, whereby Lessee must take insurance against
such risks,
- In the event of theft or other criminal act to which Lessee may be
victim in the premises,
- In the event of notification, interruption, or elimination of the
security guard of the building,
- In the event of interruption or untimely operation in water, gas,
electricity, air conditioning service or, in general, in the event of
interruption or stoppage, even prolonged, for a cause beyond the
control of Lessor, in fluid service, heating, or any elements of the
common equipment of the building,
Lessee also waives claims against Lessor, in the event of material or intangible
damage not intentionally caused by Lessor, indemnity for deprivation of
enjoyment or loss of operation due to the total or partial interruption of its
operation for any reason whatsoever.
18) Lessee will pay exactly the taxes, professional tax, and in
general, all taxes, contributions, and dues payable by it, and for which Lessor
may be responsible for any reason. It must prove such payment to Lessor at any
request.
It will also pay the land tax for the leased premises and any new taxes
concerning the premises that may be required by the Tax Administration, even if
normally such taxes are paid by Lessor.
It will also pay the lease fee and the additional lease fee tax if Lessor does
not maintain its VAT option.
19) Lessee will be obliged to pay, from the effective date of the
lease, to Lessor or its manager, its share of all charges, services or expenses
or the building, including the taxes and dues related to the building, such as
sweeping tax, tax for removal of household garbage and industrial or commercial
waste, land taxes and related taxes, as well as any new tax or those replacing
them.
[handwritten] land tax ~14,000 Francs
-------------
20) Finally, it will pay directly its consumption of electricity,
water, heating, and the expenses of all telephone subscriptions, taxes, and cost
of all communications.
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21) Lessee must not cause the installation of any sign or advertising
plaque on the facade of the leased premises, nor modify the exterior appearance
of the building by installing awnings, canopies, blinds, signs, etc., without
authorization from Lessor, the Administration concerned, and the condominium.
Should Lessee wish to install a commercial plate, it must be in accordance with
the appearance of the building, installed next to the existing one, in the same
size and style as the latter, at Lessee's exclusive expenses and with prior
approval.
[initials]
It will pay the cost of any tax or royalty related to these signs.
22) Lessee may not request a reduction of rent or indemnity in the
event of suppression, interruption or poor operation of the various services of
the building (heating, water, electricity, etc.), regardless of their cause and
duration.
23) Lessee pledges to move in and move out most of its furniture
through the windows of the leased space.
ARTICLE 6 - TRANSFERS - SUBLEASES
Lessee may not transfer the enjoyment of the leased premises to any party, in
any form, even temporarily, be it free of charge and precarious, and may not
sublease all or part of the premises or place its business under lease
management.
However, Lessee may sublease or domicile one or several companies legally
belonging to the same group as Lessee on the leased premises. To do so, it must
submit the company or companies to Lessor, by registered letter with
acknowledgment of receipt, for approval.
Such approval must be the object of a written confirmation and agreement between
the parties, to wit: Lessee, Lessor, and the subLessee or subLessees.
In any event and at any time, the subLessee or subLessees may not claim direct
or indirect rights against Lessor, whereby Lessee remains the sole guarantor,
jointly liable for the charges and conditions of this lease.
It is specified that the subLessee or subLessees will not have at any time any
right or any occupancy title enforceable against Lessor at the end of the lease.
Lessee may not transfer its right in this lease other than in whole to the buyer
of its entire business, which will perform all activities described in the
lease, with obligation to call the Lessor to participate in the transfer, under
penalty of nullity of the transfer granted in violation of this clause, and even
cancellation of this lease, if Lessor so chooses.
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Lessee will remain joint ly and severally guarantor with its transferee and all
subsequent transferees for the payment of rent, charges accrued or yet to
accrue, and for the performance of the conditions hereof.
To be valid, any transfer must be instrumented in the presence of Lessor or
after duly inviting Lessor to participate.
A registered copy of the transfer document must be given to Lessor at no charge,
within 15 days from the transfer.
