TEXAS COMMERCIAL LEASE AGREEMENT
Exhibit 10.26
This
Lease Agreement is made this 9th day of October,
2017, by and between , ALL COMMERCIAL FLOORS INC. of ▇▇▇▇ ▇▇▇▇▇▇ ▇,
▇▇▇▇▇ ▇▇ ▇▇▇▇▇, hereinafter referred to as "Lessee", and GrowLife
Innovations Inc, of ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ of Washington,
hereinafter referred to as "Lessor", collectively referred to
herein as the “Parties”;
WITNESSETH:
the Parties hereby agree as follows:
1.
DESCRIPTION OF LEASED
PREMISES:
The
Lessor hereby agrees to lease to the Lessee, and the Lessee does
hereby lease from the Lessor with full right, title and enjoyment
thereto, the following described premises: 5000 sq ft of Industrial
Warehouse Space for the Manufacture and Distribution.
2.
USE OF LEASED PREMISES:
The
Lessor is leasing the Premises to the Lessee and the Lessee is
hereby agreeing to lease the Premises for the following use and
purpose:
Manufacturing
and Distribution.
Any
change in use or purpose the Premises other than as described above
shall be upon prior written consent of Lessor only.
3
TERM OF LEASE:
The
term of this Lease shall be for a period of 1 year commencing on
the 15th day of October, 2017 and expiring at Midnight on the
15th of
December, 2018. (“Initial Term”)
4.
AUTO RENEW:
The
Lease shall automatically renew unless written notice to
Lessor/Lessee of not less than 60 days prior to the
expiration.
5.
RENT AND EXPENSES:
The net
monthly base rent shall be dollars $5000, payable monthly with the
first payment due upon the commencement of the Lease and each
monthly installment payable thereafter on or before the 15th day of
each month.
6.
MODIFIED GROSS LEASE:
It is
the intention of the Parties, and they hereby agree, that this
Lease shall be considered a “Modified Gross Lease”. In
addition to the Base Rent the Lessee shall be obligated to pay the
following monthly expenses: Electrical Usage for Production
Equipment.
8.
SECURITY
DEPOSIT:
An
amount of $5000 dollars, consisting last month’s rent, shall
be due and payable in advance upon the signing of this Lease and
which amount shall be held by the Lessor as security for the
faithful performance of the terms and conditions of the Lease. The
security deposit shall be returned to Lessor at the termination of
the Lease.
9.
OBILGATIONS OF LESSEE: The Lessee shall
be primarily responsible whenever is needed for the maintenance and
general pickup of the Leased Space so that this is kept in a neat,
safe, and in presentable condition.
13.
INSURANCE: The Lessee shall maintain all
insurance required for their Assets at premises.
14.
INDEMNIFICATION: The Lessee and Lessor
hereby agree to indemnify, defend and hold each other harmless from
any and all claims or liabilities which may arise from any cause
whatsoever as a result of use and occupancy of the
premises.
17.
MISCELLANEOUS TERMS:
Lessee
shall comply with all rules, regulations and laws of any
governmental authority with respect to use and
occupancy.
18.
GOVERNING LAW:
This
Lease shall be governed by the laws of the State of
Texas.
22.
NOTICES:
Rent
Payments, Security Deposit and notices shall be sent next day
delivery using FED X or UPS to the following:
Lessor:
All
Commercial Flooring Inc.
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Lessee:
GrowLife
Inc.
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IN
WITNESS WHEREOF, the parties hereto set their hands and seal this
10th day
of October, 2017.
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Lessor’s
Signature
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Printed
Name
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Lessee’s
Signature
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Printed
Name
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