Exhibit 10.81
AGREEMENT
This agreement entered into this
1 st day of April 1998, by and between 425
Manchester Road L.L.C. (hereinafter called “Landlord”)
and Mr. Tire, Inc. (hereinafter called
“Tenant”).
WITNESSETH:
That for and in consideration of
the rents herein reserved and to be paid by tenant to the Landlord
and of the covenants and agreements herein set forth to be kept,
performed and observed by Tenant, the Landlord does hereby rent,
demise and lease to the Tenant and the Tenant does hereby take,
lease and hire from the Landlord, upon the terms and conditions
hereinafter set forth, land and improvements located at 425
Manchester Road, Westminster, Maryland, (the
“Premises”), including specially a certain building
located thereon, (the “Building”).
The Term of this Lease shall be
ten (10) years commencing April 1, 1998 and terminating
March 31, 2008, both dates inclusive (the “Term”).
Tenant shall have the option of renewing and extending the term of
this lease for two(2) successive term of ten (10) years, for
the same rental terms and conditions as the original
term.
(A) Tenant, in consideration
of this Lease, agrees to pay to Landlord, Basic Rent during the
Term hereof, the sum of one million one hundred sixty nine thousand
three hundred fifteen dollars and 69/100 dollars ($1,169,315.69),
all payable without deduction or set off or demand, to be received
on or before the first day of each month in accordance with the
following schedule:
(i)For the Lease Year
April 1, 1998-March 31, 1999, one hundred two thousand
dollars and 00/100 dollars ($102,000.00) payable in twelve equal
monthly installments of eight thousand five hundred dollars and
00/100 dollars ($8,500.00);
(ii)For the Lease Year
April 1, 1999-March 31, 2000, one hundred five thousand
sixty dollars and 00/100 dollars ($105,060.00) payable in twelve
equal monthly installments of eight thousand seven hundred fifty
five dollars and 00/100 dollars ($8,755.00);
(iii)For the Lease Year
April 1, 2000-March 31, 2001, one hundred eight thousand
two hundred eleven dollars and 80/100 dollars ($108,211.80) payable
in twelve equal monthly installments of nine thousand seventeen
dollars and 65/100 dollars ($9,017.65);
(iv)For the Lease Year
April 1, 2001-March 31, 2002, one hundred eleven thousand
four hundred fifty eight dollars and 15/100 dollars ($111,458.15)
payable in twelve equal monthly installments of nine thousand two
hundred eighty eight dollars and 18/100 dollars
($9,288.18);
(v)For the Lease Year
April 1, 2002-March 31, 2003, one hundred fourteen
thousand eight hundred one dollars and 90/100 dollars ($114,801.90)
payable in twelve equal monthly installments of nine thousand five
hundred sixty six dollars and 82/100 dollars
($9,566.82);
(vi)For the Lease Year
April 1, 2003-March 31, 2004, one hundred eighteen
thousand two hundred forty five dollars and 96/100 dollars
($118,245.96) payable in twelve equal monthly installments of nine
thousand eight hundred fifty three dollars and 83/100 dollars
($9,853.83);
(vii)For the Lease Year
April 1, 2004-March 31, 2005, one hundred twenty one
thousand seven hundred ninety three dollars and 33/100 dollars
($121,793.33) payable in twelve equal monthly installments of ten
thousand one hundred forty nine dollars and 44/100 dollars
($10,149.44);
73
(viii)For the Lease Year
April 1, 2005-March 31, 2006, one hundred twenty five
thousand four hundred forty seven dollars and 13/100 dollars
($125,447.13) payable in twelve equal monthly installments of ten
thousand four hundred fifty three dollars and 93/100 dollars
($10,453.93);
(ix)For the Lease Year
April 1, 2006-March 31, 2007, one hundred twenty nine
thousand two hundred ten dollars and 55/100 dollars ($129,210.55)
payable in twelve equal monthly installments of ten thousand seven
hundred sixty seven dollars and 55/100 dollars
($10,767.55);
(x)For the Lease Year
April 1, 2007-March 31, 2008, one hundred thirty three
thousand eighty six dollars and 86/100 dollars ($133,086.86)
payable in twelve equal monthly installments of eleven thousand
ninety dollars and 57/100 dollars ($11,090.57);
In the event that tenant pays
Landlord any installments of Basic Rent or Percentage Rent after
the due date, or any Additional Rent (as hereinafter defined) later
than the (5 th ) day after billing therefore, then and
in such event, Tenant shall pay to Landlord, together with and in
addition to said installment of Basic Rent or Additional Rent, a
late charge of five percent (5%) of installment past due. Any
installments of Basic Rent or Additional Rent not made within ten
(10) days from the date due shall, in addition to the
foregoing late charges, bear interest from the date due at the rate
of eighteen percent (18%) per annum (the “Default
Rate”). If Landlord, during the Term of this Lease, receives
two (2) or more checks from Tenant which are returned for
insufficient funds.
