Exhibit 10.7
Lease of Property Agreement
This lease of, made January 1, 2003, by and between Xxxxx Xxxxxx, whose address
is 000 Xxxxxx Xx. Xx. Xxxxxx, XX 00000 hereinafter called Lessor, and T&W
Lakeside, whose address is 000 XX Xx. Xx. Xxxxx Xxxx. Xx. Xx.Xxxxx, XX 00000,
hereinafter called Lessee,
Witnesseth:
1. That Lessor hereby leases to Lessee, and Lessee leases from
Lessor, subject to the terms and conditions herein set forth,
the following (hereinafter sometimes referred to as the
"Property"):
Model Land Co's S/D of XXX 00 00 00 XXX 1 XXX 0 XXX X 0/0 XX XXXX 0,0
XXX 0 - XXXX XX AND CANAL RS/ W- (22.56 ac) (OR 1316-1941 :13
16-1945)
All of which are included in the term Property as used herein. Lessee
hereby acknowledges occupancy of the aforesaid Property upon the terms
and conditions of this lease,
2. Lessor hereby leases to Lessee said Property for the purpose of
Storage and dump facility.
3. The term of this lease is month to month, beginning this day.
4. In consideration of said lease, Lessee covenants and agrees as
follows;
(a) To pay to Lessor for the possession and use of said Property for
the purpose aforesaid, dollars ($200.00), payable as follows: Monthly
by the first of each month.
(b) To safely keep and carefully use the Property and not sell or
attempt to sell, remove or attempt to remove, the same or any part
thereof, except reasonably for the purpose aforesaid.
(c) Lessee shall, during the term of this lease and until return and
delivery of the Property to Lessor, abide by and conform to, and
cause others to abide by and conform to, all laws and governmental
and airport orders, rules and regulations, including any future
amendments thereto, controlling or in any manner affecting operation,
use or occupancy of said Property or use of airport premises by said
Property.
(d) Lessee shall pay all taxes, assessments and charges on said
Property or its use during the time he is in possession of the same,
imposed by federal, state, municipal or other public, or other
authority; save Lessor free and harmless therefrom; and to these ends
reimburse Lessor on a pro rata basis for such taxes or charges paid
by Lessor hereto or hereafter.
(e) Lessee accepts the Property in its present condition, and during
the term of this lease and until return and delivery of the Property
Lessor the Lessee shall maintain it in its present condition,
reasonable wear and tear occurring despite standards of good
maintenance of Property excepted, and shall repair at his own expense
any damages to said Property caused by operation or use by lessee or
by others during the term of this lease and until delivery of the
Property to Lessor.
(f) Neither Lessee nor others shall have the right to incur any
mechanic's or other lien in connection with the repair, maintenance
or storage of said Property, and Lessee agrees that neither he nor
others will attempt to convey or mortgage or create any lien of any
kind or character against the same or do anything or take action that
might mature into such a lien.
(g) Lessee shall be responsible and liable to Lessor for, and
indemnify Lessor against, any and all damage to the Property, which
occurs in any manner from any cause or causes during the term of this
lease or until return and delivery of the Property to Lessor. Lessee
shall be responsible and liable for, indemnify Lessor against, hold
Lessor free and harmless from any claim or claims of any kind
whatsoever for or from, and promptly pay any judgment for, any and
all liability for personal injuries, death or property damages, or
any of them, which arise or in any manner are occasioned by the acts
or negligence of Lessee or others in the custody, operation or use
of, or with respect to, said Property, during the term of this lease
or until return and delivery of the Property to Lessor.
(h) Lessee will keep insured from and including this day until return
and delivery of the Property to Lessor, in such company or companies
as Lessor shall approve, according to applicable standard forms of
policy, and for the benefit of Lessor, (1) against loss or damage
from any cause or causes to the Property for the full value thereof
in the amount of one million dollars, and (2) against liability for
personal injuries, death, or property damages, or any of them,
arising or in any manner occasioned by the acts or negligence of
Lessee or others in the custody, operation or use of, or with respect
to said Property, in the amount of one million dollars relative to
personal injuries and/or death and one million dollars relative to
property damages.
(i) Lessee shall return and deliver, at the expiration of the term
herein granted, the whole of said Property to the Lessor in as good
condition as the same is, reasonable wear and tear excepted.
(j) It is mutually agreed that in case Lessee shall violate any of
the aforesaid covenants, terms and conditions Lessor may at his
option without notice terminate this lease and take possession of
said property wherever found.
LESSOR: /s/ Xxxxx Xxxxxx, Jr. DATE: 1-1-03
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LESSEE: /s/ Will Xxxxxxx DATE: 1-1-03
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