Exhibit 10.5
BUSINESS LEASE
THIS AGREEMENT, entered into this 9th day of Sept. 1998 between OSKA PARTNERSHIP
hereinafter called the LESSOR, party of the first part, and LATIN AMERICAN
CASINOS, INC. OF THE COUNTY OF DADE and State of FLORIDA hereinafter called the
LESSEE or TENANT, party of the second part:
WITNESSETH, That the said lessor does this day lease unto said lessee, and said
lessee does hereby hire and take as tenant under said lessor 0000-00 X.X. 000XX
XXXXXX, X.X.X., XXXXXXX, in the METRO SHOPPING CENTER situate in Dade County,
Florida, to be used and occupied by the lessee as EXECUTIVE OFFICES AND CIGAR
DISTRIBUTION AND SALES and for no other purposes or uses whatsoever, for the
term of three years (3) subject and conditioned on the provisions of Clause ten
of this lease beginning the FIRST day of October 1998, and ending the 30TH day
of September 2001 at and for the agreed total rental of Seventy nine thousand
two hundred ($79,200.00) Dollars, payable as follows:
THE SUM OF TWENTY TWO HUNDRED ($2,200.00) DOLLARS WILL BE DUE AND PAYABLE UPON
THE SIGNING OF THIS LEASE AND APPLIED TOWARDS THE MONTHLY AMOUNT DUE ON THE
FIRST DAY OF OCTOBER 1998 AND LIKE SUM OF $2,200. WILL BE DUE AND PAYABLE ON THE
FIRST DAY OF EACH SUCCESSIVE MONTH THEREAFTER UP TO AND INCLUDING THE FIRST DAY
OF SEPTEMBER 2001. THE AFOREMENTIONED RENTAL IS TO BE PAID PLUS APPLICABLE
FLORIDA SALES TAX AND OTHER CHARGES AND ASSESSMENTS PURSUANT TO CLAUSES
CONTAINED IN THIS LEASE.
All payments to be made to the lessor on the first day of each and every month
in advance without demand at the office of SECURITY REALTY INVESTMENTS, INC.
00000 Xxxx Xxxxx Xxxxxxx, Xxxxx Xxxxx Xxxxx, Xx 00000 or at such other place and
to such other person as the lessor may from time to time designate in writing.
The following express stipulations and conditions are made a part of this lease
and are hereby assented to by the lessee:
FIRST: The lessee shall not assign this lease, nor sub-let the premises, or any
part thereof nor use the same, or any part thereof nor permit the same, or any
part thereof, to be used for any other purpose than as above stipulated, nor
make any alterations therein, and all additions thereto, without the written
consent of the lessor, and all additions, fixtures or improvements which may be
made by lessee, except movable office furniture, shall become the property of
the lessor and remain upon the premises as apart thereof, and be surrendered
with the premises at the termination of this lease.
SECOND: All personal property placed or moved in the premises above described
shall be at the risk of the lessee or owner thereof, and lessor shall not be
liable for any damage to said personal property, or to the lessee arising from
the bursting or leaking of water pipes, or from any act of negligence of any
co-tenant or occupants of the building or of any other person whomsoever.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 1
THIRD: That the tenant they shall promptly execute and comply with all statues,
ordinances, rules, orders, regulations and requirements of the Federal, State
and City Government and of any and all their Departments and Bureaus applicable
to said premises, during said term; and shall also promptly comply with and
execute all rules, orders and regulations of the applicable fire prevention
codes for the prevention of fires, at their own cost and expense.
FOURTH: In the event the premises shall be destroyed or so damaged or injured by
fire or other casualty during the life of this agreement, whereby the same shall
be rendered untenantable, then the lessor shall have the right to render said
premises tenantable by repairs within ninety days therefrom. If said premises
are not rendered tenantable within ninety days it shall be optional with either
party hereto to cancel this lease. and in the event of cancellation the rent
shall be paid only to the date of such fire or casualty. The cancellation herein
mentioned shall be evidenced in writing.
