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EXHIBIT 10.4
LEASE AGREEMENT B-040408
THIS Lease Agreement, dated this 20th day of September, 1990, made and
entered into between XXXXXXXX PETROLEUM COMPANY, a corporation with an office at
Bartlesville, Oklahoma, as Lessor and X. X. XXXXXXX & COMPANY, whose address is
0000 X. Xxxxx Xxx., Xxxxxx, XX 00000, as Lessee, (whether one or more).
WITNESSETH:
1. Lessor hereby demises, leases and lets unto Lessee the following
described premises in Denver County, State of Colorado to wit:
Office space located on the 6th floor of the Stanford Place I Building
consisting of a total of 468 usable square feet and 529 rentable square feet,
including proportionate share of common areas, as more particularly described on
Exhibit A attached hereto and made a part hereof said premises being located at
0000 X. Xxxxx Xxxxxx in the City of Denver, Colorado, together with the
buildings and equipment, if any, located thereon and owned by Lessor for the
following term:
Beginning on the 1st day of October, 1990, and ending on the 30th day of
September, 1992, and from month to month thereafter until terminated by either
party giving thirty (30) days written notice prior to the end of the primary
term or prior to the end of any month after the primary term, as the case may
be. Notwithstanding the foregoing, however, Sublessee may cancel this Sublease
at any time after the end of the eight (8th) month upon four (4) months prior
written notice.
2. Lessee agrees to pay to Lessor, with rental checks payable to Xxxxxxxx
Petroleum Company at P. O. Xxx 000000, Xx. Xxxxx, XX 00000 (until notified to
pay differently) the sum of Four Hundred Forty-One Dollars ($441.00) per month
payable monthly in advance. Lessor acknowledges receipt of the first month's
rental together with any portion due from date hereof until the first day of the
succeeding month. Without limiting any of Lessor's other rights herein, it is
agreed that if rentals are delinquent for a period of thirty (30) days, Lessor
may assess Lessee a one percent (1%) per month delinquency charge on the unpaid
rentals. In the event the delinquency charge above is deemed excessive by
federal or state law, then the highest applicable charge shall be assessed.
3. LESSEE AGREES THAT HE HAS MADE A PERSONAL INSPECTION OF THE LEASED
PREMISES AND ANY BUILDINGS AND OTHER IMPROVEMENTS THEREON AND IS SATISFIED WITH
CONDITION AND FITNESS THEREOF AND ACCEPTS THE SAME "AS IS". LESSOR DOES NOT
WARRANT EITHER EXPRESSLY OR IMPLIEDLY THE CONDITION OR FITNESS OF THE PROPERTY
LEASED HEREUNDER, ANY SUCH WARRANTY BEING HEREBY EXPRESSLY NEGATIVED.
4. Lessee shall defend, indemnify and save Lessor harmless for any losses,
costs or expenses resulting from suits, demands or other claims for damages to
persons or property, arising out of the use or existence of the leased premises
and personal property located on the leased premises; however, Lessor at his
election may intervene or provide its own defense.
5. Upon termination of this Lease, Lessee agrees to peacefully quit and
surrender possession of the leased premises. If Lessee fails to so quit and
surrender possession, Lessor shall have the right to take possession by any
lawful means, using such force as may be necessary, without being deemed guilty
of any trespass, and without the necessity of first resorting to any court
process. If Lessee shall remain in possession after the date of expiration or
termination of this Lease and after the effective date of notice by Lessor to
terminate this Lease, the Lessee will pay as rent for the leased premises during
such time a sum equal to four (4) times the rent herein provided.
6. Should Lessor's interest in the premises leased hereunder be that of a
lessee then this Lease shall automatically terminate without notice upon the
termination, for any cause whatsoever including action or inaction of Lessor, of
Lessor's leasehold estate in the premises leased hereunder.
