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Exhibit 10.4
LEASE AGREEMENT
THIS LEASE AGREEMENT, made and entered effective the 1st day of
September, 1995, by and between XXXXXX XXXXXX (hereinafter "Owner") and
NUTRACEUTIX, INC., a Delaware corporation (hereinafter "Tenant"):
For and in consideration of the covenants, terms, conditions, agreements
and payments as set forth in this Lease Agreement, the parties hereto agree as
follows:
1.0 PROPERTY - LEASE PREMISES;
Owner hereby leases to Tenant upon the terms and conditions hereof the
real property consisting of approximately 8,000 square feet but in Owner's
building located at 0000 Xxxxxxxx Xxxxx, Xxxxxxxxx, Xxxxxxxx, as more
particularly described in Exhibit A attached hereto and by this reference made a
part hereof, which shall hereinafter be referred to as the "Premises."
2.0 TERM:
The term of this Lease shall commence at 12:01 A.M. on the 1st day of
the monthly following Owner's completion of the improvements set forth in
paragraph 7.0 below (Commencement Date) and unless terminated earlier as
provided for herein, shall end at 12:00 midnight 36 months after the
Commencement Date. Upon completion of the improvements, Owner and Tenant shall
jointly execute a certificate setting forth the Commencement Date for this
Lease.
3.0 RENT:
Tenant shall pay to Owner, at the address of Owner set forth below, the
following as rent for the Premises:
3.01 BASE RENT;
The base rental for the full term hereof shall be ONE HUNDRED
FIFTY THOUSAND and N0/100 DOLLARS ($150,000.00). Said rental shall be payable in
monthly installments (basic monthly rental) of FOUR THOUSAND ONE HUNDRED SIXTY
SIX and 67/100 DOLLARS ($4,166.67) in advance on the first day of each month
commencing on the Commencement Date and continuing monthly for the term hereof.
3.02 ADDITIONAL RENT:
3.02.01 REAL ESTATE TAXES;
Tenant agrees to pay to Owner, as additional rent, its
prorata share of the real estate and ad valorem taxes including
any and all special assessments which may be levied or assessed
by any lawful authority for each calendar year during the lease
term.
3.02.02 INSURANCE;
Tenant agrees to pay Owner, as additional rent, its
prorata share of the cost of insurance for fire and extended
perils coverage, public liability and property damage in
reasonable amounts as determined by Owner.
3.02.03 REPAIRS AND MAINTENANCE.
(a) Owner, at Owner's sole cost, agrees to maintain,
repair and replace, when necessary or appropriate, the
interior structural portions and the exterior of the
Premises, including, but not by way of limitation, the
roof; foundation; walls and floor of the Premises. Owner
shall further pay the cost of replacement of any
heating, air conditioning and ventilation units serving
the Premises.
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(b) Owner shall be responsible for repairs and
maintenance of the heating, air conditioning,
ventilator, electrical and plumbing facilities provided
such shall be done at the sole cost and expense of
Tenant. Owner shall further maintain and repair the
exterior and grounds of the Premises, including lawn
maintenance and snow and ice removal from sidewalks and
parking lots, all at the sole cost and expense of
Tenant.
(C) Except as provided hereinabove, Tenant shall be
responsible, at its sole cost and expense, for all other
repair and maintenance of the Premises. Tenant shall, at
the end of the term hereof, return the Premises to Owner
in substantially as good condition as when received
except for usual or ordinary wear and tear.
3.02.04 PRORATA SHARE:
Owner shall notify Tenant from time to time of the
amount which Owner estimates will be Tenant's monthly prorata
share of the taxes as provided in 3.02.01 above, insurance, as
provided in 3.02.02 above, and repairs and maintenance as
provided in 3.02.03(b) above for the calendar year or portion
thereof and Tenant shall pay to Owner such amount monthly in
advance on or before the first day of each month for the
calendar year, Owner shall submit to Tenant annually a statement
showing the taxes, insurance, repairs and maintenance to be paid
by Tenant during the preceding calendar year, the amount thereof
paid by Tenant during the preceding calendar year, and the
amount of the resulting balance due thereon, or overpayment
thereof, as the case may be. Any overpayment or underpayment
shall be considered by the Owner in setting the estimate of the
Tenants prorata share of said costs for the succeeding calendar
year.
