Exhibit 10.1
LEASE AGREEMENT
AGREEMENT, made this 1st day of October, 1995, by and between Xxxxxxxxxxxx
Capital Real Estate Holdings, Inc., a Connecticut Corporation, with its
principal office located at 00 Xxxxx Xxxx in the City of Milford, County of
New Haven, State of Connecticut, hereinafter referred to as the Landlord, and
the United States Basketball League, Inc., a Delaware corporation, with its
principal office located at 00 Xxxxx Xxxx in the City of Milford, County of
New Haven, State of Connecticut, hereinafter referred to as the Tenant.
WITNESSETH
In consideration of the mutual promises herein contained the parties hereto
agree as follows:
First.:The Landlord agrees to lease to the Tenant, and the Tenant agrees to
lease from the Landlord for the term and upon the conditions hereinafter
specified, 1500 sq. feet of office space at 00 Xxxxx Xxxx, situated in the City
of Milford, County of New Haven and State of Connecticut, hereinafter called the
"Premises" , and being more particularly bounded and described as follows:
All that certain piece, parcel or tract of land, with the buildings and
improvements thereon standing, situated in the City of Milford, County of New
Haven and State of Connecticut, bounded and described as follows, to wit:
NORTHEASTERLY 200.67 feet by Lot #2, a& shown on hereinafter mentioned map;
SOUTHEASTERLY 149.90 feet by Xxxxx Road;
SOUTHWESTERLY 203.098 feet by Lot #4, as shown on said map;
NORTHWESTERLY 166 feet by land now or formerly of Penn Central Railroad, as
shown on said map.
Said premises being known and designated as Lot #3, as shown and delineated
on a certain map entitled, "Proposed Subdivision Map of Quirk Center, an
Industrial Subdivision, Milford, Conn., July 6, 1976", on file in the office
of the Town Clerk of the City of Milford by the Map No. AB-780.
Second: The term of this lease shall be for six (6) months beginning October
1, 1995 and ending March 30, 1996. The rent for the lease term shall be $750
per month. The lease may be extended for an additional nine (9) months at
$1,000 a month until December, 1996. The rent shall be payable monthly the
first day of each calendar month for the lease term, and shall be paid to
Landlord's office at 00 Xxxxx Xxxx in the City of Milford, County of New
Haven, State of Connecticut, or as may be otherwise directed by the Landlord
in writing. Third:The Landlord covenants that the Tenant, upon paying the
rent and performing the covenants and conditions in this Lease shall and may
peaceably and quietly have, hold and enjoy the premises for the term
thereof.
Fourth: The Tenant covenants and agrees to use the premises for office space
and agrees not to use or permit the premises to be used for any other
purpose without the prior written consent of the Landlord.
Fifth:In the event of non-payment of rent for more than ten days after
becoming due, or if the Tenant shall be dispossessed for non-payment of
rent, or if the leased premises shall be vacated, the Landlord shall have
the right to and may enter the premises as the agent of the Tenant, either
by force or otherwise, without being liable for any prosecution or damages
therefor, and may relet the premises as the agent of the Tenant, and receive
the rent therefor, upon such terms as shall be satisfactory to the Landlord,
and all rights of the Tenant to repossess the premises under this lease
shall be forfeited. Such re entry by the Landlord shall not operate to
release the Tenant from any rent to be paid or covenants to be performed
hereunder during the full term of this lease.
Sixth:The Tenant has examined the premises, and accepts them in their
present condition and without any representations on the part of the
Landlord or its agents as to the present or future condition of the
premises. The Tenant shall keep the premises in good condition, and shall
redecorate, paint and renovate the premises as may be necessary to keep them
in repair and good appearance. The Tenant shall quit and surrender the
premises at the end of the lease term in as good condition as the reasonable
use thereof will permit. All alterations, additions and improvements,
whether temporary or permanent in character, which may be made upon the
premises either by the Landlord or the Tenant, except furniture or movable
trade fixtures installed at the expense of the Tenant, shall be the property
of the Landlord and shall remain upon and be surrendered with the premises
as a part thereof at the termination of this Lease, without compensation to
the Tenant. The Tenant further agrees to keep the premises and all parts
thereof in a clean and sanitary condition. The Tenant further agrees to keep
the sidewalks in front of the premises clean and free of obstructions, snow
and ice.
