Exhibit 10.1
LEASE
AGREEMENT
THIS LEASE
AGREEMENT, (hereinafter referred to as the “Lease”)
made and entered into this 14 th day of May 2009 between
FAIRLAWNS PARTNERSHIP, a Tennessee general partnership, hereinafter
called “Landlord”, and SENETEK, PLC, a United Kingdom
private limited company domiciled in the State of California,
hereinafter called “Tenant”.
W I T N E S S E T
H:
1. LEASED PREMISES. Subject
to and upon the terms, provisions, covenants and conditions,
hereinafter set forth, and each in consideration of the rents,
covenants, obligations and agreements hereinafter reserved and
contained on the part of the Tenant to be observed and performed,
Landlord demises and leases to the Tenant and Tenant rents from
Landlord those certain Leased Premises known as Suite 102 in
The Fairlawns Building located at 5203 Maryland Way,
Brentwood, Williamson County, Tennessee, 37027 (the
“Building”), and being the Leased Premises as shown by
design attached hereto as Exhibit “A” and incorporated
herein (the “Leased Premises”). The Leased Premises
contain 5,718 square feet of net rentable area (the “Net
Rentable Area”) as hereinafter defined. Landlord shall abate
the first six (6) months of base rent, set forth in Paragraph
3 (B) below, for that area so noted on Exhibit A as the
“Additional Space” containing 938 square feet of Net
Rentable Area.
2. TERM. The
term of this lease shall be for a period of thirty-six months
(36) months commencing on the 1st day of June 2009 and
ending on the 31 st day of May 2012, unless sooner
terminated or extended as provided herein. The date specified above
for the commencement of the term, or, if Landlord cannot deliver
possession on such date as aforesaid, then the date when Landlord
can deliver possession is hereinafter referred to as the
“Commencement Date.” Should the Commencement Date
change, the Expiration Date shall also change accordingly in order
to allow for a full thirty-six month term. Tenant may take
immediate possession (“Early Occupancy”) of the
Premises for the purposes of preparing the space for its tenancy
upon occurrence of (a) execution of this Lease, and
(b) upon Landlord’s receipt of the Security Deposit and
first month’s rent as hereinafter defined. All terms and
conditions of the Lease, except for the payment of Rent shall be in
full force and effect during Early Occupancy.
3. RENTAL.
(A) As base rental for the Leased
Premises, Tenant hereby agrees to pay to Landlord without
deduction, set-off, or prior notice or demand in lawful (legal
tender for public or private debts) money of the United States of
America the sum of One Hundred Five Thousand Seven Hundred
Eighty and no/100 Dollars ($101,780.00) per annum for the first
year of the Lease , except as adjusted
hereinafter.
(B) Rental is payable in advance
monthly installments of $ 7,369.00 from June 1, 2009 to
November 30, 2009 and $8,815.00 from December 1, 2009
through May 31, 2011 which is computed at a base rental
rate of $18.50 per net rentable square foot for the first
two years of the Lease (the “Base Rental Rate”)
commencing, and continuing due and payable on the first day of each
and every month for the entire term of the lease, except as
adjusted herein, at the office of Fairlawns
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Partnership, 5250 Virginia Way, P. O. Box 1869,
Brentwood, Tennessee 37024-1869, or such other place as Landlord may direct in
writing. Checks, specifically including those for rental, shall be
made payable. Rental for a portion of a month, if any, (at the
beginning and end of the term hereof) shall be prorated. The first
month’s rent is due upon execution of this Lease
Agreement.
Other remedies for non-payment of
rent under Paragraph 15 or elsewhere herein notwithstanding, should
Landlord choose to accept a late payment of rent, a service charge
of FIFTEEN PERCENT (15%) of the rent owed shall become due and
payable in addition to the regular rent owed under this lease if
the monthly rent payment is not received by Landlord’s Agent
before the Fifth (5th) day of the month for which said rent is
due. A check returned for any reason shall be considered
non-payment of rent and the late charge shall apply.
