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OFFICE LEASE
This Lease Agreement (this "Lease") is made effective
as of July 1, 1996, by and between Xxxx X. Xxxxxx, ("Landlord"),
and Maxam Gold Corporation ("Tenant").
The parties agree as follows:
PREMISES. Landlord, in consideration of the lease
payment sprovided in this Lease, leases to Tenant office
facilities (the "Premises") located at 000 Xxx xx Xxx Xxxxx, Xxxx
Xxxxxx, Xxxxxxxx 00000.
TERM. The lease term will begin on July 1, 1996 and
will continue on a monht-to-month basis.
LEASE PAYMENT. Tenant shall pay to Landlord monthly
payment of $1,200.00 per month, payable in advance on the first
day of each month, for a toral annual lease payment of
$14,400.00. Lease payments shall be made to the Landlord at 000
Xxx xx Xxx Xxxxx, Xxxx Xxxxxx, Xxxxxxxx 00000, as may be changed
from time to time by Landlord.
POSSESSION. Tenant shall be entitled to possession on
the first day of the term of this Lease, and shall yield
possession to Landlord on the last day of the term of this Lease,
unless otherwise agreed by both parites in writing.
USE OF PREMISES. Tenant may use the Premises only for
the transaction of official business. The Premises may be used
for any other pupose only with the prior written consent of
Landlord, which shall not be unreasonably withheld. Tenant shall
notify Landlord of any anticipated extended absence from the
Premises not later thant he first day fo the extended absence.
PROOPERTY INSURANCE. Landlord and Tenent shall be
responsible to maintain appropriate insurance for their
respective interests in the Premises and property located on the
Premises.
DEFAULTS. Tenant shall be in default of this Lease, if
Tenant fails to fulfill 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 30 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 wihtout prejudicing Landlord's rights to damages. In the
alternative, Landlord may elect to cure any default and the costs
of such action shall be added to Tenant's financial obligations
under this Lease. Tenant shall pay all costs, damages, and
expenses (including reaonsable attorney fees and expenses)
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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 of charges are
designated as "additional rent."
NOTICE. Notices under this Lease shall not be deemed
valid unless given or served in writing and forwarded by mail,
postage prepaid, addressed as follows:
LANDLORD: Xxxx X. Xxxxxx
000 Xxxxx
Xxxx Xxxxxx, Xxxxxxxx 00000
TENANT: Maxam Gold Corporation
000 Xxx xxx Xxx Xxxxx
Xxxx Xxxxxx, Xxxxxxxx 00000
Such addresses may be changed from time to time by either party
by providing notice as set forth above.
ENTIRE AGREEMETN/AMENDMENT. This Lease Agreement
contains the entire agreemetn of the parites and there are no
other promises or conditions in any other agreement whether oral
or written. This Lease may be modified or amended in writing, if
the writing is signed by the party obligated under the amendment.
SEVERABILITY. If any portion of this Lease shall be
xxxx to be invalid or 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 woudl
become vaild 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 shall not be construed as a waiver or
limitatino of that party's right ot subsequently enforece and
comple strict compliance with every provision of this Lease.
CUMULATIVE RIGHTS. The rights of the parties under
this Lease are cumulative, and shall not be construed as
exclusive unelss otherwise required by law.
GOVERNING LAW. This Lease shall be construed in
accordance with the laws of the State of Illinois.
LANDLORD TENANT
MAXAM GOLD CORPORATION
/s/ Xxxx X. Xxxxxx BY: /s/ Xxxx X. Xxxxxxx
President
