EXHIBIT 10.24
THIS LEASE, dated the 8th day of May, 2007
Between XXXXXX XXXXXX & SON (000) 000-0000
X.X. Xxx X
000 Xxxxx Xxxxxx, Xxxxx #000
Xxx Xxxx, XX 00000
Parties herein referred to as the Landlord, and
BigString Corporation
0 Xxxxxxx Xx., Xxx. X
Xxx Xxxx, XX 00000
herein referred to as Tenant,
WITNESSETH: That the Landlord hereby demises and leases unto the Tenant,
and the Tenant hereby hires and takes from the Landlord for
the term and upon the rentals hereinafter specified, the
premises described as follows, situated in the Boro of Red
Bank, County of Monmouth and State of New Jersey
Premises Being known as Suite E, 2,556 square feet of office space on
the first floor of the southeast side, together with the use
in common with other tenants of lavatories, corridors and
elevators, in the building known as 0 Xxxxxxx Xxxx, Xxx
Xxxx, Xxx Xxxxxx.
Term The term of this demise shall be for One Year
Beginning June 1, 2007 and ending May 31, 2008
The rent for the demised term shall be Forty Five Thousand
Three Hundred Sixty Dollars and 00/100 ($45,360.00).
The said rent is to be payable monthly in advance on the
first day of each calendar month for the term hereof, in
installments as follows:
Payment 6/1/07 - 5/31/08 $3,780.00
of Rent
at the office of Xxxxxx Xxxxxxxx & Son, X.X. Xxx X, Xxx
Xxxx, XX 00000 or as may be otherwise directed by Landlord
in writing.
THE ABOVE LETTING IS UPON THE FOLLOWING CONDITIONS:
Peaceful First. - The Landlord covenants that the Tenant on paying
Possession the said rental and performing the covenants and conditions
in this Lease contained, shall and may peaceably and quietly
have, hold and enjoy the demised premises for the term
aforesaid.
Purpose Second. - The Tenant covenants and agrees to use the demised
premises as a
General Office
And agrees not to use or permit the premises to be used for
any other purpose without the prior written consent of the
landlord endorsed hereon.
Default in Third. - The Tenant shall, without any previous demand
Payment of therefore, pay to the Landlord, or its agent, the said rent
Rent at the times and in the manner above provided. In the event
of the non-payment of said rent, or any installment thereof,
at the times and in the manner above provided, and if the
same shall remain in default for ten days after becoming
due, or if the Tenant shall be dispossessed for non-payment
of rent, or if the leased premises shall be deserted or
vacated, the Landlord or its agents shall have the right to
and may enter the said premises as the agent of the Tenant,
Abandonment either by force or otherwise, without being liable for any
Of Premises prosecution or damages therefore, and may relet the premises
as the agent of the Tenant, and receive the rent therefore,
upon such terms as shall be satisfactory to the Landlord,
and all rights of the Tenant to repossess the premises under
this lease shall be forfeited. Such re-entry by the Landlord
shall not operate to release the Tenant from any rent to be
paid or covenants to be performed hereunder during the full
Re-entry and term of this lease. For the purpose of reletting, the
Reletting by Landlord shall be authorize to make such repairs or
Landlord alterations in or to the leased premises as may be necessary
to place the same in good order and condition. The Tenant
shall be liable to the Landlord for the cost of such repairs
or alterations, and all expenses of such reletting. If the
sum realized or to be realized from the reletting is
insufficient to satisfy the monthly or term rent provided in
this lease, the Landlord, at its option, may require the
Tenant Liable Tenant to pay such deficiency month by month, or may hold
for Deficiency the Tenant in advance for the entire deficiency to be
realized during the term of the reletting. The Tenant shall
not be entitled to any surplus accruing as a result of the
reletting. The Landlord is hereby granted a lien, in
addition to any statutory lien or right to distrain that may
exist on all personal property of the Tenant in or upon the
demised premises, to secure payment of the rent and
Lien of performance of the covenants and conditions of this lease.
