LEASE AGREEMENT
CONSULT YOUR LAWYER BEOFRE SIGNING THIS LEASE -- IT HAS IMPORTANT LEGAL
CONSEQUENCES.
BUSINESS LEASE
THE LANDLORD AND THE TENANT AGREE TO LEASE THE RENTAL SPACE FOR THE TERM
AND AT THE RENT STATED, AS FOLLOWS:
(The words Landlord and Tenant include all landlords and all tenants under this
Lease.)
LANDLORD 1616 MERMAID ASSOCIATES TENTANT SHUTTLE INTERNATIONAL INC.
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PRINT OR TYPE PRINT OR TYPE
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11224 RESIDENCE ADDRESS
...................................................... Brooklyn, N.Y. 11224
ZIP .......................................................
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RENTAL SPACE 2nd Floor - Suite No. 2
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in the BUILDING at ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇.▇. 11224
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ADDRESS
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Date of Lease March 1, 1994 19 RENT for the Term is $90,000
Term ................................................ The Rent is payable in advance on the first day of
Beginning March 1, 1994 each month, as follows: $1,500.00
................................................
Ending February 28, 1994 Heat & Water included seven days per week;
Security $3,000.00 (2 months) Air Conditioning included
BROKER. The Landlord and the Tenant recognize ........ Electricity & Garbage collection excluded (Tenant to
N/A make its own provisions for Garbage collection &
..................................................... electricity - i.e. meter) Landlord & ▇▇▇▇▇▇ to agree
as the Broker who brought about this Lease. The ..... on signage at time of execution of this lease.
.................. shall pay the Broker's commission.
LIABILITY INSURANCE. Minimum amounts: for each person
injured $300,000, for any one accident $500,000, for
property damage $20,000
MUNICIPAL REAL ESTATE TAXES $ included in rent
BASE YEAR 19 N/A PERCENT OF INCREASE N/A/%
Use of Rental Space For Executive offices for all lawfull purposes including
importing and exporting.
ADDITIONAL AGREEMENTS This lease is renewable for a further five (5) year term
at a 9% increase or an additional $135 per month for each month commencing March
1, 1999, to wit: $1,635 per month commencing March 1, 1999, provided tenant in
writing by certified mail return receipt requested gives landlord at least six
(6) months prior notice, prior to 2/28/99 of its intent to renew lease for
another five (5) year term.
1. Possession and Use 16. No Alterations
2. Delay in Giving of Possession 17. Signs
3. No Assignment or Subletting 18. Access to Rental Space
4. Rent and Additional Rent 19. Fire and Other Casualty
5. Security 20. Eminent Domain
6. Liability Insurance 21. Subordination to Mortgage
7. Unavailability of Fire Insurance, Rate Increases 22. Tenant's Certificate
8. Water Damage 23. Violation, Eviction, Re-entry and Damages
9. Liability of Landlord and Tenant 24. Notices
10. Real Estate Taxes 25. No Waiver
11. Acceptance of Rental Space 26. Survival
12. Quiet Enjoyment 27. End of Term
13. Utilities and Services 28. Binding
14. Tenant's Repairs, Maintenance, and Compliance 29. Full Agreement
15. Landlord's Repairs and Maintenance
1. POSSESSION AND USE
The Landlord shall give possession of the Rental Space to the Tenant for
the Term. The Tenant shall take possession of and use the Rental Space for the
purpose stated above. The Tenant may not use the Rental Space for any other
purpose without the written consent of the Landlord.
The Tenant shall not allow the Rental Space to be used for any unlawful
or hazardous purpose. The Tenant is satisfied that the Rental Space is zoned for
the Use stated. The Tenant shall obtain any necessary certificate of occupancy
or other certificate permitting the Tenant to use the Rental Space for that Use.
The Tenant shall not use the Rental Space in any manner that results in
(1) an increase in the rate of fire or liability insurance or (2) cancellation
of any fire or liability insurance policy on the Rental Space. The Tenant shall
comply with all requirements of the insurance companies insuring the Rental
Space. The Tenant shall not abandon the Rental Space during the Term of this
Lease or permit it to become vacant for extended periods.
2. DELAY IN GIVING OF POSSESSION
This paragraph applies if (a) the Landlord cannot give possession of the
Rental Space to the Tenant on the beginning date and (b) the reason for the
delay is not the Landlord's fault. The Landlord shall not be held liable for the
delay. The Landlord shall then have 30 days in which to give possession. If
possession is given within that time, the Tenant shall accept possession and pay
the Rent from that date. The ending date of the Term shall not change. If
possession is not given within that time this Lease may be cancelled by either
party on notice to the other.