FIFTH: The prompt payment of the rent for said premises1 upon the dates named,
and the faithful observance of the rules and regulations printed upon this
lease, and which are hereby made a part of this covenant, and of such other and
further rules or regulations as may be hereafter made, by the Lessor, are the
conditions upon which the lease is made and accepted and any failure on the part
of the lessee to comply with the terms of said lease, or any of said rules and
regulations now in existence, or which may be hereafter prescribed by the lessor
shall, at the option of the lessor, work a forfeiture of this contract, and all
of the rights of the lessee hereunder.
SIXTH: If the lessee shall abandon or vacate said premises before the end of the
term of this lease, or shall suffer the rent to be in arrears, the lessor may,
at his option, forthwith cancel this lease or he may enter said premises as the
agent of the lessee, by force or otherwise, without being liable in any way
therefor, and re-let the premises with or without any furniture that may be
therein, as the agent of the lessee, at such price and upon such terms and for
such duration of time as the lessor may determine, and receive the rent
therefor, applying the same to the payment of the rent due by these presents,
and if the full rental herein provided shall not be realized by lessor over and
above the expenses to lessor in such re-letting, the said lessee shall pay any
deficiency, and if more than the full rental is realized lessor will pay over to
said lessee the excess of demand.
SEVENTH: In the event of any litigation arising out of or in any way connected
to this Lease agreement, the prevailing party shall be entitled to recover his
reasonable attorneys fees incurred at any stage of litigation including, but not
limited to, trial or appeal.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 2
EIGHTH: The lessee agrees that he will pay all charges for rent, gas,
electricity or other illumination, and for all water used on said premises, and
should said charges for RENT, ELECTRICITY or WATER herein provided for at any
time remain due and unpaid after the space of five days after the same shall
have become due, the lessor may at its option consider the said lessee to be a
tenant at sufferance and the entire rent for the rental period then next ensuing
shall at once be due and payable and may forthwith be collected by distress or
otherwise.
NINTH: The said lessee hereby pledges and assigns to the lessor all the
furniture, fixtures, goods and chattels of said lessee, which shall or may be
brought or put on said premises as security for the payment of the rent herein
reserved and the lessee agrees that the said lien may be enforced by distress
foreclosure or otherwise at the election of the said lessor, and does hereby
agree to pay any and all reasonable attorneys fees which may be incurred,
together with costs and charges therefore incurred or paid by the Lessor.
TENTH: It is hereby agreed and understood between Lessor and Lessee that in the
event the lessor decides to remodel, alter or demolish all or any part of the
premises leased hereunder, or in the event of the sale or long term lease of all
or any part of the premises; requiring this space, the Lessee hereby agrees to
vacate same upon receipt of sixty (6O) days written notice and the return of any
advance rental paid on account of this lease.
ELEVENTH: The lessor or any of his agents, shall have the right to enter said
premises during all reasonable hours, to examine the same to make such repairs,
additions, or alterations as may be deemed necessary for the safety, comfort, or
preservation thereof, or of said building, or to exhibit said premises, and to
put or keep upon the doors or windows thereof a notice "FOR RENT" at any time
within SIXTY (60) days before the expiration of this lease. The right of entry
shall likewise exist for the purpose of removing placards, signs, fixtures,
alterations, or additions, which do not conform to this agreement, or to the
rules and regulations of the building.
TWELFTH: Lessee hereby accepts the premises in the condition, order and repair
as they are in at the commencement of said term, excepting only reasonable wear
and tear arising from the use thereof under this agreement, and to make good to
said lessor immediately upon demand, any damage to, including but not limited to
the following, water apparatus, electric lights or any fixtures, appliances or
appurtenances of said premises, or of the building, caused by any act or neglect
of lessee, or of any person or persons in the employ or under the control of the
lessee.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 3
THIRTEENTH: It is expressly agreed and understood by and between the parties to
this agreement, that the landlord shall not be liable for any damage or injury
by water, which may be sustained by the said tenant or other person or for any
other damage or injury resulting from the carelessness, negligence, or improper
conduct on the part of any other tenant or agents, or employees, or by reason of
the breakage, leakage, or obstruction of the water, sewer or soil pipes, or
other leakage in or about the said building.