Seventh: The Landlord shall not be responsible for the loss of or damage to
property, or injury to persons, occurring in or about the premises, by
reason of any existing or future condition, defect, matter or thing in the
premises or the property or which the premises are a part, or for the acts,
omissions or negligence of other persons or tenants in and about the
property. The Tenant agrees to indemnify and save the Landlord harmless from
all claims and liability for losses of or damage to property, or injuries to
persons occurring in or about the premises.
Eighth: In the event of the destruction of the premises by fire, explosion,
the elements or otherwise during the term of this lease, or partial
destruction thereof as to render the premises wholly untenantable or unfit
for occupancy, or should the premises be so badly damaged that it cannot be
repaired within ninety days from the occurrence of such damage, then and in
such case the term hereby created shall, at the option of the Landlord,
cease and become null and void from the date of such damage or destruction,
and the Tenant shall immediately surrender the premises and all the Tenant's
interest therein to the Landlord, and shall pay rent only to the time of
such surrender, in which event the Landlord may re-enter the premises and
repossess the premises thus discharged from the lease and may remove all
parties therefrom. Should the premises be rendered untenable and
unfit for occupancy, but yet be repairable within ninety days from the
happening of such damage, the Landlord may enter and repair the premises
with reasonable speed, and the rent shall not accrue after the damage or
while repairs are being made, but shall recommence immediately after the
repairs shall be completed. But if the premises shall be sd slightly damaged
as not to be rendered untenantable and unfit for occupancy, then the
landlord agrees to repair the same with reasonable promptness and in that
case the rent accrued and accruing shall not cease.
Ninth: The Tenant agrees to observe and comply with all laws, ordinances,
rules and regulations of the Federal, State, County and Municipal
authorities applicable to the business to be conducted by the Tenant in the
premises.
Tenth: In case of violation by the Tenant of any of the covenants,
agreements and conditions of this lease, and upon failure to discontinue
such violation within ten days after notice hereof given to the Tenant, this
lease shall thenceforth, at the option of the Landlord, become null and
void, and the Landlord may re-enter without further notice or demand. The
rent in such case shall become due, be apportioned and paid on and up to the
day of such re-entry, and the Tenant shall be liable for all loss or damage
resulting from such violation.
IN WITNESS WHEREOF, the parties hereby have hereunto set their hand and
seals the day and year first above written
Xxxxxxxxxxxx Capital Real Estate Holding, Inc.
By: s/s Xxxxxxx Xxxxxxxxxxxx
Xxxxxxx Xxxxxxxxxxxx, Landlord Vice President
United States Basketball League, Inc..
By: s/s Xxxxxx Xxxxxxxxxxxx, III
Xxxxxx Xxxxxxxxxxxx, III Tenant
President
UNITED STATES BASKETBALL LEAGUE, INC.
00 Xxxxx Xxxx
X.X. Xxx 000
Xxxxxxx, XX 00000
Tel. (000) 000-0000
Fax (000) 000-0000
December 12, 2000
Xx. Xxxxxx X. Xxxxxxxxxxxx, III
President
Xxxxxxxxxxxx Capital Real Estate Holdings, Inc..
00 Xxxxx Xxxx
Xxxxxxx, XX 00000
SUBJECT:Lease Extension
Dear Xxx:
Please consider this as a formal letter as an amendment to our current
lease. This amendment is only to extend the term of the lease for two years
ending December 31, 2002.
The lease rate will be $2,500.00 per month. All other terms and conditions
will remain the same.
Very truly yours,
S/
Xxxxxxx X. Xxxxxxxxxxxx
Vice President
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