EXHIBIT 10.67
Office Lease - 00 Xxxxx Xxxxx Xxxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxx
BUSINESS LEASE AGREEMENT
THIS LEASE AGREEMENT made and entered into this 15th day of August, 1996,
by and between Centre Development Company of Colorado Springs, LLC, a Colorado
Limited Liability CO hereinafter called "Landlord", and Century Casinos,
hereinafter called "Tenant".
WITNESSETH:
The Landlord does hereby lease to Tenant and the Tenant does hereby take
and hire from the Landlord, the following described real property situated in
the County of El Paso, and State of Colorado, to-wit: 2,310 square feet at 00/00
Xxxxx Xxxxx Xxxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxx. (hereinafter referred to as the
Leased Premises) upon the following expressed terms and conditions, to-wit:
1. The term of this Lease shall commence on the 15th day of September,
1996, and shall continue for a period of three (3) year(s) thereafter, expiring
on the 30th day of September, 1999.
The Tenant agrees to pay the Landlord as rent for the Leased Premises the
total sum of ninety three thousand five hundred fifty-five Dollars ($93,555.00),
which sum of money shall be payable in the following manner:
monthly rental in the amount of $2,598.75
3. The Tenant expressly covenants and agrees to use the Leased Premises for
the following purpose: general office, and for no other purpose whatsoever,
without the prior written consent of the Landlord to such change in use of the
Leased Premises.
4. This Lease may not be assigned or the Leased Premises sublet during the
term of this lease without the prior written consent of the Landlord to such
assignment or subletting; provided, however, that consent to assignment of this
Lease or subletting of the Leased Premises shall not be unreasonably withheld by
the Landlord if such assignment shall be to a financially responsible assignee,
and provided, further, the assignee shall, in consideration of such consent,
become personally responsible for the performance of this Lease and no
assignment hereof shall relieve the original Tenant of personal responsibility
herein.
5. The Landlord shall pay all real property taxes for the Leased Premises
during the term of this Lease, and the Tenant shall pay all personal property
taxes accruing during the term of this Lease, for personal property owned by the
Tenant and kept on the Leased Premises.
6. All utilities used on the Premises during the term of this Lease shall
be paid for by the Tenant.
7. The Landlord agrees to carry sufficient fire and extended coverage
insurance on the Leased Premises during the term of this Lease to cover the cost
of rebuilding or repairing the Leased Premises in the event of total or partial
destruction thereof. The Tenant agrees to carry and maintain public liability
insurance for the Leased Premises in such amount and with such company as the
Landlord and Tenant may agree upon during the term of this Lease.
8. The Landlord shall be responsible for the exterior maintenance of the
Leased Premises during the term of this Lease, and the maintenance of any
parking lot facility contiguous thereto which is used in conjunction with the
Leased Premises. All maintenance, repairs, alterations or additions to the
interior of the premises shall be made by the Tenant.
Initials: TENANT_________ LANDLORD_________
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9. The Landlord may enter upon and inspect the Leased Premises at all
reasonable times during the term thereof.
10. Following termination of the Term, if Landlord so requests in writing,
Tenant shall immediately and at its own expense remove its exterior signs and
any additions, fixtures and installations placed in the Premises by, through, or
under Tenant and designated in such request, and repair any damage occasioned by
any such removal. Tenant shall surrender the premises broom clean and in good
condition and repair, except only reasonable wear and tear and conditions for
which Tenant is not responsible hereunder. All improvements placed upon the
Leased Premises of a permanent nature by the Tenant shall be and become the
property of the Landlord at the expiration of this Lease, and the Landlord shall
be under no obligation to reimburse the Tenant for any sums of money so expended
in making permanent improvements on the Leased Premises; provided, however, that
at the expiration of the term of this Lease the Tenant shall be entitled to
remove the following items installed, or to be installed on the premises by the
Tenant, and the provisions of this paragraph shall not be construed to prevent
the removal of said items, to-wit:_____________________________________________
______________________________________________________________________________.
11. Should the Leased Premised be destroyed or rendered uninhabitable
through no act or fault of the Tenant, either by fire, act of God, or otherwise,
then this Lease may be forthwith terminated by the Tenant, at his option, unless
the Landlord, at his own expense, shall reconstruct said premises and render it
suitable for the Tenant's business within a period of ninety (90) days, it being
understood by the parties hereto that the rentals shall be suspended during the
period of time when said premises are rendered uninhabitable and unusable for
the Tenant's business.
