EXHIBIT 6.10CE
STATE OF TEXAS )
) ss
COUNTY OF BOWIE )
LEASE WITH OPTION TO PURCHASE
This lease with option to purchase is made and executed in duplicate in the City
of Texarkana, County of Bowie, State of Texas, between Connor ▇▇▇▇▇▇, ▇▇▇▇▇ and
▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, (herein called Lessor) and Fresh N' Lite, Inc., A Delaware
Corp. (herein called Lessee).
1. DESCRIPTION OF PREMISES
Lessor leases to Lessee that certain commercial tract of land, herein referred
to as the premises situated at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ (see
attached Exhibit "A") the address of the premises.
2. RENT
Lessee agrees to pay rent during the entire term of this lease as follows:
Years 1-3
Monthly payments shall be $1,547.43
Years 4-8
Monthly payments shall be $1,949.36
Years 9-13
Monthly payments shall be $2,258.17
Years 14-20
Monthly payments shall be $2,615.23
Lessee shall, at its option, purchase the property on or before the end of the
third year of this lease for the amount of $200,000.
Seller shall provide title policy, warranty deed, and tax certificates at the
time of sale.
The first monthly payment shall be due on the first day of February, 1994 or
upon completion of improvements (restaurant) which ever shall occur first, and
thereafter on the first day of each month during the entire term of this lease.
The rent under this lease shall be paid by placing the same in the United States
Mail addressed to the Lessor's at its administrative office, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇. The rent is deemed to be timely paid if the
envelope containing the rent is postmarked on or before the first day of each
month and the rent is received by Lessor on or before the tenth (10th) day of
each month. If the first day
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of the month falls on a Sunday or legal holiday, then the envelope containing
the rent must be postmarked the preceding day.
The Lessor has the right to assess and collect from the Lessee a five percent
(5%) late penalty on the monthly rental if it is not received by Lessor on or
before the tenth (10th) day of each month.
3. TERM
The term of this lease shall be for a period of twenty (20) years and shall
commence on the first (1st) day of February, 1994 and terminate on the last day
of January, 2014.
4. OCCUPANCY AND ACCEPTANCE OF PREMISES
By entering into and occupying the premises, the Lessee shall be deemed to
acknowledge that the premises is in good condition. Tenant acknowledges
acceptance of the premises in an "as is" condition. Lessee may begin occupancy
and construction of improvements upon execution of this lease.
5. USE OF PREMISES
a. Purpose. Lessee shall use the premises for the purposes of
conducting thereon general retail food sales, and no part of the premises shall
be used for any other purpose without the prior written consent of Lessor.
b. Business Hours. Lessee will operate the demised premises and have
the same fully open and available for business hours which the Lessee shall
determine in that are legal under pertaining law, except on said Sundays and
holidays as Lessee may determine not to be open for business.
c. Maintenance of Premises. The Lessee shall at all times maintain all
of the premises herein in a clean, neat, and orderly condition.
d. Garbage Disposal. The Lessee shall not burn or incinerate any
rubbish, garbage, or debris at, in, or about the demised premises, and shall
cause all containers, rubbish, garbage, and debris accumulated therein to be
stored within the demised premises, to be hauled away therefrom for disposal
prior to the accumulation of any substantial quantity.
e. Public Regulations. In the conduct of its business in and about the
demised premises, Lessee shall observe and promptly comply with all laws,
ordinances, and regulations of public authorities.
6. SIGNS - EXTERIOR LIGHTING - FIXTURES
Lessee shall have the exclusive right to erect and maintain upon the demised
premises at its own expense, all signs necessary or appropriate to the conduct
of the business of Lessee provided, however, the Lessee shall not have the right
to erect or maintain in or upon the demised premises any sign, the erection,
maintenance, or removal of which will cause to decrease the value of said
demised premises, without the Lessor's prior consent in writing. Any signs
erected or placed in or upon said demised premises by Lessee must be so removed
upon such expiration or termination, and all damage caused by the erection,
maintenance, or removal of any and all such signs shall be fully repaired at the
cost and expense of
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Lessee. All existing signs shall be removed from the property within thirty (30)
days of execution of this lease.