7. All notices required or which may be given hereunder shall be
considered as properly given if delivered in writing, personally or sent by
certified United States mail, postage prepaid with return receipt requested,
addressed as follows:
Party Address
----- -------
Lessor: XXXXXXXX PETROLEUM COMPANY 0000 X. Xxxxx Xxxxxx, Xxxxxx, XX 00000
Lessee: X. X. XXXXXXX & COMPANY 0000 X. Xxxxx Xxxxxx, Xxxxxx, XX 00000
8. This Lease shall not be binding on Lessor unless or until executed on
its behalf by an officer of the company or an employee having actual authority
to execute this Lease.
9. This Lease includes the General Conditions printed on the reverse side
hereof which are by reference incorporated herein. This instrument with the
General Conditions so incorporated and any Annex attached hereto constitute the
complete agreement of the parties hereunder and there are no oral agreements or
understandings between the parties concerning the property covered by this Lease
Agreement.
EXECUTED the day and year first above written.
WITNESS: XXXXXXXX PETROLEUM COMPANY
/s/ Xxxxx X. Xxxxxx By /s/ Signature unreadable
Attorney-in-Fact
LESSOR
WITNESS: X. X. XXXXXXX & COMPANY
/s/ Signature unreadable
By /s/ Signature unreadable
Vice President
LESSEE
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GENERAL CONDITIONS
A. Lessee covenants and agrees that it will not permit any illegal or immoral
activity on the leased premises nor will it permit any nuisance to be
created or maintained thereon.
B. Upon failure of Lessee to pay rentals or any part thereof when due or upon
Lessee's failure to carry out any obligation placed on it under this Lease
or upon the death of Lessee or upon Lessee's making an assignment for
benefit of creditors, filing a voluntary petition in bankruptcy or being
adjudicated bankrupt or insolvent, Lessor may, without notice, declare
this Lease at an end and void, and may re-enter and take possession of
said premises, and may recover rentals due in any appropriate action at
law, or may recover the possession of said premises and damages for the
detention thereof and/or for such failure by any appropriate remedy at law
or in equity.
X. Xxxxxx shall pay all charges for utilities and other services supplied to
the premises as and when the same shall come due.
X. Xxxxxx shall render for taxation and pay all taxes and assessments,
general and special, on the leased premises and any buildings or other
improvements permanently affixed to the realty. Lessee shall pay all taxes
and assessments on all property owned by Lessee and located on the leased
premises.
E. Lessee shall pay to Lessor together with each rental payment the amount of
any sales and/or use tax due thereon.
F. At his own expense Lessee shall keep the leased premises and all buildings
and other improvements located thereon in good repair. Lessee will upon
the expiration or termination of this Lease for any reason deliver up the
property leased hereunder to Lessor in as good condition as when received
by Lessee, depreciation due to a reasonable use thereof excepted.
G. Lessee shall make no alterations in or upon the leased premises without
the prior written consent of the Lessor, and all additions, fixtures or
improvements which may be made by Lessee, except moveable furnishings,
shall become the property of Lessor and remain upon the leased premises as
a part thereof, and be surrendered with the leased premises at the
termination of this Lease.
H. Lessee agrees to obtain and maintain at its expense at all times during
the term hereof the following insurance:
1. Workmen's Compensation Insurance in compliance with the laws of the
state in which the leased premises are located and Employer
Liability Insurance with limit of not less than $100,000.
2. Comprehensive Public Liability Insurance covering Lessee's use and
occupancy of the leased premises with bodily injury, including
death, limit of not less than $1,000,000 per occurrence and property
damage limit of not less than $300,000 per occurrence.
Lessee shall upon request furnish Lessor with certified copies of the
policies or certificates evidencing the above insurance.
I. Lessee shall not sell, hypothecate or assign this Lease or sublet the
premises without the prior written consent of Lessor.
J. Should all or any part of the leased premises be taken by eminent domain
proceedings or purchased by any public or quasi-public body having the
power of eminent domain, all proceeds from such taking or purchase shall
belong exclusively to Lessor. In the event such taking or purchase shall
materially interfere with Lessee's use of the leased premises, Lessee may
at its option terminate this lease.
