1
EXHIBIT 10.17
LEASE AGREEMENT
THIS LEASE AGREEMENT is made this 23rd day of October, 1997, by and
between XXXXXX XXXX, XXXXX X. XXXX, all of Brookfield, Connecticut,
(hereinafter, collectively, referred to as Lessor), and Trident International,
Inc., (hereinafter referred to as Lessee).
W I T N E S S E T H
THAT the Lessor, in consideration of the rents, terms, covenants,
conditions and agreements hereinafter reserved and contained on the part of
the Lessee to be paid, kept and performed, has granted, demised, leased and let,
and by these presents does grant, demise, lease and let, unto the Lessee, and
the Lessee does hereby take and hire from the Lessor, the premises hereinafter
described, subject to such rents, terms, covenants, conditions and agreements
which the Lessee agrees hereby to pay, keep and perform.
1. Description of Premises.
Lessor hereby leases to Lessee, and Lessee hereby rents from Lessor,
those certain premises outlined in red on Schedule A attached hereto and made a
part hereof, containing 6,398 square feet, (hereinafter called the "demised
premises"), which premises are part of a total structure constructed being
constructed by the Lessor on premises located on the Easterly side of Route #7,
in New Milford, Connecticut, and made a part hereof, TOGETHER WITH the right,
in common with others, to use the parking area, driveways, and other facilities
designed for common use, subject to the terms hereof.
2. Length of Term/Commencement Date.
The term of this Lease shall be for 1 year commencing on November 1,
1997, and ending on October 31, 1998 unless sooner terminated or extended, as
hereinafter provided.
1
2
3. Minimum Rental.
During each year of the term of this Lease, Lessee covenants and agrees to
pay Lessor a fixed minimum annual rental, in lawful money of the United States,
equal to the amount resulting by multiplying the total square footage of the
demised premises by the following amounts:
Year of Term Amount
------------ ------
1 $6.00 per square foot
2 $ -- per square foot
3 $ -- per square foot
4 $ -- per square foot
5 $ -- per square foot
Such rental shall be payable, in each year, in monthly installments equal to
1/12th of the annual rental, in advance, on the first day of each month during
the term of this Lease, at the office of the Lessor or at such other place as
Lessor may designate, without any set-off or deduction whatsoever.
All adjustments of rent, costs, charges and expenses which Lessee assumes,
agrees or is obligated to pay to Lessor pursuant to this Lease, during the term
hereof, shall be deemed "Additional Rent", which Lessee covenants to pay when
due. In the event of nonpayment of such Additional Rent, Lessor shall have all
the rights and remedies with respect thereto as is herein provided for
nonpayment of rent.
4. Additional Rent -- Taxes and Common Charge.
A. Lessee shall pay, as Additional Rent as specified on Insert 1:
2
3
(2) An annual common charge equal to the amount resulting by multiplying
the total number of square feet of the demised premises by the following
amounts:
Year of Term Amount
------------ ------
1 $.50 cents per square foot
2 $.50 cents per square foot
3 $.60 cents per square foot
4 $________ per square foot
5 $________ per square foot
Such common charge shall be payable in monthly installments equal to 1/12th of
the annual common charge, in advance, on the same day of each month and in the
same manner as hereinabove provided with respect to the payment of annual
rental.
Lessee will not pay sewer benefit assessment tax, but will pay sewer usage
tax.
6. Lessee's Installations.
Except for the improvements to be made by Lessor as provided in Paragraph
5 above, Lessee, at his own cost and expense, shall perform all work, and shall
fully equip the demised premises with all trade equipment, additional lighting
fixtures, furniture, operating equipment, furnishings, fixtures, floor
coverings, and any other equipment, necessary for the proper operation of
Lessee's business to be conducted on the demised premises.
7. Use of Premises.
Lessee shall use and occupy the demised premises for no purpose other than
office space, laboratory space and other general business uses.
