Exhibit 10.47
REVOCABLE LICENSE
A.M. Property Holding Corp. (Licensor) hereby grants an extension of the
previous License Agreement for a new two (2) year period at ▇▇▇ ▇▇▇ ▇▇▇▇▇▇
commencing 6/01/05 and terminating 5/31/07 for the use of the Penthouse to
Westwood Computer Corp.
Licensee shall pay a fee of $7000.00 per month on the first day of each month
for the issuance of this License.
Licensor, its Agents, servants and/or employees shall not be liable for any loss
or damage to the property of the Licensee.
No Landlord-tenant relationship is intended to be created by the execution of
this license agreement, and no such relationship shall be deemed to have been
created by the execution of this agreement.
Licensor shall maintain with Licensor the current 3-months security ($18,750.00)
against damage or theft to premises.
Licensor will not be responsible for any loss of equipment or inventory due to
break-in.
Licensee name will appear as: Westwood Computer Corp on any signs and
directories.
Licensee, at its sole cost and expense shall maintain at all times during the
term of this License Agreement and at all times when license is in possession of
the demised premises, a comprehensive policy of general liability insurance in
which Licensor, Licensors Managing Agent and Licensee are additional insured's,
for any and all claims arising during the term of this license agreement for
damages of inquiries to inventory fixtures, goods, wares, merchandise and
property and/or for any personal injury or loss of life, in, upon, or about the
demised premises protecting Licensor or Licensors Managing Agent. Such Policy is
to be written be a good and solvent insurance company, satisfactory to Licensor,
in the amount of ONE MILLION DOLLARS ($1,000,000) per occurrence (combined
single limit), TWO MILLION DOLLARS ($2,000,000) in aggregate. Licensee agrees to
deliver to Licensor a certificate of endorsement of aforesaid insurance policy
and upon Licensee's failure to provide and keep in force the aforementioned
insurance, it shall be regarded as material default, entitling Licensor to
exercise any and all remedies provided by this License Agreement.
Licensee agrees that if any of the charges incurred by License are not paid
within 30 days then the License Agreement is terminated immediately thus giving
Licensor the right to enter the premises and vacate all Licensees property. If
Licensee is terminated due to Licensee's failure to adhere to any terms of this
License, the Licensee will lose all
security.
Licensee is required to render monthly rent payments on the first of every
month, after receiving a written bill, however a 5-day grace period is
acceptable. If payment is not received by the 5th of the month, a late charge
will be incurred of $300.00.
Licensee will remove all property and vacate the premises upon 5 business days
after license is terminated or Licensor, if he chooses to, can remove all
property from the premises and charge all costs to licensee.
Licensee agrees to leave office broom clean, with no marking on the walls,
without any damages to Licensor's property upon termination of this lease
agreement.
Electricity for penthouse shall be invoiced at Licensor's cost + 20%. There will
also be a monthly electric fee of $20.00.
Licensee hereby agrees to pay its pro rata share (1.92%) of Real Estate Tax
increases with a base year of 02/03.
Licensee hereby agrees to pay its pro rata share of all fuel costs above $.70
per gallon including taxes.
Licensee acknowledges it has received existing licensee controlled wall A/C
units in good working condition, and licensee will be solely responsible for
maintaining and for replacing such A/C units during the license period.
By signing a copy of this License Agreement, you indicate your approval of the
terms and conditions.
Oral representation not valid.
Security is to be refunded 30 days after Licensee leaves the premises.
This agreement will supersede any previously signed agreements.
A.M. Property Holding Corp. Westwood Computer Corporation
/s/ Illegible ▇▇▇▇▇ ▇▇▇▇▇▇
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▇▇▇▇ ▇▇▇▇▇▇▇▇▇ V.P. ▇▇▇▇▇ ▇▇▇▇▇▇, President
Licensor Licensee
▇▇▇▇ ▇▇▇▇▇▇
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▇▇▇▇ ▇▇▇▇▇▇, CEO/Treasurer
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Date Date