Lessee must send to Lessor, by registered letter with acknowledgment of receipt,
the draft transfer instrument in its entirety, indicating in particular, under
penalty of nullity of the notification, the name and address of the buyer, the
price, payment terms and, in general, all the conditions of the planned
transfer, as well as the places, day and time scheduled for the execution of
this transfer, which may not take place less than one month after receipt of
this notification.
[initials]
Said draft will be signed by the candidate buyer, with the mention that the
draft is signed as a simple declaration of intent. If the parties executed
binding agreements, even with the suspensive condition of settlement of the
preferred rights and settlement of creditors' rights, the above notification
must include the termination of the entire said instrument.
Lessor will have the right, within one month from receipt of said notification,
to inform Lessee in the same manner, in accordance with the preferred right
recognized to it, under equal conditions of its decision to use this right for
its own profit or for any individual or artificial person it wishes to
substitute.
In the event of exercise of the preferred right, the transfer must then be
settled within fifteen days.
The preferred right so defined will be imposed under the same conditions to the
successive buyers during the entire term of the lease, its extension, or
renewals.
The formal condition above, and, in particular, the provisions concerning the
preferred right, will apply to all transfers regardless of their form and
method; transfers for payment or free of charge, transfer or contribution of the
lease right and business, amicable or court-ordered transfer.
ARTICLE 7 - INTERNAL REGULATION - CONDOMINIUM REGULATION
In the interest of the security, hygiene, good order and cleanliness of the
building, Lessee pledges that its behavior will be peaceful and to comply, in
addition to municipal and prefectural decisions, with all orders that may be
given to it by Lessor. It may not engage on the leased premises in any public
sale of furniture or other objects.
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It must not use any device or machine which, by noise, odor, humidity, or
trepidations would be of a nature to bother the other tenants, the neighbors or
to damage the building.
It must pay all city and police charges, foreseen or unforeseeable, usually paid
by tenants, and comply with police regulations.
Lessee must deposit its personal garbage in the containers installed for this
purpose in the building.
Furthermore, it is formally agreed that neither Lessor nor its employees will be
responsible for theft, embezzlement, robbery, or attempts of such crimes against
the tenant and the resulting damage, including to the real estate assets, and
that Lessor will not take any responsibility for the personal services requested
by Lessee from its employees, such as commission, communications, other than in
connection with the keys, cash, or objects held by them on behalf of the tenants
or third parties.
By express agreement, Lessor declines responsibility as of now, pursuant to
article 1725 of the Civil Code for any damage or trouble of enjoyment that may
be caused to Lessee because of third parties; Lessee waives any remedy against
it and may exercise directly its remedy, if it so chooses, against the authors
of the trouble, whereby, in addition, Lessor hereby subrogates it in its rights
and actions in relation to this issue.
[initials]
In the event of absence, it must leave the keys of the premises with a person
designated by it to Lessor, so that in the event of accident, fire, water or gas
leak, work, or any other reason, it may be possible to access the leased
premises and that, in the event of loss, all necessary precautions may be taken
immediately.
ARTICLE 8 - MAIN RENT
This lease is granted and accepted for an annual rent of 587,500 FRANCS (FIVE
HUNDRED EIGHTY-SEVEN THOUSAND FIVE HUNDRED FRANCS) not including charges and
taxes, which Lessee pledges to pay with the related value added tax, by quarter
and on maturity. The quarters begin on the first day of January, April, July and
October.
ARTICLE 9 - TRANSITION TO THE SINGLE EUROPEAN CURRENCY
As needed and pursuant to the general principles of monetary law, receivables of
amounts of money, expressed and/or payable in French Francs hereunder, will be
ipso jure considered expressed and/or payable in the single European currency
when the Franc stops being legal or, more generally, is replaced by the single
European currency pursuant to community and/or national regulations.
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The rate and conditions for the conversion of the French Francs will be those
resulting from the application of the provisions of article 109-L of the Treaty
of the European Union.
