AGREEMENT FOR CANCELLATION OF LEASEHOLD INTEREST
Exhibit
10.07
AGREEMENT
FOR
This
Agreement for Cancellation and Surrender of Lease, dated this 31st day of March,
2008 is made and entered into by and between Tamarac Center, LLC, a Florida
Limited Liability Company hereinafter referred to "Landlord" and The Sagemark
Companies, Ltd., a New York Corporation referred to as "Tenant".
WHEREAS,
On
May
25, 2006, Landlord entered into a written Lease Agreement (the “Lease”) with
Tenant for those certain “Premises” known as 0000 Xx. Xxxxxxxxxx Xxxxx Xxxx 0 ,
Xxxxxxx, Xxxxxxx 00000 in that certain mixed use center known as Tamarac Center,
LLC., (Jewelry Exchange Center), Tamarac, Florida (the “Property”);
WHEREAS, Tenant
is
in default of the Lease and unable to continue the conduct of business from
the
Premises;
WHEREAS,
Landlord and Tenant mutually desire to terminate the Lease, as modified, so
that
Landlord and Tenant can be released and discharged from further performance
of
any obligations for the Leasehold including the payment of any future sums
hereunder which would accrue after March 31,
2008 so
that, in order to mitigate damages under the Lease, Landlord can enter into
a
“New Lease” with a replacement tenant effective April 1, 2008.
NOW
THEREFORE,
in
consideration of the mutual promises and covenants herein contained, and other
good and valuable consideration the receipt of which is hereby acknowledged,
Landlord and Tenant hereby agree as follows:
1. TERMINATION
DATE:
March
31, 2008
2.
RELEASE
OF LIABILITY:
Conditioned upon the performance of the provisions of this Agreement, Landlord
and Tenant shall, effective March 31, 2008, be fully and unconditionally
released and discharged from all obligations arising from or connected with
the
Lease.
3. TENANT'S
AUTHORITY:
Tenant
represents and warrants to Landlord that (a) Tenant holds all right, title
and
interest in and to the Lease as Tenant hereunder including, without limitation,
the sole right to occupation of the Premises and the enjoyment of all rights
and
privileges as Tenant under the Lease; (b) this Agreement and the performance
by
Tenant of all its obligations hereunder has been duly executed and delivered
by
Tenant and constitutes a legally valid and binding obligation of Tenant,
enforceable in accordance with its terms; (c) there is no claim,
demand,
obligation, liability, action or cause of action arising under the Lease; and
(d) the Premises are in good order and repair. These representations and
warranties shall survive delivery of this Agreement for Cancellation of the
Leasehold Interest, and the surrender of the Premises, and the termination
of
the Lease.
4. HOLD
HARMLESS:
Except
for Landlord’s gross negligence or willful misconduct, Tenant shall indemnify,
defend and hold Landlord harmless from and against any and all claims, actions,
and obligations arising out of the Lease or out of Tenant's occupation of the
Premises.
5. ATTORNEY'S
FEES:
If
either party commences an action against the other party arising out of or
in
connection with this Agreement, the prevailing party shall be entitled to
recover from the losing party reasonable attorney's fees and cost of
suit.
6. SUCCESSORS:
This
Agreement shall be binding upon and inure to the benefit of the parties and
their respective heirs, successors and assigns.
IN
WITNESS WHEREOF,
Tenant
and Landlord have executed this Agreement as of the date first above
written.
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Tamarac Center, LLC
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a Florida limited Liability Corporation
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a New York Corporation
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CBA Financial Inc, its Manager
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Xxxxxx X. Xxxxxxx
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BY:
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/s/ Xxxxxx Xxxxx
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BY:
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/s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxx, President
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Xxxxxx
X. Xxxxxxx
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Chief
Financial Officer
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"LANDLORD"
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"TENANT"
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