"Tenant's prorata share" means that fraction, the
numerator of which is the gross leasable area of the demised
premises agreed to be 8,000 square feet and the denominator of
which is the gross leasable area of the Owner's building
(including the demised premises) which is agreed to be 14,400
square feet.
4.0 SECURITY DEPOSIT:
The Tenant shall tender upon the execution of this Lease and keep on
deposit with the Owner at all times during the term of this Lease, the sum of
FOUR THOUSAND ONE HUNDRED SIXTY SIX and 67/100 Dollars ($4,166.67) as security
for the payment by the Tenant of the rent and any other sums due under this
lease and for the faithful performance of all the terms, conditions and
covenants of this Lease. If at any time during the term of this Lease the Tenant
shall be in default in the performance of any provision of this Lease, the Owner
may (but shall not be required to) use any such deposit, or so much thereof as
necessary, in payment of any rent or any other sums due under this Lease in
default, in reimbursement of any expense incurred by the Owner and in payment of
the damages incurred by the Owner by reason of the Tenant's default, or at the
option of the Owner, the same my be retained by the
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Owner as liquidated damages. In such event, the Tenant shall, on written demand
of the Owner, forthwith remit to the Owner a sufficient amount in cash to
restore such deposit to its original amount. If such deposit has not been
utilized as aforesaid, such deposit, or as much thereof as has not been utilized
for such purposes, shall be refunded to the Tenant, without interest, upon full
performance of this Lease by the Tenant. Owner shall have the right to commingle
such deposit with other funds of the Owner, Owner shall deliver the funds
deposited herein by the Tenant to any purchaser of the Owner's Interest in the
Premises in the event such interest be sold, and thereupon, the Owner shall be
discharged from further liability with respect to such deposit. Notwithstanding
the above provisions of this section, if claims of the Owner exceed the deposit
provided for therein, the Tenant shall remain liable for the balance of such
claim.
5.0 PERSONAL PROPERTY-TAXES:
Tenant shall be responsible and pay for any and all taxes and
assessments levied on Tenant's furniture, fixtures, equipment and items of a
similar nature located on the Premises.
6.0 UTILITIES;
Tenant shall be solely responsible for and promptly pay all charges for
heat, gas, electric, sewer service and any other utility service used or
consumed by Tenant on the leased Premises. In no event shall Owner be liable for
any interruption or failure in the supply of any such utility to the leased
Premises.
7.0 ALTERATION - CHANGES AND ADDITIONS RESPONSIBILITY:
7.01 The Owner agrees to provide the Tenant, at its sole expense, the
shell for the demised premises.
7.02 Tenant intends to make alterations to the Premises in accordance
with the plans and specifications to be delivered to Owner with in five (5) days
of the date hereof. Owner shall have five (5) days thereafter to approve such
plans and specifications in Owner's sole discretion. In the event Owner and
Tenant fail to mutually agree on said plans and specifications on or before
October 5, 1995 this Lease Agreement shall terminate and be of no further force
or effect. Owner further reserves the right to approve all contractors and
subcontractors chosen by Tenant to construct the improvements on the Premises.
Tenant agrees to use those subcontractors suggested by Owner so long as the
costs are competitive with other such subcontractors. Owner shall reimburse
Tenant within thirty (30) days of receipt of invoices a total amount not to
exceed $18,000 for improvements related to constructing approximately 1,200
square feet of office space and two restroom facilities on the Premises. The
Owner agrees to pay the cost of the alterations and other finish of the demised
premises as specified in the attached plans in excess of $18,000.00, provided
that such excess costs together with interest at the rate of 10.75% per annum on
the outstanding balance shall be reimbursed to the Owner by the Tenant in equal
monthly payments, as additional rent, during the remaining term of the lease.
