TRIPLE NET COMMERCIAL LEASE
Exhibit
10.42
TRIPLE
NET COMMERCIAL LEASE
This
Triple Net Lease is made and entered into this 7th day of September, 2000,
at
Pensacola, Florida, by and between ▇▇▇▇▇▇▇ ASSOCIATES, LLC, a Florida limited
liability company or its assigns, (hereinafter referred to as “Lessor”), and NT
Corporation, a Delaware corporation, (hereinafter referred to as
“Lessee”).
WITNESSETH:
WHEREAS,
Lessor is the owner of an 80,000 square foot building located on the property
described in Exhibit A, attached and incorporated by reference and which
building, together with the parking facilities specifically assigned to Lessee
as described herein are hereinafter referred to as “Leased
Premises”.
WHEREAS,
Lessee desires to lease the Leased Premises from the Lessor and Lessee desires
to lease the Leased Premises to the Lessee;
NOW
THEREFORE, in consideration of the foregoing and in consideration of their
covenants, terms, and conditions hereinafter expressed, the parties hereto
agree
as follows.
ARTICLE
I
DESCRIPTION,
USE, TERM, AND RENT
| 1.01 |
Lessor
hereby leases to Lessee, and Lessee hereby leases from Lessor, the
Leased
Premises; to be used only as an office building and corporate headquarters
for Lessee’s communications business and in accordance with uses normally
incident thereto and for no other purpose, for the term of 180 months,
commencing on the Commencement Date (which shall be the earlier of
the
date Lessee first occupies any portion of the Leased Premises or
the date
a certificate of occupancy is issued for the Lessee’s initial occupancy),
and ending on the 15th
annual anniversary of the Commencement Date which is the “Expiration
Date”. For the first five (5) years of the term the annual rental shall
be
$16.00 per square foot of the Leased Premises; for the second five
(5)
years of the term (years 6-10 inclusive) the annual rental shall
be
$17.50. per square foot of the Leased Premises; and for the third
five (5)
years of the term (years 11-15, inclusive) the annual rental shall
be
$19.00 per square foot of the Leased Premises; and throughout the
term all
rental payments shall be net of all taxes, maintenance, and insurance,
all
of which shall be paid by Lessee. Annual rental shall be paid by
Lessee in
equal monthly installments along with any and all applicable sales
or use
taxes.
|
| 1.02 |
The
parties acknowledge that the Leased Premises consists of 80,000 square
feet. Beginning on the Commencement Date rental shall be based on
40,000
square feet until the earlier of: (i) the date Lessee occupies any
portion
of the remaining 40,000 square feet; or (ii) the date a certificate
of
occupancy is issued for Lessee’s occupancy of such remaining 40,000 square
feet, at which time rental shall be based on 80,000 square
feet.
|
| 1.03 |
Lessee
shall pay Lessor at such place as the Lessor shall designate from
time to
time in writing, the aforesaid monthly rental payments plus sales
or use
taxes thereon, without demand, set-off, off-set, counterclaim or
deduction
of any kind, each in advance due on or before the first day of each
calendar month during aforesaid term: Rental for any portion of a
calendar
month shall be pro-rated on a daily ratable basis.
|
ARTICLE
II
INSURANCE
AND INDEMNIFICATION
|
2.01
|
Lessee
agrees to and shall secure at its expense from a good and responsible
company or companies doing business in the State of Florida, and
maintain
during the entire term of this Lease, the following coverages all
of which
shall name Lessor as an additional insured:
|
| (1) |
fire
and extended casualty coverage insurance in an amount not less than
one
hundred (100%) percent of the value as determined by Lessor in its
discretion of the Leased Premises and other improvements installed
from
time to time in, on or about the Leased Premises.
|
| (2) |
Public
liability insurance in an amount determined appropriate by the Lessor
for
loss from an accident resulting in bodily injury to or death of persons,
and for loss from an accident resulting in damage to or destruction
of
property.
|
| (3) |
Workers
Compensation Insurance as and to the extent required by Florida
law.
|
| (4) |
Casualty
insurance for the replacement value of Lessee’s equipment, furnishing,
fixtures, and assets located in, on or about the Leased
Premises.
|
| 2.02 |
Lessee
shall, on demand provide evidence of such insurance to the Lessor.
