EXHIBIT 10.55
LEASE AGREEMENT
This Lease made as of the 1st day of September 1999, between Beavercreek
Enterprises, 0000 Xxxxxx-Xxxxx Xxxx, Xxxxxx, Xxxx 00000-0000 (hereinafter
called the Lessor), and STL of Ohio, Inc. (hereinafter called the Lessee).
WITNESSETH: That the Lessor does hereby demise and let unto the Lessee the
following described Premises, to wit:
Approximately 13,701 square feet of offices, storage (400 sq. ft. in lower
level), and light electronic fabrication space in Lessor's Building 3
located at 0000 Xxxxxx-Xxxxx Xxxx, Xxxxxx, Xxxx 00000.
TO HAVE AND TO HOLD the same with the appurtenances, thereunto belonging
unto the said Lessee for and during the term of five (5) years beginning on
the 1st day of September 1999 and ending on the 31st day of August 2004.
BASE MONTHLY RENT: Yielding and paying therefore, payable in monthly
installments due on the 1st of each month, as follows:
12 payments of $13,759 commencing September 1999 through August 2000.
12 payments of $14,030 commencing September 2000 through August 2001.
12 payments of $14,307 commencing September 2001 through August 2002.
12 payments of $14,589 commencing September 2002 through August 2003.
12 payments of $14,877 commencing September 2003 through August 2004.
OPTION PERIOD: The lessee at its option may continue the lease for an
additional three years at an escalation of 2% per year.
COVENANTS OF LESSEE:
1. And said Lessee does hereby covenant and agree with said Lessor that
it will:
(a) pay said rent at the times and place in the manner aforesaid;
(b) use and occupy said premises in a careful and proper manner;
(c) make no alterations, changes in interior design and colors,
or additions in or to said premises;
(d) by execution of this Lease accept and agree to abide by the
building and parking area rules and regulations;
(e) throughout the term of this lease and any renewal or
extension thereof, keep the interior of the demised premises
and fixtures in good condition. Lessor, at its sole
discretion, shall repair all damage or injury to the premises
and fixtures resulting from the carelessness, omission,
neglect or other cause of Lessee, its servants, employees,
agents, visitors or licenses and the cost thereof shall
become collectible as additional rent hereunder and shall be
paid by Lessee within the 10 days after presentation of
statement thereof. Lessee shall not perform acts or carry on
any practices which may injure the building or the premises,
or be a nuisance or menace to other tenants in the building
in which the demised premises are a part;
(f) promptly surrender the demised premises at the end of the
term provided for above; and
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(g) be responsible to comply with all EPA regulations regarding
the storage and disposal of hazardous materials and
chemicals and remove all such material at end of lease.
COVENANTS OF LESSOR:
2. And the Lessor on its part covenants and agrees with the Lessee that
it will:
(a) provide all utilities including heat, light, and electrical
power for use by the Lessee (telephone equipment and service
will not be provided by Lessor);
(b) provide janitorial and waste removal services in the Lessee's
offices, lab space, kitchen and restrooms;
(c) maintain the demised premises in good repair and tenantable
condition during the continuance of this Lease, expect in
case of damage arising from the negligence of the Lessee or
its agents or employees;
(d) provide fire and hazard insurance for the leased offices (but
not including any furniture, equipment, or other property of
the lessee) and provide liability coverage for the leased
office space and premises, the lessee employees and invited
guests against injury or loss caused by hazard or lessor
neglect arising out of occupancy of the leased facility;
(e) provide use of rest rooms and vending machines;
(f) provide one unassigned parking space in the rear of Building
3 for each 200 square feet of leased space and Lessee visitor
parking as available;
MUTUAL COVENANTS:
3. It is mutually agreed by and between the Lessor and the Lessee that:
(a) if Lessee shall pay the rent as herein provided, and shall
keep, observe and perform all of the other covenants of this
Lease by it to be kept, performed and observed, the Lessee
shall and may, peaceably and quietly, have, hold and enjoy
the said premises for the term aforesaid;
(b) upon notice at least sixty (60) days prior to the termination
of the lease, Lessee may elect to extend the lease for an
additional two (2) years under the same terms and conditions
except the monthly payments will be increased by two percent
(2.0%) each year.
(c) any notice, demand, request, or other instrument which may be
or are required to be given under this Lease shall be
delivered in Person or sent by United States Certified Mail,
postage prepaid, and shall be addressed (1) if to the Lessor,
at the address first herein above given or at such other
address as the Lessor may designate by written notice, and
(2) if to the Lessee, attention:
STL of Ohio, Inc.
ATTN: X. Xxxxxx Xxxxxxxx
0000 Xxxxxx-Xxxxx Xx
Xxxxxx, XX 00000
or any such other address as the Lessee shall designate by
written notice;
(e) this lease supercedes any previous lease between the two
parties and all obligations of either party under any
previous lease are hereby cancelled.
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LESSOR: LESSEE:
Beavercreek Enterprises STL of Ohio, Inc.
/s/ Xxxxxxx X. Xxxxx /s/ X. Xxxxxx Xxxxxxxx
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Xxxxxxx X. Xxxxx X. Xxxxxx Xxxxxxxx
General Partner President
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