12. The Tenant promises and agrees that if default be made in the payment
of rents or in the performance of any other conditions of the Lease, that this
Lease may be forthwith terminated at the election of Landlord and that the
Tenant will immediately surrender and deliver up possession of the Leased
Premises to the Landlord upon receiving written notice from the Landlord of the
breach of conditions of this Lease and election of the Landlord to so terminate
the Lease. In the event of such default by the Tenant, then the Landlord,
besides other rights or remedies he may have, shall have the immediate right of
re-entry and the right to remove all persons and property from the Leased
Premises at the expense of the Tenant. Should the Landlord elect to re-enter, as
herein provided, or should he take possession pursuant to legal proceedings or
pursuant to any notice provided for by law, he may either terminate this Lease,
or he may, from time to time, without terminating this Lease, re-let or re-lease
the Leased Premises or any part thereof for such amount of rental and upon such
terms and conditions as the Landlord, in his sole discretion and judgment, may
deem advisable, and he may make such alterations, improvements and repairs to
the Leased Premises as he may deem advisable. No such re-letting or re-leasing
of the Leased Premises by the Landlord, under the circumstances set forth in
this paragraph, shall be construed as an election on the Landlord's part to
terminate or cancel this Lease, unless a written notice of such termination or
cancellation is mailed by the Landlord to the Tenant at the address of the
Leased Premises, nor shall such re-letting or re-leasing relieve the Tenant from
liability to the Landlord for any and all damages, of whatsoever type or nature,
which the Landlord may have or will suffer or incur as a result of the Tenant's
breach of any of the terms, covenants, provisions and conditions herein
contained. Notwithstanding any such re-letting or re-leasing without termination
of this Lease by the Landlord, the Landlord may at any time thereafter elect to
terminate the Lease for such previous breach of the Tenant. In the event it
should become necessary for the Landlord to employ an attorney to enforce any of
the provisions hereof, or to enforce any of them in legal proceedings, Landlord
shall be entitled to recover of Tenant his costs in such behalf expended, plus a
reasonable attorney's fee.
Initials: TENANT_________ LANDLORD_________
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13. In the event this Lease is terminated by reason of the default of
Tenant, it is understood and agreed that the Landlord shall be entitled to
retain any advance rental deposit herein made, to partially compensate Landlord
for damages suffered by reason of such default. Nothing herein contained shall
be construed, however, as precluding the Landlord from recovering from Tenant
any further or additional damages which he may have suffered by reason of such
default of the Tenant as provided in paragraph 12 hereof.
14. Upon expiration of the term of this Lease, or any extension thereof,
the Tenant agrees to surrender and deliver up possession of the Leased Premises
to the Landlord in as good condition and repair as the same are at this time,
ordinary wear and tear expected. In the event the Leased Premises shall be
damaged beyond reasonable wear and tear, the Tenant agrees to immediately pay
the Landlord such sum of money as shall be reasonably expended by the Landlord
in restoring the Leased Premises to its former condition.
15. Should the Tenant continue in possession of the Leased Premises after
the expiration of this Lease, without a written extension or renewal hereof,
such possession shall be on a month-to-month basis only and then at a monthly
rate herein specified.
16. The failure of Landlord to insist, in any one or more instances, upon a
strict performance of any of the obligations, covenants or agreements herein
contained, or the failure of Landlord in any one or more instances to exercise
any option, privilege or right herein contained, shall in no way be construed to
constitute a waiver, relinquishment or release of such obligations, covenants or
agreements and no forbearance by the Landlord of any default hereunder shall in
any manner be construed as constituting a waiver of such default.
17. Not used.
18. If the Tenant shall be declared insolvent or bankrupt, or if any
assignment of his property shall be made for the benefit of his creditors or
others, or if the Tenant's leasehold interest herein shall be levied upon under
execution, or taken by virtue of any writ of any Court of Law, or if a Trustee
in Bankruptcy or a receiver is appointed for the property of the Tenant, then
and upon the happening of any one of these events, the Landlord may, at his
option, immediately, with or without notice, terminate and cancel this Lease,
and immediately retake possession of the Leased Premises without thereby
occasioning any forfeiture of the obligations of the Tenant previously accrued
under this Lease.
19. In the event all or any part of the Leased Premises shall be taken by
right of eminent domain, or in the event the Landlord makes a conveyance of all
or any part of the Leased Premises in lieu of a taking by right of eminent
domain, then this Lease shall, at the option of the Landlord, cease and
terminate. In such event, the Tenant shall not be required to make any further
rental payments to the Landlord and the Tenant shall have the right to remove
from the Leased Premises any and all furniture, machinery and fixtures set forth
in paragraph 10 hereof. In such event of a taking of all or part of the Leased
Premises by right of eminent domain or a conveyance in lieu of such taking, the
Landlord shall receive the entire award or price which the condemning or taking
governmental authority will pay for the Lease Premises.
Initials: TENANT_________ LANDLORD_________
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20. This Lease Agreement is further subject to any and all special
conditions which are contained on this Lease in the appropriate space provided
therefore.
21. Wherever used herein, the singular shall include the plural, and the
use of any gender shall be applicable to all genders.
22. This Lease shall bind and benefit alike the heirs, successors and
assigns of the parties hereto.
IN WITNESS WHEREOF, the parties hereto have set their hands and affixed
their seals on the day and year first above written.
TENANT LANDLORD
By: /S/ Xxxxx X. Xxxxxx By: /S/ Xxx Xxxxxx
----------------------- ------------------
Xxxxx X. Xxxxxx (President) Xxx Xxxxxx
Address: Address:
Century Casinos, Inc. 0000 Xxxxx Xx #000
00 Xxxxx Xxxxxx Xxxxxx #000 Xxxxxxxx Xxxxxxx, XX 00000
Xxxxxx, XX 00000
ADDITIONAL PROVISIONS
1. Termination Clause
The tenant has the option after year two of the lease to terminate the
remaining term by paying the unamortized balance of the tenant improvement
amount.
2. Parking
The tenant will have two reserved spaces included as part of this lease, at
no extra cost.
3. Finish Requirements
The landlord will deliver a clean, ready to use suite, with sufficient
electrical outlets.
4. Options
The tenant has 3 one year options to renew lease at same rate.
5. Security Deposit
With lease execution, tenant shall deposit one month's rent.
Initials: TENANT_________ LANDLORD_________
