Exhibit 10.7
THIS LEASE is made this 9TH day of February, 2004, by and between Case
Holding Co., a FLORIDA corporation, of 0000 X. XXXXXXX XXX, XXXXX 000, XXXX
XXXXXXXXXX XXXXXXX (hereinafter referred to as "Lessor"), and Platinum Partners,
LLC, a Florida limited liability company, of 000 Xxxxx Xxxxxxx Xxxxxxx, Xxxxx
000, Xxxx Xxxxx, Xxxxxxx 00000 (hereinafter referred to as "Lessee" )
WITNESSETH: That the said Lessor hereby leases and demises unto the said
Lessee the following described premises:
10,312 SF +/- located at 0000 Xxxxxxx Xxxxx, Xxxxxxx Xxxxx, Xxxxxxx
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TO HAVE AND TO HOLD the premises from the 9TH day of February, 2004, for
the term of three (3) years thereafter, the said Lessee paying to the Lessor the
monthly rent(s) in accordance with the following rental rate schedule:
Feb. 9, 2004 - August 8, 2004 $0/month
Aug 9, 2004 - February 8, 2005 $10,000/month
February 9, 2005 - February 8, 2006 $11,600/month
February 9, 2006-.February 8, 2007 $11,948/month
All "CAM" charges are already included in the monthly rental rate schedule
listed above, Electric and sales tax are not included and Lessee shall be
responsible for all alarm fees relating to the demised premises as charged by
the City of Pompano Beach, FL. Monthly rent shall be paid in U.S. dollars in
accordance with the above schedule, being due on the 5 day of the month. Payment
shall be sent to: CASE HOLDING COMPANY, INC., 0000 XXXXX XXXXXXX XXXXXXX, XXXXX
000, XXXX XXXXXXXXXX, XXXXXXX 00000.
All Lessee improvements to the premises ("Lessee Improvements"), which
shall include, without limitation, painting, carpeting, etc., shall be performed
at Lessee's expense. All Lessee Improvements shall be subject to the approval of
Lessor, such approval not to be unreasonably withheld or delayed. Lessee
Improvements must be completed by the 60th day from the execution of this
Agreement, provided any such delay is not attributable to Lessor.
Notwithstanding the foregoing, during the term of this Agreement, Lessee shall
have the right to make interior partition changes to the subject premises
provided Lessee obtains all required governmental approvals and permits.
Lessee's electric xxxx shall be calculated based on the pro rata share
of the building occupied by Lessee, which is 68.63% of the total building
located at the premises. Therefore, the total monthly electric xxxx paid by
Lessee will be 68.63% of the monthly total for the building split with the
other tenant(s) in the building, the only other tenant being Imperial Majesty
Cruise Lines as of the date of the execution of this Agreement, occupying 31.37%
of the building Located at the premises.
Upon the expiration of this Agreement, Lessee shall have the right to
exercise an option to extend the lease term for a three (3) year period
commencing February 9, 2007 and ending February 8, 2010 ("Option Period").
Lessor shall notify Lessee, it writing, not later than 120 days prior to the
initial lease term expiration, inquiring as to whether Lessee desires to extend
the lease term for the Option Period, in the Lessee's sole determination. Upon
Lessee's receipt of notification from Lessor in accordance with Section 7,
Lessee shall have five (5) business days to respond to Lessor as to whether
Lessee desires to exercise the option and extend the lease through the Option
Period. Should Lessee not respond within the prescribed time period, Lessor
shall deem such failure to be a rejection of the exercise of the option by
Lessee. If the option is exercised, the monthly rent shall be as follows:
February 9, 2007 - February 8, 2008 $12,306/month
February 9, 2008 - February 8, 2009 $12,675/month
February 9, 2009 - February 8, 2010 $13,055/month
During the term of this Agreement, Lessee shall have a right of first
refusal regarding the space within the building that is occupied by Imperial
Majesty Cruise Lines as of the execution date of this Agreement should said
space become available. Lessor shall promptly give written notice to Lessee of
such availability prior to entering into any agreement with any third party to
occupy the space, affording Lessee the opportunity to occupy such space. Lessee
shall have five (5) business days to respond to Lessor as to whether Lessee
desires to occupy such space, in Lessee's sole discretion. Should Lessee not
respond within the prescribed time period, Lessor shall deem such failure to be
a rejection by Lessee. If Lessee desires to occupy such space the parties shall
negotiate in good faith to enter into a lease agreement. If, within thirty (30)
1 days of Lessor's receipt of Lessee's intention to occupy such space, the
parties are unable to negotiate a lease agreement for such space acceptable to
the both parties, Lessor may lease the space to a third party.