Of course, the replacement of the French Franc by the single European currency
will not cause an innovation or breach between the parties, even if, for
technical reasons, the National Construction Cost Index published by INSEE is
replaced by a substitution index or a similar or equivalent index.
ARTICLE 10 - SLIDING SCALE CLAUSE
The rent established above will be automatically revised each year on the due
date and for the first time on April 1, 2001, upwards or downwards and in the
exact proportion of the variation of the Construction Cost Index published by
INSEE whereby the contractually chosen base index is that of the third quarter
of 1999 (1080), so that the first revision on April 1, 2001 will be based on the
variation of the indexes of the third quarter 1999 and third quarter 2000.
For the following years, the comparison index used to calculate the revision
will be the index of the third quarter of the year preceding the revision and
the base index, the index of the third quarter of the year preceding the
comparison index.
If, for any reason, the index published by INSEE becomes inapplicable, the
parties agree to replace it by a new equivalent index which will be determined,
in the absence of agreement, by order upon request of the President of the Court
of First Instance of Paris.
The rent indexation clause constitutes an essential and decisive clause without
which Lessor would not have contracted.
[initials]
ARTICLE 11 - PAYMENT OF THE RENT
Lessee pledges to pay the rent and its incidentals to Lessor, on the four due
dates during the year, on the first day of January, April, July and October.
For this purpose, Lessee pledges to pay to Lessor the amount established by the
latter as down payment on charges, services, supplies, taxes and others. At the
end of the year, i.e., December 31 of each year, a final statement will be
issued with the due date notice of June, and any possible excess paid will be
reimbursed.
Lessor pledges to communicate to Lessee, at the first request of the latter, any
receipt related to the final statement of charges. In the event of assignment of
the lease during the year, the final statement will be issued with the results
of the prior year and projections for the current year.
In the event of dispute, the payments made by Lessee will be applied by Lessor
in the following order:
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- expenses for collection and proceedings
- damages
- interest
- security deposit and adjustment of the security deposit
- receivables for rent or occupancy indemnities; concerning these
items, the application will be made by Lessor with priority from the amounts
that are not contested
- adjustment in the working capital fund
- provision on common charges
Within each of these items, priority will be given to accessories or
appurtenances over the main space.
ARTICLE 12 - SECURITY DEPOSIT
As a surety and guarantee for the performance of the obligations of all types
arising from this lease for Lessee, the latter pays today the amount of 146,875
Francs corresponding to three months of rent in the first year.
This amount will be kept by Lessor during the entire term of the lease until
full and final payment of any indemnity of any nature Lessee may owe to Lessor
at the end of the lease and when it vacates the premises.
This amount will not produce interest.
In the event of cancellation of the lease for non-performance of these
conditions or for any cause imputable to Lessee, such guarantee payment will
remain in the hands of Lessor as first damages, without prejudice to all others.
[initials]
It is expressly agreed that, in the event of variation in rent under the above
clause, the amount paid as security deposit must be matched to the new rent, so
that the security deposit is always in an amount equal to three months of rent.
Lessee will pay, when paying the first increased rent, the amount necessary to
replenish the deposit, and in the event of reduction of the rent, Lessor will
refund to Lessee the amount in excess.
In addition, in the case of Lessor's debt, it must be offset against any
receivables arising from this lease possibly held by Lessor against Lessee, and
then, in the event of a settlement or court-ordered liquidation, Lessor has
grounds to offset the amount of such security deposit against any amounts liable
to be declared by it as receivables, whereby the modification does not change
the nature of the receivables or the possible privileges attached thereto.
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ARTICLE 13 - COMMON CHARGES OF THE BUILDING
Lessee will pay charges by paying a provision calculated quarterly, based on the
prior charges. These provisions will be deducted from the actual charges
calculated annually.
For the first year, the provision is of 52,875 FRANCS (FIFTY-TWO THOUSAND EIGHT
HUNDRED SEVENTY-FIVE FRANCS), the VAT being billed separately.