8. Utilities.
The Lessor represents that the demised premises are, or will be prior to
the commencement of the term hereof, serviced by water, sewer and separately
metered electricity, but Lessor shall not be liable for any failure of any
water supply or electric current or
3
4
any service by any such utility.
The Lessee shall pay all charges for electricity, light, heat, power and/or
other services used or charges imposed in or about or supplied to the demised
premises, and shall indemnify the Lessor against any and all liability on such
account.
Lessee, at his own expense, shall be responsible for the removal of his own
trash, rubbish, garbage and other refuse, and shall provide, at his own cost and
expense, a suitable receptacle for this purpose, to be placed in such area as
shall be designated by Lessor.
9. Common Areas.
All common areas and other facilities in or about the entire premises of
which the demised premises are a part provided by Lessor shall be subject to the
exclusive control and management of Lessor, at his sole cost and expense. Lessor
shall have the right to construct, maintain and operate lighting and other
facilities on all said areas and improvements; to police the same; to change the
area, level, location and arrangement of parking areas and other facilities; to
restrict parking by tenants, their officers, agents and employees; to close
temporarily all or any portion of the parking areas or facilities to discourage
non-customer parking.
Lessor shall pay the entire operating costs of the common areas of and
facilities on the entire premises of which the demised premises are a part.
"Operating costs" shall mean the total cost and expense incurred in operating
and maintaining the common facilities, including, without limitation, gardening
and landscaping, repairs, line painting, lighting, sanitary control, removal of
snow, and the cost of personnel to implement such services, and in directing
parking and policing the common facilities. "Common facilities and common
areas", whether such terms are used individually or collectively, shall mean all
areas, space, equipment, signs and special services, whether provided by
4
5
Lessor or Lessee, for the common or joint use and benefit of the occupants of
the building, their employees, agents, servants, customer and other invitees,
including, without limitation, parking areas, access roads, driveways,
retaining walls, landscaped areas, truck service ways, loading docks,
pedestrian malls (enclosed or open), ramps and sidewalks, comfort and first-aid
stations, washrooms and parcel pick-up stations. Parking per Schedule A
attached.
All common areas and facilities which Lessee may be permitted to use and
occupy are to be used and occupied under a revocable license, and if such
license be revoked, or if the amount of such areas be changed or diminished,
Lessor shall not be subject to any liability, nor shall Lessee be entitled to
any compensation or diminution or abatement of rent, nor shall revocation or
diminution of any such areas be deemed constructive or actual eviction, it
being understood, however, that Lessee shall, at all times during the term of
this Lease, have access, by vehicle, to the demised premises.
10. Waiver of Damage.
The Lessor shall not be liable for any damage or injury to any property or
person (including death) resulting from steam, gas, electricity, water, rain or
snow which may flow or leak from any part of the demised premises or the entire
premises of which they are a part, or from any pipes, appliances or plumbing
works of the same, or from the street or subsurface, or from any other place,
or from interference with light or other incorporeal hereditaments or
easements, or by reason of the break or leakage or obstruction of the water or
soil pipes, or any other leakage in or about said premises, however caused,
except if due to the affirmative acts of the Lessor; nor for any damage or
injury which may be sustained as a result of the carelessness, negligence or
improper conduct on the part of the Lessee, or any other tenant, their agents,
servants or employees.
5
6
11. Lessor's Right of Entry.
The Lessor, his agents and representatives, at all reasonable times, may
enter the demised premises for the purpose of (i) inspection thereof, (ii)
making repairs, replacements, alterations or additions to the same, without
imposing any obligation upon the Lessor hereunder, and (iii) exhibiting said
premises to prospective tenants, purchasers, or other persons.