(C) Tenant shall pay as additional
rent 100% of any increase in real estate taxes or any special
assessments imposed by reason of improvements made to the Leased
Premises by or for the benefit of Tenant after the date of
Tenant’s occupancy.
(D) Tenant shall also pay as
additional rent 100% of any increase in Landlord’s insurance
premium including, but not limited to, property and liability
coverage for the building in which the Leased Premises are located
above the premium in effect as of the date of this Lease if said
increase is attributable to Tenant’s use or occupancy of the
Leased Premises. Payment under this clause shall be due within
thirty (30) days of delivery of notice thereof to
Tenant.
(E) It is further understood and
agreed that Tenant shall reimburse Landlord for the full amount of
any sales, use or other tax charge (excepting income tax) that may
be payable by or chargeable to Landlord upon or with respect to the
rent paid by Tenant or received by Landlord hereunder; so that the
rent payable by Tenant shall be received by Landlord net of any
taxes other than Landlord’s income tax. At the end of any
period for which such tax may be levied, Landlord shall notify
Tenant in writing of the amount of such tax to be reimbursed by
Tenant; and Tenant shall pay such amount to Landlord within thirty
(30) days after receipt of such written notice. If Tenant
fails to make this payment within the time prescribed, Landlord
shall be entitled to all remedies hereunder as though for any other
breach of covenant of conditions herein.
(F) Tenant shall pay as additional
rent 22.84% percent of the increase in operating expenses
over the operating expenses actually incurred during any calendar
year of the Lease in excess of the operating expenses for the
calendar year 2009. Operating expenses shall include but not be
limited to the cost of the usual janitorial, housekeeping,
scavenger services and outdoor contract services, inspection fees,
repairs and maintenance to the improvements, salaries of all
building personnel, management fees, expenses required under any
governmental law or regulation that was not applicable to the
building at the time it was originally constructed, real estate
taxes, and Landlord’s insurance premium. Such annual increase
if any, shall be paid by Tenant in equal installments in advance on
the first day of each month in the amount estimated by Landlord and
shall be computed on the basis of twelve (12) consecutive
calendar months as designated by Landlord. Landlord shall within
ninety (90) days or as soon thereafter as possible after the
end of each such twelve (12) month period, furnish to Tenant a
statement showing in reasonable detail the amount of the operating
costs for the preceding period. Necessary adjustments shall
thereupon be made and the payments to be made by Tenant for the
ensuing year shall be estimated accordingly. At the expiration of
the lease, Tenant’s last installment shall be pro-rated
through the date of termination
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and any necessary adjustments with regard
thereto shall be made within sixty (60) days after the date of
said termination and upon Landlord furnishing Tenant with a
statement detailing Landlord’s actual increased operating
costs through Tenant’s date of termination. Tenant shall pay
any such amounts herein within thirty (30) days after receipt
of such notice.
(G) Landlord’s failure during
the term of this lease to prepare and deliver any of the tax bills,
statements, notices or bills referred to in the above mentioned
articles, or Landlord’s failure to demand payment of
additional rent provided for hereunder, shall not in any way cause
Landlord to forfeit or surrender its right to collect any
additional rent which may have become due during the term of this
lease.
(H) Tenant’s annual base rent
shall be increased to $19.00 per square foot on June 1, 2011
computed at $108,660.00 per annum payable in monthly installments
of $9,055.00 as provided hereinabove.
4. MEASUREMENT OF PREMISES.
The measurement of Tenant’s net rentable area shall be
governed by the provisions of this paragraph. For a Tenant
occupying an entire floor of the Building, net rentable area is
defined as the entire area of the floor, measured from the exterior
glass line, less mechanical shafts and stairwells plus the
Tenant’s pro rata share of building and common area spaces.
For a Tenant occupying less than an entire floor of the Building,
net rentable area is defined as the area of the Tenant’s
space, measured from the exterior glass line, centerline of party
walls, and office side of other building walls, plus the
Tenant’s pro rata share of corridors, lobbies, restrooms,
closets and other public space. The Building contains approximately
26,256 square feet of Net Rentable Area.
