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EXHIBIT 10.7
LEASE AGREEMENT
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THIS Lease Agreement, dated this 23rd day of August, 1993, made and
entered into between Xxxxxxxx Petroleum Company, a corporation with an office at
Bartlesville, Oklahoma, as "Lessor", and X. X. Xxxxxxx & Company, whose address
is 0000 Xxxx Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxx 00000, as "Lessee", (whether one or
more);
W I T N E S S E T H:
1. Lessor hereby demises, leases and lets unto Lessee the following
described premises in Denver County, State of Colorado to-wit:
An office suite located on the 8th floor of the Stanford Place I
Building, consisting of 558 useable square feet and 630 rentable square feet,
including a proportionate share of common areas, as more particularly described
on Exhibit "A" attached hereto, and made a part hereof;
said premises being located at 0000 Xxxx Xxxxx Xxxxxx in the City of Denver,
together with the buildings and equipment, if any, located thereon and owned by
Lessor for the following term:
Beginning on the 1st day of August, 1993, and ending on the 25th day of
August, 1995.
2. Lessee agrees to pay to Lessor, with rental checks payable to Xxxxxxxx
Petroleum Company at P. 0. Xxx 000000, Xx. Xxxxx, Xxxxxxxx 00000 (until notified
to pay differently) the sum of Five Hundred Twenty-five Dollars ($525.00) per
month, payable monthly in advance. Lessor acknowledges receipt of the first and
last full months' rental together with any portion due from date hereof until
the first day of the succeeding month. Without limiting any of Lessor's other
rights herein, it is agreed that if rentals are delinquent for a period of
thirty (30) days, Lessor may assess Lessee a one percent (1%) per month
delinquency charge on the unpaid rentals. In the event the delinquency charge
above is deemed excessive by federal or state law, then the highest applicable
charge shall be assessed.
3. LESSEE AGREES THAT IT HAS MADE A PERSONAL INSPECTION OF THE LEASED
PREMISES AND ANY BUILDINGS AND OTHER IMPROVEMENTS THEREOF AND IS SATISFIED WITH
CONDITION AND FITNESS THEREOF AND ACCEPTS THE SAME "AS IS". LESSOR DOES NOT
WARRANT EITHER EXPRESSLY OR IMPLIEDLY THE CONDITION OR FITNESS OF THE PROPERTY
LEASED HEREUNDER, ANY SUCH WARRANTY BEING HEREBY EXPRESSLY NEGATIVED. LESSOR
AGREES TO FINISH THE DEMISED PREMISES IN ACCORDANCE WITH THE PLAN ATTACHED AS
EXHIBIT "A". TENANT FINISH SHALL BE COMPARABLE TO THAT FOUND ELSEWHERE ON THE
FIRST ELEVEN (11) FLOORS OF STANFORD PLACE 1.
4. Lessee shall defend, indemnify and save Lessor harmless for any losses,
costs or expenses resulting from suits, demands or other claims for damages to
persons or property, arising out of the use or existence of the buildings,
structures, improvements and other personal property located on the leased
premises; however, Lessor, at its election, may intervene or provide its own
defense.
5. Upon termination of this Lease, Lessee agrees to peacefully quit and
surrender possession of the leased premises. If Lessee fails to so quit and
surrender possession, Lessor shall have the right to take possession by any
lawful means, using such force as way be necessary, without being deemed guilty
of any trespass, and without the necessity of first resorting to any court
process. if Lessee shall remain in possession after the date of expiration or
termination of this Lease and after the effective date of notice by Lessor to
terminate this Lease, the Lessee will pay as rent for the leased premises during
such time a sum equal to four (4) times the rent herein provided.
6. Should Lessor's interest in the premises leased hereunder be that of a
lessee, then this Lease shall automatically terminate without notice upon the
termination, for any cause whatsoever, including action or inaction of Lessor,
of Lessor's leasehold estate in the premises leased hereunder.
7. All notices required or which may be given hereunder shall be
considered as properly given if delivered in writing, personally or sent by
certified United States mail, postage prepaid with return receipt requested,
addressed as follows:
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Party Address
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Lessor: Xxxxxxxx Petroleum Company 000 Xxxx Xxxx Xxxxxx, Xxxxx 0000
Xxxxxxxx Xxxx, XX 00000
Lessee: X. X. Xxxxxxx & Company 0000 Xxxx Xxxxx Xxxxxx
Xxxxxx, XX 00000
8. This Lease shall not be binding on Lessor unless or until executed on
its behalf by an officer of the company or an employee having actual authority
to execute this Lease.
9. This Lease includes the General Conditions printed on annex A attached
hereto which are by reference incorporated herein. This instrument with the
General Conditions so incorporated and any annex attached hereto constitute the
complete agreement of the parties hereunder and there are no oral agreements or
understandings between the parties concerning the property covered by this Lease
Agreement.
EXECUTED the day and year first above written.