12. Repairs.
The Lessor, at his sole cost and expense, except if caused by the
negligent act or omission of the Lessee, his agents or employees, shall
maintain and keep in good condition, the roof, floor and exterior and
supporting walls of the building housing the demised premises, and shall
effectuate major maintenance and repairs on the heating system (including
boilers), electrical, plumbing, septic, water supply and any air-conditioning
systems servicing the demised premises. Major repairs will be $1,250.00 or
more. The Lessee, at his sole cost and expense, except if caused by the
negligent act or omission of Lessor, his agents or employees, whether the same
shall be the property of the Lessee or Lessor, shall promptly repair and at all
times maintain in good condition the interior of the demised premises,
including any office, and shall make all other repairs to the interior thereof,
including those necessary and not major in nature on the electrical fixtures,
equipment, electrical installation, plumbing equipment, heating and
air-conditioning equipment and fixtures, machinery, hardware, interior painting
and decorations of every kind, all door and window screens and replace all
broken or damaged glass, including window and door glass and plate glass. In
addition, Lessee shall be responsible for the repair and replacement of the
front entry door. All such repairs and replacements shall be made only by
persons approved, in advance, in writing, by the Lessor.
13. Structural Changes/Alterations.
6
7
The Lessee shall make no structural changes or major interior changes,
alterations or improvements to the demised premises, without the express prior
written consent of the Lessor, which consent shall not be unreasonably
withheld.
14. Fire Clause
A. If the demised premises shall be destroyed or so injured by any cause
as to be unfit, in whole or in part, for occupancy, and such destruction or
injury could reasonably be repaired within two (2) months from the happening of
such destruction or injury, then Lessee shall not be entitled to surrender
possession of the demised premises, nor shall Lessee's liability to pay rent
under this Lease cease, without the mutual consent of the parties hereto, but
in case of any such destruction or injury, Lessor shall repair the same with
all reasonable speed and shall complete such repairs within two (2) months from
the happening of such damage or injury, and if, during such period, Lessee
shall be unable to use all or any portion of the demised premises, a
proportionate allowance shall be made to Lessee from the rent, corresponding to
the time during which and to the portion of the demised premises of which
Lessee shall be so deprived to the use on account thereof.
B. If such destruction or injury cannot reasonably be repaired within two
(2) months from the happening thereof, Lessor shall notify Lessee within
fourteen (14) days after the happening of such destruction or injury whether or
not Lessor will repair or rebuild. If Lessor elects not to repair or rebuild,
this Lease shall be terminated. If Lessor shall elect to repair or rebuild,
Lessor shall specify the time within which such repairs or reconstruction will
be completed, and Lessee shall have the option, within thirty (30) days after
the receipt of such notice, to elect either to terminate this Lease and further
liability hereunder or to extend the term of the Lease by a period of time
equivalent to the time from the happening of such destruction or injury until
the demised premises are restored to their former condition. In the
7
8
event Lessee elects to extend the term of this Lease, Lessor shall restore the
demised premises to their former condition within the time specified in the
notice, and Lessee shall not be liable to pay rent for the period from the time
of such destruction or injury until the demised premises are so restored to
their former condition.
C. Both the Lessor and Lessee hereby waive and relinquish any and all
rights which each may have against the other on account of any claims for
damages resulting from a loss to property owned by the other, it being the sole
intention of the parties to eliminate the right of either party to a
subrogation of his own rights to his insurance company.
15. Insurance.
During the term of this Lease, the Lessee, at his sole cost and expense,
shall carry and maintain insurance on the demised premises, and shall furnish
property evidence to the Lessor.
16. Acceptance of Premises.
The Lessee shall examine the demised premises before taking possession,
and the Lessee's entry into possession shall constitute conclusive evidence
that, as of the date thereof, said premises were in good order and satisfactory
condition.
17. Maintenance of Premises and Abutting Areas.
Lessee shall not permit, allow or cause any act or deed to be performed or
any practice to be adopted or followed in or about the demised premises which
shall cause or be likely to cause injury or damage to any person or to said
premises or to the sidewalks and pavements adjoining the building housing the
demised premise. Lessee, at all times, shall keep said demised premises, and
its appurtenances, in a neat and orderly condition and clean and free from
rubbish, dirt and other miscellaneous items and accumulations.
