STATE OF NORTH CAROLINA COUNTY OF BUNCOMBE
Exhibit
10.23
STATE
OF
NORTH CAROLINA
COUNTY
OF
BUNCOMBE
TWO
TOWN SQUARE SMALL OFFICE SUITES LEASE
THIS
LEASE AGREEMENT, made and entered into this the ____ day of _______, 200__
by
and between, TWO TOWN SQUARE, LLC, a North Carolina limited liability company
(“Lessor”), and HOMELAND INTEGRATED SECURITY SYSTEMS, INC.
(“Lessee”).
WITNESSETH:
THAT
for
and in consideration of the mutual agreements of the parties, including the
rental agreed to be paid by Lessee to Lessor, Lessor hereby leases to Lessee,
and Lessee leases and rents from Lessor the following described premises on
the
terms and conditions hereinafter set forth, to wit:
Xxxxx
000
Xxx
Xxxx
Xxxxxx
Xxxxxxxx
Xxxx
Xxx
Xxxx
Xxxxxx Xxxxxxxxx
Xxxxxxxxx,
XX 00000
said
premises being hereinafter referred to as the “leased premises” (See copy of
Floor Plan attached hereto as Exhibit A);
TO
HAVE
AND TO HOLD said leased premises unto Lessee upon the following
conditions.
1. Term:
The
initial term of this lease shall be for one
(1) year and ten (10) months
and
shall commence on the 15th
day of
September 2005
and
shall end on July
31, 2007.
In the
event, the Commencement Date changes from the date stated hereon, both parties
shall enter into and execute the Commencement Date Agreement provided by the
Landlord. The basic rent amount shall increase five (5%) percent once every
twelve (12) full months following the Lease commencement date, or at Lessor’s
sole discretion the basic rent amount shall increase once every twelve (12)
full
months following the Lease Commencement Date in an amount that represents
increased operating costs and expenses incurred by Landlord, which may result
in
a basic rent increase in excess of five percent (5%). Tenant
shall have right to terminate said lease if an additional lease is signed for
another space owned by Biltmore Farms.
2. Rent:
The
aggregate annual basic rent for the leased premises shall be “see
table below”
($4,500.00)
Dollars.
Lessee covenants and agrees to pay rent to Lessor in equal monthly installments
of “see
table below”
($375.00)
Dollars
each, payable in advance, without setoff or deduction, on or before the first
1st
day of
each month, beginning on the date of the commencement of the term of this lease.
If the term of this lease begins at any time other than on the first day of
a
calendar month, the rent shall be prorated from said date to the first day
of
the following month. It is further agreed that it shall not be necessary for
Lessor to demand payment of said rent, but Lessee shall pay Lessor each and
every installment of rent as the same shall become due and payment shall be
made
at such place or places as Lessor may from time to time designate. Send all
payments to XX Xxx 0000, Xxxxxxxxx, XX 00000.
|
Period
|
($)
Annual
Basic Rent
|
($)
Monthly
Installments
|
|
September
15, 2005 - September 30, 2006
|
$4,500.00
|
$375.00
|
|
October
1, 2006 - July 31, 2007
|
$4,725.00
|
$393.75
|
1
3. Security
Deposit: Tenant
shall deposit
with Landlord upon execution and delivery of this Lease by Tenant to Landlord
$375.00
to be
held as collateral security for the payment of any rentals and other sums of
money for which Tenant shall become liable to Landlord, and for the faithful
performance by Tenant of all covenants and conditions herein contained. If
at
any time during the Lease term any of the rent herein reserved shall be overdue
and unpaid, or any other sum payable by Tenant to Landlord hereunder shall
be
overdue and unpaid, then Landlord may, at its option, appropriate and apply
any
portion of said deposit to the payment of any such overdue rent or other sum.
In
the event of the failure of Tenant to keep and perform any of the terms,
covenants and conditions of this Lease to be kept and performed by Tenant,
then
Landlord, at its option, may appropriate and apply said entire deposit, or
so
much thereof as may be necessary, to compensate the Landlord for loss or damage
sus-tained or suffered by Landlord due to such breach on the part of Tenant.