FOURTEENTH: If the lessee shall become insolvent or if bankruptcy proceedings
shall be begun by or against the lessee, before the end of said term the lessor
is hereby irrevocably authorized at its option to forthwith cancel this lease as
for a default. Lessor may elect to accept rent from such receiver, trustee, or
other judicial officer during the term of their occupancy in their fiduciary
capacity without effecting lessor's rights as contained in this contract, but no
receiver, trustee or other judicial officer shall ever have any right, title or
interest in or to the above described property by virtue of this contract.
FIFTEENTH: Lessee hereby waives and renounces for himself and family any and all
homestead and exemption rights he may have now, or hereafter, under or by virtue
of the constitution and laws of the State of Florida or any other State or of
the United States, as against the payment of said rental or any portion hereof,
or any other obligation or damage that may accrue under the terms of this
agreement.
SIXTEENTH: This contract shall bind the lessor and its assigns or successors,
and the heirs, assigns, personal representatives, or successors as the case may
be, of the lessee.
SEVENTEENTH: It is understood and agreed between the parties hereto that time is
of the essence of this contract and this applies to all terms and conditions
contained herein.
EIGHTEENTH: It is understood and agreed between the parties hereto that written
notice mailed or delivered to the premises leased hereunder shall constitute
sufficient notice to the lessee and written notice mailed or delivered to the
office of the lessor shall constitute sufficient notice to the lessor, to comply
with the terms of this contract.
NINETEENTH: The rights of the lessor under the foregoing shall be cumulative,
and failure on the part of the lessor to exercise promptly any rights given
hereunder shall not operate to forfeit any of the said rights.
TWENTIETH: It is further understood and agreed between the parties hereto that
any charges against the lessee by the lessor for services or for work done on
the premises by order of the lessee or otherwise accruing under this contract
shall be considered as rent due and shall be included in any lien for rent due
and unpaid.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 4
TWENTY-FIRST: It is hereby understood and agreed that any signs or advertising
to be used, including awnings, in connection with the premises leased hereunder
shall be first submitted to the lessor for approval before installation of same.
TWENTY-SECOND: All glass, signs, front and rear doors, door closures and the
interior of the premises including, but not limited to, air conditioning
repairs, bathroom plumbing, are the responsibility of the Lessee, who shall make
all repairs thereto at its sole cost and expense and lessee shall carry plate
glass insurance and furnish Lessor with a Certificate of such coverage upon
possession.
TWENTY-THIRD: Lessor agrees not to unreasonably or arbitrarily withhold the
consent required in Paragraph First, but Lessee shall continue to be liable for
the payment of the rent and performance of all obligations of Lessee as herein
contained.
TWENTY-FOURTH: Lessee's rights under this lease are subject to any bonafide
mortgage now or hereafter covering the leased premises and also subject to any
underlying lease at anytime covering same.
TWENTY-FIFTH: Lessee shall keep the leased premises and walks immediately
adjacent thereto, in the front and rear, broom clean. Other public areas,
including parking lot and landscaping are the responsibility of the Lessor,
except where damage is thereto is done by the Lessee, its agents or
representatives. Lessee further agrees to retain necessary exterminating
services for the leased premises during the term of this lease.
TWENTY-SIXTH: Lessee shall pay each month, in addition to the rent specified,
any rental tax fixed by the law of the State of Florida, or the County of Dade,
or a municipal subdivision thereof.
TWENTY-SEVENTH: OPTION: Lessor agrees to grant to lessee a three (3) year option
for renewal at the termination of this lease agreement. This option will be
subject to the same terms and conditions as contained herein with the following
exception: during the initial year of said option period there will be either a
5% or cost of living increase, whichever is greater, over the rental rate of the
final year of this lease agreement. For the remaining 2 years of said option
period there will be an annual cost of living increase, with a minimum of 3% and
a maximum of 5%, subject to the same terms and conditions as set forth herein.