7. IMPROVEMENTS, ALTERATIONS, CHANGES AND ADDITIONS
The Lessee may, at its discretion, erect on the property any buildings, and or
structures, deemed necessary to operate a general retail food business. All such
improvements must meet applicable state and city laws and building codes. All
plans and specifications must be approved by appropriate agencies within thirty
(30) days of execution of lease. Lessor is to be notified in writing within
thirty (30) days if plans and specifications are rejected by appropriate
agencies. All improvements are to be maintained during the term of this lease
and at the termination of this lease, all improvements are to remain with the
property and will be in good condition at the expiration of the term of this
lease.
8. CASUALTY DAMAGE - REPAIRS - ABATEMENT OF RENT
Wherever as strike, act of God, or cause beyond the power of the party affected
to control causes delay, the period of such delay so caused shall be added to
the period limited in this lease for the completion of such work,
reconstruction, or replacement. Under no circumstances will the abatement period
exceed 180 days.
No rent shall be payable while the demised store is wholly unoccupied pending
the repair of casualty damage.
a. Repair or Replacement of Fixtures. Lessee shall, as soon as
reasonable possible, replace all fixtures and/or improvements which may be
damaged or destroyed by fire or any other cause whatsoever.
b. Fire Insurance. Lessee agrees to maintain in force, at all times
during the term of this lease adequate insurance to repair and/or replace any
improvement on the property.
9. REPAIRS
Lessee shall be responsible for any and all repairs to any improvements
including but not limited to paving, landscaping, etc.
10. UTILITIES
Lessee agrees to pay before delinquency all charges for water, gas, heat or
electricity, power, or other similar charges incurred by Lessee with respect to
and during its occupancy of the demised premises.
11. TAXES
Lessee will pay all ad valorem taxes during the term of this lease.
If at any time after tax assessment has become due or payable, the Lessee, or
his legal representative, neglects to pay such tax assessment, Lessor shall be
entitled to pay the same at any time thereafter and
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such amount so paid by Lessor shall be deemed to be additional rent for the
lease premises, due and payable by the Lessee.
12. LESSEE TO CARRY LIABILITY INSURANCE
Lessee agrees to procure and maintain in force during the term of this lease and
any extension thereof, at its expense, public liability insurance in companies
and through brokers approved by Lessor, adequate to protect against liability
for damaged claimed through public use of or arising out of accidents occurring
in or around the leased premises, in a minimum amount of One Hundred Thousand
Dollars ($100,000.00) for each person injured, Two Hundred Thousand Dollars
($200,000.00) for any one accident, and Ten Thousand Dollars ($10,000.00) for
property damage. Such insurance policies shall provide coverage for Lessor's
contingent liability on such claims or losses, and shall name Lessor as a named
insured. The policies or certificates thereof shall be delivered to Lessor for
keeping. Lessee agrees that, if such policies are not kept in force during the
entire term of this lease, and any extension thereof, Lessor may procure the
necessary insurance, pay the premium therefore, and that such premium shall be
repaid to Lessor as an additional rent installment for the month following the
date of which such premiums are paid.
13. TRANSFER OR PLEDGE OF LEASEHOLD INTEREST
Lessee shall not assign this lease or any interest therein, or sublet the
demised premises or any part thereof, or license the use of all or any portion
of the demised premises or business conducted therein or thereon, or encumber or
hypothecate this lease, without first obtaining written consent of Lessor; and
any assignment, subletting, licensing, encumbering, or hypothecating of this
lease without such prior written consent shall, at the option of the Lessor,
terminate this lease.
14. SURRENDER OF PREMISES
Lessee shall, at the termination of this lease, vacate the demised premises in
as good condition as they are in at the time of entry thereon by Lessee, except
for reasonable use and wear thereof, acts of God, or damage by casualty beyond
the control Lessee, and upon vacating shall leave the demised premise free and
clear of all rubbish and debris.
15. SUBORDINATION AGREEMENT
Lessee covenants and agrees to execute any instrument or instruments permitting
a first mortgage of trust deed to be placed on the demised premises or any part
thereof as security for an indebtedness and subordinating this lease to said
first mortgage or trust deed, if required to do so by the lending agency.
16. LESSOR'S RIGHT OF INSPECTION
Lessor shall have access to the demised premises, and each and every part
thereof, during the Lessee's regular business hours for the purpose of
inspecting the same, making repairs, and posting notices which Lessor may deem
to be for the protection of Lessor or the demised premises.