Each of
the policies required of the Lessee shall expressly provide that
such
policies shall not be canceled or altered without ten (10) days prior
written notice to the Lessor.
|
| 2.03 |
Lessee
agrees that, in the event of loss due to any of the perils for which
it
has agreed to provide insurance, Lessee will look solely to its insurance
for recovery.
|
| 2.04 |
If
the Lessee at any time during the term hereof should fail to secure
or
maintain the forgoing insurance, the Lessor shall be permitted to
obtain
such insurance on the Lessee’s name as the agent of the Lessee, and shall
be reimbursed by the Lessee for the cost of the insurance premiums.
The
Lessee shall pay the Lessor interest on paid insurance premiums at
the
highest lawful rate, computed from the date the premiums have been
paid
until reimbursement to Lessor has been made.
|
| 2.05 |
Proceeds
from any policy or policies relating to coverage of the Leased Premises
shall be payable to the Lessor, who shall use such proceeds as provided
below.
|
| (1) |
If
the Leased Premises should be totally destroyed by fire, flood, or
other
casualty, or if they should be so damaged that rebuilding or repairs
cannot reasonably be completed within One Hundred Twenty (120) working
days from the date of such loss (within the Lessor’s discretion), then
this Lease shall terminate, and rent shall be abated for the unexpired
portion of this Lease, effective as of the date of said loss. If
rebuilding or repairs can be reasonably completed within One Hundred
Twenty (120) working days from the date of said loss (within the
Lessor’s
discretion), then the Lessor shall, within such time period, undertake
to
rebuild or repair the Leased Premises and other improvements to
substantially the same condition in which they existed prior to such
loss,
and no adjustment for rent shall be made, unless such repair or rebuilding
exceeds the aforesaid One Hundred Twenty (120) day period, in which
case
rent shall be abated on a daily ratable basis beginning on the first
day
after the expiration of such One Hundred Twenty (120) day period.
If the
Leased Premises are partially destroyed so as to render a portion
of the
Leased Premises untenantable (in Lessor’s discretion), then this lease
shall not terminate and Lessor shall undertake to repair or rebuild
such
portion and rent shall be equitably abated for the untenantable portion
until such repair or rebuilding is substantially complete.
|
| 2.06 |
Lessor
shall not be liable to Lessee for (i) any accident of damage caused
by
elevators, heating, plumbing, lighting, electrical, sewer, or other
utility lines or fixtures, (ii) any accident, injury, or death occurring
in connection with the Leased Premises, (iii) or thefts or losses
of or
damage to any goods, cash, personal effects, automobiles, or personal
property stored or placed by Lessee, or Lessee’s employees, agents,
visitors, licensees, or invitees, in, on, or about the Leased Premises.
Lessee covenants and agrees to indemnify and hold Lessor harmless
from and
against any and all claims, damages, liabilities, obligations, expenses,
costs, causes of action, or other injuries of every kind and every
nature
arising out of Lessee’s use and occupancy of the Leased Premises,
including but not limited to full indemnification for Lessor’s attorneys
fees and expenses, including those incurred in enforcing this
indemnification obligation.
|
ARTICLE
III
WASTE
AND
NUISANCE
| 3.01 |
Lessee
shall not commit of suffer to be committed any waste on the Leased
Premises, nor shall Lessee maintain, commit or permit the maintenance
or
condition of any nuisance on the Leased Premises or use the Leased
Premises for any unlawful purpose or in any way other than as permitted
by
private and/or public regulations or restrictions.
|
ARTICLE
IV
REPAIRS,
MAINTENANCE & UTILITIES
| 4.01 |
Lessee
shall maintain the Leased Premises and equipment, fixtures, and
improvements therein in a condition fit for their intended use and
shall
make all necessary repairs including all repairs of the Leased Premises
and improvements in, on, or about the Leased Premises occasioned
by
Lessee’s use of the Leased Premises, including but not limited to
maintenance and repair of all heating, cooling, ventilation, plumbing,
electrical, utility and sewer systems, and all interior and exterior
improvements (including parking lot lighting) regardless of the damages,
condition, repair, or actions which necessitate the repair or maintenance.
