LEASE AGREEMENT
THIS LEASE in made on the ____ day of ___________1998. The Landlord
agrees to lease to the tenant and the tenant hereby agrees to hire and
take from the Landlord, the leased Premises described below pursuant to
the terms and conditions specified herein:
LANDLORD: Xxxx Xxxx
ADDRESS: 00 Xxxxxxx Xxxxx
Xxxxxxx, XX 00000
TENANT: Micro Interconnect Technology, Inc.
ADDRESS: 00 Xxxxxxx Xxxxx
Xxxxxxx, XX 00000
1. Leased Premises.
The Leased Premises are those premises described as:
A 1200 square foot office/R&D space (Leased Premises) within the
property known as 00 Xxxxxxx Xxxx Xxxx, Xxxxxxxxx Xxx Xxxxxxxxx with a
mailing address of 00 Xxxxxxx Xxxx Xxxx Xxxxxxx, XX 00000 (Premises)
shown in the drawing A marked as lease Premises.
The Lease includes equipment as listed in lease equipment appendix A.
2. Term.
The term of the Lease shall be for a period of 1 year(s) commencing
on the _____ day of _______month of 1998 and ending on the same day of
the same month in 1999 unless sooner terminated as hereinafter provided.
The Tenant has the option to renew for an additional year. The lease
will automatically renew unless Tenant gives sixty (60) days notice
prior to expiration.
3. Rent.
The tenant agrees to pay ANNUAL Rent of Nine thousand six hundred
dollars ($9,600.) payable in equal installments of $800. in advance on
the ________ day of each and every calendar month during the full term
of this lease. The above amount includes Tenant's rent and Tenants
contributions for taxes.
4. Rent Adjustment.
If in any year commencing with the current year, the real estate
taxes on the land and building, of which the Leased Premises are a part,
are in excess of the amount of the real estate taxes thereon for the
current year (herein after called the "Base Year") the rent shall be
adjusted accordingly. The rent separately from the taxes will escalate
annually according to the National CPI Index.
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5. Security Deposit.
The sum of eight hundred dollars ($800.) is deposited by the Tenant
with the Landlord as security for the faithful performance of all the
covenants and conditions of the lease by the said Tenant. If the Tenant
faithfully performs all the covenants and conditions on his part to be
performed, then the sum deposited shall be returned to the tenant. The
Landlord is entitled to any interest collected on this security deposit.
6. Delivery of Possession.
If for any reason the Landlord cannot deliver possession of the
leased property to the Tenant when the lease term commences or at any
other time(s) there shall be an abatement of the rent for the period
between the commencement of the lease term and the time when the
Landlord delivers possession.
7. Use of the Leased Premised.
The Leased Premises may be used only for the following purposes;-
Office / R&D / Manufacturing.
8. Utilities.
Tenant shall be responsible for maintenance of all utilities and
services that are furnished to the Leased Premises. Tenant will be
responsible for removal of all Tenants trash. Tenant will be responsible
for its own telephone charges and services. Landlord will provide
electricity, water, heat and air conditioning. All other utilities will
be paid for by Tenant.
9. Condition of Leased Premises. Maintenance and Repair.
The Tenant acknowledges that the Leased Premises are in good order
and repair. The Tenant agrees to take good care of and maintain the
Leased Premises in good condition throughout the term of the Lease.
The Tenant, at his expense, shall make all necessary repairs and
replacements to the Leased Premises, including the repairs and
replacement of fixtures. Landlord shall maintain and keep in good repair
the exterior or the building (including the walls and roof) all
structural components. (including HVAC, plumbing, electrical) , and
shall provide water, telephone and all other utility hook-ups to the
Leased Premises.
10. Assignment/Subletting Restrictions.
Tenant may not assign this agreement or subject the Leased Premises
without the prior written consent of the Landlord. Any assignment,
sublease or other purported license to use the Leased Premises by Tenant
without the Landlord's consent shall be void and shall ( at the
Landlord's option) terminate this lease.
11. Insurance.
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(I). By Landlord. Landlord shall at any times during the term of this
lease, at its expense, insure and keep in effect on the building in
which the Leased Premises is located fire insurance with extended
coverage. The Tenant shall not permit any new use of the Leased Premises
that make voidable any insurance on the property of which the Leased
Premises are part, or on the contents of said property or which shall be
contrary to any law or regulation from time to time established by the
applicable fire insurance rating association.
(II) By Tenant. Tenant shall, at it's expense, during the term
hereof, maintain and deliver to Landlord public liability and property
damage and plate glass insurance policies with respect to the Leased
Premises. Such policies shall name the Landlord and Tenant as both being
insured, and have limits of at least $1,000,000. for injury or death to
any person and $1,000,000. for any one accident, and $1,000,000. With
respect to damage to property and with full coverage for plate glass.
Such policies shall be in whatever form and such insurance companies as
are satisfied to Landlord, shall name the Landlord as additional
insured, and shall provide for at least twenty days' prior notice to
Landlord of cancellation.
12. Indemnification.
Each party shall defend, indemnify, and hold the other harmless from
and against any claim, loss, expense or damage to any person or property
in or upon the premises, arising out of such party's use or occupancy of
the Premises, or arising out of any act or neglect of such party or its
servants employees, agents, or invoices.
13. Condemnation.
If all or any part of the Premises is taken by eminent domain, this
lease shall expire on the date of such taking, and the rent shall be
apportioned as of this date. No part of any award shall belong to
Tenant.