7.03 Subject to Owner's prior written approval, Tenant may, during
the term of this Lease, at Tenant's sole expense make such other changes or
alterations as Tenant may desire. At the end of this Lease, all such fixtures,
equipment. additions and/or alterations (except trade fixtures installed by
Tenant) shall be and remain the property of Owner; provided, however, Owner
shall have the option to require Tenant to remove any or all such fixtures,
equipment, additions and/or alterations and restore the leased
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Premises to the condition existing immediately prior to such change and/or
installation, normal wear and tear excepted, all at Tenant's cost and expense.
7.04 All work shall be done in a good and workmanlike manner and
shall consist of new materials unless agreed to otherwise by Owner. Any and all
repairs, changes and/or modifications thereto shall be the responsibility and at
the sole cost of Tenant. Owner may require adequate security from Tenant
assuring no mechanic's liens on account of work done on the Premises by Tenant.
8.0 SIGN APPROVAL: Tenant shall not install, paint, display, inscribe, place
or affix or otherwise attach, any sign, picture, advertisement, notice,
lettering or direction on the outside of the Premises for exterior view without
the written consent of the Owner, which consent shall not be unreasonably
withheld.
9.0 OBSERVANCE OF LAW: Tenant shall comply with all provisions of law,
including without limitation, federal, state, county and city laws, ordinances
and regulations and any other governmental, quasi-governmental or municipal
regulations which relate to the partitioning, equipment operation, alteration,
occupancy and use of the Premises, and the making of any repairs, replacements,
alterations, additions, changes, substitutions or improvements of or to the
Premises. Moreover, Tenant shall comply with all police, fire, and sanitary
regulations imposed by any federal, state, county or municipal authorities, or
made by insurance underwriters, and to observe and obey all governmental and
municipal regulations and other requirements governing the conduct of any
business conducted in the Premises.
10.0 WASTE AND NUISANCE: Tenant shall not commit, suffer or permit any waste
or damage or disfiguration or injury to the Premises or the fixtures and
equipment located therein or thereon, or permit or suffer any overloading of the
floors, sidewalks or paved areas on the Premises.
11.0 GLASS AND DOOR RESPONSIBILITY - TENANT:
All glass and doors on the leased Premises shall be the responsibility of the
Tenant. Any replacement or repair shall be promptly completed at the expense of
the Tenant.
12.0 USE OF PREMISES: Tenants shall use leased premise for processing,
manufacturing, blending, and packaging of health supplements, pharmaceuticals,
nutraceuticals, feed additives, natural materials, microbials, herbs and
phytochemicals, vitamins, organic and in-organic chemicals, amino acids, and
extracts of various origins. This list is not all inclusive in that the natural
products industry is rapidly developing new products, materials and processes.
Any other use requires owners written consent. Owners approval will not be
unreasonably ?????????????????.
13.0 INSURANCE:
13.01 RESPONSIBILITY OF TENANT:
Tenant shall procure, pay for and maintain comprehensive public
liability insurance and property damage insurance providing coverage from any
loss or damage occasioned by an accident or casualty, arising from use of the
Premises by Tenant, its employees, agents, guests and invitees in amounts not
less than One Million Dollars ($1,000,000) for bodily Injury and One Million
Dollars ($1,000,000) for property damage. Certificates of such insurance naming
Owner as an additional insured shall be delivered to Owner and shall provide
that said coverage shall not be changed, modified, reduced or cancelled except
upon thirty (30) days prior written notice to Owner.
13.02 RESPONSIBILITY OF OWNER:
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Owner agrees to maintain throughout the term of this Lease Agreement,
one or more policies of fire and standard extended coverage insurance that shall
include the demised premises (excluding Tenant's leasehold improvements,
fixtures, equipment, merchandise and other personal property from time to time
located on the demised premises) providing protection against perils included
within the standard form of all-risk insurance policy issued by insurance
companies in the State of Colorado. Upon request, the Owner shall provide the
Tenant with a Certificate of Insurance as required herein.
14.0 DAMAGE TO LEASED PREMISES:
In the event the leased Premises and/or the improvements of which the
leased Premises are a part shall be totally destroyed by fire or other casualty
or so badly damaged that, in the opinion of the Owner, it is not feasible to
repair or rebuild same, Owner shall have the right to terminate this Lease upon
written notice to Tenant. If the leased Premises shall be partially untenantable
thereby, as determined by Owner, an appropriate reduction of the rent shall be
allowed for the unoccupied portion of the leased Premises until repair thereof
shall be substantially completed. If the leased Promises are rendered
untenantable thereby, except if caused by Tenant's negligence, Tenant may, at
its election, terminate this Lease as of the date of the damage. If Tenant
elects not to terminate the Lease, the rent shall xxxxx in proportion to the
loss of use of the Premises by Tenant during such untenantability.
