Exhibit 10.7
RENTAL AGREEMENT
THIS RENTAL AGREEMENT is executed on this 11th day of August 1998, by and
between CIVITAS EQUITY FUND I, LLC, (Owner) and SNAP TECHNOLOGIES, INC.,
(Occupant), for the purpose of leasing certain space hereinafter described.
DESCRIPTION OF PREMISES: Owner leases to Occupant approximately 337 sq. ft.
in the basement of 000 Xxxxxxxx Xxxxxx, Xxx Xxxxxxxxx, XX 00000 for storage
purposes. Occupant has examined the Premises and acknowledges and agrees that
the Premises and common areas are satisfactory for all purposes for which
Occupant shall use the Premises or common areas.
TERM: This lease is written on a month-to-month basis. Either Lessor or
Lessee may terminate lease with a 30 day written notice from either party.
RENT: Occupant shall pay Owner as a monthly rent the sum of $.65 per square
foot, for a total of $219.00 commencing August 15, 1998. Rent is due on the
first of each month. In the event Occupant fails to pay the rent by the 10th
day of the month, Occupant shall pay a 6% late charge.
USE OF PREMISES: Occupant shall store only personal property that Occupant
owns and will not store property that is claimed by another or in which
another has any right, title, or interest. Occupant shall not store food or
perishable goods, flammable materials, explosives or other inherently
dangerous material, nor perform any welding. Occupant shall not store any
property on the Premises which would result in the violation of any law or
regulation of any governmental authority, including all laws and regulations
relating to Hazardous Materials and waste disposal. Occupant shall not use
the Premises in any manner that will constitute nuisance or unreasonable
annoyance to other occupants in the Premises. Occupant acknowledges that the
premises may be used for storage only, and that the use of the Premises to
conduct business or for human or animal habitation is prohibited. Provisions
have been made to prevent access to the basement via the freight elevator to
anyone other than Lessor or Lessee.
ALTRATIONS: Occupant shall not make or allow alterations of any kind to the
Premises without the prior written consent of the Owner.
INSURANCE: All property is stored by Occupant at Occupant's sole risk.
Insurance is Occupant's sole responsibility. Occupant must obtain insurance,
covering damage by fire, extended coverage perils, vandalism, burglary, and
all other risks of any nature, for the full value of Occupant's property.
Such insurance will carry an "Additional Insured-Lessor of Premises"
endorsement-Civitas Equity Fund I, LLC, shall be named as an additional
insured.
LIMITATION OF OWNER'S LIABILITY; INDEMNITY: Owner and Owner's Agents will
have no responsibility to Occupant or to any other person for any loss,
liability, claim, expense, damage to property or injury to persons from any
cause, unless the loss is directly caused by Owner's fraud, willful injury,
or willful violation of law.
1.
Occupant's signature below acknowledges that he has read and understands the
provisions of this lease.
Executed on August 11th 1998
BY: LESSOR BY: LESSEE
CIVITAS EQUITY FUND I, LLC SNAP TECHNOLOGIES, INC.
By: By:
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx Xxxxxx X. Xxxxxx
Manager VP, Sales and Marketing
2.