Landlord to The Landlord shall have the right as agent of the Tenant, to
Secure take possession of any furniture, fixtures or other personal
property of the Tenant found in or about the premises, and
sell the same at public or private sale and to apply the
proceeds thereof to the payment of any monies becoming due
under this lease, the Tenant hereby waiving the benefit of
all laws exempting property from execution, levy and sale on
distress or judgment. The Tenant agrees to pay, as
Performance additional rent, all attorney's fees and other expenses
Attorney's incurred by the Landlord in enforcing any of the obligations
Fees under this lease.
Sub-letting Fourth. - The Tenant shall not sub-let the demised premises
and Assignment nor any portion thereof, nor shall this lease be assigned by
the Tenant without the prior written consent of the Landlord
endorsed hereon. If tenant needs to sublet, landlord must
first be consulted and any sub-let will be considered only
at current market rates. Administrative costs of $250.00 and
brokerage commission will be charged for re-letting by
Landlord.
Conditions Fifth. - The Tenant has examined the demised premises, and
of Premises accepts them in their present condition (except as otherwise
expressly provided herein) and without any representations
on the part of the Landlord or its agent as to the present
or future condition of the said premises. The Tenant shall
keep the demised premises in good condition, and shall
redecorate, paint and renovate the said premises as may be
necessary to keep them in repair and good appearance. The
Tenant shall quit and surrender the premises at the end of
the demised term in as good condition as the reasonable use
thereof will permit. The Tenant shall not make any
alterations, additions, or improvements to said premises
Alterations without the prior written consent of the Landlord. All
And erections, alterations, additions and improvements, whether
Improvements temporary or permanent in character, which may be made upon
the premises either by the Landlord or the Tenant, except
furniture or movable trade fixtures installed at the expense
of the Tenant, shall be the property of the Landlord and
shall remain upon and be surrendered with the premises as a
part thereof at the termination of this Lease, without
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Termination compensation to the Tenant. The Tenant further agrees to
Inflammable keep said premises and all parts thereof in a clean and
Materials sanitary condition and free from trash, inflammable material
and other objectionable matter.
Mechanics' Sixth. - In the event that any mechanics' lien is filed
Liens against the premises as a result of alterations, additions
or improvements made by the Tenant, the Landlord, at its
option, after thirty days notice to Tenant, may terminate
this lease and may pay the said lien, without inquiring into
the validity thereof, and the Tenant shall forthwith
reimburse the Landlord the total expense incurred by the
Landlord in discharging the said lien, as additional rent
hereunder.
Insurance Seventh. - Tenant shall obtain, pay for, and keep in effect,
for the benefit of the Landlord and the Tenant, Public
Liability Insurance on the Rental space. The insurance
company must be acceptable to the Landlord, provided
Landlord shall act reasonable in judging such company's
acceptability. The coverage must be at least the minimum
amount of $1,000,000.00 under this Lease. Landlord shall be
named as an additional insured on such policy. All such
policies shall state that the insurance company cannot
cancel or refuse to renew without at least ten (10) days
written notice to the Landlord. Tenant shall deliver a
certificate of insurance to the Landlord, with proof of full
payment of the first year's premium prior to Landlord
granting access to the premises to the Tenant. Tenant shall
deliver a renewal certificate of insurance to Landlord not
less than 15 days before the expiration date of each policy.
Landlord and Tenant shall each obtain their own insurance
for fire and other casualty as to that property in which
that party has an insurable interest.
Glass The Tenant agrees to replace at the Tenant's expense any and
all glass that may become broken in and on the demised
premises. Plate glass and mirrors, if any, shall be insured
by the Tenant at their full insurable value in a company
satisfactory to the Landlord.
