EXHIBIT 10.33
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SUMMARY OF THE TERMS OF THE LEASE AGREEMENT
CONCERNING THE COMPANY'S NEW FACILITY IN BEIT SHEMESH
Leased area in square
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meters (gross): 1770
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Date of the agreement:
March 18, 1996
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Between:Mori Investments Ltd.
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00 Xxxxxxx Xxxxxx
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Ramat HaSharon
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(hereinafter "the Company")
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and : Electric Fuel (E.F.L.) Ltd.
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Company No.. 00-0000000
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Kiryat Hamada 5, Har Hotzvim
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X.X. Xxx 00000
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Xxxxxxxxx
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Tel: 00-0000000
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Facsimile: 00-0000000
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(hereinafter "the Lessee")
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TERM OF THE LEASE
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The lease period shall begin on March 20, 1996 and end on March 19, 1999.
The Lessee may extend the term of the lease for an additional two year period.
RENT
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The Lessee shall pay the Company on the 1st of each month the amount of NIS
21,240, plus linkage differentials as specified below. The rent will increase by
3% per annum in addition to the linkage differentials.
Index: the Consumer Price Index published by the Central Bureau of
Statistics.
The Basic Index: the index published on February 15, 1996
New Index: the last index published before a payment date
specified in this Agreement.
Linkage differentials: the difference between the New Index and the
Basic Index, divided by the Basic Index and multiplied by the amount
of the rent under this Agreement.
The Lessee will give the Company an advance equal to four (4) monthly rent
payments.
It is agreed between the parties that, without derogating from the Company's
rights, if the Lessee does not pay rent on time and continues not to pay after
receiving written notice of the delinquency, then, after 30 days, the Company
shall be entitled to demand six (6) months payment of rent.
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If the Lessee cancels the lease prior to the end of the lease period, the
Lessee will still be obligated to pay the entire amounts according to this
agreement. If the Company succeeds in leasing the building to a new tenant, then
the Lessee is charged
three (3) months rent plus
the difference between the lessee's rent and the new rent if the new
rent is less than the lessee's rent.
ADEQUACY
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The Lessee confirms that it has seen and examined the Premises
and found no inadequacies.
PERMITS
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The Lessee shall be responsible for obtaining all the permits
necessary under the law to manage its business.
MAINTENANCE OF THE PREMISES
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The Lessee shall be responsible for the maintenance of the
Premises and shall pay for any defects or damages caused to the
Premises.
Any changes in the leased building must receive Company's
written approval.
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ASSIGNMENT OF RIGHTS
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The Lessee shall not be entitled to assign the rights granted to
it under this Agreement without written permission of the Company,
which may be withheld, but for reasonable reasons only.
The Company shall be entitled to assign its rights and duties,
subject to the condition that the Lessee's rights shall not be
prejudiced.
VACATION OF THE PREMISES
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The Lessee shall vacate the Premises at the end of the lease
period. Without derogating from the above, in the event that the
Lessee does not vacate the Premises, the lessee will pay the Company
a fixed and pre-determined amount of $200 for each day of the delay.
TERMINATION OF THE AGREEMENT
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(a) The parties agree that this Agreement may be considered
terminated by the Company in the event of any of the following:
1. The Lessee's debts to the Company were not paid within 30
days.
2. The Lessee's right in the Premises were assigned to another.
3. The Lessee loses its status as an industrial company according
to the Law for Encouragement of Capital Investments 1959.
4. Changes to the building without permission.
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5. The Lessee declares bankruptcy.
6. The public premises were used in a manner that breached this
Agreement.
7. Liens were placed on the Lessee's rights in the building and
the Lessee did not have them removed within 45 days of the
attachment.
(b) In the event that this Agreement has been terminated, the
Premises shall be vacated within 30 days of the receipt of
notification.
(c) This clause does not derogate from the Company's rights in
accordance with this Agreement or law.
(d) If the Lessee vacates the Premises, the lessee shall not be
entitled to any compensation and/or payment from the Company.
PAYMENT ON BEHALF OF THE LESSEE
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(a) The Company shall be entitled to make any payment on behalf of the
Lessee.
(b) The Lessee shall pay the Company back immediately for any payment
as above.
TAXES
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The Lessee shall pay all taxes and government fees relating to the
Lessee's business and/or applicable to the Lessee or to the Premises
during the term of the Lease.
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PROTECTED TENANT
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The parties declare that the Lessee is not a Protected Tenant
according to the Law for the Protection of Tenants, 1972.
LEGAL EXPENSES
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In event that the tenant does not vacate the Premises in accordance
with this Agreement, the Lessee shall, in addition to all the other
remedies under this Agreement and law, pay all of the Company's legal
expenses regarding the vacation of the Premises.
INTEREST AND LINKAGE
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The Parties agree that for each late payment, the Lessee shall also
pay the Company interest in regard to the late payment at double the
interest rate paid on overdrafts in Bank Leumi, from the date the
debt was created until the date of repayment.
VALUE ADDED TAX
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Any sum to be paid by the Lessee shall obligate the Lessee to pay
V.A.T. in accordance with its legal rate on the date of payment or
its deposit.
SECURITY AND GUARANTEES
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The Lessee hereby gives the Company a promissory note for the
amount of NIS 100,000, signed by the Lessee and by Electric Fuel
Corporation ("EFC"). The Lessee empowers the Company irrevocably to
fill in the date of payments of the promissory note.
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The Company shall be entitled to present this promissory note in the
event that the Lessee does not fulfill its obligations under this
Agreement or does not vacate the Premises on time.
NOTES
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For the removal of any doubt, any note given by the Lessee to the
Company in accordance with this Agreement shall be linked to the
Consumer Price Index.
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