THIS LEASE is made this 1st day of April, 1995 by and between TULTEX
CORPORATION, hereinafter called Landlord, and Box & Company, Inc. hereinafter
called Tenant.
W I T N E S S E T H
That for and in consideration of the mutual promises and undertakings
hereinafter set forth, the Landlord does hereby lease and demise unto Tenant the
premises hereinafter described upon the terms and conditions set forth in this
lease:
1. The Demised Premises
1.1 The demised premises consist of a building, commonly known as
the XXXXX-XXXXXX-XXXXX BUILDING, located at 00 Xxxxx Xxxxxx, Xxxxxxxxxxxx,
Xxxxxxxx containing approximately 3,840 square feet. Also included in the lease
are ten (10) designated parking spaces and permission for unlimited use of
undesignated parking spaces.
2. Term
2.1 The term of this lease shall be for a period of two (2) years,
commencing on April 1, 1995 and continuing through March 31, 1997. At the
option of the Tenant, the lease may be renewed for two (2) additional periods of
one (1) year each beginning April 1, 1997 through March 31, 1998, and April 1,
1998 through March 31, 1999, at ten percent (10%) increase in rent for each
renewal year. The Tenant will also, if requested, be given an additional five
(5) parking spaces when options are exercised.
3. Base Rental
3.1 Tenant shall pay the Landlord the base rental for the demised
premises and the parking spaces, the amount of FORTY ONE THOUSAND FIVE HUNDRED
AND TWENTY DOLLARS ($41,520.00), payable in advance in twenty-four (24) equal
consecutive monthly
installments of SEVENTEEN HUNDRED AND THIRTY DOLLARS ($1,730.00) each due and
payable on the first of each month commencing April 1, 1995, and continuing
through March 31, 1997.
4. Responsibilities of Tenants
4.1 Tenant shall be responsible for all ordinary and routine
repairs applicable to the demised premises and the ten (10) parking spaces
leased, excluding specifically the heating, electrical and plumbing facilities
and any other repairs to the external portion of the building which are
specifically applicable to the demised premises.
5. Utilities
5.1 At the commencement of this Lease, Tenant shall transfer all
utilities into its name and shall be responsible for the payment of all
utilities during the term of this Lease and in the renewal thereof.
5.2 For purposes of this document, utilities shall include
specifically, electricity, water, sewer service, garbage and trash services and
any heating whether electricity or gas or oil.
6. Insurance
6.1 Tenant shall procure and keep in effect during the Term a policy or
policies of comprehensive liability insurance, including public liability and
property damage, with a minimum combined single limit of liability of
$1,000,000.00, but excepting from the policy coverage injuries or damage to
person or property resulting from the negligence of Landlord or from Landlord's
breach of any of Landlord's covenants in this Lease. The policy or policies
shall (i) name Landlord as an additional insured; and (ii) provide that the
insurance shall not be canceled nor shall there be any change in the scope or
amount of coverage of the policy unless ten (10) days' prior written notice
shall have been given to Landlord. The policy or policies, or certificates
thereof, shall be delivered to Landlord and Tenant upon the commencement of the
term of this Lease and upon each renewal of the insurance.
6.2 Landlord shall procure and keep in effect during the Term a
policy or policies of comprehensive liability insurance, including public
liability and property damage, with a minimum single limit of liability of
$1,000,000.00 for personal injuries or deaths of persons occurring in or about
the Building.
7. Repairs
7.1 If, during the Term, the Building or any portion thereof is damaged
by fire, or other casualty or peril, Landlord shall, upon the receipt of the
insurance proceeds, repair or rebuild the Building with all due diligence to a
condition at least equal to that existing immediately prior to the damage.
7.2 If, during the Term, the Building or any portion thereof
becomes damaged to the point that, in the Landlord's opinion, the Premises have
become untenantable for continued occupancy for a period of sixty (60) days or
more, then Tenant shall have the option to terminate this Lease upon thirty (30)
days' notice to Landlord.