Liability Eighth. - The Landlord shall not be responsible for the loss
of Landlord of or damage to property, or injury to persons, occurring in
or about the demised premises, by reason of an existing or
future condition, defect, matter or thing in said demised
premises or the property of which the premises are a part,
or for the acts, omissions or negligence of other persons or
tenants in and about the said property. The Tenant agrees to
indemnify and save the Landlord harmless from all claims and
liability for losses of or damage to property, or injuries
to persons occurring in or about the demised premises. The
tenant at his own expense shall supply a business liability
insurance certificate stating landlord as an additional
insured to the landlord, with minimum liability coverage in
the amount of $1,000,000.00. All policies shall state that
the insurance company cannot cancel or refuse to renew
without at least 10 days written notice to the Landlord.
Services Ninth. - Utilities and services furnished to the demised
and Utilities premises for the benefit of the Tenant shall be provided and
paid for as follows: water by the Landlord; electricity by
the Tenant; heat by the Tenant; air conditioning by the
Tenant; hot water by the Landlord;
Tenants shall be responsible directly to the Landlord for
their share of the electrical usage from the Jersey Central
Power & Light Co. ("JCP&L") for Meter No. G28725665.
Supplemental individual usage meters are read by the
landlord each month in each suite the same day as JCP&L's
meter is read. From this reading, the Landlord calculates
Tenant's individual portion of the xxxx. JCP&L's meter is
and shall remain in the name of the Landlord and is
understood to service only suites A and E.
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The Landlord shall not be liable for any interruption or
delay in any of the above services for any reason.
It is understood that the trash is picked up each evening
from a container provided by Landlord in designated area of
parking lot. Tenant shall deposit their office trash in said
container. *See paragraph #29.
Right Tenth. - The Landlord, or its agents, shall have the right
to Inspect and to enter the demised premises at reasonable hours in the day
Exhibit or night, to examine the same, or to run telephone or other
wires, or to make such repairs, additions or alterations as
it shall deem necessary for the safety, preservation or
restoration of the improvements, or for the safety or
convenience of the occupants or users thereof (there being
no obligation, however, on the part of the Landlord or make
any such repairs, additions or alterations), or to exhibit
the same to prospective purchasers and put upon the premises
a suitable "For Sale" sign. For three months prior to the
expiration of the demised term, the Landlord or its agents,
may similarly exhibit the premises to prospective tenants,
and may place the usual "To Let" signs thereon.
Damage by Eleventh. - In the event of the destruction of the demised
Fire, premises or the building containing the said premises by
Explosion, the fire, explosion, the elements or otherwise during the
Elements or term hereby created, or previous thereto, or such partial
Otherwise destruction thereof as to render the premises wholly
untenantable or unfit for occupancy, or shall the demised
premises be so badly injured that the same cannot be
repaired within ninety days from the happening of such
injury, then and in such case the term hereby created shall,
at the option of the Landlord, cease and become null and
void from the date of such damage or destruction, and the
Tenant shall immediately surrender said premises and all the
Tenant's interest therein to the Landlord, and shall pay
rent only to the time of such surrender, in which event the
Landlord may reenter and re-possess the premises thus
discharge from this lease and may remove all parties
therefrom. Should the demised premises be rendered
untenantable and unfit for occupancy, but yet be repairable
within ninety days from the happening of said injury or
while repairs are being made, but shall recommence
immediately after said repairs shall be completed. But if
the premises shall be so slightly injured as not to be
rendered untenantable and unfit for occupancy, then the
Landlord agrees to repair the same with reasonable
promptness and in that case the rent accrued and accruing
shall not cease or determine. The Tenant shall immediately
notify the Landlord in case of fire or other damage to the
premises.