K. In the event any building on the premises shall be destroyed or damaged by
fire, explosion, the elements or other causes so as to render the same
wholly or in part unfit for occupancy, and if the same cannot be repaired
within ninety (90) days from the date of such casualty, this Lease shall
terminate on the date of such casualty. If such building can be repaired
in such ninety (90) day period then Lessor shall notify Lessee within ten
(10) days of such casualty if it elects to repair said building within
such ninety (90) day period. If Lessor does not so elect, then Lessee may
terminate this Lease by giving notice in writing to Lessor. If Lessor
elects to repair said building but fails to do so, this Lease shall
terminate on the expiration of said ninety (90) days. In the event of any
such termination, the Lessee shall immediately surrender possession of the
premises. If Lessor repairs the said building within the ninety (90) day
period, this Lease shall continue in full force and effect. Lessee shall
not be required in any event to pay rent for any period in which the
leased premises are wholly unfit for occupancy and shall be required
during any period which a part of the premises are unfit for occupancy to
pay as rent the stipulated rent multiplied by a fraction the numerator of
which is the area of the leased premises which is fit for occupancy and
the denominator of which is the total area of the leased premises.
X. Xxxxxx reserves the right to place or post "FOR LEASE" signs on the
property to signify the leased property is available for lease.
M. This lease is subject to all of the terms and conditions of that certain
Office Lease dated August 26, 1985 between PERA, as Landlord, and Xxxxxxxx
Petroleum Company, as Tenant, a copy of said Office Lease being attached
hereto as Exhibit B and made a part hereof.
N. Total lease rental for the primary term hereof amounts to $10,584.00
payable in monthly installments as provided hereinabove.
O. Lessee shall pay its allocated and proportionate share of any increase in
operating costs as defined in Paragraph 2 of Exhibit B hereof in excess of
such costs incurred in Lessee's base year which base year shall be defined
as the period 1/1/90-12/31/90. It is agreed that Lessee's allocated
percentage of Lessor's operating costs shall be 2.44%. The method of
billing Lessee for any such increase shall be consistent with the
provisions of said Paragraph 2.
P. Quiet Enjoyment. Lessor shall and hereby does warrant and defend Lessee in
the quiet enjoyment and peaceful possession of the Premises during the
term of this Lease.
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(Image omitted)
6TH FLOOR
EXHIBIT A
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AMENDMENT TO LEASE AGREEMENT
WHEREAS, on the 20th day of September, 1990, XXXXXXXX PETROLEUM COMPANY,
as Lessor, and X.X. XXXXXXX & COMPANY, as Lessee, signed a Lease Agreement
covering the following described premises in Denver County, State of Colorado,
to-wit:
An office suite located on the 6th floor of the Stanford Place I
Building, consisting of 468 usable square feet and 529 rentable square feet; and
WHEREAS, the term of the lease was to run until September 30, 1992, and
from month to month thereafter until terminated; and
WHEREAS, the parties desire to establish a firm ending date for the lease.
NOW THEREFORE, for and in consideration of the sum of Ten Dollars
($10.00), and other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties hereby agree that the paragraph in the Lease
Agreement date September 20, 1990, which states:
Beginning on the 1st day of October, 1990, and ending on the 30th
day of September 1992, and from month to month thereafter until
terminated by either party giving thirty (30) days written notice
prior to the end of the primary term or prior to the end of any
month after the primary term as the case may be. Notwithstanding the
foregoing, however, Sublessee may cancel this sublease at any time
after the end of the eight (8th) month upon four (4) months prior
written notice.
is deleted from said Lease Agreement and the following paragraph is inserted in
its place.
Beginning on the 1st day of October, 1990, and ending on the 25th
day of August, 1995.
In all other respects said Lease Agreement remains unchanged.
Executed this 7th day of December 1992.