3. NO ASSIGNMENT OR SUBLETTING
The Tenant may not do any of the following without the Landlord's
written consent: (a) assign this Lease (if the Tenant is a corporation, the sale
of a majority of its shares shall be treated as an assignment), (b) sublet all
or any part of the Rental Space or (c) permit any other person or business to
use the Rental Space.
4. RENT AND ADDITIONAL RENT
Tenant shall pay the Rent to the Landlord at the Landlord's address.
If the Tenants fails to comply with any agreement in this Lease, the
Landlord may do so on behalf of the Tenant. The Landlord may charge the cost to
comply, including reasonable attorney's fees, to the Tenant as 'additional
rent'. The additional rent shall be due and payable as Rent with the next
monthly Rent payment. Non-payment of additional rent shall give the Landlord the
same rights against the Tenant as if the Tenant failed to pay the Rent.
5. SECURITY
The Tenant has given to the Landlord the Security stated above. The
Security shall be held by the Landlord during the term of this Lease. The
Landlord may deduct from the Security any expenses incurred in connection with
the Tenant's violation of any agreement in this Lease. For example, if the
Tenant does not leave the Rental Space in good condition at the end of the Term,
the Security may be used to put it in good condition. If the amount of damage
exceeds the Security, the Tenant shall pay the additional amount to the Landlord
on demand.
If the Landlord uses the Security or any part of it during the Term, the
Tenant shall on demand pay the Landlord for the amount used. The amount of the
Security is to remain constant throughout the Term. The Security is not to be
used by the Tenant for the payment of Rent. The Landlord shall repay to the
Tenant any balance remaining within a reasonable time after the end of the Term.
The Tenant shall not be entitled to interest on the Security.
If the Landlord's interest in the Rental Space is transferred, the
Landlord shall turn over the Security to the new Landlord. The Landlord shall
notify the Tenant of the name and address of the new Landlord. Notification must
be given within 5 days after the transfer, by registered or certified mail. The
Landlord shall then no longer be responsible to the Tenant for the repayment of
the Security. The new Landlord shall be responsible to the Tenant for the return
of the Security in accordance with the terms of this Lease.
6. LIABILITY INSURANCE
The Tenant shall obtain, pay for, and keep in effect for the benefit of
the Landlord and the Tenant public liability insurance on the Rental Space. The
insurance company and the broker must be acceptable to the Landlord. This
coverage must be in at least the minimum amounts stated above.
All policies shall state that the insurance company cannot cancel or
refuse to renew without at least 10 days written notice to the Landlord.
The Tenant shall deliver the original policy to the Landlord with proof
of payment of the first year's premiums. This shall be done not less than 15
days before the Beginning of the Term. The Tenant shall deliver a renewal policy
to the Landlord with proof of payment not less than 15 days before the
expiration date of each policy.
7. UNAVAILABILITY OF FIRE INSURANCE, RATE INCREASES
If due to the Tenant's use of the Rental Space the Landlord cannot
obtain and maintain fire insurance on the Building in an amount and form
reasonably acceptable to the Landlord, the Landlord may cancel this Lease on 30
days notice to the Tenant. If due to the Tenant's use of the Rental Space the
fire insurance rate is increased, the Tenant shall pay the increase in the
premium to the Landlord on demand.
8. WATER DAMAGE
The Landlord shall not be liable for any damage or injury to any persons
or property caused by the leak or flow of water from or into any part of the
Building.
9. LIABILITY OF LANDLORD AND TENANT
The Landlord shall not be liable for injury or damage to any person or
property unless it is due to the Landlord's act or neglect. The Tenant is liable
for any loss, injury or damage to any person or property caused by the act or
neglect of the Tenant or the Tenant's employees. The Tenant shall defend the
Landlord from and reimburse the Landlord for all liability and costs resulting
from any injury or damage due to the act or neglect of the Tenant or the
Tenant's employees.
10. REAL ESTATE TAXES OMIT
11. ACCEPTANCE OF RENTAL SPACE
The Tenant has inspected the Rental Space and agrees that the Rental
Space is in satisfactory condition. The Tenant accepts the Rental Space 'as is'.
12. QUIET ENJOYMENT
The Landlord has the right to enter into this Lease. If the Tenant
complies with this Lease, the Landlord must provide the Tenant with undisturbed
possession of the Rental Space.
13. UTILITIES AND SERVICES
The Tenant shall arrange and pay for all utilities and services required
for the Rental Space, including the following:
(a) Heat (c) Electric
(b) Hot and cold water (d) Gas
(e) GARBAGE COLLECTION
The Landlord shall pay for the following utilities and services:
HEAT
HOT & COLD WATER
AIR CONDITIONING
The Landlord is not liable for any inconvenience or harm caused by any
stoppage or reduction of utilities and services beyond the control of the
Landlord. This does not excuse the Tenant from paying Rent.