Lessor shall repair and maintain at its cost solely the roof, parking
lot
surface and basic structural components of the building located on
the
Leased Premises. All other repairs and maintenance shall be performed
by
Lessee at its sole cost and expense regardless of the events which
necessitate the repair or maintenance.
|
| 4.02 |
Lessee
shall also have the following affirmative obligations:
|
| (1) |
To
keep the portion of the leased Premises including parking facilities
assigned to Lessee as clean and sanitary as the condition of the
premises
permits.
|
| (2) |
To
dispose from the Leased Premises all rubbish, garbage, and other
waste in
a clean and sanitary manner.
|
| (3) |
Not
to permit any person on the premises with Lessee’s permission to willfully
or wantonly destroy, deface, damage, impair or remove any part of
the
Leased Premises or the facilities, equipment, improvements, or
appurtenances thereto.
|
| (4) |
To
immediately notify the Lessor of any damage or other condition of
the
Leased Premises or equipment or improvements therein.
|
| (5) |
To
pay when due any and all amounts required under any and all shared
maintenance, easement, or license agreements to which the Leased
Premises
are subject.
|
| (6) |
To
supply the Leased Premises with all utilities required by Lessee
for its
occupancy and to pay any and all charges related thereto, including
the
installation, repair, and maintenance of all utility lines, fixtures
and
equipment.
|
ARTICLE
V
ALTERATIONS,
IMPROVEMENTS, AND FIXTURES
| 5.01 |
Lessee
hereby accepts the Leased Premises and the building in their present
condition as suitable for the use intended by Lessee. Lessee shall
not
alter or improve the Leased Premises without the prior written consent
of
the Lessor, and any and all alterations, additions, improvements,
and
fixtures made or placed in or on said premises including floor and
wall
coverings, lighting fixtures, window blinds and coverings, and installed
equipment and fixtures, shall on expiration, or sooner termination
of this
Lease, belong to the Lessor, without compensation to the Lessee;
provided,
however, that Lessor shall have the option to be exercised upon expiration
or sooner termination of this Lease, to require Lessee to remove
any or
all of such additions, improvements, or fixtures. It is contemplated
that
Lessee shall alter, improve, remodel, and reconstruct the Leased
Premises
and install fixtures and equipment therein all at Lessee’s sole cost and
expense and in a manner reasonably acceptable to Lessor for the purpose
of
meeting Lessee’s needs. Forty Thousand (40,000) square feet of the Leased
Premises shall be improved by Lessee within the first two (2) years
of the
term and the remainder of the Leased Premises shall be improved within
two
(2) years thereafter. Any and all improvements constructed by Lessee
shall
be constructed solely through contractors, subcontractors, architects,
engineers and similar construction service providers acceptable to
Lessor
all at Lessee’s sole cost and expense.
|
| 5.02 |
Lessor
shall have the right from time to time during the term or any extended
term of this Lease to construct in or on the Leased Premises such
buildings, improvements, equipment, fixtures, or other facilities
as
Lessor deems necessary or convenient for Lessor’s purposes.
|
| 5.03 |
The
parties specifically covenant and agree that the Lessee shall have
the
right to affix a sign, logo, or other symbol on the exterior of the
building if the following conditions are met:
|
| (1) |
Said
sign, logo, or symbol is first approved in writing by the Lessor
and
applicable regulatory agencies; and
|
| (2) |
Lessee
shall, at Lessee’s expense promptly remove said sign, logo, or other
symbol upon expiration of the lease term and repair or restore the
exterior of the building to its original state prior to the commencement
of the lease term.