18. Signs, etc.
8
9
A. Lessee, at his sole cost and expense, shall install a sign on the front
of the demised premises, which shall be uniform with the signs of all other
existing or future tenants of the building of which the demised premises are a
part, and which shall be approved by the Lessor prior to its installation.
B. If the Lessor, in his sole and absolute discretion, at any time during
the term of this Lease, elects to install a common free-standing sign on the
entire premises of which the demised premises are a part, listing all tenants
of such premises, including the Lessee, Lessee shall reimburse Lessor for
Lessee's proportionate share of the total cost thereof.
C. Lessee shall not permit, allow or cause to be erected, installed,
maintained, painted or displayed on, in or at the demised premises, or any part
thereof or of the entire premises of which the demised premises are a part, any
other exterior signs, or any interior signs, lettering, placards, announcements,
decoration, advertising media or advertising material of any kind whatsoever,
visible from the exterior of said premises, without the prior written approval
of the Lessor, provided, however, that, subject to compliance with all other
applicable provisions hereof, Lessee may display merchandise and advertising
media within the demised premises. Lessee shall not permit, allow or cause to
be used in or at the demised premises any advertising media or device, such as
phonographs, radios, public address systems, sound production or reproduction
devices, mechanical or moving display devices, motion pictures, television
devices, excessively bright lights, changing, flashing, flickering or moving
lights or lighting devices, or any similar devices, the effect of which shall
be visible or audible from the exterior of said premises.
D. In all respects, the Lessee shall comply with any and all applicable
rules and regulations concerning the erection and maintenance of signs within
the Town of New Milford, and shall pay for all costs connected with the
obtaining of any necessary permits.
9
10
19. Nuisances.
The Lessee shall not permit, allow or cause any noxious, disturbing or
offensive odors, fumes, gas, noise or any smoke, dust, steam or vapors, or
conduct sound or cause vibration to originate in or to be emitted from the
demised premises.
20. Rodents, etc.
The Lessee shall keep the demised premises clear and free of rodents bugs,
vermin and, at the request of the Lessor, Lessee shall participate and
cooperate in carrying out any program of extermination that Lessor may direct,
and the Lessee shall bear the reasonable cost thereof, regardless of whether or
not any portion of the demised premises shall have been sublet by Lessee.
21. Housekeeping.
The Lessee shall not use or permit the use of any portion of the demised
premises as sleeping or living quarters or as lodging rooms, or keep or harbor
therein any live animals, fish or birds, or use the same for any illegal
purpose. Lessee shall not permit, allow or cause any sinks, toilets or urinals
in said premises to be used for any purpose except that for which they were
designed and installed, and the expense of repairing any breakage or damage or
removal of any stoppage resulting from a contrary use thereof shall be paid by
Lessee. Lessee shall maintain the windows in a clean, neat and orderly
condition, and keep the glass thereof clean, and shall store all trash, rubbish
and garbage within said premises, and shall provide for the prompt and regular
removal thereof for disposal outside the area of the demised premises or as
directed by the Lessor. Lessee shall not burn or otherwise dispose of any
trash, waste, rubbish or garbage in or about the demised premises. Lessee
agrees to permit no waste of the property, but on the contrary, to take good
care of same and, upon termination of this Lease, to surrender possession of
same, without notice, in as good condition as at the commencement of the term or
as they may be put
10
11
in during the term, as reasonable use thereof will permit.
22. Option to Renew.
The Lessee shall have the right and option of extending this Lease for 2
further successive term one year, subject to all the terms, covenants and
conditions of this Lease, upon Lessee notifying Lessor, in writing, of his
election to renew, at least three (3) months prior to the expiration of the
original term of this Lease. The renewal rental charges will be as stated in
Insert 2.
23. Lessor's covenants.
Lessor covenants and warrants that he has full right and authority to
execute and perform this Lease and to grant the estate demised herein, and
covenants that the Lessee, on performance of his obligations hereunder, shall
peaceably and quietly hold and enjoy the demised premises throughout the term of
this Lease or any extension or renewal thereof.