Observation Twelfth. - The Tenant agrees to observe and comply with all
Of Laws, laws, ordinances, rules and regulations of the Federal,
Ordinances, State, County and Municipal authorities applicable to the
Rules and business to to be conducted by the Tenant in the demised
Regulations premises. The Tenant agrees not to do or permit anything to
be done in said premises, or keep anything therein, which
will increase the rate of fire insurance premiums on the
improvements or any part thereof, or on property kept
therein, or which will obstruct or interfere with the rights
of other tenants, or conflict with the regulations of the
Fire Department or with any insurance policy upon said
improvements or any part thereof. In the event of any
increase in insurance premiums resulting from the Tenant's
occupancy of the premises, or from any act or omission on
the part of the Tenant, the Tenant agrees to pay said
increase in insurance premiums on the improvements or
contents thereof as additional rent.
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Signs Thirteenth. - No sign, advertisement or notice shall be
affixed to or placed upon any part of the demised premises
by the Tenant, except in such manner, and of such size,
design and color as shall be approved in advance in writing
by the Landlord.
Subordination Fourteenth. - This lease is subject and is hereby
of Mortgages subordinated to all present and future mortgages, deeds of
and Deeds trust or other encumbrances affecting the demised premises
of Trust or the property of which the premises are a part. The Tenant
agrees to execute, at no expense to the Landlord, any
instrument which may be deemed necessary or desirable by the
Landlord to further effect the subordination of this lease
to any such mortgage, deed of trust encumbrance.
Sale of Fifteenth. - In event of the sale by the Landlord of the
Premises demised premises, or the property of which said premises are
a part, the Landlord or the purchaser may terminate this
lease on the thirtieth day of April in any year upon giving
the Tenant notice of such termination prior to the first day
of January in the same year.
Rules and Sixteenth. - The rules and regulations regarding the demised
Regulations of premises, affixed to this lease, if any, as well as any
Landlord other and further reasonable rules and regulations which
shall be made by the Landlord, shall be observed by the
Tenant and by the Tenant's employees, agents and customers.
The Landlord reserves the right to rescind any presently
existing rules applicable to the demised premises, and to
make such other and further reasonable rules and regulations
as, in its judgment, may from time to time be desirable for
the safety, care and cleanliness of the premises, and for
the preservation of good order therein, which rules, when so
made and notice thereof given to the Tenant, shall have the
same force and effect as if originally made a part of this
lease. Such other and further rules shall not, however, be
inconsistent with the proper and rightful enjoyment by the
Tenant of the demised premises.
Violation of Seventeenth. - In case of violation by the Tenant of any of
Covenants, the covenants, agreements and conditions of this lease, or
Forfeiture of of the rules and regulations now or hereafter to be
Lease, Re- reasonably established by the Landlord, and upon failure to
entry of discontinue such violation within ten days after notice
Landlord thereof given to the Tenant, this lease shall thenceforce,
at the option of the Landlord, become null and void, and the
Landlord may re-enter without further notice of demand. The
rent in such case shall become due, be apportioned and paid
on and up to the day of such re-entry, and the Tenant shall
be liable for all loss or damage resulting from such
violation as aforesaid. No waiver by the Landlord of any
violation or breach of condition by the Tenant shall
constitute or be construed as a waiver of any other
violation or breach of condition, nor shall lapse of time
after breach of condition by the Tenant before the Landlord
shall exercise its option under this paragraph operate to
Non-waiver or defeat the right of the Landlord to declare this lease null
Breach and void and to re-enter upon the demised premises after the
said breach or violation.
Notices Eighteenth. - All notices and demands, legal or otherwise,
incidental to this lease, or the occupation of the demised
premises, shall be in writing. If the Landlord or its agent
desires to give or serve upon the Tenant any notice or
demand, it shall be sufficient to send a copy thereof by
registered mail, addressed to the Tenant at the demised
premises, or to lease a copy thereof with a person of
suitable age found on the premises, or to pose a copy
thereof upon the door to said premises. Notices from the
Tenant to the Landlord shall be sent by registered mail or
delivered to the Landlord at the place hereinbefore
designated for the payment of rent, or to such party or
place as the Landlord may from time to time designate in
writing.