LESSEE MUST NOTIFY LESSOR, IN WRITING, OF HIS INTENTION TO EXERCISE SAID OPTION
60 DAYS PRIOR TO THE TERMINATION OF THIS LEASE AGREEMENT.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 5
TWENTY-EIGHTH: THIS PARAGRAPH IS INTENTIONALLY OMITTED
TWENTY-NINTH: It is further agreed that all trash pickups shall be in addition
to base rent and shall be the obligation of the Lessee. The cost of trash and
sewer shall be divided between all tenants and there will be a monthly charge to
be included with rent. Currently such charge is $100.00 per month. In the event
there is a raise in the monthly charge of trash removal or if lessee's trash
causes additional increase due to his type of business generating more trash
than average, then in that event, lessor has the right to raise lessee's monthly
trash removal costs or in the alternative, lessor may request that lessee
provide his own dumpster at lessee's own expense.
THIRTIETH: Lessee shall carry public liability insurance in amounts not less
than $100,000 for personal injuries for one claimant and $300,000 for personal
injuries per occurrence and $25,000, for property damage, indemnifying the
Lessee and Lessor against all claims and demands for which the Lessee may be
liable under the terms of this agreement. A copy of such policy, or certificate
thereof, with the endorsement or clause showing the interest of the Lessor,
shall be delivered to the lessor within ten (10) days after the execution
hereof; and such certificate or policy shall provide that the policy be
non-cancellable with respect to Lessor without thirty (30) days prior written
notice to Lessor. Lessee further agrees that it will indemnify and save harmless
the Lessor from and against all loss, cost, damage, and expense, including
reasonable attorney's fees arising out of or resulting from the use of the
premises, occasioned by the negligence or other misconduct of the Lessee, its
agents, contractors, employees, servants, invitees, or licensees.
THIRTY-FIRST: Lessee represents that he has made an inspection of the premises
and is fully familiar with the condition of the premises and is fully familiar
with the condition thereof and that he accepts premises "as is".
THIRTY-SECOND: All notices required to be sent in writing to Lessor by Certified
Mail, shall be addressed to OSKA PARTNERSHIP, X.X. Xxx 00-0000, Xxxxx, Xxxxxxx
00000, or at such other place and to such other person as the lessor, may from
time to time, designate by written notice; and to Lessee addressed to XXXXX
XXXXX, 0000-00 X.X. 000XX XXXXXX, XXXXX XXXXX XXXXX, XXXXXXX
00000.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 6
THIRTY-THIRD: The failure of either party to insist on strict performance of any
covenants or condition herein contained, shall not be construed as a waiver of
such covenant, condition or opinion in any other instance. This lease cannot be
changed or terminated orally.
THIRTY-FOURTH: The provisions of this lease shall be severable and should any
provision, covenant, or portion thereof be declared invalid or unenforceable
such invalidity or unenforcability, shall not effect the remaining provisions,
covenants, or portions herein.
THIRTY-FIFTH: "Lessee" and "Lessor" are used for singular and plural as context
requires.
THIRTY-SIXTH: Tenant is required to install a sign affixed to the fascia in
accordance with the Metro Shopping Center's sign criteria. All exterior signs,
whether presently painted upon the demised premises or affixed to the building,
and such signs as may be painted or affixed to the demised premises in the
future shall be maintained by the Lessee and at the expense of the Lessee, in
such condition so as not to detract from the general appearance of the building.
Lessor shall be the sole judge of the need for proper maintenance of said signs.
Lessee hereby releases Lessor from any liability for water damage resulting from
said sign. Tenant must obtain prior approval from the Landlord, and where
applicable, County and/or City permit for such sign must be obtained before
installation.
THIRTY-SEVEN: Lessee may make no alterations to the premises without first
submitting a complete plan for alterations to Lessor and obtaining Lessor's
written approval and consent to such alteration, nor may Lessee erect or use any
signs without Lessor's prior written approval. It is understood that once Lessor
has given written approval that no change maybe made without submission of such
changes to the Lessor and Lessor's prior written approval of such changes before
they are implemented.
