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EXHIBIT 10.7
Miramar Park of Commerce
BUSINESS LEASE
THIS LEASE, entered into this 28th day of December, 1994 between
Sunbeam Properties, Inc., hereinafter called the Lessor, party of the first
part, and Interstar Trading Corp d/b/a Turbine Engine Technology, Corp. 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 ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇,
▇▇ ▇▇▇▇▇ (46,803 square feet as shown on Exhibit "A" attached) situate in
Miramar, Florida, (the Premises) to be used and occupied by the Lessee as
warehouse and distribution for turbine engines and offices ancillary thereto
and for no other purposes or uses whatsoever without the express written
consent of Lessor, said consent not to be unreasonably withheld or delayed, for
the term of Five (5) years and Three (3) months beginning the 1st day of April,
1995, and ending the 30th day of June, 2000, at and for the agreed rental
payable as follows:
$0.00 for the period from April 1, 1995 thru June 30, 1995;
$18,301.12 per month plus State Sales Tax from July 1, 1995 thru June 30, 1996;
$21,798.67 per month plus State Sales Tax from July 1, 1996 thru June 30, 1997;
$22,670.62 per month plus State Sales Tax from July 1, 1997 thru June 30, 1998;
$23,577.44 per month plus State Sales Tax from July 1, 1998 thru June 30, 1999;
$24,520.54 per month plus State Sales Tax from July 1, 1999 thru June 30, 2000;
Such payments are in addition to all other payments to be made under this Lease
by Lessee, including but not limited to those described in Paragraph 28.
Lessee hereby deposits $63,710.12 with Lessor for the following:
July 1 thru 31, 1995 Rent: $18,301.12
Lessee's Proportionate Share
of July 1 thru 31, 1995 Expenses (per Paragraph 28): $ 4,066.92
Sales Tax: $ 1,342.00
Security Deposit: $40,000.00
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Total: $63,710.12
Said security deposit shall be refunded at the expiration of this Lease
provided Lease is in good standing at that time.
In the event that term of this Lease begins or ends on other than the first or
last day of a month, rent for such month(s) shall be prorated on a per diem
basis. In the event that any monthly rental payment due hereunder is not
received by Lessor by the fifth (5th) day of any month, said payment shall bear
a late charge of ten percent (10%) of the monthly payment which shall be then
due and payable.
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 Sunbeam Properties, ▇▇▇▇ ▇▇▇▇ ▇▇.
▇▇▇▇▇▇▇▇ in the City of ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ or at such other place and to such
other person, as the Lessor may from the 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, said consent not to be unreasonably
withheld or delayed, 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 a part 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 at of
negligence of any co-tenant or occupants of the building or of any other person
whomsoever.
THIRD: That the Lessee shall promptly execute and comply with all
statutes, 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, for the correction, prevention, and
abatement of nuisances or other grievances, in, upon, or connected with said
Premises during said term; and shall also promptly comply with and execute all
rules, orders and regulations of the Southeastern Underwriters Association for
the prevention of
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fires, at its 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 Lease, whereby the
same shall be rendered untenantable, then the Lessor shall have the right to
render said Premises tenantable by repairs within 160 days therefrom. If said
Premises are not rendered tenantable within said time, it shall be optional
with either party hereto to cancel this Lease, and in the event of such
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 Premises 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 Lease, and all of the rights of the Lessee hereunder, and thereupon the
Lessor, his agents or attorneys, shall have the right to enter said Premises,
and remove all persons therefrom forcibly or otherwise, and the Lessee thereby
expressly waives any and all notice required by law to terminate tenancy, and
also waives any and all legal proceedings to recover possession of said
Premises, and expressly agrees that in the event of a violation of any of the
terms of this Lease, or of said rules and regulations, now in existence, or
which may hereafter be made, said Lessor, his agent or attorneys, may
immediately re-enter said Premises and dispossess Lessee without legal notice
or the institution of any legal proceedings whatsoever.
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 relet 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: Lessee agrees to pay the cost of collection and ten percent
attorney's fee on any part of said rental that may be collected by suit or by
attorney, after the same is past due.
EIGHTH: The Lessee agrees that it 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, light or water herein provided for at any
time remain due and unpaid for the space of five days after the same shall have
become due, the Lessor may at its option consider the said Lessee tenant at
sufferance and immediately re-enter upon said Premises 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 attorney's fees of ten percent of the amount so collected
or found to be due, together with all costs and charges therefore incurred or
paid by Lessor.