5. SECURITY DEPOSIT. Tenant
has deposited with Landlord the sum of $7,000.00 as security
for the faithful performance and observance by Tenant of the terms,
provisions, and conditions of this Lease. It is agreed that in the
event Tenant defaults in respect of any of the terms, provisions,
and conditions of this Lease, including, but not limited to, the
payment of rent and additional rent, Landlord may use, apply or
retain the whole or any part of the security so deposited to the
extent required for the payment of any rent and additional rent or
any other sum as to which Tenant is in default or for any sum which
Landlord may expend or may be required to expend by reason of
Tenant’s default in respect of any of the terms, covenants,
and conditions of this Lease, including but not limited to any
damages or deficiency in the re-letting of the Leased Premises,
whether such damage or deficiency accrued before or after summary
proceedings or other reentry by Landlord.
In the event that Tenant shall fully
and faithfully comply with all of the terms, provisions, covenants,
and conditions of this Lease, the Security Deposit shall be
returned without interest to Tenant after the date fixed as the end
of the Lease and after delivery of entire possession of the Leased
Premises to Landlord.
In the event of a sale of the land
and building or leasing of the building, of which the Leased
Premises form a part, Landlord shall have the right to transfer the
security to the vendee or Tenant and Landlord shall thereupon be
released by Tenant from all liability for the return of such
security; and Tenant agrees to look to the new Landlord solely for
the return of said security; and it is agreed that the provisions
hereof shall apply to every transfer or assignment made of the
security to a new Landlord.
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Tenant further covenants that it
will not assign or encumber or attempt to assign or encumber the
monies deposited herein as security and that neither Landlord nor
its successors or assigns shall be bound by any such assignment,
encumbrance, attempted assignment, or attempted
encumbrance.
6. USE OF PREMISES. The
Leased Premises shall be used for sales, marketing, and
administrative office purposes and no other. The Leased
Premises shall not be used for any purpose which in
Landlord’s sole opinion will a violation of this lease or the
permitted used herein prescribed, the rules and regulations of
Landlord’s governing the building, any illegal purposes, nor
in violations of any valid regulation of any governmental body,
including, but not limited to the comprehensive Environmental
Response Compensation and Liability Act and the Tennessee Waste
Hazard Management Act nor in any manner to create any nuisance or
trespass or tending to disturb any other tenant, nor in any manner
to vitiate the insurance or increase the rate of insurance on
Leased Premises or the building. Tenant will not use or permit upon
said Leased Premises, anything that may be dangerous to life or
limb. Tenant will not in any manner deface or injure said building
or any part thereof, or overload the floors or air conditioning
systems of said building.
Tenant, at Tenant expense, shall
comply with all laws, rules, orders, ordinances, directions,
regulations, and requirements of federal, state, county and
municipal authorities, now in force or which may hereafter be in
force, which shall impose and duty upon Landlord or Tenant with
respect to the use, occupation or alteration of the Leased
Premises, including, but not limited to The Americans with
Disabilities Act.
7. CONDITION OF PREMISES.
Tenant accepts the Leased Premises in such condition and repair as
they are in at the commencement of the term of the Lease, which
acceptance shall be conclusive evidence of the good and
satisfactory condition of the Leased Premises at such time, and
shall on its termination surrender them in the same condition and
repair, ordinary wear and tear excepted. If for any reason the
Landlord is unable to deliver possession of the Leased Premises to
the Tenant on the date specified, rent for said Leased Premises
shall be prorated to the date of occupancy and all other provisions
hereof shall remain in full force and effect.
8. ALTERATIONS AND
IMPROVEMENTS. No alterations, additions, or improvements to the
Leased Premises, except such as may be provided for in this Lease,
shall be made without first having the consent, in writing, of the
Landlord. The design of all work and installments undertaken by
Tenant shall be subject to the approval of Landlord and work shall
not be commenced until approval is obtained. Landlord approval of
the plans, specifications and working drawings for Tenant’s
alterations shall create no responsibility or liability on the part
of Landlord for their completeness, design sufficiency, or
compliance with all laws, rules and regulations of governmental
agencies or authorities. Tenant shall complete alterations,
additions, or improvements to the Leased Premises strictly in
compliance with the Americans with Disabilities Act (the
ADA).
