Exhibit 10.21
LEASE AGREEMENT
Xxxxxxxx de Chile, March 1, 2006, Xx. Xxxxxx Xxxxxxxxx Xxxxxxxx, Chilean, an
individual, Los Algarrobos N2228, on behalf of Tor Chile S.A. (herinafter the
"Landloard")Xxxxx after and Xxx. Xxxxxxxx Xxxx, Argentinean, married, 000
Xxxxxxx Xxxx Xx. Xxxxxxxxxx Xxx Xxxx. U.S.A, Passport N(0)24.069.380, on behalf
of Lakeland Industries, 000 Xxxxxxx Xxxxxx, Xxxxxxxxxx Xxx Xxxx, 00000, X.X.X.
(hereinafter the "Tenant") agree to this lease agreement upon the following
conditions and covenants stated here in.
1.- PROPERTY
The Landlord is the exclusive owner of the property located in Los Algarrobos
N(0)2228, Xxxxxxxx de Chile, Chile.
The landlord agrees to lease to the Tenant 2 offices totaling 42 square meters,
including usage of a bathroom and kitchen and a warehouse in the property
mentioned above; and the Tenant agrees to use the property as agree herein,
otherwise it will be cause for termination of this lease agreement and Tenant
shall evacuate the property, even when the end of the term of this agreement is
still pending.
2.- PURPOSE
The Tenant agrees to use the property as office space and warehousing of
merchandise exclusively owned by the tenant. This obligation of the Tenant is
essential for the execution of this agreement.
3. OTHER SERVICES INCLUDED IN THIS AGREEMENT.
The Landlord agrees to provide services of electricity, water, alarm system, and
warehouseman, which are included in the monthly rent. This obligation of the
Landlord is essential for the execution of this agreement.
4.- TERM
The term of this lease agreement is from March 1, 2006 to March, 1 2008.
This agreement will expire in the stated term unless both parties shall agree in
writing to extend the term of this agreement or execute another agreement.
In the event there is no written letter extending the term of this agreement, or
a new agreement, and the Tenant shall not vacate the premises, the Tenant shall
pay the Landlord, the sum equal to a monthly rent plus a 20% for any additional
months the Tenant remains and the Landlord shall have all continuing rights
legal actions against the Tenant.
5.- RENT
The parties agree monthly rent shall be US$1,000 for the property and other
services Landlord shall provide. The rent shall be paid in advance, within the
first 5 days of each
month at the Landlords domicile, through a deposit at the Bank Boston or any
other financial entity stated by the Landlord. The Tenant agrees and consents
that any late payment will result in a 1% interest penalty per day over the
monthly rent.
Landlord grants to Tenant an option to renew this lease agreement after
expiration of the term of this agreement, at which time the parties shall agrees
the amount of new rent and the new covenants of this agreement.
6.- OTHER PAYMENTS.
The tenant is obligated to pay for gas, telephone, freight, and communal
expenses.
7.- TERMINATION
In the event of default in payment on the rent over 10 days of the 5th day of
any month, the Landlord shall immediately terminate this agreement, according to
the law. The Landlord has the right to claim for damages and unpaid rents for
breach of this agreement.
8.- PROHIBITIONS FOR THE TENANT
It is expressly prohibited for the Tenant to assign, sublease or license in
whole or in part the premises; to alter the structure of the property; to
disturb the neighbors; to have animals; to have explosive, flammable or
intoxicating materials in the premises. It is expressly prohibited to use the
premises for any other purposes as stated in section 2 of this agreement. In the
event, the Tenant assigns or subleases the Leased Premises to a third party, the
tenant shall be liable for any damages on the premises and this lease shall be
terminable.
9.- MAINTENANCE
The Tenant shall agree to maintain in perfect conditions, the keys, artifacts,
valves, toilets, plugs, bells, electricity vents; and o repair them and change
them. The Tenant shall take care of the landscaping; clean and maintain the
heating system, and the Tenant shall repair and maintain the premises in good
condition.
The tenant agrees to repair at it's owns expense caused by its ordinary use the
ceiling, walls, glasses, paintings and features of the premise. Any damage that
is the tenants is not obliged to repair structural damages, liking pipes, etc,
which shall be repaired by the Landlord, immediately after notification by the
Tenant. If within 10 days the Landlord does not repair the damages, the Tenant
is entitled to repair the damage and to deduct the cost of the repair from the
monthly rent.
10.-IMPROVEMENTS.
The Tenant is authorized to improve and remodel the property necessary for its
usage. At the termination of this agreement all fixtures installed in, and
improvements made in the Leased Premises, can be removed if the removal does not
damage the structure of the property. All other improvements shall remain as
part of the premises. It is expressly
agreed that if the agreement is terminated before the expiration of the Term of
this agreement because the Landlord is in breach, the Landlords shall pay the
Tenant for the cost, expenses or value of the fixtures that could not be removed
without damaging the property.
11.-RESTITUTION OF THE PREMISES.
At the end of this agreement the Tenant agrees to return the Leased Premises in
the same condition as when entered and to return the keys to the property.
Furthermore, the Tenant shall provide the Landlord with the rent receipts and
expenses incurred during this agreement.
12.-WARRANTY
To guaranty the maintenance of the premises in the same condition as when
entered; repairs of the damages on any fixtures, or the services and premises;
and in general, to perform all the obligations stated in this agreement; the
Tenant shall make a deposit one month's rent as a security. If at the end of the
Term there is a credit balance in favor of the Tenant, the Landlord agrees to
return such amount to the Tenant, unless the Landlord has a legal right to
exercise in his favor and to deduct damages caused by the Tenant; as well as the
amount of unpaid invoices for electricity, gas, telephone and other expenses
incurred by the Tenant.
13.- DAMAGES
The Landlord shall not be liable for robberies incurred to the property or
damages caused by fires, floods, leacks, broken pipes, damages caused by heat or
humidity and other natural damages.
15.- PROHIBITIONS
The Tenant shall not use the security to pay the monthly rent of any month nor
the last month of the term.
16.-DOMICILE
For all matters pertaining to this agreement the parties agree that the domicile
is Xxxxxxxx the Chile, and whatever action may be brought, shall be governed by,
construed and enforced in accordance with the Jurisdiction of the Xxxxxxxx de
Chile.
17. OTHER CONDITIONS.
The rent includes the fixtures that shall be stated in an attachment and signed
by the parties heretp
This agreement is executed March 1, 2006.
Xxxxxx Xxxxxxxxx Xxxxxxxx Xxxx
Tor Chile S.A. Lakeland Industries, Inc.
Landlord Tenant