THIRTY-EIGHTH: Lighting fixtures, roof sign and air conditioning are the
property of the Lessor and in consideration of Lessee's having use of same,
Lessee hereby agrees to be responsible for maintenance and repair thereof at its
own cost and expense and hereby releases Lessor from any liability for water
damage resulting from said sign and/or air conditioning system.
THIRTY-NINTH: Lessee agrees not to part his motor vehicle, not to permit his
employees to park their motor vehicles in front of any part of the entire
building, it being agreed that employee parking facilities are at the east end
of the rear parking lot only, if available.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 7
FORTIETH: Lessee shall within ten (10) days after notice from Lessor discharge
of record any mechanic's lien for material or labor claimed to have furnished to
the premises on Lessee's behalf.
FORTY-FIRST: Whenever anything under this lease depends upon the prior consent
or approval of Lessor, such consent or approval shall not be unreasonably
withheld.
FORTY-SECOND: The amount of $2,200.00 represents Security to the Lessor for the
performance by the Lessee of the terms, conditions and agreements, contained in
this lease and to be performed by the Lessee. If, at the expiration of this
lease, the Lessee shall not be in default hereunder, and if the demised premises
are surrendered in the same order and condition as when received, excepting only
normal wear and tear, then Lessor shall return to lessee the amount of said
security. The Security amount shall not draw interest nor be kept in a separate
or segregated escrow account except as provided by law.
FORTY-THIRD: Lessee shall not have the right to assign this lease or transfer
this lease by the transfer of the corporate stock of a corporation. If Lessee at
the time is a corporation, or sublet any portion of premises at any time during
the term hereof or any extension thereof without the written consent of the
Lessor.
FORTY-FOURTH: The basic rental provided for herein shall, beginning with the
rent payable on OCTOBER 1, 1999 and on the first day of OCTOBER of every year
thereafter, during the term of this lease be adjusted higher and increased,
based upon the percentage increase of a certain Cost of Living index, THERE WILL
A MINIMUM ANNUAL INCREASE OF 3% AND A MAXIMUM ANNUAL INCREASE OF 5%, the basic
rent payable for the current year shall be increased in direct proportion, AND
WILL COINCIDE WITH THE ABOVE MINIMUM AND MAXIMUM to the increase in the Cost of
Living index from the most recent month of the previous year to the most recent
month of the current year. The Cost of Living index to be used is the "Consumer
Price Index for all Urban Consumer (1967=100)- All items," published in the
Monthly Labor Review of the Bureau of Labor Statistics of the United States
Department of Labor. If the aforementioned Index becomes unavailable, the index
to be used is the "Consumer Price Index" issued by the United States Department
of Labor for the South Atlantic Group of States. In no event, however, shall the
basic Rent for any year of the lease term be less than the Basic Rent for any
preceding year of the lease term.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 8
FORTY-FIFTH: Lessee covenants not to introduce any hazardous or toxic materials
onto the premises without A) first obtaining Lessor's written consent and B)
complying with all applicable federal, state and local laws or ordinances
pertaining to the transportation, storage, use or disposal or such materials,
including but not limited to obtaining proper permits. If Lessee's
transportation, storage, use or disposal of hazardous or toxic materials on the
premises results in:
1) contamination of the soil or surface or ground water or
2) loss or damage to person(s) or property, then Lessee agrees to respond in
accordance with the following paragraph FORTY-SIXTH:
FORTY-SIXTH: Lessee agrees to:
1) notify Lessor immediately of any contamination, claim of contamination, loss
or damage,
2) after consultation and approval of Lessor, to clean up the contamination in
full compliance with all applicable statutes, regulations and standards, and
3) to indemnify, defend and hold Lessor harmless from and against any claims,
suits, causes of action, appeals, costs and fees, including attorney's fees,
arising from or connected with any such contamination, claim of contamination,
loss or damage. This provision shall survive termination of this lease.
FORTY-SEVENTH: RADON GAS: Lessee is hereby notified that radon gas 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 public health unit.