Any improvements, additions or
alterations made by the Tenant after such consent shall have been
given, including any and all fixtures installed, excepting trade
fixtures, shall at Landlord’s option unless otherwise agreed
in writing, remain on the Leased Premises as the property of the
Landlord, without compensation to Tenant, or shall be removed
therefrom and the Leased Premises restored to their original
condition at cost to Tenant, at the expiration or sooner
termination of this lease. The Tenant shall, at its cost, repair
any damage caused by the removal of trade fixtures restoring the
Leased Premises to their original condition. The Tenant agrees to
save Landlord harmless on account of claims for mechanics,
materialmen or other liens in connection with any
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alterations, additions or improvements to which
Landlord may give its consent within the Leased Premises and Tenant
will, if required by Landlord, furnish a lien waiver or a bond in
form and with surety satisfactory to Landlord, as Landlord may
require before starting any work in connection with alterations,
additions or improvements to the Leased Premises. Further, Tenant
agrees to hold Landlord harmless from liability in the event Tenant
fails to comply with the requirements of the Americans with
Disabilities Act in completing alterations additions or
improvements to the Leased Premises.
Except as otherwise provided herein,
all installations and improvements now or hereafter placed on the
Leased Premises other than Building Standard Improvements shall be
for Tenant’s account and at Tenant’s cost (and Tenant
shall pay ad valorem taxes and increased insurance thereon or
attributable thereto), which cost shall be payable by Tenant to
Landlord upon demand as additional rent.
9. REPAIRS. Landlord shall
maintain the Leased Premises in good order and repair, except that
Tenant shall repair damages caused by its negligence. Tenant shall
at once report in writing to Landlord any defective condition in
the Leased Premises known to him which Landlord is required to
repair, and failure to so report shall make Tenant responsible for
all damages to the Leased Premises and personal injuries resulting
from such defective condition which could have been avoided by
their being promptly reported by Tenant.
10. RULES AND REGULATIONS.
Tenant and Tenant’s servants and agents shall at all times
observe, perform and abide by the Rules and Regulations attached
hereto as Exhibit “B” , hereby made a part of
this lease, together with such other and further reasonable rules
and regulations as Landlord may from time to time adopt. Any future
rules and regulations shall become a part of this Lease and Tenant
hereby agrees to comply with the same upon delivery of a copy
thereof to Tenant.
11. PERSONAL AND PROPERTY
RISKS. Landlord shall not be held responsible for and is hereby
expressly relieved from all liability by reason of any injury, loss
or damage to any person or property in or about the Leased
Premises, however caused, whether the loss, injury or damage be to
the person or property of the Tenant or any other person. This
provision shall apply especially (but not exclusively) to damage
caused by vandalism, water, snow, frost, steam, sewage,
illuminating gas, sewer gas, or odors or by the bursting or leaking
of pipes or plumbing works, and shall apply equally whether such
damage be caused by the act or neglect of other tenants, occupants
or janitors of said building or of any other persons, and whether
such damage be caused or occasioned by anything above mentioned or
referred to, or by any other thing or circumstance whether of a
like nature, or of a wholly different nature. If any such damage
shall be caused by the acts of negligence of the Tenant, the
Landlord may, at its option, repair such damage, whether caused to
the building or the tenants thereof, and the Tenant shall thereupon
reimburse the Landlord the total cost of such damage both to the
building and to the tenants thereof. The Tenant further agrees that
all personal property upon the Leased Premises shall be at the risk
of the Tenant only and that the Landlord shall not be liable for
any damage thereto or theft thereof. (Nor shall the Landlord be
liable for the stoppage or interruption of water, light, heat, air
conditioning, janitor or elevator service, caused by riot, strike,
accident or to make needful repairs, or by any cause over which the
Landlord has no control.) Landlord shall not be liable for any act,
neglect or delay not authorized by Landlord, of janitors or
Landlord’s employees and any such act, neglect or delay of
the janitors or employees shall not be construed or considered as
an actual or constructive eviction of the Tenant nor shall it in
any way
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operate to release the Tenant from the punctual
performance of each and all of the other covenants herein contained
by the Tenant to be performed. Tenant shall indemnify Landlord and
save it harmless from any and all claims, actions, damages,
liabilities and expenses in connection with personal injuries or
damage to property arising from its occupancy of the Leased
Premises or occasioned in whole or in part by any act or omission
of Tenant, its agents, contractors, employees, customers,
licensees, guests, or any other person.