8. Default-Bankruptcy-Termination
8.1 The Landlord may terminate this Lease by written or telegraph
notice: (1) If the Tenant shall become insolvent or make a general assignment
for the benefit of creditors; or (2) if a petition under any bankruptcy act or
similar statute is filed by or against Tenant; or (3) if, at any time, the
Tenant shall default in the payment of his rent or shall fail to provide the
notification of insurance as outlined in this document.
9. Workers' Compensation Insurance
9.1 Tenant shall maintain Workers Compensation Insurance in
accordance with the laws of the State of Virginia.
9.2 Tenant shall be responsible for its employees under the
applicable Workmen's Compensation laws and for those employees' use of the
demised parking spaces including any activity with regard to those spaces by
said employee.
10. Hold Harmless
10.1 Tenant shall indemnify and hold Landlord harmless from and
against all suits, actions, demands or expenses of any kind resulting from any
claims by Tenant's employees, visitors or Tenant's creditors during the term of
this Lease. Tenant hereby agrees to pay Landlord's legal expenses including
attorney's fees and costs which may be incurred as well as any damages which may
be assessed against Landlord in any action arising out of any suits, actions,
demands, resulting from Tenant's employees, visitors, creditors, during the term
of this Lease.
11. Assignment
11.1 Tenant shall not, directly or indirectly, sell, assign, encumber,
pledge, transfer or obligate (collectively assignment) all or any part of the
premises or Tenant's leasehold estate, or sublet the premises or any portion
thereof, or permit their occupation by anyone other than Tenant (collectively
sublease) without the Landlord's prior written consent in each instance.
Notwithstanding the foregoing, Tenant shall have the right, without Landlord's
consent, to enter into an assignment of this Lease or a Sublease of the premises
to the Parent Corporation of Tenant, and wholly owned subsidiary corporation of
Tenant or Tenant's Parent Corporation, any corporation succeeding to
substantially all of the assets of Tenant as a result of a consolidation or
merger, or a corporation to which all or substantially all of the assets of
Tenant have been sold;
provided, however, that the other corporation shall assume in writing all of the
Tenant's obligations hereunder, and, except for the parent corporation of the
Tenant or a wholly owned subsidiary corporation of Tenant or Tenant parent
corporation shall have a net worth immediately prior to the assignment or
sublease equal to or greater than Tenant's net worth. Notwithstanding any such
assignment or sublease, Tenant shall not be released from any and shall perform
all, obligations imposed upon it hereunder.
12. Condition of Premises
12.1 At the conclusion of its occupancy the Tenant shall deliver
the demised premises to Landlord in the same general condition as received,
reasonable wear and tear excepted.
13. Leasehold Improvements
13.1 Tenant shall have the right to remove at the termination of
this Lease, any and all of their property situated on the demised premises, but
not any such property that has become so affixed to the real property as to be
considered part of the freehold.
14. Governing Law
14.1 This agreement shall be governed by and construed according to
the laws of the Commonwealth of Virginia.
15. Notice
Any notice under this Lease shall be sent as follows:
(a) Landlord: Xxx X. Xxxxx
Vice President, Administration
TULTEX CORPORATION
P. O. XXX 0000
XXXXXXXXXXXX, XX 00000
000-000-0000
(b) Tenant In: X. Xxxxxx Box, President
Box & Company
P. O. Xxx 0000
Xxxxxxxxxxxx, XX 00000
As a result of any resignations or terminations of the persons named in
this Notice provision prior to the expiration of this Lease the notices required
shall be made to the respective person who has the same title or similar title.
16. Right of Access
16.1 The Landlord or their representatives may enter the demised
premises at any reasonable time and with knowledge of Tenant for the purpose of
inspecting the same, performing any work or repairs which may be needed or
desirable, exhibiting the demised premises for lease or mortgage financing or
for other reasonable purposes not unduly prejudicial to the use of the demised
premises by the Tenant.
IN WITNESS WHEREOF, the parties have duly executed this Deed of Lease
as of the day, month and year first above written.
6/12/95 /s/ Xxx X. Xxxxx
Date Xxx X. Xxxxx,
Vice President - Administration
Tultex Corporation
6/12/95 /s/ X. Xxxxxx Box
Date X. Xxxxxx Box,
President
Box & Company, Inc.