Should the entire deposit, or any portion thereof, be appropriated and applied
by Landlord for the payment of overdue rent or other sums due and payable to
Landlord by Tenant hereunder, then Tenant shall, upon the written demand of
Landlord, immediately remit to Landlord a sufficient amount in cash to restore
said security to the original sum deposited, and Tenant's failure to do so
within ten (10) days after receipt of such demand shall constitute a breach
of
this Lease. Said deposit shall be returned to Tenant at the end of the term
of
this Lease, provided Tenant shall have made all such payments and performed
all
such covenants and agreements. Landlord's obligation with respect to the
security deposit is that of a debtor and not a trustee. LANDLORD WILL MAINTAIN
THE SECURITY DEPOSIT IN AN ACCOUNT AT A NATIONAL BANKING INSTITUTION LOCATED
IN
ASHEVILLE, NORTH CAROLINA, SEPARATE AND APART FROM LANDLORD'S GENERAL FUNDS
AND
MAY, BUT IS NOT OBLIGATED TO, MAINTAIN SAID SECURITY DEPOSIT IN AN INTEREST
BEARING ACCOUNT, AND ALL INTEREST ACCRUING THEREON SHALL BE THE PROPERTY OF
LANDLORD.
4.
Late
Payments:
If any
installment of basic rent, or any other sum due and payable pursuant to this
Lease, remains unpaid for more than ten (10) days after the due date thereof,
Lessee shall pay Lessor a late payment charge equal to 20% of the basic
rent.
5.
Lessee
agrees and understands that the basic rent provided for in paragraph 2 includes
Lessor’s estimate of current pro-rata costs.
6.
Peaceable
Possession by Lessee and Inspection by Lessor:
Lessor
covenants and agrees that Lessee, during the term of this Lease, shall have
full
control and use of the leased premises for use as a professional office only
and
for no other purpose, but Lessee shall make no unlawful, improper, unsafe or
offensive use of said leased premises, provided, however, that Lessee agrees
to
permit Lessor or its authorized representative to enter the leased premises
during usual business hours with prior notice, and accompanied by a
representative of Lessee for the purpose of inspecting and making any necessary
repairs to the leased premises, except in cases of emergencies or perceived
emergencies when no notice or accompaniment shall be required.
7.
Lessor’s
Right to Relocate Lessee:
Notwithstanding any other terms of this Lease, Lessor reserves the right, in
its
sole discretion, to relocate Lessee to any other rental space within the
development of which the leased premises are a part. In the event Lessor decides
to exercise this right, Lessor will provide Lessee with at least thirty (30)
days advance written notice before such relocation is to occur. In addition,
this lease shall terminate upon the execution and commencement of any new lease
agreement between Lessee and Lessor or any entity owned by or affiliated with
Biltmore Farms, Inc. with respect to office space in the building of which
the
leased premises are a part or in the development.
8.
Insurance:
Lessor
covenants and agrees to keep said Building insured against loss by fire, with
extended coverage. In no event shall Lessor be liable for the personal property
or any fixtures, equipment or other property of Lessee located in the leased
premises. Lessee agrees not to use the leased premises in any manner which
will
increase the premium rate for any kind of insurance affecting the Building
and
that if, because of anything done, caused to be done, permitted or omitted
by
Lessee, the premium rate for any kind of insurance affecting the Building shall
be raised then, in such event, that the amount of the insurance in premium
which
Lessor shall thereby be obligated to pay for such insurance shall be paid by
Lessee to Lessor on demand and as additional rent.
9.
Use
of
Premises by Lessee and Indemnification of Lessor:
Lessee
covenants and agrees that it will use the leased premises herein leased only
for
office purposes and will keep and maintain the same in compliance with all
ordinances, laws and regulations of authorities having jurisdiction thereof
and
that Lessee will protect, indemnify and save harmless Lessor from any and
against any penalty, fine or expense incurred for any violation of such
ordinance, law or regulation occasioned by any act or neglect of Lessee. Lessee
agrees to indemnify Lessor and save Lessor harmless from any and all liability,
claims and loss for personal injuries, or property damage, or both, sustained
or
claimed to have been sustained by any person or persons, or property in, or
upon, the leased premises during the term of this lease, as extended, except
in
the event of Lessor's gross negligence. Lessee agrees that Lessor shall not
be
liable for any loss or damage to property of Lessee entrusted to employees
or
agents of Lessor or any property of Lessee by theft or otherwise. The provisions
of this paragraph shall not be construed to relieve Lessor of responsibility
for
grossly negligent or illegal acts of its employees, agents or
assigns.
2
10.