Landlord, in addition to
applicable late charges and reimbursement for any additional cost
incurred by reason of any returned check, may require, at
Landlord’s election, that any future payment shall be either
bank certified, cashier’s or treasurer’s check. None of
the foregoing late charges shall be construed to limit or otherwise
waive any other remedies available to Landlord for Tenant’s
default under this Lease. Anything contained herein to the contrary
notwithstanding, the late charges provided hereunder shall be
abated for one violation each Lease Year, provided Tenant cures
such late payment within five (5) days after written notice
that the same is past due.
(B) Tenant shall tender all
payments due hereunder by good check to Landlord c/o The Three
Marquees, P.O. Box 428, Savage, Maryland 20763, or to such other
party or such other address as Landlord may designate from time to
time by written notice to Tenant. If Landlord shall at any time or
times accept said Basic Rent or Additional Rent after it shall
become due and payable, such acceptance shall not excuse delay upon
subsequent occasions, or constitute a waiver of any or all of
Landlords rights hereunder.
(C) This Lease is what is
commonly called a “triple net lease”, it being
understood that Landlord shall receive the rent free and clear of
any and all other impositions, taxes, liens, charges, or expenses
of any nature whatsoever in connection with the ownership and
operation of the Premises. In addition to the Basic Rent, Tenant
shall pay to the parties respectively entitled thereto all
impositions, insurance premiums, utility charges (including but not
limited to gas, fuel, electric, water, sewer, trash removal and
telephone charges), operating charges, maintenance charges,
construction costs, and any other charges, costs, and expenses
which arise or may be contemplated under any provisions of the
Lease during the Term hereof. All of such charges, costs, and
expenses shall constitute Additional Rent, and upon the failure of
Tenant to pay any of such costs, charges or expenses, Landlord
shall have the same rights and remedies as otherwise provided in
this Lease for the failure of Tenant to pay Basic Rent. For
purposes herein contained the term “Rent” shall refer
to Basic Rent and Additional Rent. It is the intention of the
parties hereto that this Lease shall not be terminable for any
reason by the Tenant unless otherwise expressly permitted under the
terms of this Lease and that Tenant shall in no event be entitled
to any abatement of or reduction in Rent payable hereunder, except
as herein expressly provided. Any present or future law to the
contrary shall not alter this agreement of the parties. If Tenant
defaults in the making of any payment to any third party or in the
doing of any act required to be made or done by Tenant, then
Landlord may, but shall not be required to make such payment or do
such act, and the amount of the expense thereof, if made or done by
Landlord, within interest thereon at the Default Rate accruing from
the date paid by Landlord, together with an additional charge of
fifteen percent (15%) of the amount so paid to cover
Landlord’s administrative costs, shall be paid by Tenant to
Landlord and shall constitute Additional Rent hereunder due and
payable by Tenant upon receipt by Tenant of a written statement of
costs from Landlord. The making of such payment or the doing of
such act by Landlord shall not operate to cure Tenant’s
default, nor shall it prevent Landlord from the pursuit of any
remedy to which Landlord would otherwise be entitled.
74
Tenant, in addition to Basic
Rent, shall pay Additional Rent as hereafter specified, payable by
Tenant to Landlord under this Lease being deemed “Additional
Rent”. Basic Rent and Additional Rent shall collectively be
referred to as “Rent”.
(A) Impositions.
