Exhibit 10.3
COMMERCIAL LEASE ASSIGNMENT
This Commercial Lease Assignment is entered into by Discount Auto Sales, Inc.
(hereafter "Assignor") of the leased premises, and Intelligent Motor Cars, Inc.
(hereafter "Assignee) of the leased premises, and is executed this the 30 day of
July, 2003.
For the valuable consideration described below, the sufficiency of which is
hereby acknowledged, Landlord, Assignor and Assignee do hereby covenant,
contract and agree as follows:
1. OPERATIVE LEASE AGREEMENT: The Lease Agreement being assigned by Discount
Auto Sales, Inc. to Assignee via this Commercial Lease Assignment was made the
27th day of December, 2002 and signed by Landlord and Discount Auto Sales, Inc
on the 3rd day of January, 2003, and is incorporated herein by reference or
attachment hereto. The leased premises described in said Commercial Lease
Assignment are identified and addressed as follows:
All of 0000 X. Xxxxxxx Xxxx Xxxx Xxxxxxxxxx, XX 00000
2. ASSIGNMENT OF INTEREST: Discount Auto Sales, Inc hereby assigns all of their
rights, obligations and interest in the leased premises under the Assignor's
Lease Agreement with Landlord, to Assignee, who hereby assumes those rights,
obligations and interests, including payment of rent under the operative Lease
Agreement with Landlord, beginning on the 1 day of August, 2003. Assignee rent
to Landlord shall start on August 1, 2003. The Assignee has entered into this
assignment of lease and underlying lease as if the Assignee were the original
tenant under the lease.
3. SECURITY PAYMENTS: Assignee shall keep all interest in the security deposits
given to the Landlord by Discount Auto Sales, Inc. Assignee shall pay to
Discount Auto Sales, Inc. the sum of $10,600.00. Payments to be made at the
signing of the document.
4. INDEMNITY: Assignee hereby agrees to unconditionally hold harmless and
indemnify Discount Auto Sales, Inc. for any action, or claim of any nature
whatsoever against the Discount Auto Sales, Inc. and Xxxxxx Camino, Xxxxxxxx
Camino, Xxxxxx Xxxxxx relating to this assignment of lease and to the underlying
lease agreement.
In the event Assignee, assigns or sublets any or all of the property or
underlying lease shall not relieve the Assignee of its obligation to the
assignor under this assignment of lease or underlying lease.
5. ATTORNEYS' FEE: In the event that the Assignor Discount Auto Sales, Inc. and
Xxxxxx Camino, Xxxxxxxx Camino, Xxxxxx Xxxxxx is required to retain the services
of an attorney or incur any expenses with regards to the enforcement of this
assignment or assignees obligations under the underlying lease, Assignee agree
to pay for all reasonable costs, disbursements and attorney fees incurred by
Discount Auto Sales, Inc. and Xxxxxx Camino, Xxxxxxxx Camino, Xxxxxx Xxxxxx
6. Assignee is signing this assignment both as corporate officer and personally
guarantee this assignment and underlying lease.
Date 8-1-01 /s/ Xxxxxx Xxxxxx ASSIGNOR
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Xxxxxx Xxxxxx, President, - Discount Auto Sales, Inc.
On 8/1/03 Personally appeared Xxxxxx Xxxxxx he or
she did___did not___take an oath and say that they signed this agreement.
County of Broward Florida
Known to me _produced identification [notary stamp]
My commission expires: 11/2/04
Notary Public State of Florida /s/ illegible
-------------
The following are signing this assignment of lease and underlying lease as
corporate officer and personally guarantee the entire assignment of lease and
underlying lease agreements.
Date 7/31/03 /s/ Xxxxxx Xxxxxx ASSIGNEE
-----------------
Xxxxxx Xxxxxx [notary stamp]
Intelligent Motor Cars, Inc.
On 8/1/03 Personally appeared Xxxxxx Xxxxxx he or she
did___did not___take an oath and say that they signed this agreement.
County of Broward Florida
Known to me____ produced identification
My commission expires: 11/2/04
Notary Public State of Florida /s/ illegible
-------------
The landlord herby consents to this assignment of lease without the release of
the assignor
The landlord hereby agrees to modify Section 2.5 of the underlying lease that
states that "the tenant shall have 60 days to vacate the property" to "The
tenant shall have 120 days to vacate the property."
The assignee/tenant Intelligent Motor Cars shall perform a minimum of $10,000.00
in renovations to the building. The landlord agrees that if said renovations are
performed by the tenant, and the tenant is not in default of payment of rent
then the landlord agrees that in exchange for the said renovations the tenant
shall not have to pay February 2004 rent. Tenant shall be required to pay
property and sales tax for the month of February 2004.
Date 7/31/03 /s/ Xxxxxx Xxxxx LANDLORD
----------------------------
Xxxxxx Xxxxx, President
Wall Street Properties
On 7/31/03 Personally appeared Xxxxxx X. Xxxxx Xx he or she did____ did
not___take an oath and say that they signed this agreement
County of Broward Florida /s/ illegible
Known to me x produced
identification [NOTARY STAMP}
My commission expires:
Notary Public State of Florida