12. DAMAGE BY FIRE OR OTHER
CASUALTY. If the Leased Premises or other portions of the
building essential to or affording access to them should during the
term of this lease be damaged by fire or other casualty so as to
render the Leased Premises wholly or partially unsuitable for
occupancy, Landlord shall repair and restore the same as promptly
as is reasonably possible, strikes, walkouts, and force majeure
excepted, provided, however, that if Landlord shall determine the
Leased Premises or other such portions of the building cannot be
repaired within One Hundred and Eighty (180) days from the
date of such damage, it shall so notify Tenant, and either Landlord
or Tenant may then or within fifteen days thereafter terminate the
lease by notifying the other party in writing of its election so
do. There shall be an equitable adjustment of rental during the
period of repair following damage by fire or other casualty, and no
rental shall be charged to Tenant during any period that the Leased
Premises are totally unfit for occupancy or during which there is
no access to the Leased Premises by reason of such
damage.
Notwithstanding the foregoing,
should damage or destruction occur during the last twelve months of
the Lease Term, either Landlord or Tenant shall have the option to
terminate this Lease, effective on the date of damage or
destruction, provided notice to terminate is given within 30 days
of the date of such damage or destruction. Notwithstanding the
foregoing, should the damage or destruction occur by reason of
Tenant’s negligence, Tenant shall not have the option to
terminate.
Tenant agrees to hold harmless and
indemnify Landlord from and against any liability or loss,
including counsel fees and court costs incurred in good faith by
the Landlord, arising out of any cause associated with
Tenant’s business or use of the Leased Premises. In addition
Tenant agrees to provide public liability insurance naming Landlord
and Landlord’s Agent as additional insured to protect
Landlord and Landlord’s Agent from risks customarily covered
by such insurance, with limits of at least two million and
NO/100 Dollars ($2,000,000.00) each occurrence and
general aggregate for bodily injury and or property damage, as well
as six month’s business interruption insurance. Tenant also
shall carry contents coverage on its contents with a waiver of
subrogation clause as to Landlord. Said policy or policies shall
include Landlord and Landlord’s Agent as additional insureds
to Tenant, with a certificate thereof to be furnished to Landlord
and Landlord’s Agent containing a provision that the policies
may not be canceled or changed without giving to the Landlord and
Landlord’s Agent at least (30) days written notice prior
to any such change or expiration or cancellation of any
policy.
13. ASSIGNMENT AND
SUBLETTING. Tenant covenants and agrees not to assign or sublet
said Leased Premises or any part of same or in any other manner
transfer the lease, leasehold or Leased Premises without the
written consent of the Landlord, but such consent to sublease or
assign shall not be unreasonably withheld; notwithstanding the
aforesaid, Tenant may assign this Lease or sublet the whole or any
part of the Premises to any of its affiliates or subsidiaries (as
defined in the Internal Revenue Code of 1986, as amended) during
the term hereof, or any extension thereof without the consent of
the Landlord, provided Tenant notifies Landlord in writing prior to
any such assignment or subletting. In the event of any subletting
or assignment of any or all of the Leased
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Premises, (whether to Tenant’s affiliate
or subsidiary, or to any third party), Tenant nevertheless shall
remain liable for the payment to the Landlord under and compliance
with all of the terms and conditions of this lease and shall pay to
Landlord all amounts received by Tenant in any approved subletting
which exceed Tenant’s gross annual net rentable per square
foot rate hereunder. Any consent to a subletting or assignment
shall not be deemed consent to any subsequent subletting or
assignment. Prior to any subletting or assignment requiring
Landlord’s consent, Tenant shall submit to Landlord the
intended use and term and Landlord shall have fifteen
(15) days in which to elect to terminate this lease, in which
event the parties shall be relieved of further responsibility to
the other accruing after the effective termination date as
hereinafter set forth. Any proposed assignee or Sub-Tenant or its
business is subject to compliance with additional requirements of
the law (including regulated regulations) commonly known as the
“Americans with Disabilities Act” beyond those
requirements which are applicable to the Tenant desiring to assign
or sublease. Any proposed assignee or Sub-Tenant shall:
(a) first deliver plans and specifications for complying with
such additional requirements and obtain Landlord consent thereto,
and (b) comply with all Landlords’ requirements for
security to assure the lien-free completion of any improvements as
well as any other conditions prescribed by Landlord in any consent
given hereunder.