Lessee's contribution to charges will be calculated on the basis of the current
distribution of the building, i.e., 261 square meters for the lot concerned of
the general common parts of the building, out of a total of 2,061 square meters.
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It is specified that the charges correspond:
- to all the taxes of the building, including land tax,
- to the services rendered by Lessor related to the building as well
as condominium charges in full, not including the work referred
to in article 606 of the Civil Code,
- to expenses for equipment, upkeep, cleaning, maintenance, repair,
refurbishing, replacements, renewal, reconstruction, monitoring,
security guards, security, bringing up to Code, improvement, even if
such work is caused by the old age of the building or unless they
concern the cases referred to in article 606 of the Civil Code,
management of the common parts, without limitation thereto,
- to the expenses and fees of the building manager,
so that the rent received by Lessor is net and free of any expenses.
The provisions will be paid quarterly under the conditions and on the dates of
payment of the rent.
If, at the end of the quarter, the provision paid is lower than the previous
charges, Lessee pledges to reimburse, at Lessor's first request, all amounts
that become necessary to compensate the amount of the real charges.
Lessor will issue an annual statement of accounts. Consequently, it pledges to
give Lessee an exact statement of the tenant charges for the past year, sent to
Lessee within six months from the end of said year, whereby each year taken into
consideration is a calendar year.
[initials]
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This statement, after being certified by the manager of the building, will be
final both for Lessor and for Lessee.
If, at the end of the year, the provisions paid are lower than the actual
charges, Lessee pledges to reimburse, at Lessor's first request, all amounts
necessary to compensate the total amount of the actual charges. Excess amounts
paid are deducted from the provisions of the current year.
If, for any reason, Lessee must leave the premises hereunder, the amount
corresponding to the statement of provisions paid by Lessee until its departure
and the charges actually paid by Lessor until that time, will be issued ipso
jure, with deduction from the security deposit, as set forth herein.
ARTICLE 14 - PENALTY CLAUSE
Any amount owed by Lessee for charges, under the clauses and conditions hereof,
will be automatically increased by 10% if the payment is not made within 10 days
after the notice sent by Lessor either by extrajudicial act or by registered
letter, with return receipt requested.
ARTICLE 15 - OCCUPANCY INDEMNITY
In the event that, in spite of a decision establishing the application of the
cancellation clause, or the cancellation of the lease, Lessee refused to vacate
the premises, it will owe an occupancy indemnity established on the basis of the
last contractual rent plus 50% until the actual release of the leased premises.
ARTICLE 16 - RESOLUTORY CLAUSE
Should Lessee fail to pay any of the charges and comply with the conditions of
the lease or to pay on the due date even a single rent, partially or in full, or
should it fail to pay rent incidentals, the amount of the penalty clause, the
amount of the occupancy indemnity, all overdue amounts arising from a court
decision, especially by revision or renewal, including court established
interest on these additions to overdue rent, all other contractual interest,
additions to the security deposit and, in general, should it fail to pay any
amounts owed by application hereof, the lease will be cancelled ipso jure and
without any judicial formality one month after a notice to pay or a summation to
pay which remains without effect during this term, containing Lessor's
declaration of intent to use the benefit of this clause.
In all events, should Lessee refuse to leave the premises, although the lease is
cancelled ipso jure, its eviction may be ordered by simple order or referral
rendered by the President of the Court of First Instance which will be executory
provisionally based on the original judgment.
ARTICLE 18 - TOLERANCES - LOCAL USAGE
No tolerance from Lessor may create a right for Lessee or a derogation hereto.
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[initials]
17
For all aspects not set forth, reference is made to the law and local usages.
ARTICLE 19 - ELECTION OF DOMICILE
For the performance hereof, the parties elect domicile, to wit:
- Lessor at its domicile or headquarters, - Lessee on the leased
premises.
Lessee pledges to inform Lessor of any change of its headquarters.
Issued in two originals,
On 13 pages and 1 addendum
In Paris, 03/31/2000
LESSEE LESSOR
[signature] [signature]
ENCLOSURES: Plans of the premises