XXXXXXXX PETROLEUM COMPANY
Witness:
____________________ By: /s/ Signature Unreadable
____________________ Attorney in Fact LESSOR
X.X. XXXXXXX & COMPANY
Witness:
/s/ Signature unreadable By: RE Xxxxx
Title: VP Finance
_____________________ LESSEE
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ANNEX A
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GENERAL CONDITIONS
A. Lessee covenants and agrees that it will not permit any illegal or immoral
activity on the leased premises nor will it permit any nuisance to be
created or maintained thereon.
B. Upon failure of Lessee to pay rentals or any part hereof when due or upon
Lessee's failure to carry out any obligation placed on it under this Lease
or upon the death of Lessee or upon Lessee's making an assignment for
benefit of creditors, filing a voluntary petition in bankruptcy or being
adjudicated bankrupt or insolvent, Lessor may, without notice, declare
this Lease at an end and void, and may re-enter and take possession of
said premises, and may recover rentals due in any appropriate action at
law, or may recover the possession of said premises and damages for the
detention thereof and/or for such failure by any appropriate remedy at law
or in equity.
X. Xxxxxx shall pay all charges for utilities and other services supplied to
the premises as and when the same shall come due.
X. Xxxxxx shall render for taxation and pay all taxes and assessments, general
and special, on the leased premises and any buildings or other improvements
permanently affixed to the realty. Lessee shall pay all taxes and
assessments on all property owned by Lessee and located on the leased
premises.
E. Lessee shall pay to Lessor together with each rental payment the amount of
any sales and/or use tax due thereon.
F. At its own expense, Lessee shall keep the leased premises and all buildings
and other improvements located thereon in good repair. Lessee will, upon
the expiration or termination of this Lease for any reason, deliver up the
property leased hereunder to Lessor in as good condition as when received
by Lessee, depreciation due to a reasonable use thereof excepted.
G. Lessee shall make no alterations in or upon the leased premises without the
prior written consent of the Lessor, and all additions, fixtures or
improvements which may be made by Lessee, except moveable furnishings,
shall become the property of Lessor and remain upon the leased premises as
a part thereof, and be surrendered with the leased premises at the
termination of this Lease.
H. Lessee agrees to obtain and maintain at its expense at all times during
the term hereof the following insurance:
1. Workmen's Compensation Insurance in compliance with the laws of the
state in which the leased premises are located and Employer
Liability Insurance with limit of not less than $100,000; 2.
Comprehensive Public Liability Insurance covering Lessee's use and
occupancy of the leased premises with bodily injury, including
death, limit of not less than $300,000 per occurrence and property
damage limit of not less than $100,000 per occurrence.
Lessee shall upon request furnish Lessor with certified copies of the policies
or certificates evidencing the above insurance.
I. Lessee shall not sell, hypothecate or assign this Lease or sublet the
premises without the prior written consent of Lessor.
J. Should all or any part of the leased premises be taken by eminent domain
proceedings or purchased by any public or quasi-public body having the
power of eminent domain, all proceeds from such taking or purchase shall
belong exclusively to Lessor. In the event such taking or purchase shall
materially interfere with Lessee's use of the leased premises, Lessee may,
at its option, terminate this lease.
K. In the event any building on the leased premises shall be destroyed or
damaged by fire, explosion, the elements, or other causes so as to render
the same wholly or in part unfit for occupancy, and if the same cannot be
repaired within ninety (90) days from the date of such casualty, this Lease
shall terminate on the date of such casualty. If such building can be
repaired in such ninety (90) day period, then Lessor shall notify Lessee
within ten (10)
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days of such casualty if it elects to repair said building within such
ninety (90) day period. If Lessor does not so elect, then Lessee may
terminate this Lease by giving notice in writing to Lessor. If Lessor
elects to repair said building but fails to do so, this Lease shall
terminate on the expiration of said ninety (90) days. In the event of such
termination, the Lessee shall immediately surrender possession of the
premises. If Lessor repairs the said building within the ninety (90) day
period, this Lease shall continue in full force and effect. Lessee shall
not be required in any event to pay rent for any period in which the
leased premises are wholly unfit for occupancy and shall be required
during any period which a part of the premises are unfit for occupancy to
pay as rent the stipulated rent multiplied by a fraction the numerator of
which is the area of the leased premises which is fit for occupancy and
the denominator of which is the total area of the leased premises.
X. Xxxxxx reserves the right to place or post "FOR SALE" signs on the
property to signify the leased property is available for sale.
M. This lease is subject to all of the terms of that certain office lease
dated August 26, 1985 between PERA, as Landlord, and Xxxxxxxx Petroleum
Company, as Tenant, a copy of said office lease being attached hereto as
Exhibit "B" and made a part hereof.
N. Total lease rental for the primary term hereof amounts to $13,023.00,
payable in monthly installments as provided hereinabove.
O. Lessee shall pay its allocated and proportionate share of any increase in
operating costs as defined in Paragraph 2 of Exhibit "B" hereof in excess
of such costs incurred in Lessee's base year which base year shall be
defined as the period January 1, 1993 - December 31, 1993. It is agreed
that Lessee's allocated percentage of Lessor's operating costs shall be
0.29 percent. The method of billing Lessee for any such increase shall be
consistent with the provisions of said Paragraph 2.