In no event shall any sublease or
assignment be made which would in any way violate any then existing
exclusive provision granted to other tenants and any such sublease
or assignment shall be null and void. In the event that Landlord
elects to terminate Tenant’s lease during the aforesaid
fifteen (15) day period, such termination of the
Landlord’s obligation shall be effective ninety
(90) days from the date that the Landlord gives written notice
of its election to terminate the lease. All of Tenant’s
obligations under this lease shall be in full force and effect
until the expiration of said ninety (90) day
period.
14. RIGHTS AND REMEDIES ARE
CUMULATIVE. Rights and remedies herein given to and reserved by
the Landlord are separate and cumulative rights and remedies and no
one of them, whether or not exercised by the Landlord, shall be
deemed to be in exclusion of any of the others, or in the exclusion
of any rights or remedies in law or equity under the law of the
state in which the property herein Leased Premises is
located.
15. DEFAULT BY TENANT. In the
event of a breach as hereinafter defined by the Tenant of any of
the terms or conditions of this Lease, Landlord shall have the
right if Landlord in its sole discretion elects to annul and
terminate this Lease upon written notice sent by certified mail to
the Tenant and at any time after such termination, the Landlord may
re-let the leased property or any part thereof in the name of the
Landlord or otherwise for such term (which may be greater or less
than the period which would otherwise have constituted the balance
of the term of this Lease) and on such conditions (which may
include concessions or free rent) as the Landlord, in its
uncontrolled discretion, may determine and may collect and receive
the rent therefore. The Landlord shall in no way be responsible or
liable for any failure to re-let the Leased Premises or any part
thereof or for any failure to collect any rent due upon any such
re-letting.
No such termination of this Lease
shall relieve the Tenant of its liability and obligations under
this Lease and such liability and obligations shall survive any
such termination. In the event of any such termination, whether or
not the leased property or any part thereof shall have been re-let,
the Tenant shall pay to the Landlord the rent and additional rent
required to be paid by the Tenant up to the time of such
termination and thereafter the Tenant, until the end of what would
have been the term of this Lease in the absence of such
termination, shall be liable to the Landlord for and shall pay to
the Landlord as and for liquidated and agreed current damages for
the Tenant’s default.
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(A) The equivalent of the amount of
rent and additional rent which would be payable under this Lease by
the Tenant if this Lease were still in effect, less
(B) The net proceeds of any
re-letting pursuant to the following provisions of this section
after deducting all the Landlord’s expenses in connection
with such re-letting, including without limitation all repossession
costs, brokerage commissions, legal expenses, reasonable
attorney’s fees, alteration costs and expenses of preparation
for such re-letting.
The Tenant shall pay such current
damages herein called “deficiency” to the Landlord
monthly on the days on which the rent and additional rent would
have been payable under this Lease if the Lease were still in
effect and the Landlord shall be entitled to recover from Tenant
each monthly deficiency as such deficiency shall arise. At any time
after any such termination, whether or not the Landlord shall have
collected any monthly deficiency, the Landlord shall be entitled to
recover from the Tenant and the Tenant shall pay to the Landlord on
demand as and for liquidated and agreed final damages for the
Tenant’s default an amount equal to the difference between
the rent and additional rent reserved hereunder for the unexpired
portion of the lease term and the then fair and reasonable rental
value of the Leased Premises for the same period. In the
computation of such damages, the difference between any installment
of rent becoming due hereunder after the date of termination and
the fair and reasonable rental value of the leased property for the
period of which such installment was payable shall be discounted to
the date of the termination at the rate of ten percent
(10%) per annum. If the Leased Premises or any part thereof is
re-let by the Landlord for the unexpired term of this Lease or any
part thereof before presentation of proof of such liquidated
damages to any court, commission or tribunal the amount of rent
reserved upon such re-letting shall be deemed prima facie to be the
fair and reasonable rental value for the part of the whole of the
Leased Premises so re-let during the term of the re-letting.
