LEASE AGREEMENT
Between
494040 B.C. LTD. (The Lessor)
And
L.O.M. MEDICAL INTERNATTONAL INC. (The Lessee)
(A Delaware Company)
The conditions of this Lease shall be governed in accordance with the B.C.
Landlord and Tenants Act of 1996 and such other jurisdictions as may be
applicable., Such as City Bylaws, Municipal Acts etc.
IT IS AGREED;
Terms:
That L.O.M. Medical International will Lease Offices located at #3 - 0000
Xxxxxxxxxxx Xx. Xxxxxxx, Xxxxxxx Xxxxxxxx for a term of five years with an
option to renew the Lease for another five years for a total of ten years in
duration.
Lease Renewal:
The base lease shall remain in force and be applicable for the second five year
terms with the following considerations for adjustments, such as interest rates,
tax increases, maintenance costs, Strata fees, or other costs not controlled by
the Lessor.
The Premises:
Legal description Xxxxxx Xxxx xx Xxx X, Xxxx XXX00000 Sec. 19 TP.26 O.Y.D.
Strata Plan Kas 001946 Land Titles Kamloops dated Sept 16th 1997 plan attached.
Office layout plan attached as exhibit "A". Site plan exhibit "B" Total floor
area = 1,550 square feet, Parking 6 stalls # 7 to # 13 inclusive.
Inclusions:
o Exterior walls insulated and dry-walled ready for paint
o Electrical run in all exterior walls
o Ceilings insulated and dry-walled
o Roughed in plumbing washroom & kitchenette
o Floors smooth and ready for carpets Exclusions:
o Leasehold improvements such as, Interior Decorator, Electrical, Fixtures
floor covering, painting, drywall, millwork, decorative iron work, drapes,
hardware, and or anything to do with interiors.
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Lease Agreement cont.
Lease Rate:
The lease rate is based on the following basis of consideration on
established costs, taxes for 1998; Commercial Mortgage rate of 9.5% int.
and the Lessor paying for 40% of the total leasehold improvements. Based on
the above the lease rate is $18.30 per square foot, plus G.S.T., triple net
five year term renewable for a second 5 years - (see terms)
Commencement Date:
This lease shall become effective and commence as of August 1st 1998 and
expire July 31st in the year 2004 at 12: O'clock midnight.
Dated this 1st Day of August 1998 in the City of Kelowna, in the Province of
B.C.
For: 494040 B.C. LTD. For: L.O.M MEDICAL INC.
/s/ XXXXX XXXXXXXXXXXX /s/ XXXXX X. XXXXXX
----------------------------- -----------------------------
SEC/TRES V.P. & Director
XXXXX XXXXXXXXXXXX XXXXX X. XXXXXX
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