24. Eminent Domain.
The parties hereto agree that should the demised premises, or the entire
premises of which they are a part, or any substantial part thereof, be taken or
condemned by a competent authority for public or quasi-public use, then, and in
such event, this Lease shall cease and terminate and come to an end as of the
time of such actual taking, and the rent shall be paid up to such time of actual
taking, and, then and thenceforth, all obligations of the parties hereunder, the
one to the other, shall cease and terminate. It is expressly agreed that the
Lessee shall not be entitled to any part or award by way of condemnation, appeal
therefrom, or settlement which may be obtained by the Lessor as a result of such
taking, nor shall the Lessee have any right to appear as a party in any
condemnation proceeding or appeal therefrom.
25. Conduct of Lessee.
11
12
Lessee, at all times, shall fully and promptly comply with all laws,
ordinances, orders and regulations of any lawful authority having jurisdiction
of the demised premises, including, but not limited to, such as shall relate to
the cleanliness, safety, occupation and use of said premises, and the nature,
character and manner of operation of the business conducted in or at said
premises, or the adoption or use of any sales promotion devices or practices as
shall attempt to mislead or deceive the public, or which directly or indirectly,
would attempt to detract from or impair the reputation or dignity of said
business, said premises or the entire premises of which they are a part, or the
general reputation or dignity of any business of others conducted in the entire
premises of which the demised premises are a part.
26. Assignment and Subletting.
Lessee shall not assign, or in any manner transfer, this Lease or any
estate, interest or benefit therein, or sublet the demised premises, or any
part or parts thereof, or permit the use of the same or any part thereof, by
anyone other than the Lessee, without the prior written consent of the Lessor,
which consent shall not be unreasonably withheld. Transfer of a majority
interest in the Lessee shall constitute for purposes of this Lease, an
assignment of lease. Consent by the Lessor to any assignment or transfer of
interest under this Lease or subletting of said premises, or any part thereof,
shall be limited to the instance stated, and such written consent shall not
constitute consent to any other assignment, transfer of interest or subletting,
nor shall such consent relieve the Lessee of any of his obligations hereunder.
27. Bankruptcy.
If, at any time during the term hereby demised, a petition shall be filed
in bankruptcy by or against the Lessee, or if the Lessee shall make an
assignment for the benefit of creditors, or a receiver shall be appointed over
the assets of the Lessee, whether by voluntary or involuntary act, or if an
attachment, lien or
12
13
execution shall be levied upon the assets of the Lessee located in the demised
premises, and such attachment shall not be released within thirty (30) days
after levy, then, upon the happening of any of the aforesaid events and at the
option of the Lessor, the Lease shall expire and terminate with the same force
and effect as if the time of the happening of any such event were the date fixed
herein for the expiration of the term of this Lease. It is further stipulated
and agreed that in the event of the termination of the term of this Lease by the
happening of any such events, Lessor shall forthwith, upon such termination, and
any other provision of this Lease to the contrary notwithstanding, become
entitled to recover as and for liquidated damages caused by such breach of the
provisions of this Lease an amount equal to the difference between the then cash
value of the rent reserved hereunder for the unexpired portion of the term
hereby demised and the then cash rental value of the demised premises for such
unexpired portion of the term hereby demised, unless the statute which governs
or shall govern the proceeding in which such damages are to be proved, limits or
shall limit the amount of such claim capable of being so proved, in which case,
the Lessor shall be entitled to prove as and for liquidated damages an amount
equal to that allowed by and under any such statute. The provisions of this
paragraph shall be without prejudice to the Lessor's right to prove, in full,
damages for rent accrued prior to the termination of this Lease, but not paid.
The provisions of this Lease shall be without prejudice to any rights given to
Lessor by any pertinent statute to prove for any amounts allowed thereby.
In making any such computation, the then cash rental value of the demised
premises shall be deemed, prima facie, to be the rental realized upon any
reletting, if such reletting can be accomplished by the Lessor within a
reasonable time after such termination of this Lease, and the then present cash
value of the future rents hereunder reserved to the Lessor for the unexpired
portion of the term hereby demised shall be deemed to be such sum, invested at
the rate of six percent (6%) simple interest, as will produce the
13
14
future rent over the period of time in question.