15.0 HAZARDOUS MATERIALS:
15.01 Tenant shall not cause or permit any Hazardous Material to be
brought upon, kept, or used in or about the Premises by Tenant, its agents,
employees, contractors, or invitees, except for such hazardous material as is
necessary or useful to Tenant's business.
15.02 Any Hazardous Material permitted on the Premises as provided
herein and all containers therefor, shall be used, kept, stored, and disposed of
in a manner that complies with all federal, state, and local laws or regulations
applicable to any such Hazardous Material.
15.03 Tenant shall not discharge, leak, or emit, or permit to be
discharged, leaked, or emitted, any material into the atmosphere, ground, sewer
system, or any body of water, if such material (as determined by the Owner or
any governmental authority) does or my pollute or contaminate the same, or may
adversely affect (a) the health, welfare, or safety of persons, whether located
on the Premises or elsewhere; or (b) the condition, use, or enjoyment of the
Premises.
15.04 As used herein, the term "Hazardous Material" means:
15.04.01 Any "hazardous waste" as defined by the Resource
Conservation and Recovery Act of 1976, as amended from time to
time, and regulations promulgated thereunder; and
15.04.02 Any "hazardous substance" as defined by the
Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended from time to time, and regulations
promulgated thereunder; and
15.04.03 Any oil, petroleum products and their byproducts; and
15.04.04 Any substance which is or becomes regulated by any
federal, state, or local governmental authority.
15.05 Tenant agrees that it shall be fully liable for all costs and
expenses related to the use, storage, and disposal of Hazardous Material kept on
the Premises by the Tenant. Tenant shall defend,
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indemnify, and hold harmless Owner and its agents from and against any claims,
demands, penalties, fines, liabilities, settlements, damages, costs, or expenses
(including, without limitation, attorneys' and consultant fees, court costs, and
litigation expenses) of whatever kind or nature, known or unknown, contingent or
otherwise, arising out of or in any way related to:
15.05.01 The presence, disposal, release, or threatened release
of any such Hazardous Material which affects soil, water,
vegetation, buildings, personal property, persons, animals, or
otherwise;
15.05.02 Any personal injury (including wrongful death) or
property damage (real or personal) arising out of or related to
such Hazardous Material;
15.05.03 Any lawsuit brought or threatened, settlement reached,
or government order relating to such Hazardous Material; or
15.05.04 Any violation of any laws applicable thereto. The
provisions of this paragraph shall be in addition to any other
obligations and liabilities Tenant may have to Owner at law or
at equity and shall survive the transactions contemplated herein
and shall survive the termination of this Lease.
16.0 INSPECTION AND RIGHT OF ENTRY TO PREMISES:
Owner and its agents shall have the right to enter the Premises at all
reasonable times for the purpose of examining or inspecting the same, to supply
any services to be provided by Owner to Tenant hereunder, to show the same to
prospective purchasers or tenants and to make such alterations, repairs,
improvements or additions, whether structural or otherwise, to the Premises as
Owner may deem necessary or desirable. Owner may enter by means of a master key
without liability to Tenant except for any failure to exercise due care for
Tenant's property and without affecting this Lease. Owner shall use reasonable
efforts on any such entry not to unreasonably interrupt or interfere with
Tenant's use and occupancy of the Promises and Owner shall notify Tenant prior
to entry except in cases of an emergency.
