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Exhibit 10(t)
TERMINATION OF LEASE AGREEMENT
THIS TERMINATION OF LEASE AGREEMENT ("Agreement") is executed as of
this 29th day of May, 1997, by and between Xxxxx Land Company, LLC, a Colorado
limited liability company, ("Landlord") and SweetWater, Inc. ("Tenant").
WITNESSETH:
WHEREAS, Landlord and Tenant are parties to that certain Lease
Agreement dated the 12th day of December, 1994, with respect to those premises
commonly known as 0000 Xxxxx Xxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx ("Premises").
WHEREAS, Tenant desires to enter into an agreement with Landlord
with respect to termination of the remaining term of the Lease and;
WHEREAS, Landlord is willing to terminate the Lease and all rights,
obligations and liabilities associated therewith on the terms and conditions set
forth herein including but not limited to the Tenant's full and complete
performance of all terms and conditions of the Lease through the Termination
Date and execution and delivery of this Agreement to Landlord on or before May
29, 1997.
NOW, THEREFORE, in consideration of the mutual covenants and
conditions contained herein and for such other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:
1. All capitalized terms used herein shall have the same
definition as set forth in the lease, unless otherwise defined
herein.
2. Landlord and Tenant acknowledge and agree that the Lease shall
terminate at 12:00 midnight on August 31, 1997, ("Termination
Date"). Tenant shall vacate the Premises in their entirety on
or before midnight on the Termination date. As a condition of
this early termination, Tenant shall forfeit their security
deposit of $26,250.00 and shall pay upon execution hereof an
additional amount of $8,255.38 as a termination fee
3. Tenant shall be responsible for any damage to the building
during the process of vacating the Premises and shall
otherwise comply with Paragraph 14 of the Lease. Tenant shall
pay upon execution hereof to Landlord a damage deposit of
$15,000.00 to cover estimated repairs
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and cleaning expenses. Said deposit shall be subject to all
terms and conditions of the lease.
4. Tenant hereby releases and forever discharges Landlord, its
agents contractors, employees, successors and/or assigns from
any and all actions, causes of actions, liabilities, suits,
claims, damages, costs or expenses including attorneys' fees,
now existing or hereafter arising, whether known or unknown,
arising out of or resulting from the Lease
5. Subject to Tenant's compliance with Paragraph 2, 3 and 4
above, Landlord hereby releases and forever discharges Tenant,
their successors and assigns, from any and all actions, causes
of action, liabilities, suits, claims, damages,costs or
expenses, including attorneys' fees, now existing or hereafter
arising, whether known or unknown, arising out of or resulting
from the Lease.
6. Nothing in this Agreement shall relieve Tenant or Landlord
from each of their respective indemnification obligations
under Paragraph 21.10 of the Lease relating to environmental
compliance.
7. The Agreement and releases contained herein shall inure to the
benefit of and be binding upon successors, legal
representatives and assigns of the parties hereto.
8. This Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado.
9. In the event of any controversy, claim or dispute between the
parties affecting or related to the subject matter or
performance of this Agreement, the prevailing party shall be
entitled to recover from the non-prevailing party all of its
reasonable expenses, including but not limited to attorneys'
fees, accountant's fees and costs.
LANDLORD: Xxxxx Land Company, LLC
a Colorado limited liability company
By: /s/ Xxxxxx X. XxXxxxxx
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Xxxxxx X. XxXxxxxx, Manager
TENANT: SweetWater, Inc.
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By: /s/ Xxxx X. Xxxxxxxx
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