EXHIBIT 4(B).3
EXPENSES SHARING AGREEMENT
BETWEEN
XXXXXXXXX.XXX INC.
(An Ontario incorporated public corporation, known as "Dealcheck" )
AND
CURRENT CAPITAL CORP.
(An Ontario incorporated Private Corporation, known as "Current Capital")
DATED 1st of APRIL 2000
WHEREAS Dealcheck has leased for a period for five years to May 31, 2005
premises measuring approx. 4,200 sq ft at 00 Xxxxx Xxxxxx Xxxx, Xxxxxxx, XX X0X
0X0 (Suites 1902, 1905 and 1915) and Dealcheck also accounts for the telephone
costs including those of Internet access and Local and long distance calls
incurred at these premises.
WHEREAS Current Capital proposes to occupy a part of the said premises effective
April 1, 2000 and has agreed to reimburse Dealcheck for the costs of the lease
and telephone expenses relating to the premises to be occupied by Current
Capital.
NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the premises
and the mutual covenants hereinafter contained and other good and valuable
considerations, the receipt and sufficiency of which is hereby acknowledged by
each party, the parties hereto agree as follows:
REIMBURSEMENT OF LEASE COSTS
Current Capital shall reimburse Dealcheck 60% of the actual monthly lease
payable by Dealcheck to the landlord. The amount to be calculated based on this
formulae shall be charged to Current Capital on a quarterly basis. Any
additional payments, of whatever nature, that Dealcheck may from time to time be
required to pay to the landlord, shall also be charged to Current Capital using
the above formulae. Goods and Services Tax shall be added to the charge.
REIMBURSEMENT OF TELEPHONE COSTS
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Current Capital shall reimburse Dealcheck 60% of the monthly telephone costs,
which shall include Internet, local and long distance call charges and mobile
phone charges. The monthly cost will be based on the average of the preceding
three months' actual costs and shall be charged to Current Capital on a
quarterly basis. Gods and Services Tax will be added to the charge.
TERMS OF THE AGREEMENT
The agreement is valid for a period of five years from the date of signing
thereof and may be further extended for a term to be mutually agreed between the
parties a month before the expiry date.
The agreement may be terminated by either party by giving two months notice.
The formulae for calculating the amounts to be reimbursed in respect of the
lease costs and telephone costs are valid for one year from the date of this
agreement and may be subject to change from time to time thereafter as per
mutual agreement between the concerned parties.
MISCELLANEOUS
ENTIRE AGREEMENT: This Agreement supersedes any prior Agreement between the
parties whether written or oral and any such prior agreements are cancelled as
at the Commencement Date. This agreement may not be altered or modified, except
in writing, signed by both parties.
WAIVER: Any waiver by either party of a breach of any provision of this
Agreement shall not operate as or be construed to be a waiver of any other
breach of that provision or of any breach of any other provision of this
Agreement. The failure of a party to insist upon strict adherence to any term
of this Agreement on one or more occasions will not be considered a waiver or
deprive that party of the right thereafter to insist upon adherence to that term
or any other term of this Agreement.
RELATIONSHIP OF THE PARTIES: Nothing in this Agreement shall create any
partnership or joint venture between the parties hereto, it being understood and
agreed that the parties are independent contractors and neither has the
authority to bind the other in any way.
GOVERNING LAW: This Agreement has been made in the Province of Ontario and shall
be construed and governed in accordance with the laws thereof without regard to
conflict of laws.
ACCEPTANCE OF AGREEMENT
The parties by signing below hereby indicate their agreement and acceptance of
this Agreement in its entirety as set out above.
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SIGNED, SEALED AND DELIVERED ) XXXXXXXXX.XXX INC.
In the presence of: )
) Per: /s/ Xxx Xxxx
) --------------
--------------------------- ) Name: Xxx Xxxx
Witness: ) Title: Chief Financial Officer
)
) I have authority to bind the Corporation.
)
) CURRENT CAPITAL CORP.
)
) Per: /s/ Xxxxxx Xxxxxxx
) --------------------
--------------------------- ) Name: Xxxxxx Xxxxxxx
Witness: ) Title: President
)
) I have authority to bind the Corporation.