TENTH:
ELEVENTH: The Lessor, or any of its 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 thirty (30) 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 Lease,
or to the rules and regulations of the building.
TWELFTH: Lessee hereby accepts the Premises in the condition they are in
at the beginning of this Lease and agrees to maintain said Premises in the
same condition, order and repair as they are at the commencement of said term,
excepting only reasonable wear and tear arising from the use thereof under this
Lease, and to make good to said Lessor immediately upon demand, any damage to
water apparatus, or electric lights, or any fixtures, applicances 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.
THIRTEENTH: (a) It is expressly agreed and understood by and between the
parties to this Lease, that the Lessor 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.
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(b) Except for Lessor's negligence or intentional acts and
except as may be specifically provided elsewhere in this Lease, Lessor shall
not be liable for any damage or injury to any person or property whether it be
to the person or property of the Leasee, its employees, agents, invitees,
licensees or guests by reason of if Leasee's occupancy of the Premises or
because of fire, flood, windstorm, water, acts of God or third parties or for
any other reason beyond the control of Lessor. Lessee agrees to indemnify and
save harmless Lessor from and against any and all loss, damage, claim demand,
liability or expense, including reasonable attorney's fees at trial and upon
appeal, by reason of damage to person or property which may arise or be claimed
to have arisen as a result of Lessee's occupancy or use of the Premises,
Building and/or property of which the Premises is a part by Lessee, its
employees, agents, invitees, licensees or guests, or in connection therewith,
or in any way arising on account of any injury or damage caused to any person
or property on or in the Premises.
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 Lease, but no receiver, trustee or other judicial officer shall ever have
any right, title or interest in or to the above described Premises by virtue of
this Lease.
FIFTEENTH: Lessee hereby waives and renounces for itself 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 of any other state, or of the United States, as against the
payment of said rental or any portion hereof, of any other obligation or damage
that may accrue under the terms of this Lease.
SIXTEENTH: This Lease shall bind the Lessee and its assigns or
successors, and the heirs, assigns, administrators, legal representatives,
executors 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 Lease 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 Lease.
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 Lease shall be considered as rent due and shall be included in any lien
for rent due and unpaid.
TWENTY-FIRST: (a) 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.
(b) Lessee may install an eighteen inch (18") high by
four-foot (4') wide sign on the glass panel over its front door. Said sign
shall be white vinyl and surface-applied and shall be subject to Lessor's
reasonable approval. The defined copy area is attached as Exhibit "D-1".
(c) Lessee shall also be given the opportunity to have
shared signage on a monument sign to be installed by Lessor in front of the
building. Lessee's portion of the sign to be installed by Lessor. The copy
and graphics shall be in Lessee's corporate colors. A conceptual example of
such signage is attached as Exhibit "D-2". Lessee shall reimburse Lessor
$1,800.00 for such signage.
TWENTY-SECOND: All personal property placed or moved in the Premises
and tenant improvements to the Premises shall be at the risk of Lessee or the
owner thereof, and Lessor shall not be liable to Lessee for damages to same
unless caused by or due to gross negligence of Lessor, Lessor's agents or
employees. Lessee agrees to obtain liability insurance containing a single
limit of not less than $500,000.00 for both property and bodily injury, at
its own cost. Lessee consents to provide Lessor with a Certificate of
Insurance, as above described, naming Lessor as additional insured and
favoring the Lessor with a thirty (30) day notice of cancellation.
TWENTY-THIRD: Lessee is responsible for the maintenance and repair of
the Premises, including but not limited to plate glass windows, all doors, all
interior plumbing, the electrical and any items which the Lessee installs or has
others install. If Lessee or any agent employed by Lessee damages the roof,
the repair of said roof will be Lessee's sole responsibility. Lessee shall, at
its own cost and expense, enter into a regularly scheduled preventive
maintenance/service contract with a maintenance contractor reasonably approved
by Lessor, for servicing all heating and air conditioning systems and equipment
within the Premises. Such contract must become effective within thirty (30)
days of the date Lessee takes possession of the Premises.