XXXXXXXX PETROLEUM COMPANY
By: /s/ Signature Unreadable
Attorney-In-Fact
X.X. XXXXXXX & COMPANY
BY: RE Xxxxx
TITLE: VP FINANCE
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AMENDMENT TO LEASE AGREEMENT
---------------------------
THIS AMENDMENT, made this 17th day of July 1992, by and between XXXXXXXX
PETROLEUM COMPANY, hereinafter referred to as Lessor, and J, X. XXXXXXX &
COMPANY, hereinafter referred to as Lessee.
WITNESSETH:
WHEREAS, Lessor and Lessee entered into that certain Lease Agreement dated March
2, 1992, pertaining to office space located on the 6th floor of the Stanford
Place I Building located at 0000 Xxxx Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxx;
NOW, THEREFORE, for and in consideration of these mutual covenants and
undertakings, Lessor and Lessee agree that said Lease Agreement shall be and
hereby is amended as follows:
1. The description of the demised premises which appears in Paragraph 1
of the Lease Agreement is deleted therefrom and the following
description is substituted therefor:
An office suite located on the 6th floor of the Stanford Place I
Building consisting of 6,395 usable sq. ft. and 7,226 rentable sq.
ft,, including proportionate share of common areas, as more
particularly described on Exhibit A attached hereto and made a part
hereof,
2. The drawing attached to said Lease Agreement as Exhibit A is deleted
therefrom and the drawing attached hereto as Exhibit A is
substituted therefor,
3. The amount of each monthly rental payment which appears in paragraph
2 of the Lease Agreement is changed to Eight Thousand Seven Hundred
Thirty-one and 42/100 Dollars ($8,731,42).
4. The amount of lease rental for the primary term appearing in General
Condition N of the Lease Agreement is changed to $321,372.59.
5. Lessee's allocated percentage of Lessor's operating costs as set
forth in General Condition 0 of the Lease Agreement is changed to
3.33%.
In all respects, except as modified by this Amendment, the said Lease Agreement
shall remain unaltered in full force and effect in accordance with the terms
thereof.
The effective date of this Amendment shall be August 1, 1992.
IN WITNESS WHEREOF, the parties hereto have executed this instrument for the
purposes herein expressed, the day and year first above written.
Witnesses: LESSOR: XXXXXXXX PETROLEUM COMPANY
/s/ signature unreadable By: /s/ Signature Unreadable
____________________________ Attorney-In-Fact
LESSEE: X. X. XXXXXXX & COMPANY
/s/ signature unreadable By: RE Xxxxx
____________________________ Vice President
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EXHIBIT A
[IMAGE OMMITED]
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BUSINESS NEWS REPORT
Reporting Houston Business Expansions Since 1984
FOR SUBSCRIBER USE ONLY
FOR SUBSCRIPTION INFORMATION PLEASE CALL (000) 000-0000
July 29, 1992 Issue 71 Volume IX
$37 BILLION AND GROWING
COUNTRYWIDE MORTGAGE: 2425 Fountainview #150 77057 789-3909 sic code: 6162/6163
Key Map 491J ] This is a mortgage wholesale office for the Pasadena, California
based nationwide mortgage brokerage firm. Countrywide also has four retail
offices in the Houston area and three satellite offices. Xx. Xxxxx Xxxxxx is the
Branch Manager of the wholesale operations in Houston. The division has eleven
employees and leases right at 2,000 sq. ft. of office space. This wholesale
office of Countrywide Mortgage is about to relocate to a 3,700 sq. ft space on a
different floor of the 2425 Fountainview building. Xx. Xxx Xxxxxxx 667-1362 is
the Regional Vice President of the retail division of Countrywide Mortgage. The
retail offices in Houston are located on FM 1960, Bellaire Blvd., S. Dairy
Ashford and in Clearlake. There are satellite offices in Conroe, Kingwood and
Sugar Land. The firm has also just opened a retail office in Austin. Countrywide
Morgage has been in business since 1969. In 1974 the firm decided to do away
with loan officers and go directly to consumers and real estate professionals
via a direct mail campaign and by opening small loan processing and funding
offices in retail strip centers. The firm has also increased efficiency by
taking applications by phone and entering the, information directly into
computers, thereby eliminating over two thousand forms. The system seems to be
working very well. Countrywide was the largest originator of single family
mortgages in the first quarter of 1992. The firm is also the fifth largest
servicer of home loans with over thirty seven billion dollars worth of
mortgages. There are over one hundred and twenty five retail offices nationwide
and eight offices in Texas. Look for some of the retail offices in Houston to be
adding personnel and additional space in the not too distant future.