RULES. REGULATIONS. AND CONDITIONS OF OCCUPANCY OF: Lessee agrees to abide by
the following rules, regulations and conditions of occupancy:
1) That these rules, regulations, and conditions of occupancy shall go into
effect immediately.
2) Lessee shall not allow its agents, employees, guests, invitees or other
persons upon the premises, to litter the grounds. All litter shall be placed in
the garbage dumpster or other trash receptacles provided.
3) All cars of the Lessee, their agents and employees shall be parked only in
the parking area described in Paragraph THIRTY-NINTH. Parking on the grass,
obstructing the garbage dumpsters, double parking and/or obstructing other cars
is strictly prohibited.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 9
4) Wrecked motor vehicles, any motor vehicle that is inoperative for any reason,
or any motor vehicle without current license plates, are not permitted to be
parked in the parking areas or on any other property owned by the lessor. Upon
notice by the lessor or its agents, such described motor vehicles shall be
removed, repaired, or properly licensed immediately. If the lessee does not
comply with said notice, the lessee further agrees that the lessor may have such
vehicle removed at the lessees expense.
5) Lessee shall not conduct any activities outside of the leased unit other than
the loading or unloading of merchandise and/or equipment in the ordinary course
of business.
6) Lessee shall not display any merchandise or other materials outside of the
leased unit.
RISK OF LOSS The management only rents space to the Lessee and makes no
representation or warranties concerning the security or safety of lessee's
property located on the lessor's property. The lessee is specifically advised
that no security system is proof against theft or loss and that the lessee is
solely responsible for obtaining insurance sufficient to cover lessee's
property.
ALL RISK OF LOSS OR DAMAGE TO ANY OF LESSEES PROPERTY RESULTING FROM THEFT,
FIRE, FLOOD OR ANY OTHER CASUALTY, ACT OF GOD, OR INTENTIONAL OR NEGLIGENT ACT
OF A THIRD PARTY, IS SOLELY AND ENTIRELY ON THE LESSEE. THE LESSOR IS NOT A
BAILEE, WAREHOUSEMEN OR INSURER OF LESSEE'S PROPERTY. THE RELATIONSHIP BETWEEN
THE PARTIES IS ONE OF LESSOR AND LESSEE ONLY. THE LESSEE HEREBY RELEASES THE
LESSOR FROM ANY AND ALL LIABILITY FOR LOSS OR DAMAGE TO CUSTOMERS PROPERTY.
The Lessee takes the rented space "AS IS" and specifically acknowledges
that the Lessor has made no representations or warranties concerning the
security or safety of Lessee's property. The lessee acknowledges that the Lessor
is not storing property on behalf of the Lessee, but is merely renting space to
the Lessee. The Lessee acknowledges that he has inspected the premises and found
them to be suitable for his purposes and accepts the same on an "AS IS" basis.
Lessor: OSKA PARTNERSHIP
Lessee: LATIN AMERICAN CASINOS
Property Address: 0000-00 XX 000
Date: 30 Sept. 98 Initial:______
Page 10
EXCLUSIVE CONTROL The Lessee has sole and exclusive control over the rented
space and the storage and care of any property placed in the rented space. The
Lessee must provide his or her own lock and key and must keep the rented space
locked even when empty.
LATE CHARGES: Lessee agrees to pay all rents and sums provided to be paid to
Lessor hereunder at the times and in the manner provided herein, and in the
event Lessee fails to pay any sum required to be paid hereunder within TEN (10)
working days of the due date, then there shall be added to such payment a "Late
Charge" in the amount of ONE HUNDRED ($100.00) DOLLARS.
ACCELERATION OF RENTAL-WHERE INSTALLMENT NOT PAID If Lessee shall fail to pay
any month's installment of rent for a period of 30 days after the same becomes
due and payable, then all the installments of rent for the whole term of this
lease agreement shall at the option of the Lessor, or its assigns, become due
and payable at once without demand.
