Exhibit 6.2
LEASE
This is a lease. This lease is dated August 1, 1996. It is a legal
agreement between the Leasee and ▇▇▇▇▇▇ to lease the property described below.
The word "▇▇▇▇▇▇" is used in this lease to mean ▇▇▇▇▇ ▇▇▇▇▇ and the ▇▇▇▇▇▇'▇
address is ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇., ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
The word "Leasee" as used in this lease means Global - Chase
Industries, Inc., corporate headquarters (320 East Main Street, Anoka, MN
55303).
This lease is a legal contract that can be enforced in court against
the ▇▇▇▇▇▇ or the Leasee if either one of them does not comply with this lease.
1. DESCRIPTION OF PROPERTY. The Property is located at RR#3, ▇▇▇ ▇▇▇▇▇,
▇▇ ▇▇▇▇▇, in the County of ▇▇▇▇▇▇▇▇▇, State of Minnesota.
2. TERM, AMOUNT AND PAYMENT OF LEASE. This lease is for a term of 36
months beginning on August 1, 1996. The lease payment for the property is: the
first 120 days - no charge; next 8 months - $3,850.00; next 12 months -
$4,850.00; and next 12 months - $5,850.00. The lease payment for each month must
be paid before the 10th of each month. A 10% late fee will be assessed after the
10th of each month which will be assessed and due payable by the next month's
lease payment.
3. CONDITION OF LEASE. This lease will be for the full use of the 30'
x 30' (main) shop building and its two out-storage buildings.
4. INVENTORY. This lease use is for a fully-equipped shop:
a. Hand tools
b. Supplies
c. Equipment
d. Miscellaneous materials for product use
5. INVENTORY OF TOOLS AND EQUIPMENT. All tools and equipment on-hand,
of which is approximately $20,000, shall be inventoried by December 1, 1996,
when first lease payment is due. This inventory shall be acknowledged and agreed
to by all parties.
6. SUPPLIES AND MATERIALS. All supplies and materials on-hand, of which
is approximately $12,000, shall be inventoried by December 1, 1996, when first
lease payment is due. This inventory shall be acknowledged and agreed to by all
parties. Any portion used of this inventory shall be billed quarterly and paid
within 30 days of receipt of such invoice. When lease is terminated, the final
invoice for inventory used shall be due and payable within 30 days of lease
expiration or termination date.
7. CARE OF EQUIPMENT. Equipment will be properly cared for and
maintained. If lost, broken, or damaged, it will be replaced or repaired to the
satisfaction of the ▇▇▇▇▇▇. If ▇▇▇▇▇▇ has to replace or repair any equipment,
associated costs will be billed and due within 30 days of such invoice or may be
added to the next month's lease payment.
8. MAINTENANCE OF BUILDING. While the building is under the terms of
this lease, the Leasee will properly maintain said structure in a safe and
orderly condition in and around all buildings (common areas).
9. UTILITIES AND INSURANCE. All utilities and insurance that occur
while the Leasee has use of the building, shall be paid for by the Leasee during
the term of the lease.
10. VACATING PREMISES. If the Leasee vacates the premises prior to
termination of the lease, or without a written lease termination signed by the
▇▇▇▇▇▇, lease payments shall continue in force at the expense of the Leasee
along with any basic utilities, insurances, or miscellaneous associated costs
that occur in keeping the building and its equipment in properly maintained
condition until such time as the ▇▇▇▇▇▇ can re-establish a lease with a new
Leasee.
11. RIGHT OF ENTRY. ▇▇▇▇▇▇ and Leasee's agents may enter the property
at reasonable hours to repair or inspect the property and perform any work that
▇▇▇▇▇▇ decides is necessary. In addition, the ▇▇▇▇▇▇ may show the property to
possible or new Leasees at reasonable hours during the last 30 days of the lease
term. Except in the case of an emergency, ▇▇▇▇▇▇ shall give Leasee reasonable
notice before entering the property.
12. ASSIGNMENT AND SUBLETTING. Leasee may not assign this lease, lease
the property to anyone else; sublet; sell this lease or permit any other person
to use the property without the prior written consent of the ▇▇▇▇▇▇. If Leasee
does any of these things, ▇▇▇▇▇▇ may terminate this lease. Any assignment or
sublease made without ▇▇▇▇▇▇'▇ written consent will not be effective. Leasee
must get ▇▇▇▇▇▇'▇ permission each time Leasee wants to assign or sublet,
▇▇▇▇▇▇'▇ permission is good only for that specific assignment or sublease.
13. SURRENDER OF PREMISES. Leasee shall give ▇▇▇▇▇▇ possession of the
property when this lease ends. When Leasee moves out, Leasee shall leave the
property in as good a condition as it was when the lease started, with the
exception of reasonable wear and tear.
14. If Leasee violates a term of this lease and ▇▇▇▇▇▇ does not
terminate this lease or evict Leasee, ▇▇▇▇▇▇ may still terminate the lease and
evict Leasee for any other violation of this lease. ▇▇▇▇▇▇ agrees that (a)
Leasee will not unlawfully allow controlled substances in the buildings; and (b)
the common area and building in which it is located will not be used by the
Leasee or others acting under his or her control to manufacture, sell, give
away, barter, deliver, exchange, distribute, or possess a controlled substance
in violation of any local, state, or federal law including Minn. Stat. Chapter
152. This agreement by Leasee is not violated if a person other than Leasee
possesses or allows controlled substance in the buildings or in the common areas
or unless the Leasee knows or has reason to know of the activity.
15. ABANDONED PERSONAL PROPERTY. When ▇▇▇▇▇▇ recovers possession of the
Property, then ▇▇▇▇▇▇ may consider Leasee's personal property on or in the
property to also have been abandoned. ▇▇▇▇▇▇ may then dispose of the personal
property in any manner that the ▇▇▇▇▇▇ thinks is proper. ▇▇▇▇▇▇ shall not be
liable to Leasee for disposing of the personal property.
16. HEIRS AND ASSIGNS. The terms of this lease apply to the Leasee and
▇▇▇▇▇▇. The terms of this lease also apply to any heirs or legal representatives
of the Leasee or ▇▇▇▇▇▇ and any person to whom this lease is assigned.
▇▇▇▇▇▇: LEASEE:
------------------------------------ ------------------------------------
Dated: ______________________________ Dated: _____________________________