Responsibilities
of Lessor:
Lessor
shall maintain the roof, structural portions and exterior of the Building,
plate
glass, plumbing, heating, cooling and electrical systems, unless damage thereto
shall result from the negligence of Lessee, in which case Lessee shall be
responsible for any and all necessary repairs. Lessor will provide 110 volt
electricity, heat, and air conditioning , Monday through Friday, between the
hours of 7:00 a.m. and 7:00 p.m., and Saturday between the hours of 8:00 a.m.
and 1:00 p.m. without cost to Lessee. Lessor shall in no event be liable for
damage to Lessee for the stoppage of heat, lighting or other service or for
injury to persons or property caused by the stoppage of the same where the
cause
of failure is beyond the control of Lessor or necessitated by repairs or
improvements to the Building, unless such stoppage continues for more than
five
(5) business days, whereupon rent will xxxxx until such service is restored.
Lessor shall not be liable to Lessee for damage to persons or property caused
by
leaks, breaks or overflows of roof, pipes, drains, plumbing fixtures falling
debris, imperfect wiring, latent defects in the Building, the acts of other
Lessees, their invitees or guests, thefts, pilferage, or by any events or causes
beyond the control of Lessor and not caused by Lessor's negligence.
11.
Alteration
and Upkeep:
All
additions, alterations, improvements, partitions, excepting those partitions
to
be furnished initially by Lessor, or other installations to the leased premises
required by Lessee shall be made by Lessee at its own expense and shall be
made
in a workmanlike manner without damage to the leased premises; provided,
however, Lessee shall make no addition, alteration, improvement, partition
or
other installation to the leased premises without first obtaining the written
approval of Lessor, which shall be in Lessor’s sole discretion. Lessor will
install, at Lessee’s expense, a sign identifying Lessee that is conforming with
the building standard on the interior premises doors leading to the leased
office. Lessee further covenants and agrees to keep the leased premises in
good
condition and to surrender and deliver up said leased premises together with
any
improvements made thereto by Lessee, at the end of the term of this lease in
as
good condition and repair as the same exists this day, reasonable wear and
tear
excepted. Lessee agrees and covenants to restore the walls to their original
paint color if Lessee obtains the right to paint the interior walls of the
premises from Lessor. Notwithstanding the above, Lessee shall not have the
right
to alter or modify any existing interior walls. In no event shall Lessee allow
liens or other encumbrances be placed upon the leased premises at anytime during
or following the lease term.
12.
Removal
of Fixtures:
It is
agreed that Lessee shall have the right at any time prior to the expiration
of
the term or the removal of Lessee from the premises by eviction proceedings
to
remove from the leased premises all furniture, equipment, trade fixtures and
other personal property owned and placed in said leased premises by Lessee,
provided the same are removed without damage to the leased premises and are
removed at or before the termination or the term of this lease. All
improvements, made in the leased premises by Lessee shall become and remain
the
property of Lessor without liability on the part of Lessor to pay for the same,
and Lessee shall not be entitled to remove from the leased premises such
improvements constructed by it.
13.
Damage
or Destruction:
In the
event the Building in which the leased premises are located is totally destroyed
by fire, unavoidable accident or casualty, this lease shall thereupon terminate.
In the event the Building in which the leased premises are located is damaged
by
fire, unavoidable accident or casualty to such an extent that the portion of
said Building in which the leased premises are specifically located cannot
be
repaired within 150 days to its approximate condition existing immediately
preceding such fire, unavoidable accident or casualty, and normal access to
said
leased premises restored within such time, this lease shall thereupon terminate.
In the event the portion of the Building in which the leased premises are
specifically located is damaged by fire, unavoidable accident or casualty and
the same can be repaired and access thereto restored within 150 days from the
date of such fire, unavoidable accident or casualty, the parties hereto agree
that the leased premises shall be repaired and restored by Lessor (to the extent
insurance proceeds are made available to Lessor) to the original condition
of
said leased premises existing before said fire, unavoidable accident or
casualty, and normal access thereto restored, and this lease shall remain in
full force and effect; provided, however, that the rent during the period of
repair shall be reduced to an amount which bears the same ratio to the rent
provided for herein as the portion of the leased premises then available for
use
bears to the entire leased premises. Upon completion of such repair the rent
shall thereafter be paid as hereinbefore provided in Sections 2 -
4.
14.
Assignment
or Sub-letting:
Lessee
may not assign, transfer or sublet the leased premises without Lessor’s consent
in its sole discretion.
3
15.