CONTEST
Some people at this large oil and gas firm would like to move out to the Energy
Corridor. Name this firm!
Could this large energy firm's E&P operations' space requirements have grown to
be in the 450,000 sq. ft. range? Name this firm!
Page 2
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HOME BUILDER TO RELOCATE
XXXXXX-XXXXX, INC.: 0000 Xxx Xxxxxx #000 77057 * 785-9393 * sic code: 1521 Key
Map 491N ] This two year old general home contracting firm works on quality
projects primarily in the Memorial, River Oaks and Tanglewood areas. Most of the
firm's work is in the $350,000 and the $3,000,000 range. Mr. Xxxxx Xxx is the
President of Xxxxxx-Xxxxx and has been building homes in the, area for over
nineteen years. Hammer Xxxxx has three full time employees. Xx. Xxx is looking
to relocate his firm within the Galleria area. The firm has a usable space
requirement of approximately 700 sq. ft. Look for Xxxxxx-Xxxxx to be in new
offices on or about September 1st.
INSURING FORCLOSED PROPERTIES FOR LENDERS
XXXXXXXXXXXX INSURANCE AGENCY, INC.: 00000 Xxxxxxxxx Xxxx. #000 Xxxxxxxx 00000
240-3333 sic code: 6400 ] Xx. Xxxx XxXxxxxxxxxx started this independent
insurance agency in 1974. The firm is a commercial insurance agency that since
1985 has been specializing in insuring foreclosed properties that are owned by
financial institutions. The firm's program has been very well received and is
about to go nationwide. XxXxxxxxxxxx Insurance has thirteen employees at this
time. XxXxxxxxxxxx Insurance has a lease on 3,000 sq. ft. of office space that
will be expiring in the spring of next year. Xx. Xxxxx Xxxxxxxx will be
assisting Xx. XxXxxxxxxxxx in evaluating the office space market and the firm's
future office space needs. Look for the firm to remain in the Sugar Land area
and expand the size of its office.
LARGE SOFTWARE FIRM TO RELOCATE TO GALLERIA
X.X. XXXXXXX & COMPANY: 00000 Xxxxxxxxxx #1670 77060 * 875-1700 sic code:
7371/7372 Key Map 372R ] This sixteen year old Denver, Colorado based software
manufacturing company works exclusively with companies that own IBM AS400
midrange computers. The firm's software is used a lot for accounting, inventory
and construction projects. In Houston X.X. Xxxxxxx & Company has two offices on
Northchase that are about to be consolidated in a new soon to be selected
location. The firm has between fifty and sixty employees between both offices in
Houston. Due to X.X. Xxxxxxx & Company's relationship with IBM, the firm will be
selecting a building near IBM's Riverway facility. Xx. Xx XxXxxxx is the
President of X.X. Xxxxxxx. In Houston, Xx. Xxx Xxxxx is the Branch Manager and
Xx. Xxxx Xxxxxxxxx is the Office Manager. Xx. Xxxx Xxxxx with the Oakbrook,
Illinois based real estate firm of Business Space, Inc. works with X.X. Xxxxxxx
& Company on its real estate needs throughout the country. Look for X.X. Xxxxxxx
to move into new offices near the end of the year. The firm's space requirement
will be between 15,000 and 20,000 sq. ft.