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ARTICLE
VI
TAXES
| 6.01 |
During
the entire term of this lease, Lessee covenants and agrees to pay
any and
all special assessments, ad valorem taxes, or other charges and
encumbrances of every kind and every nature as may be levied by any
and
all governmental authorities on the property described in Exhibit
A,
including but not limited to ad valorem real property taxes. Should
Lessee
fail to pay said taxes, when due, Lessor shall have the right to
pay said
taxes on Lessee’s behalf and Lessee shall be obligated to reimburse Lessor
for all amounts expended by Lessor plus interest thereon at the highest
lawful rate from the date Lessor makes such payments until Lessor
is fully
reimbursed by Lessee.
|
ARTICLE
VII
QUIET
POSSESSION
| 7.01 |
Lessor
shall on the Commencement Date of the term of this Lease place Lessee
in
quiet possession of the Leased Premises and shall secure the Lessee
in the
quiet possession thereof for the aforesaid lease term against all
persons
lawfully claiming possession during the aforesaid lease term.
|
| 7.02 |
This
Lease and any extensions of the term hereof is subordinate to any
and all
encumbrances given by Lessor to secure funds for any purpose deemed
appropriate by Lessor and to any and all renewals, extensions,
modifications, replacements, or refinancings thereof. This provision
shall
be self-operative, and no further instrument of subordination shall
be
required by any mortgagee or holder of any encumbrance. In confirmation
of
such subordination, upon Lessor’s request, Lessee shall promptly execute
any requisite or appropriate certification or other document. In
the event
that any proceedings are brought for the foreclosure of any such
mortgage
or encumbrance, Lessee shall attorn to the purchaser at such foreclosure
sale and shall recognize such purchaser as the lessor under this
lease,
and Lessee hereby waives the provisions of any right to terminate
or
otherwise adversely affect this lease and the obligations of Lessee
hereunder in the event that any such foreclosure proceeding is prosecuted
or completed. Lessee hereby covenants and agrees to promptly execute
such
documents as may be reasonably required to confirm the terms of this
section 7.02.
|
| 7.03 |
Lessee
agrees at any time and from time to time, upon not less than ten
(10) days
written notice by Lessor to execute, acknowledge, and deliver to
Lessor, a
statement in writing (i) certifying that this lease is unmodified
and in
full force and effect, or if there have been modifications, that
this
lease is in full force and effect as modified and stating any such
modifications; (ii) certifying that Lessee has accepted possession
of the
Leased Premises; (iii) stating that no rental amounts under this
lease
have been paid more than thirty (30) days in advance; (iv) stating
the
address to which notices to Lessee should be sent; (v) certifying
that
Lessee as of the date of any such certification, has no charge, lien,
claim, or set off under this lease or otherwise against the rental
amounts
due hereunder; and (vi) specifying such default of Lessor, if any,
which
Lessee may assert.
|
Lessee
further agrees that it will not seek to terminate this lease by reason of any
act or omission of Lessor until Lessee shall have given written notice of such
act, omission, or default to any mortgagee’s of Lessor from time to
time.
| 7.04 |
If,
in connection with securing financing for the Leased Premises, an
institutional lender shall request reasonable modifications of this
lease
as a condition to such financing, Lessee shall not unreasonably withhold
or delay its consent so long as such modifications do not materially
increase the obligations of Lessee hereunder and do not materially
adversely affect Lessee’s leasehold interest or Lessee’s use and enjoyment
of the Leased Premises.
|
ARTICLE
VIII
POSSESSION
| 8.01 |
If
Lessor shall be unable for any reason whatsoever to deliver possession
of
the Leased Premises on the Commencement Date of the term hereof,
Lessor
shall not be liable to Lessee for any damage caused thereby, not
shall
this Lease thereby become void or voidable, not shall the term hereof
be
in any way extended, but in any such event, Lessee shall not be liable
for
any rent herein provided until such time as Lessor can and does deliver
possession.
|
ARTICLE
IX
TERMINATION
& EXTENSION
| 9.01 |
Lessee
is hereby granted and shall, if not at the time in default under
this
Lease, have an option to extend the term of this Lease from the
termination date hereon for an additional period of 120 months, but
on the
same terms, covenants, and conditions herein contained, except that
the
rent may be increased within Lessor’s discretion, notwithstanding any
limitations herein.