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Bankruptcy, Nineteenth. - It is further agreed that if at any time
Insolvency, during the term of this lease the Tenant shall make any
Assignment for assignment for the benefit of creditors, or be decreed
Benefit of insolvent or bankrupt according to law, or if a receiver
Creditors shall be appointed for the Tenant, then the Landlord may, at
its option, terminate this lease, exercise of such option to
be evidenced by notice to that effect served upon the
assignee, receiver, trustee or other person in charge of the
liquidation of the property of the Tenant or the Tenant's
estate, but such termination shall not release or discharge
any payment of rent payable hereunder and then accrued, or
any liability then accrued by reason of any agreement or
covenant herein contained on the part of the Tenant, or the
Tenant's legal representatives.
Holding over Twentieth. - In the event that the Tenant shall remain in
by Tenant the demised premises after the expiration of the term of
this lease without having executed a new written lease with
the Landlord, such holding over shall not constitute a
renewal or extension of this lease. The Landlord may, at its
option, elect to treat the Tenant as one who has not removed
at the end of his term, and thereupon be entitled to all the
remedies against the Tenant provided by law in that
situation, or the Landlord may elect, at its option, to
construe such holding over as a tenancy from month to month,
subject to all the terms and conditions of this lease,
except as to duration thereof, and in that event the Tenant
shall pay monthly rent in advance at the rate of $7,560.00
per month.
Eminent Twenty-first. - If the property or any part thereof wherein
Domain, the demised premises are located shall be taken by public or
Condemnation quasi-public authority under any power of eminent domain or
condemnation, this lease, at the option of the Landlord,
shall forthwith terminate and the Tenant shall have no claim
or interest in or to any award of damages for such taking.
Security Twenty-second. - The Tenant has this day deposited with the
Landlord the sum of $5,670.00 as security for the full and
faithful performance by the Tenant of all the terms,
covenants and conditions of this lease upon the Tenant's
part to be performed, which said sum shall be returned to
the Tenant after the time fixed as the expiration of the
term herein, provided the Tenant has fully and faithfully
carried out all the said terms, covenants and conditions on
Tenant's part to be performed. In the event of a bona fide
sale, subject to this lease, the Landlord shall have the
right to transfer the security to the vendor for the benefit
of the Tenant and the Landlord shall be considered released
by the Tenant from all liability for the return of such
security, and the Tenant agrees to look to the new Landlord
solely for the return of the said security, and it is agreed
that this shall apply to every transfer or assignment made
of the security to a new Landlord. The security deposited
under this lease shall not be mortgaged, assigned or
encumbered by the Tenant without the written consent of the
Landlord. No portion of the security deposit, deposited here
under $5,670.00 may be applied by tenant against any rental
obligation due hereunder. A sum of $5,272.50 is on hand
under prior lease. A balance of $397.50 is due upon signing
this lease.
Arbitration Twenty-third. - Any dispute arising under this lease shall
be settled by arbitration. Then Landlord and Tenant shall
each choose an arbitrator and the two arbitrators thus
chosen shall select a third arbitrator. The findings and
award of the three arbitrators thus chosen shall be final
and binding on the parties hereto.
Delivery Twenty-fourth. - No rights are to be conferred upon the
of Lease Tenant until this lease has been signed by the Landlord, and
an executed copy of the lease has been delivered to the
Tenant.
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Lease Twenty-fifth. - The foregoing rights and remedies are not
Provisions intended to be exclusive but additional to all rights and
Not Exclusive remedies the Landlord would otherwise have by law.
Leasing
Binding On Twenty-sixth. - All of the terms, covenants and conditions
Heirs, of this lease shall inure to the benefit of and be binding
Successors, upon the respective heirs, executors, administrators,
Etc. successors and assigns of the parties hereto. However, in
the event of the death of the Tenant, if an individual, the
Landlord may, at its option, terminate this lease by
notifying the executor or administrator of the Tenant at the
demised premises.