Events
of Default by Lessee:
Each of
the following constitutes an Event of Default by Lessee
| (a) |
Lessee
fails or refuses to pay any installment of basic rent, or any other
sum
payable under this Lease when due, and the failure or refusal continues
for at least ten(10) days after receipt of written notice from Lessor
stating such non-payment provided, Lessor shall be obligated to provide
only once such notice per calendar
year.
|
| (b) |
Lessee
fails or refuses to comply with any provision of this Lease not requiring
the payment of money, and the failure or refusal continues for at
least
thirty (30) days after written notice from Lessor; provided, however,
if
any failure by Lessee to comply with this Lease cannot be corrected
within
such 30-day period solely as a result of nonfinancial circumstances
outside of Lessee's control, and if Lessee has commenced substantial
corrective actions within such 30-day period and is diligently pursuing
such corrective actions, such 30-day period shall be extended for
such
additional time as is reasonably necessary to allow completion of
actions
to correct Lessee's noncompliance.
|
| (c) |
Lessee's
leasehold estate is taken on execution or other process of law in
any
action against Lessee.
|
| (d) |
Lessee
or any guarantor of this Lease files a petition under any chapter
of the
United States Bankruptcy Code, as amended, or under any similar law
or
statute of the United States or any state, or a petition is filed
against
Lessee or any such guarantor under any such statute and not dismissed
with
prejudice within ninety (90) days of filing, or a receiver or trustee
is
appointed for Lessee's leasehold estate or for any substantial part
of the
assets of Lessee or any such guarantor and such appointment is not
dismissed with prejudice within ninety (90) days, or Lessee or any
such
guarantor makes an assignment for the benefit of
creditors.
|
16.
Lessor’s
Remedies:
If an
Event of Default by lessee occurs, Lessor shall be entitled then or at any
time
thereafter to avail itself or one or more of the following at Lessor’s
option:
| (a) |
Enter
the leased premises if need be, and take whatever curative actions
are
necessary to rectify Lessee's noncompliance with this lease; and
in that
event Lessee shall reimburse Lessor on written demand for any expenditures
by Lessor to effect compliance with Lessee's obligations under this
lease.
|
| (b) |
Terminate
this lease, in which event Lessee shall immediately surrender possession
of the leased premises to Lessor or without terminating this lease,
terminate Lessee’s right to possession of the leased premises through
judicial proceedings.
|
| (c) |
If
Lessor has not terminated this lease (whether or not Lessor has terminated
Lessee's right to possession of the leased premises or actually retaken
possession), recover (in one or more suits from time to time or at
any
time before or after the end of the term) all Minimum Rent, Additional
Rent, and other sums then or thereafter owing and unpaid under this
lease,
together with all costs, if any, incurred in reletting the leased
premises
(including remodeling, lease commission, allowance, inducement, and
other
costs), less all rent, if any, actually received from any reletting
of the
leased premises during the remainder of the term. Lessor shall have
the
right following an Event of Default by Lessee to relet the leased
premises
on Lessee's account without terminating the Lease, any such reletting
to
be on such terms as Lessor considers reasonable under the circumstances.
|
| (d) |
Recover
all costs of retaking possession of the leased premises and any other
damages incidental to the Event of Default by
Lessee.
|
| (e) |
Terminate
all of Lessee's rights to any allowances or under any renewal, extension,
expansion, refusal, or other options granted to Lessee by this
lease.
|
| (f) |
If
Lessor deems it necessary to institute legal proceedings against
Lessee to
enforce Lessee’s obligations to Lessor hereunder, including eviction,
non-payment of rent and any expenses incurred by Lessor in leasing
the
leased premises to others due to Lessee’s default hereunder, Lessor may
recover reasonable attorneys’ fees against Lessee not exceeding five
percent (5%) of and in addition to other amounts recovered by Lessor
against Lessee in such proceedings, pursuant to N.C.G.S. §6-21.2 or other
state law.
|
4
If
Lessor
elects to retake possession of the leased premises without terminating this
lease, it may nonetheless at any subsequent time elect to terminate this lease
and exercise the remedies provided above on termination of the lease. Nothing
done by Lessor or its agents shall be considered an acceptance of any attempted
surrender of the leased premises unless Lessor specifically so agrees in
writing. No re-entry or taking of possession of the leased premises by Lessor,
nor any reletting of the leased premises, shall be considered an election by
Lessor to terminate this lease unless Lessor gives Lessee written notice of
termination.
17.