Nothing herein contained shall limit or prejudice the rights of the
Landlord to prove and obtain as liquidated damages by reason of
such termination an amount equal to the maximum allowed by any
statute or rule of law in effect at the time when and governing the
proceedings in which such damages are to be proved, whether or not
such amount be greater, equal to or less than the amount of the
difference referred to above.
The occurrence of any one of the
following events shall be considered a breach of this lease:
(a) In the event the Tenant shall fail to pay one or more of
said installments of rents as and when the same shall become due
and payable and such default shall continue for as much as fifteen
(15) days, or for as much as five (5) days after written
notice thereof by certified mail; (b) In the event an
execution or other legal process is levied upon the property of the
Tenant located on the Leased Premises or upon the interest of the
Tenant in this lease unless such execution or other levy be
discharged of record within thirty (30) days; (c) In the
event a voluntary petition in bankruptcy is filed by the Tenant or
the Tenant is adjudged bankrupt or in the event the Tenant makes an
assignment for the benefit of creditors, or in the event of the
appointment of a receiver, whether bankruptcy or otherwise, of the
Tenant’s property, provided such appointment of a receiver,
whether bankruptcy or otherwise, of the Tenant’s property,
not be vacated or set aside within thirty (30) days or in the
event any plan or reorganization of the Tenant which is not
satisfactory to or approved by the Landlord shall be approved by
any court or any judge thereof, and such approval be not set aside
within thirty (30) days; or (d) In the event the Tenant
violates any of the other terms, conditions, covenants,
stipulations or agreements on the part of the Tenant, herein
contained, and fails to remedy the same within thirty
(30) days after written notice thereof by certified mail by
the Landlord to the Tenant; and (e) In the event the Tenant
abandons or vacates the Leased Premises for more than thirty
(30) days.
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After an authorized assignment or
subletting, the occurring of any of the foregoing breaches shall
affect this lease only if caused by or happening to the assignee or
Sub-Tenant.
16. STORAGE. If Tenant shall
fail to remove all effects from the Leased Premises upon
termination of this lease for any cause whatsoever or when Landlord
shall re-enter and re-let the Leased Premises for account of
Tenant, Landlord may at its option remove the same in any manner
that the Landlord shall choose and store said effects without
liability to Landlord for loss thereof, and Tenant agrees to pay
Landlord on demand any and all expenses incurred in such removal,
including court costs and attorney’s fees and storage charges
on such effects for any length of time, the same shall be in
Landlord’s possession, or Landlord may at its option without
notice sell said effects or any part of the same at private sale
and without legal process of such price as Landlord may obtain and
apply the proceeds of such sale upon any amounts due under this
lease from Tenant to Landlord and upon the expenses incident to
removal and sale of said effects.
17. ACCESS AND COMMON AREAS.
All hallways, passageways, elevators, stairways, or other means of
access to and from the upper and lower portions of the building,
and any other space designated by the Landlord as common or general
use areas, or access areas, shall be reserved for the use of the
Landlord and all occupants and tenants in the building and shall
not be considered part of the Leased Premises.
18. LIENS. A first lien is
hereby expressly reserved by the Landlord and granted by the Tenant
upon the terms of this lease and upon all interests of the Tenant
in this leasehold for payment of rent and also for the satisfaction
of any cause of action which may accrue to the Landlord by the
provisions of this instrument. A first lien is also expressly
reserved by the Landlord and granted by the Tenant upon all
personal property, fixtures, improvements and all other
fixtur
