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Exhibit 10.2.15
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SUBLEASE TERMINATION AGREEMENT
between
WAL-MART STORES EAST, INC., Sublessor
and
D.I.Y. HOME WAREHOUSE, INC., Sublessee
Xxxxx Xxxx, Xxxx
Xxxxx #X0000
_______, 2001
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BROOK PARK, OHIO
STORE #V6305
SUBLEASE TERMINATION AGREEMENT
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THIS SUBLEASE TERMINATION AGREEMENT ("Agreement") made this
_________________, 2001, between WAL-MART STORES EAST, INC., an Arkansas
corporation, with an address of: 000 X. X. 0xx Xx., Xxxxxxxxxxx, XX 00000
(hereinafter "Sublessor" and "Wal-Mart") and D.I.Y. HOME WAREHOUSE, INC., an
Ohio corporation, with an address of 0000 Xxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx, XX
00000 (hereinafter "Sublessee"),
W I T N E S S E T H
WHEREAS, Sublessor and Sublessee have entered into a Sublease Agreement
dated November 25, 1992 ("Sublease"), affecting the following described real
property:
A ninety three thousand three hundred thirty six (93,366) square
foot building space being part of the one hundred thirteen thousand
(113,000) square foot building located on a tract of land situated in the
City of BROOK PARK, County of CUYAHOGA, State of OHIO, with a physical
address of 00000 Xxxxxxx Xxxx, which tract of land is legally described on
Exhibit "A" as attached hereto and made a part hereof ("Premises") and as
said ninety three thousand three hundred sixty six (93,366) square foot
building space is outlined on Exhibit "B" attached hereto and made a part
hereof (collectively referred to hereinafter as "Subleased Premises");
WHEREAS, the Sublease is for a term to expire on November 30, 2005;
WHEREAS, Wal-Mart and Sublease are desirous of terminating and canceling
the Sublease as hereinafter provided;
NOW THEREFORE, in consideration of the premises and the terms and
conditions of this Agreement, Wal-Mart and Sublessee agree as follows:
1. The Sublease shall be terminated and canceled effective July 9, 2001,
(the "Termination Date").
2. From and after the Termination Date, Wal-Mart and Sublessee shall have no
further obligations and liabilities, one to the other, pursuant to the
Sublease and the terms and conditions contained therein, except as is
specifically provided for in this Agreement.
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3. No later than the Termination Date, Sublessee shall turn over possession of
the Premises to Sublessor in an "as-is, where-is, with all faults"
condition, as of the date hereof with Sublessee's personal property removed
therefrom.
4. Sublessee shall disconnect all utility services to the Premises effective as
of the Termination Date. Sublessee agrees to reimburse Wal-Mart for any
utility charges billed to Wal-Mart after the Termination Date plus a
handling fee of ten percent (10%) after receipt therefor.
5. No later than the Termination Date Sublessee shall pay to Wal-Mart the sum
of five hundred thousand and 00/100 dollars ($500,000.00) remitted in the
form of federal wire transfer or check. Wal-Mart recognizes that this
payment is consideration for the termination and cancellation of the
Sublease and is full satisfaction of any other obligations of Sublessee
under the Sublease.
6. Sublessee shall pay to Wal-Mart its pro-rata share of the 2001 real property
taxes assessed against the Subleased Premises pursuant to the Sublease,
pro-rated up to the Termination Date.
7. Both parties agree on behalf of themselves, their assigns, their successors
in interest, and anyone holding any interest through them, that they fully
release and discharge each other from any and all claims, demands, causes of
action, suits and damages of each and every kind of nature whatsoever,
actual or potential, past and present, known or unknown, arising out of or
based upon, directly or indirectly, the Sublease or any rights or
responsibilities accruing therefrom, as of the date this Agreement is
executed.
8. Sublessee agrees that it, and all of its employees and agents, shall keep
confidential the terms of this Agreement. The only information Sublessee may
give another, upon inquiry, is that Sublessee and Wal-Mart have negotiated a
termination of the Sublease. Sublessee specifically recognizes that it is
important to Wal-Mart that any future negotiations it may have with other
tenants or subtenants not be impacted by the terms of this arms length
agreement, and therefore Sublessee shall not disclose any of the terms of
this Agreement.
9. This Agreement may be executed in one or more counterparts, all parties need
not be signatories to the same documents, and all counterpart-signed
documents shall be deemed to be an original and one (1) instrument.
10. This Agreement contains the entire agreement of the parties. No oral or
written communication between the parties and or their agent survives the
execution of this Agreement. The parties have intentionally expressed each
term of their agreement in this writing, and further agree that no
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modification or supplementation to this writing may be made by other than a
subsequent written agreement, dated and executed by both parties.
11. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.
(SIGNATURE PAGE TO FOLLOW)
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IN WITNESS WHEREOF, the parties hereto have signed their hands and seals as
of the day and year first above written.
SUBLESSEE:
D.I.Y. HOME WAREHOUSE, INC.
AN OHIO CORPORATION
WITNESS OR ATTEST:
By: /s/ Xxxxxx Xxxxxxx By: /s/ R. Xxxxx Xxxxx
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Print Name: XXXXXX XXXXXXX Print Name: R. XXXXX XXXXX
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Title: V.P. OPERATIONS
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SUBLESSOR:
ATTEST: WAL-MART STORES EAST, INC.
AN ARKANSAS CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxxx By: /s/ J. Xxxxx Xxxxxx
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Xxxxxxx X. Xxxxxxxx J. Xxxxx Xxxxxx
Assistant Secretary Director of Building
Development
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EXHIBIT "A"
Description of Premises
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EXHIBIT "B"
Site Plan
[Blueprint]
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