14. TENANT'S REPAIRS, MAINTENANCE, AND COMPLIANCE
The Tenant shall:
(a) Promptly comply with all laws, orders, rules and requirements of
governmental authorities, insurance carriers, board of fire underwriters, or
similar groups.
(b) Maintain the Rental Space and all equipment and fixtures in it in
good repair and appearance.
(c) Make all necessary repairs to the Rental Space and all equipment
and fixtures in it, except structural repairs.
(d) Maintain the Rental Space in a neat, clean, safe, and sanitary
condition, free of all garbage.
(e) Keep the walks, driveway, parking area, yard, entrances,
hallways, and stairs clean and free from trash, debris, snow and ice.
(f) Use all electric, plumbing and other facilities in the Rental
Space safely.
(g) Use no more electricity than the wiring or feeders to the Rental
Space can safely carry.
(h) Promptly replace all broken glass in the Rental Space.
(i) Do nothing to destroy, deface, damage, or remove any part of the
Rental Space.
(j) Keep nothing in the Rental Space which is inflammable, dangerous
or explosive or which might increase the danger of fire or other casualty.
(k) Promptly notify the Landlord when there are conditions which need
repair.
(l) Do nothing to destroy the peace and quiet of the landlord, other
tenants, or persons in the neighborhood.
(m) Avoid littering in the building or on its grounds.
The Tenant shall pay any expenses involved in complying with the above.
15. LANDLORD'S REPAIRS AND MAINTENANCE
The Landlord shall:
(a) Maintain the public areas, roof and exterior walls in good
condition.
(b) Make all structural repairs unless these repairs are made
necessary by the act or neglect of the Tenant or the Tenant's employees.
(c) Make necessary replacements of the plumbing, cooling, heating and
electrical systems, except when made necessary by the act or neglect of the
Tenant or the Tenant's employees.
(d) Maintain the elevators in the Building, if any.
16. NO ALTERATIONS
The Tenant may not make any changes or additions to the Rental Space
without the Landlord's written consent.* Any changes or additions made without
the Landlord's written consent shall be removed by the Tenant on demand.
All changes or additions made with the Landlord's written consent shall
become the property of the Landlord when completed and paid for by the Tenant.
They shall remain as part of the Rental Space at the end of the Term. The
Landlord may demand that the Tenant remove any changes or additions at the end
of the Term. The Tenant shall promptly pay for all costs of any permitted
changes or additions. The Tenant shall not allow any mechanic's lien or other
claim to be filed against the Building. If any lien or claim is filed against
the Building, the Tenant shall have it promptly removed.
17. SIGNS
The Tenant shall obtain the Landlord's written consent* before placing
any sign on or about the Rental Space. Signs must conform with all applicable
municipal ordinances and regulations.
18. ILLEGIBLE
The Landlord shall have access to the Rental Space on reasonable notice
to the Tenant to (a) inspect the Rental Space (b) make necessary repairs,
alterations, or improvements, (c) supply services, and (d) show it to
prospective buyers, mortgage lenders, contractors or insurers.
The Landlord may show the Rental Space to rental applicants at
reasonable hours on notice to the Tenant within 6 months before the end of the
Term.
The Landlord may enter the Rental Space at any time without notice to
the Tenant in case of emergency.
19. FIRE AND OTHER CASUALTY
The Tenant shall notify the Landlord at once of any fire or other
casualty in the Rental Space. The Tenant is not required to pay Rent when the
Rental Space is unusable. If the Tenant uses part of the Rental Space, the
Tenant must pay Rent pro-rata for the usable part.
If the Rental Space is partially damaged by fire or other casualty, the
Landlord shall repair it as soon as possible. This includes the damage to the
Rental Space and fixtures installed by the Landlord. The Landlord need not
repair or replace anything installed by the Tenant.
Either party may cancel this Lease if the Rental Space is so damaged by
fire or other casualty that it cannot be repaired within 90 days. If the parties
cannot agree, the opinion of a contractor chosen by the Landlord and the Tenant
will be binding on both parties.
This Lease shall end if the Rental Space is totally destroyed. The
Tenant shall pay Rent to the date of destruction.
If the fire or other casualty is caused by the act or neglect of the
Tenant or the Tenant's employees, the Tenant shall pay for all repairs and all
other damage.
20. EMINENT DOMAIN
Eminent domain is the right of a government to lawfully condemn and take
private property for public use. Fair value must be paid for the property. The
taking occurs either by court order or by deed to the condemning party. If any
part of the Rental Space is taken by eminent domain, either party may cancel
this lease on 30 days notice to the other. The entire payment for the taking
shall belong to the Landlord. The Tenant shall make no claim for the value of
this Lease for the remaining part of the Term.