17.0 DEFAULT - REMEDIES OF OWNER:
17.01 In an event of default in the terms hereof by Tenant and failure
of Tenant to cure such default within five (5) working days after written notice
of default from Owner, the Owner shall have the following rights and remedies,
in addition to all other remedies at law or equity, and none of the following,
whether or not exercised by the Owner, shall preclude the exercise of any other
right or remedy whether herein set forth or existing at law or equity:
17.01.01 Owner shall have the right to terminate this Lease by
giving the Tenant notice in writing, and upon the giving of such
notice, this Lease and the term hereof as well as all the right,
title and interest of the Tenant under this Lease shall wholly
cease and expire in the same manner and with the same force and
effect on the date specified in such notice as if such date were
the expiration xxxx of the term of this Lease, without the
necessity of re-entry or any other act on the Owner's part. Upon
termination, the Tenant shall quit and surrender to Owner the
Premises. If this Lease is so terminated by the Owner, the Owner
shall be entitled to recover from the Tenant as damages, in
addition to other costs, damages, charges or obligations under
this Lease, the worth at the time of such termination of the
excess, if any, of the amount of rent reserved in this Lease for
the
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balance of the term of this Lease (which shall be calculated on
the then current rent under this Lease) in excess of the then
reasonable rental value of the Premises for the same period plus
all costs and expenses of Owner caused by the Tenant's default.
17.01.02 Owner may, without demand, or notice, re-enter and take
possession of the Premises or any part thereof, repossess the
same and expel the Tenant and those claiming through or under
the Tenant, and remove the effect of any and all such persons
(forcibly, if necessary) without being doomed guilty of any
manner of trespass and without prejudice to any remedies for
arrears of rent or preceding breach of covenants. Should the
Owner elect to re-enter as provided in this Section 17.01, or
should the Owner take possession pursuant to legal proceedings
or pursuant to any notice provided for by the law, the Owner
may, from time to time, without terminating this Lease, relet
the Premises or any part thereof for such other conditions as
the Owner may deem advisable, with the right to make alterations
and repairs to the Premises. No such re-entry or repossession of
the Premises by the Owner shall be construed as an election on
the Owner's part to terminate this Lease unless a written notice
of termination is given to the Tenant by the Owner. No such
re-entry or repossession of the Premises shall relieve the
Tenant of its liability and obligation under this Lease, all of
which shall survive such re-entry or repossession. Upon the
occurrence of such re-entry or repossession, Owner shall be
entitled to damages in the amount of the monthly rent, and any
other sums, which would be payable hereunder if such re-entry or
repossession had not occurred, less the net proceeds, if any, of
any reletting of the Promises after deducting all the Owner's
expenses in connection with such reletting including, but
without limitation, all repossession costs, brokerage
commissions, legal expenses, attorney's fees, expenses of
employees, alteration costs, and expenses of preparation for
such reletting. Tenant shall pay such liquidated damages to the
Owner on the days on which the rent or any other sum due
hereunder would have been payable if possession had not been
retaken. In no event shall the Tenant be entitled to receive any
excess, if any, of net rent collected by the Owner as a result
of such reletting over the sums payable by the Tenant to the
Owner hereunder.
17.01.03 No remedy herein or otherwise conferred upon or
reserved to Owner shall be considered exclusive of any other
remedy but shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law
or in equity or by Statute. Further, all powers and remedies
given by this Lease to Owner may be exercised, from time to
time, and as often as occasion may arise or as may be deemed
expedient. No delay or omission of Owner to exercise any right
or power arising from any default shall impair any such right or
power or shall be considered to be a waiver of such default or
acquiescence thereof. The acceptance of rental by Owner shall
not be deemed to be a waiver of any breach of any of the
covenants herein contained or of any of the rights of Owner to
any remedies herein given.
18.0 INDEMNIFICATION OF OWNER:
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Tenant shall indemnify the Owner and save it harmless from and against
any and all loss (including loss of rentals payable by the Tenant in the event
of loss either directly or indirectly caused by commission or omission of
Tenant), claims, actions, damages, liability and expenses in connection with
loss of life, personal injury and damage to property arising from any occurrence
in, upon or at the Premises or any party thereof, or occasioned wholly or in
part by any act or omission of the Tenant, its agents, contractors, employees,
servants, licensees, or concessionaires or invitees or by anyone permitted to be
on the Premises by the Tenant. In case the Owner shall, without fault on its
part, be made a party to any litigation commenced by or against the Tenant, then
the Tenant shall protect and hold the Owner harmless and shall pay all costs,
expenses and reasonable attorneys' fees incurred or paid by the Owner in
connection with such litigation. All personal property on the Premises shall be
at the Tenant's sole risk, and Owner shall not be liable for any damage done to
or loss of such personal property, or for damage or loss suffered by Tenant.