Tenant shall pay throughout the
Term, as Additional Rent, all taxes and assessments, general and
special, if any, levied and assessed on the Premises, any
improvements or alterations thereto and any personal property
located therein, and all other governmental charges and impositions
of any kind or nature whatsoever, general or special, foreseen and
unforeseen, which if not paid when due, would encumber the title to
the Building, all of which are herein called
“Impositions” provided, however, that Impositions
relating to fiscal periods of the taxing authority which precede or
extend beyond the Term of this Lease shall be appointed between
Landlord and Tenant. Landlord shall periodically provide Tenant
with Landlords estimate of Impositions coming due, and Tenant shall
pay to Landlord monthly, together with Basic Rent, one twelfth
(1/12) of Landlords estimate of Impositions. Landlord shall forward
to Tenant copies of all notices, bills or other statements received
by Landlord concerning any Impositions and the presentation of any
such invoice shall be conclusive evidence of the amount of the
particular element of the Imposition to which the bill or statement
refers. Any overpayment or deficiency in Tenants payment of
Impositions shall be “Adjusted” within thirty
(30) days after Tenants receipt of such statement. For
purposes of this Lease “Adjusted” or
“Adjustment” means the adjustment between Landlord and
Tenant of any overpayment or deficiency in payment by Tenant of
Impositions. Any required Adjustment shall be made, as the case may
be by;
(i) Tenants payment to
Landlord of any deficiency or
(ii) by Landlord’s
crediting to Tenant’s account any overpayment or, if such
Adjustment is made at the end of the term, Landlord’s
reimbursement to Tenant of such overpayment less any amounts due
from Tenant. At anytime during a Lease Year, Landlord may
re-estimate Tenant’s share of Impositions and adjust
Tenant’s monthly installments payable thereafter during the
Lease Year to reflect more accurately Tenant’s share of
Impositions as reestimated by Landlord. ÂA
For purposes hereof,
“Impositions” shall also include any and all business
licenses and/or franchise taxes imposed upon Tenant, and any taxes,
assessments or other levies which may at any time be imposed
against the Premises by any federal, state, county, municipal,
quasi governmental or corporate entity in respect of public
transportation or works or other governmental authority any
assessments for public improvements or benefits and including also
any tax, assessment or other charges in the nature of a sales,
excise, use or other tax upon the Rent payable under this Lease,
whether assessed against Tenant or Landlord, or the Premises.
Impositions shall also include the cost (including attorney’s
fees, consultant fees, witness and appraisal costs) of any
negotiation, contest or appeal pursued by Landlord (regardless of
outcome). The provisions of this Lease shall not be deemed to
require Tenant to Pay municipal, state or federal income, gross
receipts or excess Profits taxes assess against the Landlord, or
municipal, state or federal estate, succession, or inheritance
taxes imposed upon the Landlord provided, however, that if, at any
time during the Term of this Lease, the methods of taxation of real
estate prevailing on the date of the Lease shall be altered or
supplemental so as to cause in lien thereof the whole of the taxes,
assessments and other governmental charges owed, levied and
assessed on the Premises to be levied and assessed on the Rent
payable by tenant to Landlord under this lease, then the taxes so
levied and assessed on the Rent shall be deemed to be Impositions
and shall be payable by Tenant.
In addition to Tenant’s
share of Impositions, Tenant shall pay, prior to the date due, to
the appropriate taxing authority, any and all sales, excise and
other taxes levied, imposed or assessed with respect to the
operation of Tenant’s business and with respect to its
inventory, furniture, fixtures, equipment and all leasehold
improvements installed by Tenant, any prior tenant or by Landlord
on behalf of Tenant. In no event shall Tenant have the right to
contest Impositions absent Landlord’s prior written consent,
which consent may be withheld or delayed in Landlord’s sole
and absolute discretion.
(B) Insurance/Indemnity.
75
The Landlord assumes no liability
or responsibility whatsoever with respect to the conduct and
operations of the business to be conducted within the Premises. The
Landlord shall not be liable for any accident or injury to any
person or persons or property in or about the Premises which are
caused by any reason whatsoever, including, but not limited to the
conduct and operations of said business, or by virtue of equipment
or property owned or permitted in the Premises by the Tenant except
when caused by Landlord’s gross negligence and then, only to
the extent not covered under Tenant’s insurance. The Tenant
agrees to indemnify and hold the Landlord, its agents, employees
and lenders having liens against the Premises
(“Indemnities”) from and against all liability, claims,
suits, causes of action, demands, judgments, cost, interest and
expenses (including also actual counsel fees and disbursements
incurred in the defense thereof) to which any Indemnities may be
subject or suffered, whatsoever by reason of any claim for, injury
to, or death of, any person or persons or damage to or loss of
property (including also any loss of use thereof) or otherwise, and
arising from or in connection with the use by Tenant of, or from
any work or anything whatsoever done by Tenant or any of its
officers, directors, agents, contractors, employees, licensees or
while within the Premises, invitees in any part of the Premises,
during the Term of this Lease, or arising from any condition of the
Premises due to or resulting from any default by Tenant in keeping
observance or performance of any covenant or agreement contained in
this Lease or from any fault or neglect of Tenant or any of its
officers, directors, agents, contractors, employees, licensees or
while within the Premises, invitees.