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TWENTY-FOURTH: Lessee represents and warrants that ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ of
▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇ & Associates, Inc. is the only broker due a commission, fee or
other sum which is now or in the future may be due and payable with regard to
leasing, acquisition or other such matters related to the Demised Premises.
Said fee shall be paid by Lessor. Lessor and Lessee agree to indemnify and
hold each other harmless from any and all liability for the payment of any
other such commissions, fees and other sums.
TWENTY-FIFTH: Lessor agrees to maintain the roof, landscaping,
irrigation system, the exterior of the building the adjacent lake bank,
lighting, loading areas, parking areas, sidewalks and driveways, and to keep
the common areas reasonably clean of debris and to provide proper supervision
and security of such areas as necessary. Lessee agrees to pay in addition to
the rent set forth herein, Lessee's Proportionate Share of such costs (which
costs include a management fee of five percent (5%).
TWENTY-SIXTH: Lessor shall pay all taxes, assessments and levies
charged or assessed by any governmental authority, (hereinafter collectively
referred to as Taxes) upon its property in the building and Lessee's Premises
and Land, buildings or Premises in or upon which the Lessee's Premises are
located, and shall cause all-risk insurance to be maintained thereon in amounts
not to exceed the full replacement cost of the improvements constituting the
building from time to time. Lessee agrees to pay as additional rent, without
relief from valuation or appraisement laws, Lessee's Proportionate share of any
such taxes, of any premiums payable in respect of such insurance coverage,
and of any premiums payable in respect of public liability insurance and rental
insurance maintained by or for the Lessor in respect of the land and building.
TWENTY-SEVENTH: Lessee recognizes that the Premises are subject to
that certain Declaration of Protective Covenants and Restrictions for Miramar
Park of Commerce. Under the Declaration, Sunbeam Properties, Inc. currently
enforces the Declaration and operates and maintain the Common Area referred to
therein. The Lessee agrees to pay on behalf of Lessor, Lessee's Proportionate
Share of any and all maintenance or other assessments imposed by Sunbeam
Properties, Inc. (or its successor) on the Lessor as owner of the building as
provided in the Declaration. "Lessee's Proportionate Share" shall be the
fraction or ratio of the floor area of the Lessee's Premises divided by the
total floor area of the building.
TWENTY-EIGHTH: (a) Lessee shall pay $4,066.92 per month plus State
Sales Tax as an estimate of Lessee's Proportionate Share of the expenses
described in Paragraphs 25, 26 and 27. Said payment is in addition to all
other sums to be paid by Lessee including but not limited to rent. On an
annual basis, Lessor shall notify Lessee what the actual expenses were over the
previous calendar year and within ten (10) days of such notice, Lessee shall
pay (or receive a reimbursement) for the difference, if any, plus State Sales
Tax, between what Lessee paid as an estimate and the actual expenses. Lessee's
share for a partial calendar year at the beginning or and of the term of this
Lease shall be prorated on aa per diem basis. In the event that Lessor adjusts
its estimate of the expenses described in Paragraphs 25, 26 and 27 to more
accurately reflect the actual expenses incurred, Lessee's monthly estimated
payment of its Proportionate Share of such expenses shall be appropriately
adjusted.
(b) Notwithstanding anything to the contrary contained
herein, Lessee's estimated payments towards Lessee's Proportionate Share of
Expenses paid for July 1, 1995 thru December 31, 1995 shall not be subject to
adjustment as described in Paragraph 28(a) above.
(c) Notwithstanding anything to the contrary contained
hereinabove, Lessee's Proportionate Share of Expenses described in Paragraphs
25 and 27 shall not unreasonably exceed what is typical of similar quality
buildings located in first class business parks in Southwest Broward County.
This limitation on Lessee's Proportionate Share of Expenses shall exclude any
increases due to Force Majeure, utility costs, theft, vandalism or reasonable
increases in security. This limitation shall not apply to Lessee's
Proportionate share of real estate taxes and insurance as described in
Paragraph 26.
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(d) Notwithstanding anything to the contrary contained
herein, Lessee shall have no obligations to pay its Proportionate Share of
Expenses from April 1, 1995 thru June 30, 1995.
TWENTY-NINTH: (a) If the whole or any substantial part of the
Premises should be taken for any public or quasi-public use under governmental
law, ordinance or regulation, or by right of eminent remain, or by private
purchase in lieu thereof and the taking would prevent or materially interfere
with the use of the Premises for the purpose of which they are then being used,
this Lease shall terminate and the rent shall be abated during the unexpired
portion of this Lease, effective when the physical taking shall occur.