28. Lessee's Default.
The happening of any one or more of the following listed events
(hereinafter referred to as "Event of Default"), shall constitute a breach of
this Lease on the part of the Lessee:
A. The failure of the Lessee to regularly and diligently and actively
operate his business in or on the demised premises;
B. The failure of the Lessee to pay any rent payable hereunder,
including, but not limited to, any additional rent or payments of
money required hereunder, and the continued failure to pay the same
for ten (10) days or more after the maturity of the same; and
C. The failure of the Lessee to fully and promptly perform any act
required of him in the performance of this Lease or to otherwise
comply with any term or provision hereof, and the continued failure
so to do for thirty (30) days or more after notice of such failure
from Lessor.
Upon the happening of any Event of Default, Lessor, if he shall elect, may
(i) collect each installment of rental hereunder as and when the same matures,
or (ii) Lessor, or any other person by his order, may re-enter the demised
premises without process of law and without being liable to any prosecution
therefore, and may either elect to terminate this Lease, or if the Lessor
desires not to terminate this Lease but to terminate the right to possession
and occupancy and relet and demised premises to any person, firm or
corporation, as the agent of the Lessee or otherwise, for whatever rent he
shall obtain, apply the avails of such reletting first to the payment of such
expenses as the Lessor may incur in the reentering and reletting of the same
and then to the payment of the rent due hereunder and the fulfillment of
Lessee's covenants, and
14
15
pay over to the Lessee the balance, if any; and in case of its deficiency, the
Lessee shall remain liable therefore. Lessee agrees to pay a reasonable
attorney's fee and all costs, if it becomes necessary for Lessor to employ an
attorney to collect any of the rent or enforce any of the provisions of this
Lease, and any other cost of retaking or reletting said premises, including,
but not limited to, the payment of a commission for brokerage.
29. Arbitration.
Any and all disputes, disagreements, claims or questions arising out of
this Lease or from the breach hereof shall be submitted to arbitration in New
Milford, Connecticut, pursuant to and in accordance with the rules and
procedures of the American Arbitration Association then appertaining, and any
judgment upon the award rendered may be entered in the Court of the forum,
state or federal, having jurisdiction. It is mutually agreed that the decision
of the arbitrators shall be a condition precedent to any right of legal action
that either party may have against the other.
31. Holding Over.
And it is further agreed that in case the Lessee shall, with or without the
written consent of the Lessor endorsed hereon or on a duplicate hereof, at any
time hold over the demised premises beyond the period herein specified as the
termination of this Lease, then the Lessee shall hold said premises upon the
same terms and under the same stipulations and agreements as are in this Lease
contained and no holding over by the Lessee shall operate to renew this Lease,
nor to create any tenancy.
32. Notices.
Any and all notices or the exercise of any option rights called for or
required by any provision of this lease, unless specifically described herein,
shall be in writing, and shall be delivered to the respective parties by
certified mail, return receipt requested, at the following addresses:
15
16
A. To the Lessor: c/o Xxxxxx Xxxx
00 Xxxxxxxxx Xxxx
Xxxxxxxxxx, Xxxxxxxxxxx 00000
B. To the Lessee: c/o J. Xxx Xxxxx, Vice President & CFO
Trident International, Inc.
0000 Xxxxxxx Xxxx
Xxxxxxxxxx, Xxxxxxxxxxx 00000
Such addresses may be changed by either party by notifying the other party in
the manner required for notice.
33. Waiver.
The failure of the Lessor to insist upon strict performance of any of
the covenants or conditions of this Lease, or to exercise any option herein
conferred to any one or more instance, shall not be construed as a waiver or
relinquishment of any such covenants, conditions or options, but the same shall
be and remain in full force and effect.