1. The Lessee hereby covenants with the Lessor that the Lessee will pay the
rent herein reserved at the times and in the manner aforesaid, and will pay
all charges for electricity used on the premises. Lessor shall be responsible
for gas and water used on the premises. Should said rent or charges for
electricity herein provided for at any time remain due and unpaid for a period
of thirty (30) days after the same shall have become due, the said Lessor may at
Lessor's option, consider the said Lessee a tenant at sufferance and immediately
re-enter upon the premises and the entire monthly rent for the monthly rental
period then next ensuing shall at once be due and payable and may be immediately
collected by distress or otherwise. The Lessee will not use or permit the
premises to be used for any illegal purposes, nor permit the disturbance, noise
or annoyance whatsoever, detrimental to the premises or to the comfort of the
other habitants of said building or its neighbors; and will not sublet or assign
this lease nor any part thereof without the written consent of the Lessor.
2. The Lessee will keep the interior of the premises, and all windows, doors,
fixtures, interior walls, pipes, and other appurtenances, in good and
substantial repair and in clean condition, damage by fire or storm excepted; and
will exercise all reasonable care in the use of halls, stairs, bathrooms,
closets, and other fixtures and parts of the premises used in common with other
tenants in said building which may be necessary for the preservation of the
property and the comfort of the other tenants; and will also permit the Lessor
or Lessor's agents or employees; at all reasonable times, to enter into the
premises and inspect the conditions thereof, and make such repairs as may be
necessary; and will at the expiration of said term, without demand, quietly and
peaceably deliver up the possession of the premises, in the condition it was
received, subject to Lessor Improvements, if any, less reasonable wear and tear,
and destruction by fire or storm excepted.
3. The Lessor hereby covenants with the Lessee, that the Lessor will, during
the continuance of said term, keep all the external parts of the premises in
good repair; that in case the said building and premises or any part thereof,
shall at any time be destroyed or so damaged by fire or storm as to render same
unfit for occupation or use, both Lessor and Lessee shall have the option to
terminate this Lease, or, if acceptable to Lessee, Lessor may repair and rebuild
the premises refunding the rents hereby reserved, until the said premises are
repaired and fit for occupancy and use, and that the Lessee may quietly hold and
enjoy the premises without any interruption by the Lessor or any person claiming
under the Lessor.
4. In case of the failure of the Lessee to pay the rents or other charges
herein reserved when due, and same is collected by suit or through an attorney,
the Lessee agrees to pay the Lessor reasonable attorney's fees, together with
all reasonable costs incurred.
5. The parties hereto waive trail by jury and agree to submit to the personal
jurisdiction and venue of a court of subject matter jurisdiction located in
Broward County, State of Florida. No action hereunder may be commenced if more
than one (1) year after the cause of action giving rise thereto has elapsed.
6. Lessee agrees to pay a Security Deposit of $20,000 upon execution of this
Agreement to secure Lessee's pledge of full compliance with the terms of this
Agreement. At the expiration of said term, upon Lessee's delivery of possession
of the premises, in the condition it was received, or as improved by Lessee
Improvements, if any, less reasonable wear and tear, and destruction by fire or
storm excepted, Lessor shall refund Lessee the Security Deposit.
7. Any notice or other communication under this Agreement shall be in writing
and shall be sent by certified mail or registered United States mail, addressed
to the respective parties at their addresses set forth in the introductory
paragraph hereof. Any such notices or other communications shall be deemed given
when personally delivered, one (1) business day after being sent by a nationally
recognized overnight delivery service at the sender's cost, or five (5);
business days after being deposited, postage paid, in the United States mail.
Unless specifically disallowed by law, should litigation arise hereunder,
service of process therefore may be obtained through certified mail, return
receipt requested; the parties hereto waiving method by which service was
perfected.
8. RADON GAS: Radon is naturally occurring radioactive gas that, when it has
accumulated in a building in a sufficient quantities, may present health risks
to persons who are exposed to it over time. Levels of radon that exceed federal
and state guidelines have been found in buildings in Florida. Additional
information regarding radon and radon testing may be obtained from your county
health unit.
IN WITNESS WHEREOF, the said parties have hereunto set their hands and
seals this 9TH day of February, 2004.
Signed, sealed and delivered in the presence of:
Witness: /s/ XXXXX X. AURELUIS Case Holding Co. ("Lessor")
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By:
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Witness: Title: President
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Witness: Platinum Partners, LLC ("Lessee")
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By: /s/ Xxxxx Xxxxxxx
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Witness: Title: CEO
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