|
| 9.02 |
This
option shall be exercised only by Lessee’s delivering to Lessor in person
or by United States Registered or Certified Mail, written notice
of
Lessee’s election to extend the term of this Lease, on or before the 180
days prior to the end of the term hereunder.
|
| 9.03 |
In
the event Lessee does not extend this Lease as herein provided and
holds
over beyond the expiration of the term hereof, such holding over
shall be
deemed a month-to-month tenancy only, at the rent herein provided,
payable
on the first of each and every month thereafter until the tenancy
is
terminated in the manner provided by law.
|
ARTICLE
X
SURRENDER
OF PREMISES
10.01
Lessee
shall, without demand therefore and at Lessee’s own cost and expense within 3
days after expiration or sooner termination of the term hereof, or of
any
extended term
hereof, remove all property belonging to Lessee (other than fixtures or
improvements), repair all damage to the Leased Premises caused by the Lessee,
and
restore
the Leased Premises to the same or better condition they were in at the
commencement of this Lease, reasonable wear and tear accepted. Any property
not
so
removed
shall be deemed to have been abandoned by Lessee and may be retained of or
disposed of by Lessor. Any costs or expense, including attorneys’ fees, incurred
by
Lessor
in removing such property shall be an obligation of the Lessee.
ARTICLE
XI
CONDEMNATION
| 11.01 |
If,
during the term of this Lease or any extension or renewal thereof,
all of
the Leased Premises should be taken for any public use under any
law,
ordinance, or regulation or by right of eminent domain, or should
be sold
to the condemning authority under threat of condemnation, this Lease
shall
terminate and the rent shall be abated during the unexpired portion
of
this Lease, effective as of the date of the taking of the said premises
by
the condemning authority.
|
| 11.02 |
If
less than all of the Leased Premises shall be taken for any public
use
under any law, ordinance or regulation, or by right of eminent domain,
or
should be sold to the condemning authority under threat of condemnation,
then, at the Lessor’s sole and exclusive discretion, this Lease shall
either terminate or the Lessor shall forthwith, at Lessor’s sole expense,
restore and reconstruct the building and other improvements situated
on
the Leased Premises, provided such restoration and reconstruction
shall
make the same reasonably tenantable and suitable for the use for
which the
premises are leased, and this Lease shall not terminate. During such
time
as Lessee is unable to maintain possession of any portion the Leased
Premises as a result of condemnation, the rent payable hereunder
shall be
equitably abated as to such portion on a daily ratable basis.
|
ARTICLE
XII
DEFAULTS
AND REMEDIES
| 12.01 |
If
Lessee shall allow the rent to be late more than five (5) days after
the
date due, or shall remain in default under any other condition of
this
Lease for a period of ten (10) days after written notice of such
default
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, Lessor may its sole and exclusive option, without further
notice to Lessee: accelerate the full rental amount due for the remaining
term hereof in which event the full rental amount due for the remaining
term hereof shall be immediately due and payable in full; terminate
this
Lease in its entirety; without terminating the lease re-enter and
take
possession of said premises and remove all persons and property therefrom,
without being deemed guilty by any means of trespass, and re-let
the
premises or any part thereof, for all or any part of the remainder
of the
lease term, to a party satisfactory to Lessor, and at such monthly
rental
as Lessor may be able to secure; cure such default on Lessee’s behalf
without thereby waiving such default (and Lessor’s cost in undertaking
such cure shall bear interest at the highest lawful rate until Lessor
is
reimbursed in full); or exercise any other rights or remedies as
may be
available to Lessor under applicable law. Should Lessor take possession
and be unable to re-let or should such monthly rental obtained on
re-letting be less than the rental Lessee is obligated to pay hereunder,
plus the expense of re-letting, including reasonable attorneys’ fees and
costs of any additional improvements for such new tenant, then Lessee
shall pay the amount of such deficiency to Lessor. It is expressly
agreed
that in the event of default by Lessee hereunder, Lessor shall have
a lien
upon all goods, chattels, or personal property of any description
belonging to Lessee which are placed in or become a part of the Leased
Premises, as security for rent and other obligations due and to become
due
for the remainder of the current lease term, which lien shall not
be in
lieu of or in any way affect any statutory Lessor’s lien given by law, but
shall be cumulative thereto; and Lessee hereby grants to Lessor a
security
interest in all such personal property placed in said Leased Premises
for
such purposes. In the event of Lessor’s default, Lessor may take
possession of all of Lessee’s property on the premises and may sell the
same at public or private sale after giving Lessee reasonable notice
of
the time and place of any such sale, for cash or on credit, or for
prices
and terms as Lessor deems appropriate, with or without having the
property
present at such sale. The proceeds of such sale will be applied first
to
the necessary and proper expense of removing, storing, and selling
such
property, then to the payment of any rent due or costs or expenses
or
attorneys’ fees incurred by the Lessor or to be due or incurred under this
Lease, with the balance, if any, to be paid to Lessee. All rights
and
remedies of Lessor under this Lease shall be cumulative, and none
shall
exclude any other right or
remedy at law or equity. Such rights and remedies may be exercised
and
enforced concurrently and whenever and as often as occasion therefore
arises.