14. Destruction of Premises.
If the building in which the leased is damaged by fire or other
casualty, without Tenant's fault, and the damage is so extensive as to
effectively constitute a total destruction of the property or building,
this Lease and the rest shall be apportioned to the time of the damage.
In all cases of damages without Tenant's fault, Landlord shall repair
the damage with reasonable dispatch, and if the damage has rendered the
Leased Premises wholly or partially non tenantable, the rent shall be
apportioned until the damage is repaired. In determining what
constitutes reasonable dispatch, consideration will be given to delays
caused by strikes, adjustment of insurance, and other causes beyond the
Landlord's control.
15. Landlord's Right upon Default.
In the event or any breach of this lease by the Tenant, which shall
not have been cured within eight (8) DAYS or if Tenant files for
bankruptcy or has an involuntary bankruptcy petition filed against that
is not discarded discharged) within 45 days, then the Landlord, besides
other rights or remedies it may have, shall have the immediate right of
entry and may
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remove all persons and property from the Leased Premises; such property
may be removed and stored to a public warehouse or elsewhere at the cost
of, and for the account of, the Tenant. If the Landlord elects to
reenter as herein provided, or should take possession pursuant to any
advice provided by law, it may either terminate this lease or may, from
time to time, without terminating this lease re-let the Leased Premises
or any part thereof, for such terms and at such rental or rentals and
upon such other terms and conditions as the Landlord in the Landlord's
own discretion may deem advisable. Should such rentals received from
such re-letting during any month be less than that agreed to be paid
during the month by the Tenant hereunder, the Tenant shall pay the
deficiency to the Landlord monthly. The Tenant shall also pay to the
Landlord, as soon as ascertained, the cost and expenses incurred by the
Landlord in such re-letting.
16. Quiet Enjoyment.
The Landlord agrees that if the Tenant shall pay the rent as
aforesaid and perform the covenants and agreement herein contained on
its part to be performed, the Tenant shall peaceably hold and enjoy the
said rented premises without hindrance or interruption by the Landlord
or by any other persons acting under or through the Landlord.
17. Landlord's Right to Enter.
Landlord may, at any times, enter the Leased Premises to inspect it,
to make repairs or alterations, perform acts of maintenance, and to show
it to potential buyers, lenders or tenants.
18. Surrender upon Termination.
At the expiration of the lease term the Tenant shall surrender the
leased property in as good condition as it was in at the beginning of
the term, reasonable use and wear excepted.
19. Subordination.
This lease and the Tenant's leasehold interest, is and shall be
subordinate, subject and inferior to any and all times encumbrances now
and thereafter placed on the Leased Premises by Landlord, any and all
extensions of such liens and encumbrances and all advances paid under
such liens and encumbrances.
20. Additional Provisions.
The parties agree that they have executed this agreement without any
third party agent(s) involvement.
21. Miscellaneous Terms.
* Notices. Any notice, statement, demand or other communication by
one party to the other shall be by personal delivery or by mailing the
same, postage prepaid, addressed to the Tenant at the premises, or to
the Landlord at the address set forth above.
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* Severability. If any clause or provision herein shall be adjudged
invalid or unenforceable by a court of competent jurisdiction or
operation of any applicable law, it shall not effect the validity of any
other clause or provision, which shall remain in full force and effect.
* Waiver. The failure of either party to enforce any of the
provisions of this lease shall not be considered a waiver of that
provision or the right of the party to thereafter enforce the provision.
* Complete Agreement. This lease constitutes the entire understanding
of the parties with respect to the subject matter hereof and may not be
modified except by an instrument in writing and signed by the parties.
* Successors. This Lease is binding on all parties who lawfully succeed
to the rights or take the place of the Landlord or Tenant.
22. Non Compete and Other Restrictions.
The Landlord shall not lease any part of the Premises to any person
or entity in competition with the Tenant's business.
23. Environmental
Tenant shall not release any toxins or carcinogens on the property in
any way or form.
Tenant will comply with all existing and pending local and national
ordinances (laws) with regard to hazardous material usage and waste
disposal.
24. Leasehold improvement.
If Tenant makes leasehold improvements they shall become the property
of the Landlord and shall remain with the premises when the Tenant
vacates the premises.
IN WITNESS WHEREOF the parties have set their hands and seals on this
______/_______ day
_________________________ ________________________________
Landlord Tenant
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Lease Equipment Appendix A
The following equipment is included in the facility rent.
6 tables
4 chairs
12 storage racks
5 four drawer letter sized files
Fax machine
2 telephones
Imaging workstation early rudimentary breadboard. Title conveys to Micro
Interconnect Technology Inc. upon receipt of first rent payment.
Stereo microscope (Dynascope) model ts-2 Vision Engineering
Light table NuArk model BB23T with floor stand
De-soldering station HAK 472 B
Soldering station XY Tronic
Power supply HP 6260B
Power supply Xxxxxxxx QRD 60-1.5
Environmental test chamber Xxxxxx model T10 (no cooling)
Drill press Delta model 1310075
Bench grinder Craftsman 257-192110
1 Computer Dell 486DX with 14'' vga monitor running windows version 3.11
with HP laserjet series II printer.
1 Computer 804866DX133 with 17' vga monitor running windows 95 with HP
laserjet 5mp printer and deskjet 660c printer. And Scanport SQ2400 color
scanner.
Kinstin UV Exposure system
Hand tools screwdrivers pliers wrenches saws etc.
Tap and die set Craftsman 9-52382
2 Work benches
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