AGREEMENT
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WHEREAS, BLUE FISH CLOTHING, INC., a Pennsylvania Corporation
(hereafter Sub-Tenant) by Agreement dated 30th of May, 1997 is willing to
undertake the obligation under a certain Lease between XXXXXXX X. XXXXXX
(Tenant) XXXXXXX X. XXXXXXXX and XXXXXXX XXXXXX XXXXXX (Landlords) dated
March 25, 1993 (the "Lease"); and
WHEREAS, XXXXXXX X. XXXXXX (Tenant) is desirous of subletting his
space to BLUE FISH CLOTHING, INC., (Sub-Tenant); and
WHEREAS, XXXXXXX X. XXXXXXXX and XXXXXXX XXXXXX XXXXXX (Landlords)
have agreed to said sublet,
NOW, THEREFORE, in consideration of One ($1.00) Dollar and other
valuable consideration it is agreed as follows:
1. Tenant agrees to sublet to the Subtenant the demised premises
known as 00-00 Xxxx Xxxx Xxxx, Xxxxxxxx, Xxxxxxxxxxx on the following terms
and conditions:
a) Subtenant to pay to Tenant rent of $55,200.00 for the first
year at the rate of $4,600.00 per month with payment due on the first day
of each month, but not beginning until or about October 15, 1997, the first
four months of said rent having been abated. The term of this sublease
shall commence June 15, 1997 and terminate June 30, 2007.
b) Subtenant shall pay for its own utilities.
c) Subtenant shall accept the premises "as is" except that
Tenant shall deliver the premises in broom clean condition and free from
all trash and debris.
d) Subtenant shall be bound by all the terms and obligations of
the Lease dated May 25, 1993 as such shall relate to Subtenant and does
hereby assume all of the covenants and obligations of the Tenant contained
in said Lease and does hereby agree to indemnify and save the Tenant
harmless with respect to all such covenants and obligations, except for the
provisions of Article 2 and for the payment of rent and payments due under
Articles 29 and 30 of the lease by Tenant to Landlord, which obligations
shall remain with Tenant. In the event Tenant fails to pay rent to
Landlords in order to prevent termination of the lease. Any such payment
made by Subtenant to Landlords shall be an offset against the rent due to
Tenant under the Sublease.
e) Subtenant shall pay to the Tenant on the signing of this
Agreement the sum of Thirty Thousand ($30,000.00) Dollars and six months
from date of the agreement, shall pay an additional sum of Twenty Thousand
($20,000.00) Dollars, for a total of Fifty Thousand ($50,000.00) Dollars as
partial consideration for Tenant entering into this transaction.
f) Notwithstanding anything contained herein to the contrary,
in the event the premises is destroyed or taken by eminent domain, or if a
portion thereof is substantially destroyed or taken by eminent domain
resulting in the premises being untenantable or unfit to tenant's purposes
or the repair or restoration thereof cannot be accomplished within ninety
(90) days, Subtenant shall have the right to terminate the Sublease by
giving written notice thereof to Tenant with thirty (30) days after the
premises is destroyed or taken by eminent domain. Thereafter, the Sublease
shall terminate as of the date of such notice or on any later date set
forth therein and all obligations of the parties under the Sublease shall
cease and terminate.
2. In the event Tenant is unable to deliver the premises on June 15,
1997, the commencement date of the Sublease, rent shall be abated for each
day Tenant is unable to deliver the premises. If Tenant is able to obtain
necessary Town approvals by June 2, 1997 then Tenant shall deliver premises
to Subtenant no later than August 15, 1997. If Tenant is unable to obtain
the necessary Town approvals by July 2, 1997, Tenant shall notify Subtenant
by July 3, 1997 and thereafter Subtenant shall have the right to terminate
this Sublease and all deposits shall forthwith be refunded to the
Subtenant. If Tenant is unable to deliver the premises on or before August
15, 1997, Subtenant shall have the right to terminate the Sublease by
written notice to the Tenant, and thereafter the Sublease shall terminate
without recourse to the parties thereto and all deposits made thereunder
shall forthwith be returned to Subtenant.
3. If Subtenant is unable to obtain necessary Town approvals for
Subtenant's buildout of premises by June 2, 1997 Subtenant shall have the
right to terminate this sublease by a written notice thereof no later than
June 3, 1997 to Tenant and thereafter the Sublease shall terminate without
recourse to the parties thereto and all deposits made thereunder shall
forthwith be refunded to Subtenant.
Signed, Sealed and Delivered in the presence of:
TENANT, XXXXXXX X. XXXXXX
By:
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SUBTENANT, BLUE FISH CLOTHING, INC.
By:
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