RENTAL AGREEMENT
This Rental Agreement is made as of January 1, 2004 between VASCULAR SCIENCES
CORPORATION (Tenant), and CORNISH PROPERTIES CORPORATION (Landlord).
WHEREAS, Landlord is willing to rent office, warehouse and storage space (as
defined below) at 000 Xxxxxxx Xxxxxx, Xxxx Xxxxxx (Ozona), Florida to Tenant;
and
WHEREAS, Tenant is willing to rent the space in said building.
In consideration of the benefits to come to each party, the parties agree as
follows:
1. Rented Premises. Landlord agrees to rent to Tenant space contained in
the building at 000 Xxxxxxx Xxxxxx, Xxxx Xxxxxx, (Xxxxx), Xxxxxxx
00000.
2. Term. The term of this rental agreement shall be for two (2) years
beginning on the 1st day of January 2004, and ending on the 31st day
of December 2005. Tenant may terminate the lease with three (3) months
written notice. The lease may be renewed for additional 1-year
periods, but will provide three (3) months written notice of the
intent to renew the lease.
3. Rent. The monthly rent will be $2,745, payable by the 10th day of each
month beginning on January 1, 2004.
4. Determination of Rental Amount.
Approx 2,100 square feet of office space @ $11.70 per sq. ft. $24,570
Approx 820 square feet of warehouse space @ $6.63 per sq. ft. $ 5,437
Approx 2,100 square feet of loft / storage @ $0.37 per sq. ft. $ 777
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TOTAL $30,784
Sales Tax (7%) $ 2,154
Total Annual $32,938
Paid in monthly payments of $ 2,745
5. Additional provisions: Tenant will be responsible for its incurred
costs for the monthly telephone, electricity, dumpster, answering
service, phone system, and cleaning service. Landlord will be
responsible for property tax, building insurance, alarm system,
surveillance system, water, and landscaping.
6. Default. In the event Tenant defaults on the payment of rent, after
having received fifteen (15) days notice, Landlord may pursue any
remedies available to Landlord under Florida law to enforce the terms
of this agreement, including termination of the agreement and recovery
of payment for the balance of the rental payments due under this
agreement.
7. Assignment. Tenant may not assign this Agreement without the written
consent of Landlord.
8. Legal Action. In the event either party brings legal action to enforce
the terms of this agreement, the prevailing party shall recover its
costs and attorneys' fees incurred in such legal action from the
non-prevailing party.
IN WITNESS WHEREOF, Tenant and Landlord have signed and sealed this Agreement
effective the day and year first written above.
/s/ Xxxx Xxxxxxx
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Cornish Properties Corporation
Jan. 1/04
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Date
/s/ Xxxx Dumencu
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Vascular Sciences Corporation
Jan. 1/04
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Date