(ii) In order to assure the
Indemnity referred to hereinabove, Tenant shall carry and keep in
full force and effect at all times during the Term of this Lease,
for the protection of Landlord and Tenant and naming both Landlord,
Tenant and any Indemnities of Landlord as may exist from time to
time or other parties as landlord may designate from time to time
as parties insured, public liability insurance with limits for
bodily injury or death of a least ONE MILLION DOLLARS
($1,000,000.00) for any one person or occurrence and at least THREE
MILLION DOLLARS ($3,000,000.00) in the aggregate for any accident
or number of persons, and on hundred percent (100%) actual
replacement cost and extended coverage insurance for all risks,
fire, casualty and Property damage covering the Premises,
including, but not limited to the heating, air conditioning, water
heater, water pump, plumbing (including sprinkler), electrical and
mechanical systems serving the Premises and leasehold improvements
(including those made by any prior tenant), lifts and auto/truck
bays and Alterations, such policies to carry special endorsements
covering against damage or loss by earthquake and against damage by
water covered by so call flood insurance. All such policies shall,
at Landlord’s election, name party as Landlord may designate
as loss payee. In addition Tenant shall maintain rental
interruption insurance sufficient to cover Rent payable under this
Lease for no less than a one year period from and after the date of
casualty throughout the Term naming Landlord or upon prior written
notice, such other parties as Landlord may designate, as sole loss
payee. In no event shall minimum amounts of coverage called for
herein be less that the amount required by lenders having liens on
the Premises. Copies of all such policies and/or certificates of
insurance shall be furnished to Landlord upon request without undo
delay.
(iii) Tenant shall obtain or
cause to be obtained prior to commencement of any permitted
alterations or other work, and keep in force during performance of
the work, public liability and workmen compensation insurance to
cover all contracts to be employed and covering Tenant, if Tenant
elects to do any work itself The covering limits, form, and content
of such policies shall be commercially reasonable and customary as
reasonably determined by Landlord, but no event in amounts less
than that required under applicable law. Tenant shall also, upon
Landlord’s request, carry contract insurance or cause its
contracts to post performance bonds. Before commencement of any
works on the Premises, Tenant shall deliver certificates to
Landlord showing such insurance and/or performance bonds to be in
effect.
(IV) Tenant shall carry
statutory workman compensation insurance covering its employees in,
on and about the Premises. Copy of such policy and/or certificate
of insurance shall be furnished to Landlord upon request without
undo delay.
(v) A insurance policies
required to be obtained by Tenant hereunder shall be issued by
recognized and responsible insurance companies, having a
“Best Insurance” rating of not less than A and a credit
rating not less than XV and be qualified to do business in
Maryland, and shall provide that such policies shall not be
cancelled without thirty (30) days prior written notice to
Landlord. Landlord shall be named as an additional insured and
whenever designated by Landlord, as sole loss payee on all such
policies, with the exception of the statutory
76
workmen compensation coverage
referred to herein and other casualty insurance carried by Tenant
covering trade fixtures, equipment and inventory paid for and
brought upon the premises by Tenant. Tenant shall deliver to
Landlord at least once each Lease year, but so often as Landlord
may request from time to time, a copy of all such insurance
policies or a certificate thereof showing the same to be in full
force and effect.
(vi) In the event Tenant
shall fail to keep in force and maintain any such policy of
insurance, Landlord shall have the right, at its option, and at the
sole cost of Tenant, in addition to all other rights and remedies
in the event of default, to purchase such policy or policies of
insurance and to pay the premiums thereon. In such, event Tenant
shall pay Landlord as Additional Rent an amount equal to
Landlord’s cost of such insurance plus fifteen percent (15%)
to cover Landlord’s administrative costs in procuring and
administering such insurance, upon receipt of a written demand
therefore.
(vii) Anything in this Lease
to the contrary notwithstanding, the Tenant does hereby release the
Landlord from any and all liability for any loss or damage to its
property or Premises caused by fire or any of the other casualties
covered by the risks included in insurance policies required to be
carried by Tenant, including but not limited to Tenant’s
general liability, extended coverage all risk, property damage,
flood, earthquake and casualty insurance. This release is given
notwithstanding that such liability casualty or loss shall have
resulted from the negligence of Landlord or Tenant or their
respective agents, employees, licenses, contractors or invites.