Lessor’s
Default:
It shall
be an Event of Default by Lessor (herein so called) only if Lessor fails to
comply with any provision of this lease and the failure continues for at least
thirty (30) days after written notice from Lessee to Lessor (with a copy to
Lessor's mortgagees if Lessee has been notified in writing of the identities
and
addresses of such mortgagees); provided, however, if any failure by Lessor
to
comply with this lease cannot be corrected within such 30-day period solely
as a
result of nonfinancial circumstances outside of the control of Lessor, and
if
substantial corrective actions have commenced within such 30-day period and
are
being diligently pursued, such 30-day period shall be extended for such
additional time as is reasonably necessary to allow completion of actions to
correct Lessor's noncompliance.
18.
Lessee’s
Remedies:
In the
event Landlord is in default under this Lease, beyond any applicable notice
and
cure period, and if such default is such that it materially,
adversely interferes with Tenant’s use of the Leased Premises (or a portion
thereof) as contemplated in this Lease, without waiving or releasing Landlord
from any obligation hereunder, Tenant may (but is under no obligation to) take
action to cure the circumstance or condition. Provided, however, Tenant must
undertake any such curative action in good faith. If Tenant incurs expenses
in
attempting to cure a default of Landlord hereunder, Landlord shall reimburse
Tenant for the reasonable and customary costs so incurred within thirty (30)
days after Tenant provides an invoice therefor, which shall include invoices
from the contractors performing any such work. In
no
event shall Tenant have the right to terminate or rescind this Lease as a result
of Landlord’s default as to any covenant or agreement contained in this Lease or
as a result of the breach of any promise or inducement hereof, whether in this
Lease or elsewhere. Notwithstanding anything in this lease to the contrary,
Lessor shall never be, under any promise of indemnity in this lease, or under
any other provision of this Lease for any loss of business or profits of Lessee
or other consequential damages or for punitive or special damages of any kind.
None of Lessor's officers, employees, agents, directors, shareholders,
subsidiaries, affiliates or partners shall ever have any liability to Lessee
under or in connection with this lease. Lessee agrees to look solely to Lessor's
interest in the Building for the recovery of any judgment against Lessor, and
Lessor shall never be personally liable for any judgment.
19. Subordination:
This
lease shall be subordinate to all present or future mortgages upon the Building
provided that such mortgages shall provide by their terms that Lessee may
continue to occupy the leased premises during the term of this lease upon
compliance by Lessee with all the terms hereof, notwithstanding any foreclosure
of such mortgages.
20.
Rules
and Regulations:
Lessee
agrees that is has received a copy of and agrees to be bound by the Lessor’s
Rules and Regulations. Lessor reserves the right to, at is sole discretion,
to
change said Rules and Regulations from time to time. Upon such modification
of
the Lessor’s Rules and Regulations, Lessee will receive a substituted copy of
the same.
21.
Notices:
All
notices, demands and requests which may be or are required to be given by either
party of the other shall be in writing. All notices, demands and requests by
Lessee to Lessor shall be sent by United States registered, or via overnight
mail courier service, mail addressed to Lessor at its office Suite 000, Xxx
Xxxx
Xxxxxx Xxxxxxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000-0000, or at any such other
place as Lessor may from time to time designate in written notice to Lessee.
All
notices, demands and requests by Lessor to Lessee shall be sent by United States
registered mail, or via overnight mail courier service, addressed to Lessee
at
the Premises or at any such other place as Lessee may from time to time
designate in written notice to Lessor. Notices, demands and requests which
shall
be served upon Lessor and Lessee in the manner aforesaid shall be deemed
sufficiently served or given for all purposes hereunder.
22.
Covenants
to Run with Land:
All
covenants, agreements, stipulations, provisions, conditions and obligations
herein expressed and set forth shall extend to, bind and inure to the benefit
or, as the case may require, the heirs, executors, administrators, successors
and assigns of Lessor and Lessee respectively, or their successors in interest,
as fully as if such words were written wherever reference to Lessor and Lessee
occurs in this lease.
23.
Integration
Clause:
Any
stipulations, representations, promises or agreements, verbal or written, made
prior to or contemporaneously with this lease shall have no legal or equitable
consequences, and the only agreement made and binding on the parties is
contained herein and it is the complete and total integration of the intent
and
understanding of Lessor and Lessee. Any modifications, alterations or additions
to the terms of this lease must be contained in writing executed by the
parties.
5
24.
Condition
of Premises:
Lessee
agrees to accept the premises in an “as is” condition and Lessor shall not be
obligated to make any improvements to the premises to or for the benefit of
Lessee upon Lessee’s taking possession of the rental space.