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17. DEFAULT
If the rent as set in this lease is not timely paid, as described above, and
shall remain unpaid for a period of ten (10) days after written notice of such
delinquency, or if lessee for a period of thirty (30) days after written notice
from Lessor, or should any person other than Lessee secure possession of the
premises or any part thereof, by reason of any receivership, bankruptcy
proceedings, or other operation of law in any manner whatsoever, or if Lessee
breaches any obligation under this lease which cannot be cured, or if Lessee
abandons the demised premises, then Lessor at its option, with proper notice to
Lessee, shall terminate this lease or in the alternative, Lessor may reenter and
take possession of said premises, without being deemed guilty of any manner of
trespass, and relet the premises, for all or any part of the remainder of said
term, to a tenant satisfactory to Lessor, at such monthly rental as Lessor may
with reasonable diligence be able to secure.
18. EXPENSES OR ENFORCEMENT
If either party incurs any legal expense in enforcing any covenants of this
lease, the party found to be in default shall pay to the other, all expenses so
incurred, including reasonable attorney's fees.
19. TIME OF ESSENCE
Time is of the essence of each and every provision, covenant, and condition
herein contained and on the part of the Lessee or Lessor to be done and
performed.
20. AMENDMENTS TO BE IN WRITING
This lease may be modified or amended only by writing duly authorized and
executed by both Lessor and Lessee. It may not be amended or modified by oral
agreements or understandings between the parties unless the same shall be
reduced to writing duly authorized and executed by both Lessor and Lessee.
21. PARTIES BOUND
Each and every provision of this lease shall bind and shall inure to the benefit
of the parties hereto and their legal representatives. The term "legal
representatives" is used in this lease in its broadcast possible meaning and
includes, in addition to executors and administrators, every person,
partnership, corporation, or association succeeding to the interest or to any
part of the interest in or to this lease or in or to the leased premises, of
either the Lessor or Lessee herein, whether such succession results from the act
of party in interest, occurs by operation of law, or is the effect of the
operation of law together with the act of such party. Each and every covenant,
agreement, and conditions of this lease to be performed shall be binding upon
all assignees, subtenants, concessionaires, and/or licensees of Lessee.
22. NOTICES
All notices of any kind which Lessor may be required or may desire to serve on
Lessee under the terms may be served upon Lessee by leaving a copy of such
demand or notice or by mailing a copy thereof to Lessee at the demised premises.
Any and all notices or demands from Lessee to Lessor may be served upon Lessor
by mailing a copy thereof to ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇.
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23. LESSEE"S CORPORATE SEAL REQUIRED
If the lease is a corporate entity, Lessee hereby agrees to furnish Lessor upon
the execution of this lease a copy of the Notice of Director's Meeting and the
Corporate Authorization Resolution authorizing the execution of this lease by
the President and Secretary of the corporation and authorizing them to affix the
corporate seal of said corporation to this lease.
DATED the 15th day of October , 1993.
LESSOR: LESSEE:
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Connor ▇▇▇▇▇▇ Fresh N' Lite
Address:
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇
▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
--------------------------- 903) 297-5502
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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▇▇▇ ▇▇▇▇▇▇▇▇▇
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EXHIBIT AND ADDENDUM
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EXHIBIT "A"
A-1
ADDENDUM #1
The following shall be an Addendum to the Lease With Option to Purchase
between Connor ▇▇▇▇▇▇, ▇▇▇▇▇ and ▇▇▇ ▇▇▇▇▇▇▇▇▇ as Lessors and Fresh N' Lite,
Inc., Lessee:
1. Checks for monthly rent shall be made to ▇▇▇▇▇▇ and SAC Investments
and net to be divided by ▇▇▇▇▇▇ according to ownership interests.
2. Lessors shall have five (5) working days after execution of this
Lease to remove any personal property from building located on the premises.
3. Lessee shall have the right of possession upon execution of this
Lease (except Paragraph 2 above) with the right to remove building at its
expense and prepare site for construction and to construct desired improvements.
4. Lease is amended to begin on May 1, 1994 or sixty (60) days after
completion of improvements, which ever comes first, and end on April 30, 2014.
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Initial Here
DATED this 5th day of October, 1993.
LESSOR: LESSEE:
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Connor ▇▇▇▇▇▇ Fresh N' Lite, Inc.
Address:
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇
------------------------- ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇
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▇▇▇ ▇▇▇▇▇▇▇▇▇
A-2