(b) If part of the Premises shall be taken for any
public or quasi-public use under any governmental law, ordinance or regulation,
or by right of eminent domain, or by private purchase in lieu thereof, and this
Lease is not terminated as provided in the subparagraph above, this Lease shall
not terminate but the rent payable hereunder during the unexpired portion of
this Lease shall be reduced to such extent as may be fair and reasonable under
all of the circumstances and Lessor shall undertake to restore the Premises to
a condition suitable for the Lessee's use, as near to the condition thereof
immediately prior to such taking as is a reasonably feasible under all the
circumstances.
(c) In the event of any such taking or private
purchase in lieu thereof, Lessor and Lessee shall each be entitled to receive
and retain such separate awards and/or portion of lump sum awards as may be
allocated to their respective interest in any condemnation proceedings;
provided that Lessee shall not be entitled to receive any award for Lessee's
loss of its Leasehold
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interest, the right to such award being hereby assigned by Lessee to Lessor.
THIRTIETH: Should Lessee hold over and remain in possession of the
Premises at the expiration of any term hereby created, Lessee shall, by virtue
of this paragraph, become a Lessee by the month at twice the Rent per month of
the last monthly installment of Rent above provided to be paid, which said
monthly tenancy shall be subject to all the conditions and covenants of this
Lease as though the same had been a monthly tenancy instead of a tenancy as
provided herein, and Lessee shall give to Lessor at least thirty (30) days'
written notice of any intention to remove from the Premises, and shall be
entitled to ten (10) days' notice from Lessor in the event Lessor desires
possession of the Premises; provided, however, that said Lessee by the month
shall not be entitled to ten (10) days' notice in the event the said Rent is
not paid in advance without demand, the usual ten (10) days' written notice
being hereby expressly waived.
THIRTY-FIRST: Notwithstanding anything to the contrary contained
elsewhere in this Lease, Lessor, at Lessor's option, at any time and from time
to time during the term of this Lease, may require that Lessee move to other
comparable space within the Miramar Park of Commerce upon giving Lessee sixty
(60) days advance written notice of such move. The substituted space shall
have approximately the same dimensions as the Premises. Base rent for the
substituted space shall be the lesser of the per square foot base rent
applicable under the Lease or the per square foot base rent for the substituted
space at the time Lessor serves written notice and request of Lessee to move to
the substituted space, whereupon Lessee shall continue to Lease the substituted
space upon the other terms and conditions as are herein provided. Lessor shall
pay for the cost of moving Lessee into the substituted space as well as the
cost of improving the substituted space to approximately the same interior
design and functionability as the Premises. Notwithstanding the
foregoing, If Lessee does not desire to move to the substituted space, then
Lessee shall have the right to terminate this Lease by giving Lessor written
notice of termination within fifteen (15) days after Lessee receives (from
Lessor) such notice to move. If Lessee so terminates this Lease, the
termination shall be effective upon the expiration of sixty (60) days
from the date of Lessor's notice to move, and upon the effective date of such
termination Lessee shall surrender possesion of the Premises to Lessor.
THIRTY-SECOND: Lessee shall be entitled to the use of eighty (80)
parking spaces on an unassigned, nonreserved basis. In its normal
course of business, Lessee will not cause more than said number of parking
spaces to be occupied at any one time by its employee or invitees.
THIRTY-THIRD: Lessee, its successors and assigns shall comply with the
Hazardous Materials Standard for the Miramar Park of Commerce attached hereto
as Exhibit "B"
THIRTY-FOURTH: 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 may be obtained from your county public health
unit.
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THIRTY-FIFTH: In any case, where either party hereunto is required to
do any act, except the payment of rent or other money, the term for
the performance thereof shall be extended by a period equal to any delay
caused by or resulting from acts of God, the elements, weather, war, civil
commotion, fire or other casualty, strikes, lockouts, labor disturbances,
inability to procure labor or materials, failure of power, government
regulations or other causes beyond such party's reasonable control, whether
such time be designated by a fixed date, a fixed time or a "reasonable time".
THIRTY-SIXTH: Lessor's Improvements. Lessor agrees to complete at no
cost to Lessee the improvements described in Exhibit "C" and to
provide a Certificate of Occupancy for the Premises on or before April 1, 1995.