25.
Liability
Insurance:
Lessee
shall maintain and pay for property and casualty insurance with extended
coverage on all trade fixtures, equipment, machinery, merchandise, or other
personal property belonging to or in the custody of Lessee in the leased
premises or otherwise in the Building. Lessee shall maintain and pay for
commercial general liability insurance (occurrence coverage) in the amount
of
not less than $1,000,000.00, with a company licensed to do business in the
State
of North Carolina, naming Lessor and its manager as an additional insured,
providing contractual liability coverage, and containing an undertaking by
the
insurer not to cancel or change coverage materially without first giving thirty
(30) days written notice to Lessor. Lessee shall furnish Lessor certificates
of
insurance evidencing the required commercial general liability insurance
coverage prior to the commencement date and thereafter prior to each policy
renewal date.
26.
Applicable
Law:
This
lease shall be construed pursuant to the laws of the State of North
Carolina.
27.
Non-Waiver:
The
failure of Lessor to exercise any of the remedies described herein and/or the
waiver of a specific breach of a covenant by Lessee at any time by Lessor shall
not be construed as a waiver of a subsequent breach of that or any other
covenant contained in this lease agreement.
28.
Graphics
and Signage:
Landlord, at its expense, shall identify Tenant in the directory located in
the
main lobby of the building. The space to be made available to Tenant in such
directories shall be reasonably proportionate to the space allotted other tenant
with similar size rentable area in the Building. Landlord, at its expense,
will
organize to have the initial signage designed and placed on the glass sidelight
next to the main entry door of the space.
29.
Keys:
Landlord, at its expense, shall organize the initial keying of the space. Any
additional keying shall be organized by the Landlord and paid for by the
Tenant.
30.
Mutual
Waiver of Subrogation:
For
the
purpose of waiver of subrogation, the parties mutually release and waive unto
the other all rights to claim damages, costs or expenses for any injury to
property caused by a casualty of any type whatsoever in, on or about the
Premises if the amount of such damage, cost or expense has been paid to such
damaged party under the terms of any policy of insurance issued by a third
party
insurer. All insurance policies carried with respect to this Lease, if permitted
under applicable law, shall contain a provision whereby the insurer waives,
prior to loss, all rights of subrogation against either Landlord or
Tenant.
31.
Transfer
of Landlord’s Interest:
If
Landlord shall sell, assign or transfer all or any part of its interest in
the
Premises or in this Lease to a successor in interest which expressly assumes
the
obligations of Landlord hereunder, then Landlord shall thereupon be released
or
discharged from all covenants and obligations hereunder, and Tenant shall look
solely to such successor in interest for performance of all of Landlord’s
obligations. Tenant’s obligations under this Lease shall in no manner be
affected by Landlord’s sale, assignment, or transfer of all or any part of such
interest(s) of Landlord, and Tenant shall thereafter attorn and look solely
to
such successor in interest as the Landlord hereunder.
32.
Holding
Over: If
Tenant
remains in possession of the Premises or any part thereof after the expiration
of this Lease, whether with or without Landlord’s acquiescence, Tenant shall be
deemed only a tenant at will and there shall be no renewal of this Lease without
a written agreement signed by both parties specifying such renewal. Tenant
shall
also remain liable for any and all damages, direct and consequential, suffered
by Landlord as a result of any holdover without Landlord’s unequivocal written
acquiescence.
33.
Name
Restriction:
Tenant
acknowledges that the name “Biltmore” has substantial value to Landlord as well
as Biltmore Farms, Inc., with which it is affiliated. Therefore, Tenant agrees
not to use or allow anyone else to use the name “Biltmore” or any derivation
thereof in any project or business in which Tenant has any interest or in
connection with the Premises or any other property or activity. Furthermore,
Tenant agrees not to represent that it has any ownership or affiliation with
Landlord or Biltmore Farms, Inc. or any of their affiliated companies.
6
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remainder of this page is left blank intentionally]
IN
TESTIMONY WHEREOF, Lessor and Lessee have caused this lease to be executed,
this
the day and year first above written.
LESSOR:
TWO
TOWN
SQUARE, LLC
BILTMORE
FARMS, INC.
Member/Manager
By:
_________________________(SEAL)
Authorized
Officer:__________
|
By:
|
_____________________________
|
|
Xxxxx
Xxxxx
|
|
Its:
|
_____________________________
|
7
EXHIBIT
A
8