Tenant agrees to cause it insurance policies covering the Premises
and contents thereof to contain an appropriate endorsement whereby
the insurer agrees that the insurance policy and coverage will not
be invalidated by reason of the foregoing waiver of the right of
recovery against the Landlord for loss occurring to the properties
covered by such policy, and whereby such insurer also waives any
right of subrogation against the Landlord and Tenant will, upon
request, deliver to Landlord a certificate evidencing such waiver
of subrogation by the insurer.
(viii) Anything in this
Section 3 to the contrary notwithstanding, Landlord shall have
the option, either alternatively or in combination with Tenant, to
carry such casualty and property insurance covering the Premises,
leasehold improvements, Alterations, and systems serving the
Premises, including but not limited to the heating, air
conditioning, water heater, water pump, plumbing (including
sprinkler), electrical, and mechanical systems, Landlord may
determine to be reasonable or necessary to protect its interests,
and bill the cost of any insurance carried directly by Landlord to
Tenant. Any premiums so billed by Landlord to Tenant shall be
Additional Rent and payable within five (5) days of written
demand.
|
4.
|
|
Possession of Premises,
TENANT’S Work.
|
Landlord delivers, and Tenant
accepts the Premises “as is”. Tenant further
acknowledges that is has fully inspected the Premises prior to the
execution of this Lease and does hereby assume all of the risks,
including but not limited to patent or latent defects as well as
responsibility for all existing environmental conditions. Tenant
further understands and agrees that Landlord shall be under no
liability nor have any obligation to do any preoccupancy work or
make any repairs in or to the Premises, except as otherwise
expressly provided herein, any work which may be necessary to adapt
the Premises for Tenant’s occupancy or for the operation of
Tenant’s business therein (including any Alterations that may
be necessary now or hereafter to effectuate compliance with any
applicable laws), the sole responsibility therefore being that of
Tenant and shall be performed by Tenant at its sole cost and
expense.
Tenant hereby covenants as
follows:
(A) Not to use Premises for
any disorderly or unlawful purpose, nor for any purpose not
expressly permitted pursuant to this Lease.
(B) To keep the Premises and
approaches thereto, including parking areas, clean and free from
trash and rubbish, to remove snow and ice from the adjacent
sidewalks and any parking areas and loading areas which are a
portion of the Premises, and to keep any show windows and signs
neat, clean and in good order; and not to store any material or
trash of any nature whatsoever on the exterior of the Premises,
unless same is contained in covered dumpsters and not to store or
dispose of any materials, except in accordance with all applicable
laws. Tenant
77
shall contract and arrange for,
at Tenant’s expense, trash and materials removal at such
intervals as are necessary to satisfy the requirements of this
paragraph and applicable laws.
(C) Not to operate any
machinery in the Premises which may cause excessive vibration or
damage to the Premises, nor create any nuisance.
(D) To inspect all portions
of the Premises, both interior and exterior and all machinery and
equipment therein, so it may promptly detect the need for repairs
to any thereof, to make such repairs as it is herein obligate to
make.
(E) Not to place any loads
or machinery or safes in the Premises in excess of the existing
floor loads or utilize any equipment which would overload the
Premises existing systems.
(A) Tenant hereby covenants
and agrees the Premises shall not be used for any purpose other
than for the following purposes: vehicle tire sales, repairs, parts
accessories, maintenance and service.
(B) Tenant, at its own
expense, shall comply with and carry out promptly, all orders,
requirements or conditions imposed by the ordinances, laws and
regulations of the United States, Maryland and of all other
governmental authorities having jurisdiction over the Premises or
Tenant, which are occasioned by or required in the conduct of
Tenant’s business in the Premises, including but not limited
to all environmental laws and regulations now or hereafter
promulgated relative thereto. Tenant shall further comply with the
Americans with Disabilities Act of 1990 (ADA) and any
amendment to ADA, as well as applicable state land local laws,
regulations and ordinances regarding access to, employment of, and
service to individuals covered by the ADA. The compliance with ADA
will include, but not be limited to, the design, construction and
Alterations of the Premises. Tenant will indemnify Landlord and
save it harmless from all penalties, claims and demands, resulting
from any noncompliance. Tenant shall be responsible for obtaining
and shall promptly obtain at its sole cost and expense all
licenses, permits, certificates of occupancy, variances, special
exceptions or any other permission necessary for its use,
occupancy, repairs and subject to Section 8, signs, and
subject to Section 9, Alterations of the Premises by Tenant as
contemplated herein.