34. Subordination.
It is further agreed that this Lease shall not be a lien against the
demised premises in respect to any mortgages that are now or hereafter may be
placed against said premises, and the recording of such mortgage or mortgages
shall have preference and precedence, regardless of the date of record. Lessee
further agrees to execute any document requested by Lessor to evidence or
further effectuate this provision of this Lease, and failing such execution,
Lessee shall be liable to Lessor for all damages, including reasonable
attorney's fees, incurred by Lessor as a result of such refusal. The term
"mortgage" shall include each and every form and type of security instrument. It
is further understood and agreed that reference to the execution of an
additional instrument or evidence of subordination is not necessary for this
subordination to be effective.
35. Security Deposit.
Lessee, upon the execution hereof, has deposited with the
16
17
Lessor an amount equal to three (3) times the amount of the monthly rental plus
common charges payable during the first year of the term of this Lease, receipt
of which is hereby acknowledged by the Lessor, two (2) months of which as
security for the faithful performance and observance by Lessee of the terms,
provisions and conditions of this Lease, and one (1) month of which is for the
first month's rental. It is agreed that in the event Lessee defaults in respect
of any of the terms, provisions and conditions of this Lease, including, but
not limited to, the payment of minimum and/or additional rent, Lessor may use,
apply or retain the whole or any part of the security so deposited to the
extent required for the payment of any minimum and/or additional rent or any
other sum as to which Lessee is in default, or for any sum which Lessor may
expend or may be required to expend by reason of Lessee's default in respect of
any of the terms, covenants and conditions of this Lease, including, but not
limited to, any damages or deficiency in the re-letting of the demised
premises, whether such damages or deficiency accrued before or after summary
proceedings or other re-entry by Lessor.
In the event that Lessee shall fully and faithfully comply with all of the
terms, provisions, covenants and conditions of this Lease, the security, or the
unapplied portion thereof, as the case may be, shall be returned to Lessee at
the expiration of the term of this Lease, or any renewal thereof, and after
delivery of entire possession of the demised premises to the Lessor.
Lessee hereby waives his right to payment by the Lessor of statutory
interest on the amount of such security deposit.
36. Binding Effect.
This Lease, together with any and all addendae or amendments hereto, shall
inure to the benefit of the respective parties hereto, their heirs, successors
and assigns (provided that any assignment by the Lessee shall be effective only
if made in strict accordance with the terms of this Lease).
17
18
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on
the day and year first above written.
LESSOR: LESSEE:
By:
----------------------------- ----------------------------
Xxxxxx Xxxx
-----------------------------
Xxxxx X. Xxxx
18
19
In the event that Lessee shall fully and faithfully comply with all of the
terms, provisions, covenants and conditions of this Lease, the security, or the
unapplied portion thereof, as the case may be, shall be returned to Lessee at
the expiration of the term of this Lease, or any renewal thereof, and after
delivery of entire possession of the demised premises to the Lessor.
Lessee hereby waives his right to payment by the Lessor of statutory
interest on the amount of such security deposit.
36. Binding Effect.
This Lease, together with any and all addendae or amendments hereto, shall
inure to the benefit of the respective parties hereto, their heirs, successors
and assigns (provided that any assignment by the Lessee shall be effective only
if made in strict accordance with the terms of this Lease).
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on
the day and year first above written.
LESSOR: LESSEE:
/s/ Xxxxxx Xxxx By: /s/ J. Xxx Xxxxx
------------------------------- ---------------------------------
Xxxxxx Xxxx
/s/ Xxxxx Xxxx
-------------------------------
Xxxxx X. Xxxx
19
20
Insert 1:
The leasee shall pay property taxes at the rate of $1.16 per square foot
per year. This amount will be adjusted based on changes in mil rate by the Town
of New Milford. Such amount will be paid in monthly installments equal to
1/12th of annual expense.
20
21
Insert 2:
First renewal year - Base Rent $6.50 per square foot
Common Charges $0.50 per square foot
Second renewal year - Base Rent $6.50 per square foot
Common Charges $0.60 per square foot
21