|
| 12.02 |
If
the Lessor materially defaults in the performance of any term, covenant,
or condition required to be performed by Lessor under this Agreement,
Lessee shall give Lessor not less than thirty (30) days written notice
to
Lessor of such default and Lessor shall undertake to cure such default
to
the reasonable satisfaction of Lessee within said thirty (30) day
period
or if said cure cannot be reasonably completed within such thirty
(30)
days Lessor shall commence during said thirty (30) days and diligently
pursue thereafter, a resolution of said default reasonably acceptable
to
Lessee.
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ARTICLE
XIII
INSPECTION
| 13.01 |
Lessee
shall permit Lessor and its agents to enter into and upon the Leased
Premises at all reasonable times for the purpose of inspecting the
same or
for the purpose of maintaining or making repairs or alterations to
the
building, improvements, fixtures, or equipment therein.
|
ARTICLE
XIV
PARKING
| 14.01 |
Lessor
shall assign to Lessee that specified number of parking spaces as
is
reasonably required by Lessee for Lessee’s occupancy which spaces shall be
located in the parking lot adjacent to the building affixed to the
Leased
Premises. Lessor reserves the right from time to time, to designate
or
specify different parking spaces from those initially assigned. Lessor
shall have no liability with respect to automobiles or contents thereof
parked in said parking spaces. Lessee shall adhere to and cause all
of
Lessee’s guests, employees, agents, invitees, and Licensees, to adhere to
any and all parking regulations as from time to time established
by
Lessor. Any parking spaces not assigned to Lessee for its use and
occupancy may be used by Lessor for any other use or purpose Lessor
deems
appropriate.
|
ARTICLE
XV
ASSIGNMENT
AND SUBLEASE
| 15.01 |
Lessee
shall not assign this Lease nor sublet all or any portion of the
Leased
Premises without the prior written consent of Lessor.
|
| 15.02 |
Lessor
is expressly given the right to assign any or all of its interest
under
the terms of this lease and upon such assignment shall have no further
liability or obligation hereunder.
|
ARTICLE
XVI
MISCELLANEOUS
| 16.01 |
All
notices provided to be given under this Agreement shall be given
by
Certified Mail or Registered Mail, addressed to the proper party,
at the
following address:
|
Lessor’s
Address:
▇▇▇▇▇▇▇
Associates, LLC
Attn:
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, III
▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇.
▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Lessee’s
Address:
NT
Corporation
▇▇▇
▇▇▇▇▇
▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇,
▇▇ ▇▇▇▇▇
All
notices shall be deemed given when deposited in the United States Mail,
regardless of whether or not delivery occurs. The aforesaid address may be
changed by either party by giving notice such change as set forth herein to
the
other party, provided that such notice is actually delivered.
| 16.02 |
This
Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, executors, administrators, legal
representatives, successors-in-interest, and assigns when permitted
by
this Agreement.
|
| 16.03 |
This
Agreement shall be construed under and in accordance with the laws
of the
State of Florida.
|
| 16.04 |
In
case any one or more of the provisions contained in this Lease shall
for
any reason be held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not
affect
any other provision hereof, and this Lease shall be construed as
if such
invalid, illegal, or unenforceable provision had never been contained
herein.