(C) Tenant shall not suffer
or permit the Premises or any portion thereof to be used by the
public without restriction or in such a manner as might reasonably
tend to impair Landlord’s title to the Premises, or any
portion thereof, or in such manner as might reasonably make
possible a claim of adverse usage or adverse possession by the
public, as such or of implied dedication of the Premises or any
portion thereof Tenant hereby expressly recognizes that in no event
shall it be deemed the agent of Landlord, and no contractor of
Tenant shall by virtue of its contract be entitle to assert any
lien against the Premises or Landlord’s interest
therein.
(A) Landlord shall, subject
to the need therefore not being caused in whole or part by the
negligent or willful acts or omission of Tenant, its agents,
employees, contractors or assigns, and subject to the aggregate
cost thereof over the term not exceeding two (2) months of the
then current Rent, maintain the exterior, structural walls, and
foundations of the building except for alterations and improvements
made by Tenant affecting the foregoing, which shall be
Tenant’s responsibility to maintain and repair. Tenant shall
throughout the Term, at no cost or expense to Landlord, make all
other necessary repairs to the interior and exterior of the
Premises, including, without limitation, the roof, the plumbing,
the parking lot, mechanical and electrical systems serving the
Premises. Tenant shall, in addition, at no cost or expense to
Landlord, maintain the Premises, and all fixtures, equipment,
Alternations and improvements installed or made by Tenant, by
Landlord or any prior tenants contained therein, including, but not
limited to, heating, air conditioning, water heater, water pump,
plumbing (including sprinkler system), electrical and mechanical
systems, in at least as good repair order and condition as the same
are in on the Lease Commencement Date or date installed by Tenant,
reasonable wear and tear and loss by fire or other casualty (to the
extent this Lease is terminated pursuant to Section 21 and
insurance proceeds sufficient to replace the same are paid to
Landlord or its designee or unless Landlord elects, pursuant to
Section 21, to restore the Premises), and promptly at no cost
or expense to Landlord, shall make or cause to be made, all
necessary repairs, interior and exterior, structural and non
structural, foreseen as well as unforeseen. Tenant, at
its
78
own cost and expense shall also
keep, maintain and repair all sideways, driveways, ground
(including lawn care) and parking areas in a clean, neat and
orderly condition and shall remove all snow and ice
therefrom.
(B) All personal property of
the Tenant in the Premises shall be there at the sole risk of the
Tenant. Landlord shall not be liable for any accident or damage to
the property of Tenant resulting from any reason whatsoever. Tenant
hereby expressly releases Landlord from liability incurred or
claimed by reason of damage therefrom.
|
8.
|
|
Signs and Personal
Property
|
Tenant agrees that no sign,
awning, advertisement or notice shall be inscribed, affixed or
displayed on any part of the Premises, except if first approved by
Landlord, which approval will not be unreasonably withheld,
conditioned or delayed. Such signage shall further be subject to
all requirements and regulations of applicable governmental
authorities having jurisdiction over the installation, placement
and appearance of signs. Existing signs are deemed
approved.
(A) Tenant shall not make
alterations, installations, changes, replacements, additions or
improvements in or to the Premises or any part thereof
(“Alterations”), or delay its consent with respect to
same, provided such work shall be non structural and provided
further that such work shall not affect any of the mechanical,
electrical or other systems servicing the building, and provided
further, that Landlord shall have received plans and specifications
in a form and detail satisfactory to Landlord of any such proposed
Alterations, installations, changes, replacements, additions or
improvements. Tenant agrees to provide Landlord with the name of
any proposed contractors of Tenant, certificates of liability
insurance maintained by such contractors in amounts acceptable to
Landlord, and copies of all plans for such improvements at the time
request for Landlord’s approval is made by Tenant. Tenant
shall provide Landlord with a copy of all requisite permits prior
to commencement of any such work as its sole expense. All of
Tenant’s aforesaid Alterations shall be performed in a good
and workman like manner and in compliance with all applicable laws,
codes, rules and ordinances. Landlord may at its option and
discretion require Tenant at Tenant’s expense, to repair any
damage to the Premises caused by either the removal or installation
of aforesaid Alterations, or the removal or installation of any of
Tenant’s equipment or fixtures that are removable, and Tenant
will promptly comply with such directions. In addition to all
legal, equitable and other rights and remedies available to
Landlord, it is agreed that if Tenant, after receipt of written
notice and failure to cure same within ten
|