19.0 ASSIGNMENT OR SUBLETTIING:
Tenant may not assign the Lease or sublet the leased Premises without
the consent of the Owner which consent shall not be unreasonably withheld.
20.0 QUIET ENJOYMENT:
Owner agrees to warrant and defend Tenant in the quiet enjoyment and
possession of the Premises during the term of this Lease so long as Tenant is
not in default hereunder.
21.0 CONDEMNATION:
If more than twenty percent (20%) of the structural portion of the
Premises shall be taken by eminent domain, or by conveyance in lieu thereof, and
if such taking interferes substantially with the Tenant's use of the Premises,
then his Lease, at the option of either party evidenced by notice to the other
given within thirty (30) days from the taking or conveyance, shall forthwith
cease and terminate entirely. In the event of such termination of this Lease,
then rental shall be due and payable to the actual date of such termination. If
less than twenty percent (20%) of the Rentable Area of the structural portion
upon which the Premises is located, shall be taken, or if more than twenty
percent (20%) of the Premises is taken and neither party terminates this Lease,
this Lease shall cease and terminate as to that portion of the Premises so taken
as of the date of taking, and the rental thereafter payable under this Lease
shall be abated prorata from the date of such taking in an amount by which that
portion of the structural portion of the Premises so taken shall bear to the
structural portion of the Premises prior to such taking. If any part of the
building or real property shall be taken by eminent domain, or by conveyance in
lieu thereof, and if such taking substantially interferes with the Owner's
ownership or use of the building, the Owner, at its option, may, upon thirty
(30) days" notice to the Tenant. terminate this Lease as of the such taking. In
any event, the Owner shall receive the entire award for the land and
improvements taken by condemnation.
22.0 SUBORDINATION:
This Lease shall be and is hereby made subordinate to any mortgage or
deed of trust which may now or hereafter encumber the building, and to all
renewals, modifications, consolidations, replacements and extensions thereof.
This clause shall be self-operative and no further instrument of subordination
need be required by any mortgagee. In confirmation of such subordination,
however, Tenant shall, at Owner's request, execute promptly any appropriate
certificate, subordination agreement or instrument that Owner may request.
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23.0 OPTIONS:
23.01 Option to Extend:
Upon full and complete performance of all the terms, covenants
and conditions herein contained by Tenant and payment of all rental due under
the terms hereof, Tenant shall be given the option to extend this Lease for an
additional two (2) year term. In the event Tenant desires to exercise said
option, Tenant shall give written notice of such fact to Owner not less than one
hundred twenty (120) days nor more than one hundred eighty (180) days prior to
the expiration of the then current term of this Lease. Upon the Owners receipt
of the Tenant's notice of intent to exercise the option, the Parties shall,
within thirty (30) days, negotiate the rental rate for the additional period.
If, within the thirty (30) days the parties are unable to agree on a rental rate
for the additional period, this lease shall terminate upon its terms. If the
parties agree to a rental rate, this Lease Agreement shall be deemed to be
extended for the additional period.
24.0 GUARANTEE:
This Lease, and Tenant's performance hereunder, are personally
guaranteed by N/A individually.
25.0 INTEREST ON PAST DUE OBLIGATIONS:
Any amount due to Owner not paid when due shall bear interest at one and
one-half percent (1 1/2%) per month from due date until paid. Payment of such
interest shall not excuse or cure any default by Tenant under this Lease.
26.0 LATE CHARGE:
The Owner shall have the right to collect from Tenant, in addition to
any amounts due above, a monthly collection service charge equal to five percent
(5%) of the payment for any payment due to Owner hereunder which is delinquent
ton days or longer.
27.0 MEMORANDUM OF LEASE - RECORDING;
The parties hereto agree this Lease shall not be recorded in the office
of the Xxxxx and Recorder of the county in which the leased Premises are
located. In order to effect public recordation the parties hereto may, at the
time this Lease is executed, agree to execute a Memorandum of Lease
incorporating therein by reference the terms of this Lease, but deleting
therefrom any expressed statement or mention of the amount of rent herein
reserved, which instrument my be recorded by either party in the office of the
Clerk and Recorder of the court in which the leased Premises are located.