All of the improvements to be completed by Lessor including but not limited to
the restrooms, shall meet current ADA code. Lessor represents that the
building of which the Premises is a part to handicap accessible. All of
Lessor's Improvements shall come with a one (1) year warranty to cover
latent defects, nonconformity with the plans approved by Lessee and faulty
design. In addition, the air conditioning compressor(s) serving the Premises
shall carry a five (5) year warranty. In the event a Certificate of Occupancy
is issued for the Premises on a date other than April 1, 1995, Lessee and
Lessor agree to make the appropriate adjustments to the lease dates and rental
schedules described in this Lease. Such adjustments shall be verified in
writing.
THIRTY-SEVENTH: Right of First Refusal on Contiguous Space. Lessor
grants to Lessee, subject to the conditions outlined therein, an ongoing right
of first refusal to lease and occupy additional space that is contiguous to the
Premises. Upon Lessor's notification to Lessee of space availability,
Lessee shall have three (3) business days in which to exercise it's right
hereunder to lease the additional contiguous space at rental rate and on lease
terms acceptable to Lessor. In the event Lessor has an offer to lease such
contiguous space from a third party, Lessee may lease such space on the same
terms and conditions offered by the third party. Lessee's
right-of-first refusal is subject to Lessee having the same or better financial
condition as it had on the date of this Lease. In the event Lessee does not
sign and return to Lessor the lease for such space within three (3) business
days of receipt of a same from Lessor, Lessee shall be deemed to have waived
this right of first refusal. Notwithstanding anything to the
contrary, this right of first refusal is contingent upon there being no
defaults by Lessee under this Lease at such time.
THIRTY-EIGHTH: Renewal Option. Provided that there are no defaults
under this Lease at the time that the option herein set forth is exercised by
Lessee,
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this Lease may be renewed or extended for one (1) additional term of five (5)
years by Lessee giving written notice to Lessor of its interest to renew not
less than six (6) months prior to the expiration of the then current term. All
conditions and covenants of the Lease shall continue in full force and effect
during such additional term except that:
(a) Lessor's Improvements (Paragraph 36), and
Lessee's Right of First Refusal on Continguous Space (Paragraph 37) shall be
null and void;
(b) the monthly rent described in the Witnesseth
Paragraph on page 1 of this Lease shall be as follows:
$25,501.36 per month plus State Sales Tax from July 1, 2000 thru June 30, 2001;
$26,521.41 per month plus State Sales Tax from July 1, 2001 thru June 30, 2002;
$27,582.27 per month plus State Sales Tax from July 1, 2002 thru June 30, 2003;
$28,685.56 per month plus State Sales Tax from July 1, 2003 thru June 30, 2004;
$29,832.98 per month plus State Sales Tax from July 1, 2004 thru June 30, 2005;
THIRTY-NINTH: Puchase Cancellation Option. In the event Lessee closes
a transaction with Lessor for the purchase of land at the Miramar Park of
Commerce and constructs a building on such land, then Lessee may cancel this
Lease without penalty, so long as there are no defaults thereunder, upon giving
Lessor one-hundred eighty (180) days prior written notice. Said cancellation
shall be subject to Lessee obtaining a certificate of occupancy for said
building. Notwithstanding anything to the contrary contained hereinabove, this
Purchase Cancellation Option is subject to Lessee having been a tenant in good
standing under this Lease for a minimum of three (3) lease years.
IN WITNESS WHEREOF, the parties hereto have hereunto executed this
instrument for the purpose herein expressed, the day and year above written.
Signed, sealed and delivered in the presence of:
LESSOR: SUNBEAM PROPERTIES, INC.
/s/ ▇▇▇▇▇ ▇▇▇▇ /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Witness Sign Name ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Vice President
▇▇▇▇▇ ▇▇▇▇ 12/30/94
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Witness Print Name Date
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Witness Print Name
▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Witness Print Name
LESSEE: Interest Trading Corp. d/b/a
Turbine Engine Technology, Corp.
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/s/ ▇▇▇ ▇▇▇▇ /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇
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Witness Sign Name Sign
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇
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Witness Print Name Print
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ President & CEO
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Witness Sign Name Title
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 12/28/94
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Witness Print Name Date