Tenant Twenty-seventh. - This lease and the obligation of Tenant to
Obligation pay rent hereunder and perform all of the other covenants
and agreements hereunder on part of Tenant to be performed
shall in nowise be affected, impaired or excused because
Landlord is unable to supply or is delayed in supplying any
service expressly or implied to be supplied or is unable to
make, or is delayed in making any repairs, additions,
alterations or decorations or is unable to supply or is
delayed in supplying any equipment or fixtures if Landlord
is prevented or delayed from so doing by reason of
governmental preemption in connection with the National
Emergency declared by the President of the United States or
in connection with any rule, order or regulation of any
department or subdivision thereof of any governmental agency
or by reason of the conditions of supply and demand which
have been or are affected by the war.
No Oral Twenty-eighth. - This instrument may not be changed orally.
Changes
Trash and Twenty-ninth. - It is understood that Tenant shall comply
Recycle with the trash and recycling program as outlined and
enforced by the Boro of Red Bank and by the Landlord. It is
understood that trash is picked up each evening by the
Borough of Red Bank from a deposit container provided by
Landlord in designated area of parking lot. Tenant shall
deposit his office trash in said container.
Late Payment Thirtieth. - In every case in which Tenant is required by
the terms of this lease to pay Landlord a sum of money and
payment is not made within ten (10) days after the same
becomes due, a penalty of 5% shall be paid as additional
rent along with the sum of money owed. Interest on Late
Payment - If any sum of money is not paid within 30 days,
interest shall also be payable from the first due date at
the rate of (18%) per annum calculated on a per diem basis
until paid. However, if the amount of interest payable to
the foregoing exceeds the maximum rate allowed by law, then
interest on said unpaid sums shall accrue at the maximum
rate allowed by law. Landlord may at its option, cause such
late charge to be added to and become a part of the next
succeeding monthly installments of fixed rent to be made
pursuant hereto. Any payment made shall 1st be applied to
late fees, interest and other charges then to current rents.
Chair Pads Thirty-first. - Chair desk pads must be used on the carpet
under all rolling type chairs to preserve carpets.
Bulb Thirty-second. - Tenant shall be responsible for the cost of
Replacement replacement of all standard lamps and bulbs and all ballast
used by tenant in the Demised Premises. The building
management does not provide such service and tenant will be
billed appropriately when service is used.
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Smoke-Free Thirty-third. - This building is a SMOKE FREE building. All
Building Tenants are required to comply.
Parking Thirty-fourth. - It is understood that 4 parking spaces
shall be made available for Tenant in the 3 Xxxxxxx
Xx./Xxxxxx St. parking lot and her employees on an "as
available" basis in the lot known as 000 Xxxxx Xxxxxx, Xxx
Xxxx, only.
Lock Changes Thirty-fifth. - Landlord shall have a key for access to the
entire subject premises at all times. Landlord may enter the
premises at all times. If Tenant changes locks, the new keys
must be keyed to the Landlord's master key.
Notification At Thirty-sixth. - Tenant shall notify Landlord 4 months
End Of Lease (2/1/08) prior to expiration of this Lease if he intends to
Term vacate premises at the expiration of this Lease.
Signatures The landlord and the tenant agree to the terms of this Lease
by signing below. If a party is a corporation, this Lease is
signed by its proper corporate officers and its corporate
seal is affixed.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the day
and year aforesaid.
Xxxxxx Xxxxxxxx & Son
Landlord
Witness:
/s/ Xxxxx Xxxxxx-Xxxxxxx /s/ Xxxx X. Xxxxxxxx
--------------------------------- -----------------------------------
As to Landlord Xxxx X. Xxxxxxxx
Managing General Partner
Tenant
/s/ Xxxxx X. Xxxxx
--------------------------------- -----------------------------------
As to Tenant Xxxxx X. Xxxxx
Chief Executive Officer
XxxXxxxxx.xxx
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