29.0 NOTICE:
All notices, demands, and requests which may or are required to be given
by either party to the other shall be in writing and shall be deemed to have
been properly given if served on Tenant or Owner by registered or certified
mail, postage prepaid, return receipt requested, addressed;
If to Tenant; NUTRACEUTIX, INC.
0000 000xx Xxxxxx, X.X.
Xxxxxxx, Xxxxxxxxxx 00000
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If to Owner: Xxxxxx Xxxxxx
0000 Xxxxx 000xx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
or at such other place as Tenant or Owner may from time to time designate in a
written notice to the other. Any notice given by mailing shall be effective as
of the second business day after mailing as shown by the receipt given therefor.
29.0 HOLDING OVER;
If after expiration of the term of this Lease, Tenant shall remain in
possession of the leased Premises and continue to pay rent without a written
agreement as to such possession, then Tenant shall be deemed a month-to-month
Tenant and the rental rate during such holdover tenancy shall be equivalent to
one hundred twenty five percent (125%) of the monthly rental paid for the last
month of tenancy under this Lease. No holding over by Tenant shall operate to
renew or extend this Lease without the written consent of Owner to such renewal
or extension having been first obtained,
30.0 MODIFICATION OR EXTENSIONS:
No modification or extension of this Lease shall be binding unless in
writing, signed by all parties hereto.
31.0 CONTROLLING LAW:
The Lease, and all terms hereof, shall be construed in accordance with
the laws of the State of Colorado.
32.0 BINDING UPON SUCCESSORS:
The covenants and agreements herein contained shall bind and inure to
the benefit of Owner and Tenant and their respective successors. This Lease
shall be signed by the parties in duplicate, each of which shall be a complete
and effective original Lease.
33.0 PARTIAL INVALIDITY,
If any term, covenant or condition of this Lease or the application
thereof to any person or circumstance shall, to any extent, be invalid or
unenforceable, the remainder of this Lease or the application of such term.
covenant or condition to persons and circumstances other than those to which it
has been held invalid or unenforceable, shall not be affected thereby, and each
term, covenant and condition of this Lease shall be valid and shall be enforced
to the fullest extent permitted by law.
34.0 FIRST RIGHT OF REFUSAL:
During the term of the Lease Tenant shall have a first right of refusal
to lease additional space in the building in which the Premises are located
exercisable by Tenant. in writing. within five (5) days after notice to Tenant
from Owner of the pending lease of such space.
35.0 EARLY OCCUPANCY:
Upon execution hereof and payment of the security deposit as provided in
paragraph 4.0 hereof, Tenant shall be entitled to occupy the Premises subject
to compliance with all the Terms and Conditions hereof with the exception that
in lieu of the Rent as set forth in Paragraph 3.0. Tenant shall pay rent of
$1,500 per month in advance effective September 18, 1995.
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LEASE AGREEMENT PAGE 10
11
IN WITNESS WHEREOF, the parties have executed this lease as of the date
hereof,
OWNER:
/s/ Xxxxxx Xxxxxx
-------------------------------------------
TENANT:
NUTRACEUTIX, INC., A DELAWARE CORPORATION
BY: /s/ XXXXXXX X. ST. XXXX
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LEASE AGREEMENT PAGE 11
12
EXHIBIT A
[BUILDING MAP]
13
CERTIFICATE OF COMMENCEMENT DATE
The undersigned hereby certify that the Commencement Date for that
certain Lease entered into between the parties on or about the 1st day of
September, 1995 for Premises consisting of approximately 8,000 square feet
located at 0000 Xxxxxxxx Xxxxx, Xxxxxxxxx, Xxxxxxxx is the 1st day of December,
1995.
OWNER:
/s/ Xxxxxx Xxxxxx
-------------------------------------------
TENANT:
NUTRACEUTIX, INC., A DELAWARE CORPORATION
BY: /s/ XXXXXXX X. ST. XXXX
----------------------------------------
