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LEASE AGREEMENT

Development Agreement

LEASE AGREEMENT | Document Parties: NATURALNANO , INC. | Cottrone Development Co Inc | Natural Nano Inc You are currently viewing:
This Development Agreement involves

NATURALNANO , INC. | Cottrone Development Co Inc | Natural Nano Inc

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Title: LEASE AGREEMENT
Date: 12/7/2007
Industry: Electronic Instr. and Controls     Sector: Technology

LEASE AGREEMENT, Parties: naturalnano   inc. , cottrone development co inc , natural nano inc
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Exhibit 10.01

 

LEASE AGREEMENT

 

Property 832 Emerson Street

 

THIS AGREEMENT BETWEEN:

Cottrone Development Co. Inc.

2829 Dewey Ave

Rochester, New York 14616

 

 

 

Natural Nano Inc.

 

 

15 Schoen Place

 

 

Pittsford, New York 14534

As Tenant

 

WITNESSETH: The Landlord hereby leases to the tenant the following premises:

An entire free standing building containing approximately 9,200 square feet of industrial space located at 832 Emerson Street, Rochester, New York and all parking, areas in connection therewith (the “premises” or the “demised premises” or the “leased premises”).

 

For the term of

Three (3) Years

 

To commence on the first day of March 2008 and to expire on the last day of February 2011 and to be used and occupied only for office/manufacturing and injection molding and related legal uses upon the conditions and covenants following:

 

1 st That the tenant shall pay the annual rent of Thirty Nine Thousand Six Hundred dollars and no cents ($39,600.00)

 

The rent is to be paid in equal monthly payments to Landlord of Three Thousand Three Hundred dollars ($3,300.00) in advance on the 1 st day of each and every month during the lease term aforesaid as follows:

 

2 nd That the Tenant shall take good care of the premises and shall, at the Tenant’s own cost and expense make all repairs to the building. (Except Landlord, at its own cost and expense, shall be responsible for property taxes and structural repairs and replacements, including, without limitation, the foundation, roof, parking area, driveways, sidewalks and structural steel portions of the building and other exterior repairs and replacements, as well as plumbing and electrical, heating unit exchanges, air conditioning units and water heaters.) Tenant shall be responsible for repairs to over head doors. At the expiration or earlier termination of the term in accordance with the provisions of this Lease, Tenant shall deliver up the demised premises in good order or condition, normal wear and tear, damages by the elements and Landlord’s failure to fulfill its obligations with respect to repair and replacement excepted.

 

3 rd That the Tenant shall promptly execute comply with all statutes, ordinances, rules, orders, regulations and requirements of Federal, State and Local governments and of any and all departments and Bureau applicable to Tenant’s use of the premises, for the correction, prevention and abatement of nuisances or other grievances attributed to Tenant’s use of the premises during said term; and shall promptly comply with and execute all rules, orders and regulations of the New York Board of fire Underwriters, or and similar body, at the Tenant’s own cost and expense attributed to Tenant’s use of the premises.

 

4 th That the Tenant, successors, heirs, executors or administrators shall not assign this Lease, or underlet or under-lease the premises, or any part thereof, or make alterations on the premises, without the Landlord’s consent in writing, which shall not be unreasonably withheld or delayed; or occupy, or permit or suffer the same to be occupied for any business or purpose, other than that business referred to above, deemed disreputable or extra hazardous on account of fire, under penalty of damages and forfeiture, and in the event of a breach thereof, the term herein shall

 

 

 

immediately cease and terminate at the option of the Landlord as if it were the expiration of the original lease term.

 

5 th In the case of damage, by fire or other causes, to the building in which the leased premises are located, without the willful act of the Tenant or of Tenant’s agents or employees, if damage is so extensive as to amount practically to the total destruction of the leased premises or of the building, or if the Landlord shall within a reasonable time decide not to rebuild, or if the leased premises become impractical for Tenant’s use, this Lease shall cease and come to an end, and the rent shall be apportioned to the time of the damage. In all other cases where the leased premises are damaged by fire without the willful act of the Tenant or of Tenant’s agents or employees, the Landlord shall repair the damage with reasonable dispatch after notice of damage, and if the damage rendered the premises untenantable, in whole or part, there shall be an equitable apportionment of the rent until the damage has been repaired. In determining what constitutes reasonable dispatch consideration shall be given to delays caused by strikes, adjustments of insurance and other causes beyond the Landlord’s control. Regardless of anything to the contrary, if the repairs are reasonably estimated to take more than 120 days from the date of damage or if the repairs do take more than 120 days from the date of damage, Tenant shall have the right to terminate this Lease by written notice to Landlord.

 

6 th The Tenant agrees that the Landlord and the Landlord’s agents and other representatives shall have the right to enter into and upon said premises, or any part thereof, after reasonable notice to Tenant and during reasonable hours for the purpose of examining the same, or making such repairs or alterations therein as may be necessary for the safety and preservation thereof. Landlord agrees to cause minimal disruption to Tenant’s business during such entry.

 

7 th The Tenant also agrees to permit the Landlord or the Landlord’s agents to show the premise to persons wishing to hire or purchase the same after reasonable notice to Tenant and during business hours, and the Tenant further agrees that on and after the sixth month next preceding the expiration of the term hereby granted, the Landlord or the Landlord’s agents shall have the right to place notices on the front of said premises, or any thereof, offering the premises “TO LET” or “FOR SALE” and the Tenant hereby agrees to permit the same to remain thereon without hindrance or molestation.

 

8 th If the said premises, or any part thereof shall be deserted or become vacant during said term, or if any default be made in the payment of said rent or any part thereof which is not cured within ten (10) days after written notice from Landlord, or if any default be made in performance of any of the other covenants herein contained which is not cured within thirty (30) days after written notice from Landlord specifying such default, or if such default is of such a nature that it cannot reasonably cured during thirty (30) day period the time to cure shall be extended so long as Tenant is diligently pursuing the curing of same, or if the Tenant shall file or there be filed against the Tenant a petition in bankruptcy or arrangement, or Tenant be adjudicated a bankrupt or makes an assignment for benefit of creditors or take advantage of any insolvency act, the Landlord may, if the Landlord do elects, at any time thereafter terminate his lease and the terms hereof, on giving the Tenant five days notice in writing of the Landlord’s intention so to do, and this lease and the term hereof shall expire and come to an end on the date fixed in such notice as of said date were the date originally fixed in this lease for the expiration hereof. Such notice shall be given by certified mail, return receipt requested, to the Tenant addressed to the demised premises. Following such five days’ notice, the Landlord or its representatives may re-enter the said premise by summary proceedings or otherwise in a non-forceful manner, and remove all persons therefrom, without being liable to prosecution thereof, and the Tenant hereby expressly waives the service of any notice in writing of intention to re-enter, and the Tenant shall pay monthly, as it becomes payable under the terms hereof, a sum equivalent to the monthly rent reserved herein, until such time as Landlord rents the premises to another party, at which time the following shall apply: Landlord may rent the premise of behalf of the Tenant, reserving the right to rent the premises for a longer period of time than fixed in the original lease without releasing the original tenant from any liability, applying any monies collected from the new tenant,

 

2

 

 

 

first to the reasonable expense of resuming or obtaining possession, second to restoring the premise to a rentable condition, and then in reduction of the rent due from Tenant , with any surplus to be paid to the Tenant who shall remain liable for deficiency.

 

9 th Tenant agrees to repair or replace any glass damaged in the premise if caused by Tenant.

 

10 th That the Tenant shal


 
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