|
| 16.05 |
This
Lease Agreement constitutes the sole agreement of the parties hereto
and
supersedes any prior understandings or written or oral agreements
between
the parties respecting the subject matter contained herein.
|
| 16.06 |
No
amendment, modification, or alteration of the terms hereof shall
be
binding unless the same is in writing, dated subsequent to the date
hereof, and duly executed by the parties hereto.
|
| 16.07 |
The
rights and remedies provided by this Lease are cumulative, and the
use of
any one right or remedy by either party shall not preclude or waive
its
rights to use any or all other remedies. Such remedies are given
in
addition to any other rights the parties may have by law, statute,
ordinance, equity, or otherwise.
|
| 16.08 |
No
waiver of the parties hereto of any default or breach of any term,
condition or covenant of this Lease shall be deemed to be a waiver
of any
other breach of the same or any other term, condition, or covenant
contained herein. In the event Lessee breaches any of the terms of
this
Agreement whereby the Lessor employs attorneys to protect or enforce
its
rights hereunder and prevails, then the Lessee agrees to pay to the
Lessor
all reasonable attorneys’ fees so incurred by the Lessor.
|
| 16.09 |
Neither
Lessor nor Lessee shall be required to perform any term, condition,
or
covenant in this Lease so long as such performance is delayed, prevented
or frustrated by any acts of God, strikes, walk-outs, material or
labor
restrictions by any governmental authority, civil riot, floods, and
any
other cause not reasonably within the control of the Lessor or Lessee,
and
which, by the exercise of good diligence, Lessor or Lessee is unable,
wholly or in part, to prevent or overcome.
|
| 16.10 |
Time
is of the essence of this Agreement.
|
| 16.11 |
If
Lessor shall convey title to the demised premises pursuant to a sale
or
exchange of said property, the Lessor shall not be liable to Lessee
or any
immediate or remote assignee or successor of Lessee as to any act
or
omission from and after such conveyance.
|
| 16.12 |
RADON
IS A NATURALLY OCCURRING RADIOACTIVE GAS THAT, WHEN IT HAS ACCUMULATED
IN
A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT HEALTH RISKS TO
PERSONS
WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED FEDERAL
AND
STATE GUIDELINES HAVE BEEN FOUND IN BUILDINGS IN FLORIDA. ADDITIONAL
INFORMATION REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM
YOUR
COUNTY HEATH UNIT.
|
IN
WITNESS WHEREOF, the undersigned Lessor and Lessee hereto have executed this
Agreement as of the date first written above.
|
Witness
Print
Name ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Witness
Print
Name ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Witness
Print
Name ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Witness
Print
Name ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
|
LESSOR:
▇▇▇▇▇▇▇
ASSOCIATES, LLC.
By:
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, III
▇▇▇▇▇▇▇
▇. ▇▇▇▇▇▇, III
Managing
Member
LESSEE:
NT
CORPORATION
By:
/s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇
▇▇▇
▇. ▇▇▇▇▇▇▇▇▇▇▇▇, President
|
STATE
OF
FLORIDA
COUNTY
OF
ESCAMBIA
The
foregoing instrument was acknowledged before me this 7th day of September,
2000, by ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, III, as its Managing Member of ▇▇▇▇▇▇▇ ASSOCIATES,
LLC, who ( ) is personally known to me or ( ) has produced a driver’s license as
identification and has not taken an oath.
/s/
▇▇▇▇▇ ▇▇▇▇▇▇▇▇
NOTARY
PUBLIC-STATE OF FLORIDA
Commission
No.: CC707094
Expiration
Date: ▇-▇-▇▇
▇▇▇▇▇
▇▇
▇▇▇▇▇▇▇
▇▇▇▇▇▇
▇▇
▇▇▇▇▇▇▇▇
The
foregoing instrument was acknowledged before me this 7th day of September,
2000, by ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇, as President of NT Corporation, and who ( ) is
personally known to me or ( ) has produced a driver’s license as identification
and has not taken an oath.