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EXHIBIT 10.2
BRIDGEVIEW MANAGEMENT COMPANY, INC.
0000 Xxxxx Xxxxxx
Xxxxx Xxxxx, Xxx Xxxxxx 00000
35 Xxxxxxxx Corporation
X.X. Xxx 000
00 Xxxxxxxxxx Xxxxxx
Xxxxx Xxxx, XX 00000
c/o Xx. Xxxxxxx X. Xxxxxxx
Dear Xx. Xxxxxxx:
This Letter Lease Agreement made this 7th day of May, 1998, by and between
BRIDGEVIEW MANAGEMENT COMPANY, INC. (Lessor) and 35 XXXXXXXX CORPORATION
(Lessee), covers the rental of the acreage shown in Schedule A, under the
following conditions:
1. This agreement covers certain acreage located at 0000 Xxxxx Xxxxxx,
Xxxxx Xxxxx, Xxx Xxxxxx, including the area as identified on the
attached site plan (Schedule A), consisting of approximately one (1)
acre of land (the "Demised Premises").
2. Lessee may use the Demised Premises only for the storage of
previously leased automobiles, subject to all applicable laws and
regulations. Nothing herein shall be construed to permit Lessee to
store inoperable or junked vehicles or automobile parts at the
Demised Premises. Lessee shall not perform any service, maintenance or
preparation work on any vehicle at the Demised Premises, unless and
until a building is renovated or constructed for that purpose, with
Lessor's consent, at the Demised Premises. It is understood and agreed
that Lessee intends to occupy an office on the Demised Premises for
its use during the term of this lease. Lessor will be solely
responsible for all maintenance and upkeep of such office, and shall
remove all from the Demised Premises upon the termination of this
lease.
3. The gross rental will be $2,000.00 per month, payable on the first
day of each month. This amount includes the cost of all common area
maintenance charges. Rent for any partial month shall be prorated.
Rent for the month of May 1998 shall be paid upon commencement of the
term of this lease.
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4. The term of this lease shall be for one hundred twenty (120) days,
beginning on May 7, 1998, and ending on July 6, 1998.
5. Upon signing this lease, Lessee shall deposit the sum of $4,000 with
Lessor as security for performance of this lease. The security
deposit(s) shall be returned to Lessee without interest within 30
days of the termination of this lease, if Lessee has complied with
all of its obligations under this lease.
6. Lessee shall not sub-let the Demised Premises or any portion thereof
nor shall this lease be assigned without Lessor's written consent,
except that Lessee may assign this lease, upon written notice to the
Lessor, to a successor company to the Lessee established by an
initial public offering during the next ensuing three (3) to six (6)
months following the execution of this lease.
7. It is understood and agreed that Lessee intends to operate "low
clearance" automobile carriers which will require smooth and level
access to the Demised Premises, and, from time to time and only
during regular business hours.
8. Lessee shall, at its sole cost, indemnify Lessor and save Lessor
harmless against and from any and all claims arising from the use,
conduct, management of or from any work or thing whatsoever done in
or on the premises during the initial term or any extension by
Lessee, its agents, servants, employees, licensees, invitees or
independent contractors acting on its behalf, and further shall
indemnify Lessor and save Lessor harmless against and from any and
all claims arising from any condition of, on or at the premises,
resulting or arising from any negligence, intentional act or omission
of Lessee, or any of its agents, servants, employees, licensees,
invitees or independent contractors acting on its behalf.
9. Lessee shall, throughout the initial term, and any option periods of
this agreement, maintain the following insurances:
A. Insurance against loss or damage to Lessee's automobiles,
trailer, equipment and other personal property, by fire and
extended coverages.
B. Comprehensive and general liability insurance policy
covering claims for personal injury or damage to the
property of others in an amount not less than $1,000,000.
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C. Workers compensation insurance in compliance with the New
Jersey State statutes covering its employees on the
premises.
10. It is understood and agreed that the security guard stationed at the
entrance to the property of which the Demised Premises are a part,
provides security only at the point of ingress and egress. Lessor
shall not be liable to Lessee for any damage or loss to Lessee's
property occurring in or about the Demised Premises, including but
not limited to damage or loss to any of Lessee's vehicles during
transit to or from, or storage at, the Demised Premises. Lessee may
in its discretion and at its sole cost, provide such additional
security as Lessee deems necessary to protect against such damages or
loss.
11. Lessor shall not be liable to Lessee for any inconvenience,
interruption, cessation or loss of business or otherwise, caused
directly or indirectly, by any present or future laws, ordinances,
orders, rules, regulations or requirements, or by priorities,
rationing or curtailment of labor or materials, or by war, civil
commotion, strikes, or riots, or by any matter or thing resulting
therefrom or by any cause beyond Lessor's control, including, without
limitation, casualty to the premises, nor shall this agreement in any
way be affected by such causes.
BRIDGEVIEW MANAGEMENT COMPANY, INC.
Lessor
Witness:
/s/ XXXX XXXXXXX By /s/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx, President
35 XXXXXXXX CORPORATION
Lessee
Witness:
[Signature Illegible] By /s/ XXXXXXX XXXXXXX
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Xxxxxxx Xxxxxxx, Owner
