Exhibit 10.47
LEASE AGREEMENT
This LEASE
AGREEMENT (this “ Lease ”), dated September 13,
2007 for reference purposes only, is made by and between William H.
Channell, Jr. and Carolyn Channell (collectively, “
Lessor ”), on the one hand, and Channell Commercial
Corporation, a Delaware corporation (“ Lessee
”), on the other hand.
WHEREAS, Lessor
and Lessee wish to enter into a lease for the Premises (as
hereinafter defined), on the terms and subject to the conditions
set forth herein;
NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1.
Premises. Lessor hereby leases to Lessee, and Lessee
hereby leases from Lessor, during the term and for the rent amount
provided herein, and on the other terms and subject to the other
conditions set forth herein, that certain real property situated in
the County of Riverside, State of California more particularly
described on Exhibit A hereto (the “ Premises
”).
2.
Term. The term of this Lease shall commence on
September 13, 2007 (the “ Commencement Date ”)
and shall end on December 31, 2015 (the “ Original
Term ”), unless sooner terminated pursuant to the terms
hereof.
2.1
Options to
Extend .
Lessor hereby grants to Lessee two (2) consecutive five-year
options to extend the Original Term from January 1, 2016 through
December 31, 2020 (the “ First Extension Period
”), and from January 1, 2021 through December 31, 2025 (the
“ Second Extension Period ”, and together with
the First Extension Period, the “ Extension Periods
”), each such option to be exercised by Lessee, in its sole
and absolute discretion, and (i) with respect to the option for the
First Extension Period, to be exercised not later than ninety (90)
days prior to the expiration of the Original Term and (ii) with
respect to the option for the Second Extension Period, to be
exercised not later than ninety (90) days prior to the expiration
of the First Extension Period. The terms and conditions of
this Lease during the Original Term, including, without limitation,
the rental amounts payable hereunder, shall apply to the Extension
Periods.
2.2
Option to
Terminate . If Lessee has not commenced
construction of a work