21. SUBORDINATION TO MORTGAGE
In a foreclosure sale all mortgages which now or in the future affect
the Building have priority over this Lease. This means that the holder of a
mortgage may end this Lease on a foreclosure sale. The Tenant shall sign all
papers needed to give any mortgage priority over this Lease. If the Tenant
refuses, the Landlord may sign the papers on behalf of the Tenant.
22. TENANT'S CERTIFICATE
At the request of the Landlord, the Tenant shall sign a certificate
stating that (a) this Lease has not been amended and is in effect, (b) the
Landlord has fully performed all of the Landlord's agreements in this Lease, (c)
the Tenant has no rights to the Rental Space except as stated in this Lease,
(d) the Tenant has paid all Rent to date, and (e) the Tenant has not paid Rent
for more than one month in advance. The Certificate shall also list all the
property attached to the Rental Space owned by the Tenant.
23. VIOLATION, EVICTION, RE-ENTRY AND DAMAGES
The Landlord reserves a right of re-entry which allows the Landlord to
end this Lease and re-enter the Rental Space if the Tenant violates any
agreement in this Lease. This is done by eviction. Eviction is a court procedure
to remove a tenant. Eviction is started by the filing of a complaint in court
and the service of a summons on a tenant to appear in court. The Landlord may
also evict the Tenant for any one of the other grounds of good cause provided by
law. After a court order of eviction and compliance with the warrant of removal,
the Landlord may re-enter and take back possession of the Rental Space. If the
cause for eviction is non-payment of Rent, notice does not have to be given to
the Tenant before the Landlord
files a complaint. If there is any other cause to evict, the Landlord must
give to the Tenant the notice required by law before the Landlord files a
complaint for eviction.
The Tenant is liable for all damages caused by the Tenant's violation of
any agreement in this Lease. This includes reasonable attorney's fees and
costs.
After eviction the Tenant shall pay the Rent for the Term or until the
Landlord re-rents the Rental Space, if sooner. If the Landlord re-rents the
Rental Space for less than the Tenant's Rent, the Tenant shall pay the
difference until the end of the Term. The Tenant shall not be entitled to
any excess resulting from the re-renting. The Tenant shall also pay (a) all
reasonable expenses incurred by the Landlord in preparing the Rental Space
for re-renting and (b) commissions paid to a broker for finding a new tenant.
24. NOTICES
All notices given under this Lease must be in writing. Each party must accept
and claim the notices given by the other. Unless otherwise provided by law,
they may be given by (a) personal delivery, or (b) certified mail, return
receipt requested. Notices shall be addressed to ▇▇▇▇▇▇▇▇ at the address
written at the beginning of this Lease and to the Tenant at the Rental Space.
25. NO WAIVER
The Landlord's failure to enforce any agreement in this Lease shall not
prevent the Landlord from enforcing the agreement for any violations occurring
at a later time.
26. SURVIVAL
If any agreement in this Lease is contrary to law, the rest of the Lease
shall remain in effect.
27. END OF TERM
At the end of the Term the Tenant shall (a) leave the Rental Space clean,
(b) remove all of the Tenant's property, (c) remove all signs and restore that
portion of the Rental Space on which they were placed, (d) repair all damage
caused by moving, and (e) return the Rental Space to the Landlord in the same
condition as it was at the beginning of the Term except for normal wear and
tear.
If the Tenant leaves any property in the Rental Space, the Landlord may
(a) dispose of it and charge the Tenant for the cost of disposal, or (b) keep
it as abandoned property.
28. BINDING
This Lease binds the Landlord and the Tenant and all parties who lawfully
succeed to their rights or take their places.
29. FULL AGREEMENT
The parties have read this Lease. It contains their full agreement. It
may not be changed except in writing signed by the Landlord and the Tenant.
* 30 Every where in this lease where a star (*) appears after "landlords
written consent" this shall mean that such consent of landlord shall not
be unreasonably withheld.
Signatures The Landlord and the Tenant agree to the terms of
this Lease by signing below. If a party is a
corporation, this Lease is signed by its proper
corporate officers and its corporate seal is affixed.
1616 MERMAID ASSOCIATES
Witnessed or attested by: BY: [signature illegible] [SEAL]
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Landlord
SHUTTLE INTERNATIONAL INC
BY: [signature illegible] [SEAL]
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As to Landlord Tenant
[SEAL]
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Tenant
[SEAL]
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As to Tenant Tenant
STATEMENT OF DIFFERENCES
The copyright symbol shall be expressed as ........................ 'c'