SPECIAL CLAUSES; Upon signing of this lease agreement, a Security Deposit in the
amount of $ 2,200.00 and first months rent in the amount of 2,449.50 will be due
and payable (TOTAL: $4,649.50)
CURRENT MONTHLY AMOUNT DUE:
Rent:- $2,200.00
S.T.:- 149.50
Trash:- 100.00
Total:- $2,449.50
IN WITNESS WHEREOF, the parties hereto have hereunto executed this instrument
for the purpose herein expressed, the day and year above written.
WITNESS: OSKA PARTNERSHIP
[SIGNATURE ILLEGIBLE] /s/ XXXXXXX XXXXX
-------------------------- --------------------------
Lessor
Xxxxxxx Xxxxx - Managing Partner
[SIGNATURE ILLEGIBLE] LATIN AMERICAN CASINOS, INC.
-------------------------- ----------------------------
/s/ XXXXX XXXXX
--------------------------
XXXXX XXXXX, CEO
--------------------------
As to Lessee
Dated: 9/30/98
-------------
Page 11
ADDENDUM TO LEASE AGREEMENT
This ADDENDUM is annexed to and forms a part of that certain Business
Lease (the "Lease") dated as of the 30th day of September, 1998, OSKA
Partnership (hereinafter sometimes referred to as "Lessor") and Latin American
Casinos, Inc. (hereinafter sometimes referred to as "Lessee").
1. ADDENDUM TAKES PRECEDENCE. In the event of any conflict between the
terms and provisions of this Addendum and the terms and provisions of the Lease
to which this Addendum is annexed, the terms and provisions of this Addendum
shall take precedence.
2. WORK BY LESSOR AND LESSEE. Lessee shall present a space plan to
Lessor for Lessor's approval, of which interior walls may be removed by Lessee
with permit. Upon the lease being signed, Lessee shall be permitted to remove
the walls agreed upon, at Lessee's expense. Lessor agrees to do the following
work at Lessor's expense:
(a) Air conditioning unit or units are to be in good working
order and condition.
(b) Existing lighting fixtures are to be in good working order
and condition.
(c) Existing lighting fixtures are to have all bulbs working.
(d) Plumbing in bathrooms are to be in good working order and
condition.
(e) Premises are to be clean and the carpets are to be steamed
cleaned.
3. OCCUPANCY. Lessee shall be permitted to occupy the premises prior to
November 1, 1998 free of rent or other charge. Lessee's occupancy shall not
unreasonably interfere with Lessor's work.
4. MAINTENANCE. Lessor shall, at its sole cost and expense, make all
repairs to the foundation, exterior weight bearing walls (excluding all doors,
windows, plate glass and show cases), the roof of the building, and that part of
the electrical, plumbing and water and sewer lines outside the of the premises,
providing, however, that such damage is not caused by the negligence of Lessee
or Lessee's agents.
5. ACCESS BY LESSOR. Access by Lessor to the premises shall only be
upon reasonable notice to Lessee, except in the case of an emergency.
6. DESTRUCTION OF PREMISES. With respect to paragraph fourth of the
Lease, the rental and other charges under the Lease shall be abated during any
period that the premises are
untenantable. To the extent any damage renders the premises partially
untenantable, the rental and other charges under the least shall be partially
abated during any such period.
7. NO HAZARDOUS MATERIALS. Lessor agrees that Lessee is not responsible
for any hazardous wastes and/or materials in, on, under or about the premises
prior to the day of this Lease.
IN WITNESS WHEREOF, Lessor and Lessee have executed this Addendum as of
the day and year first above written.
Signed, sealed and delivered
in the presence of:
/s/ [SIGNATURE ILLEGIBLE] Lessor:
----------------------------
OSKA PARTNERSHIP
(SIGNATURE ILLEGIBLE) By: /s/ XXXXXXX XXXXX
---------------------------- -----------------------------------
LESSOR: /s/ XXXXXXX XXXXX
LESSEE:
LATIN AMERICAN CASINOS, INC.
(SIGNATURE ILLEGIBLE)
---------------------------- By: /s/ XXXXX XXXXX
-----------------------------------
XXXXX XXXXX, CEO
(SIGNATURE ILLEGIBLE)
----------------------------
