EXHIBIT 10
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SHOPPING CENTER LEASE
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This Lease Agreement (this "Lease") is dated August 1, 2003, by and between Xxxx
Xxxxxxxxx and Xxxx Xxxxxx ("Landlord"), and Diamond One, Inc. ("Tenant"). The
parties agree as follows:
PREMISES. Landlord, in consideration of the lease payments provided in this
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Lease, leases to Tenant 842 square feet of retail space (the "Premises") located
at 0000 Xxxx Xxxxxxxx Xxxx, Xxxxxxxxx Xxxxxxx, XX 00000.
TERM. The lease term will begin on August 1, 2003 and will terminate on July 31,
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2006.
LEASE PAYMENTS. Tenant shall pay to Landlord monthly installments of $1611.79,
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payable in advance on the first day of each month. Lease payments shall be made
to: Arapahoe Station Venture I, 0000 Xxxx Xxxxxxxx Xxxx, Xxxxxxxxx Xxxxxxx, XX
00000, which payee and address may be changed from time to time by the Landlord.
POSSESSION. Tenant shall be entitled to possession on the first day of the term
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of this Lease, and shall yield possession to Landlord on the last day of the
term of this Lease, unless otherwise agreed by both parties in writing. At the
expiration of the term, Tenant shall remove its goods and effects and peaceably
yield up the Premises to Landlord in as good a condition as when delivered to
Tenant, ordinary wear and tear excepted.
INSURANCE. Tenant shall maintain Commercial Liability Insurance for personal
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injury damage with coverage limits of not less than Two Million Dollars
($2,000,000) combined single limit per occurrence and, in the aggregate insuring
against any and all liability of the insured with respect to said Leased
Premises or arising out of the maintenance, use or occupancy thereof. Deductible
shall not be greater than $1000. During any construction performed by Tenant,
Tenant shall obtain a "course of construction" endorsement to such insurance.
RENEWAL TERMS. This Lease shall automatically renew for an additional period of
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12 Months per renewal term, unless either party gives written notice of
termination no later than 30 days prior to the end of the term or renewal term.
The lease terms during any such renewal term shall be the same as those
contained in this Lease except that the lease installment payments shall be
$1700.00 per month.
MAINTENANCE. Tenant shall have the responsibility to maintain the Premises in
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good repair at all times.
DEFAULTS. Tenant shall be in default of this Lease if Tenant fails to fulfill
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any lease obligation or term by which Tenant is bound. Subject to any governing
provisions of law to the contrary, if Tenant fails to cure any financial
obligation within 5 days (or any other obligation within 10 days) after written
notice of such default is provided by Landlord to Tenant, Landlord may take
possession of the Premises without further notice (to the extent permitted by
law), and without prejudicing Landlord's rights to damages. In the alternative,
Landlord may elect to cure any default and the cost of such action shall be
added to Tenant's financial obligations under this Lease. Tenant shall pay all
costs, damages, and expenses (including reasonable attorney fees and expenses)
suffered by Landlord by reason of Tenant's defaults. All sums of money or
charges required to be paid by Tenant under this Lease shall be additional rent,
whether or not such sums or charges are designated as "additional rent". The
rights provided by this paragraph are cumulative in nature and are in addition
to any other rights afforded by law.
LATE PAYMENTS. For any payment that is not paid within 5 days after its due
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date, Tenant shall pay a late fee of $50.00.
HOLDOVER. If Tenant maintains possession of the Premises for any period after
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the termination of this Lease ("Holdover Period"), Tenant shall pay to Landlord
lease payment(s) during the Holdover Period at a rate equal to the normal
payment rate set forth in the Renewal Terms paragraph.
CUMULATIVE RIGHTS. The rights of the parties under this Lease are cumulative,
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and shall not be construed as exclusive unless otherwise required by law.
NON-SUFFICIENT FUNDS. Tenant shall be charged $25.00 for each check that is
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returned to Landlord for lack of sufficient funds.
GOVERNING LAW. This Lease shall be construed in accordance with the laws of the
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State of Colorado.
ENTIRE AGREEMENT/AMENDMENT. This Lease Agreement contains the entire agreement
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of the parties and there are no other promises, conditions, understandings or
other agreements, whether oral or written, relating to the subject matter of
this Lease. This Lease may be modified or amended in writing, if the writing is
signed by the party obligated under the amendment.
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SEVERABILITY. If any portion of this Lease shall be held to be invalid or
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unenforceable for any reason, the remaining provisions shall continue to be
valid and enforceable. If a court finds that any provision of this Lease is
invalid or unenforceable, but that by limiting such provision, it would become
valid and enforceable, then such provision shall be deemed to be written,
construed, and enforced as so limited.
WAIVER. The failure of either party to enforce any provisions of this Lease
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shall not be construed as a waiver or limitation of that party's right to
subsequently enforce and compel strict compliance with every provision of this
Lease.
BINDING EFFECT. The provisions of this Lease shall be binding upon and inure to
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the benefit of both parties and their respective legal representatives,
successors and assigns.
LANDLORDS:
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Xxxx Xxxxxxxxx and Xxxx Xxxxxx
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By: /s/ Xxxx Xxxxxx Date: August 1, 2003
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Xxxx Xxxxxx
/s/ Xxxx Xxxxxxxxx Date: August 1, 2003
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Xxxx Xxxxxxxxx
TENANT:
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Diamond One, Inc.
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By: /s/ Xxxxxx X. Xxxxxxxxx Date: August 1, 2003
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Xxxxxx X. Xxxxxxxxx, President
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