Exhibit 10.01
LEASE AGREEMENT
Property 832 Emerson
Street
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THIS AGREEMENT BETWEEN:
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Cottrone Development Co. Inc.
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2829 Dewey Ave
Rochester, New York 14616
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Natural Nano Inc.
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15 Schoen Place
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Pittsford, New York 14534
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As Tenant
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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”).
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For the term of
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Three (3) Years
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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,
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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