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TEXAS ASSOCIATION OF REALTORS COMMERCIAL LEASE

Lease Agreement

TEXAS ASSOCIATION OF REALTORS

 

                                COMMERCIAL LEASE
 | Document Parties: SIMCLAR INC | FLEET MANAGEMENT CO. |  AG Technologies You are currently viewing:
This Lease Agreement involves

SIMCLAR INC | FLEET MANAGEMENT CO. | AG Technologies

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Title: TEXAS ASSOCIATION OF REALTORS COMMERCIAL LEASE
Governing Law: Texas     Date: 3/30/2004
Industry: Electronic Instr. and Controls     Sector: Technology

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                                                                  Exhibit 10(xi)

 

                          TEXAS ASSOCIATION OF REALTORS

 

                                COMMERCIAL LEASE

 

         This lease agreement is made and entered into by and between FLEET

MANAGEMENT CO. (Landlord) and AG Technologies (Tenant). Landlord hereby leases

to Tenant and Tenant hereby leases from Landlord that certain property with the

improvements thereon, containing approximately 16,000 square feet, hereinafter

called the "leased premises", known as 2685 N. Coria Addition, City of

BROWNSVILLE CAMERON County, Texas; or as more particularly described below or an

attached exhibit:

 

         The primary term of this lease shall be 5 years commencing on the 1st

day of October, 1999, and ending on the 31st day of October, 2004, upon the

following terms, conditions, and covenants:

 

1.        TAXES. Each year during the term of this lease, Landlord shall pay real

         estate taxes assessed against the leased premises in an amount equal to

         the total real estate taxes assessed against the leased premises in the

         base year. Each year during the term of this lease Tenant shall pay as

         additional rental, upon receipt of a statement from Landlord together

          with tax statements or other verification from the proper taxing

         authority, his pro rata share of any increase in real estate taxes over

         the base year 0n the property of which the leased premises is a part.

         Any increase in real estate taxes for a tractional year shall be

         prorated. The base year shall be NA.

 

2.        UTILITIES. Tenant shall pay charges for utility services to the leased

         premises: NA

 

3.        HOLDING OVER. Failure of Tenant to surrender the leased premises at the

         expiration of the lease constitutes a holding over which shall be

         construed as a tenancy from month to month at a rental of $3,000.00 per

         month.

 

4.        RENT.   Tenant agrees to and shall pay Landlord at 835 W. PRICE RD.,

         County of CAMERON, Texas, or at such other place Landlord shall

         designate from time to time in writing, as rent for the leased

         premises, the total sum of $170,000.00 payable without demand in equal

         monthly payments of $2,833.33 each in advanced on or before the 1st

         day of each month commencing on November 1, 1999 and continuing

         thereafter until the total sum shall be paid. Adjustment to the rent,

         if any, for rent escalators, for percentage of not rent, or for

         increases in building operation costs (including but not limited to

         insurance, custodial services, maintenance and utilities) shall be as

         set forth an attached addendum. Rent received after the first day of

         the month shall be deemed delinquent. If rent is not received by

         Landlord by the _____ of each month, Tenant shall pay a late charge of

         $20.00 plus a penalty of $5.00 per day until rent is received in full.

         Tenant shall pay $20.00 for each returned check.

 

<PAGE>

 

5.        Tenant shall use the leased premises for the following purpose and no

         other: warehouse.

 

6.        SECURITY DEPOSIT. Tenant shall pay to Landlord a security deposit in

         the sum of $NA, payable on or before the commencement of this lease for

         Tenant's faithful performance hereunder. Refund thereof shall be made

         upon performance of this lease Agreement by Tenant, minus any

         assessments or damages unless Landlord and Tenant provide otherwise in

         Special Provisions.

 

7.        INSURANCE. LANDLORD shall pay for fire and extended coverage insurance

         on the buildings and other improvements on the leased premises in an

         amount not less than $200,000.00 which amount shall be increased yearly

         in proportion to the increase in market value of the premises.

 

         Tenant shall provide public liability and property damage insurance for

         its business operations on the leased premises in the amount of

         $1,000,000.00 which policy shall cover the Landlord as well as the

         Tenant. Said insurance policies required to be provided by Tenant

         herein shall name Landlord as an insured and shall be issued by an

          insurance company approved by Landlord, Tenant shall provide Landlord

         with certificates of insurance evidencing the coverage required herein.

         Tenant shall be solely responsible for fire and casualty insurance on

         Tenant's property on or about lease premises. If Tenant does not

         maintain such insurance in full force and effect, Landlord may notify

         Tenant of such failure and if Tenant does not deliver to Landlord

         within 10 days after such notice certification showing all such

         insurance to be in full force and effect, Landlord may at his option

         take out the necessary insurance to comply with the provision hereof

         and pay the premiums on the items specified in such notice, and Tenant

         covenants thereupon on demand to reimburse pay Landlord any amount so

         paid or expended in the payment of the insurance premium required

         hereby and specified in the notice, with interest thereon at the 10

         percent per annum from the date of such payment by Landlord until

         repaid by Tenant.

 

8.        CONDITION OF PREMISES. Tenant has examined and accepts the leased

         premises in its present as is condition as suitable for the purposes

         for which the same are leased, and does hereby accept the leased

         premises regardless of reasonable deterioration between the date of his

         lease and the date Tenant begins occupying the leased premises unless

         Landlord and Tenant agree to repairs or refurbishment as noted in

         Special Provisions.

 

9.        MAINTENANCE   AND REPAIRS.   Landlord shall keep the foundation,   the

         exterior walls except glass; windows; doors; door closure devices;

         window and door frames, molding, locks, and hardware; and interior

         painting or other treatment of exterior wells), and the root of the

         leased premises in good repair except that Landlord shall not be

         required to make any repairs occasioned by the act or negligence of

         Tenant, its employees, subtenants, licensees and concessionaries.

         LANDLORD is responsible for maintenance of the common area and common

         area equipment. If Landlord is responsible for any such repair and

         maintenance, Tenant agrees to give Landlord written notice of needed

         repairs. Landlord shall make such repairs within a give reasonable

         time. Tenant shall notify Landlord immediately of any emergency

         repairs. Tenant shall keep

 

                                         2

 

<PAGE>

 

         the leased premises in good clean condition and shall at its sole cost

         and expense, make all needed repairs and replacements, including

         replacement of cracked or broken glass, except for repairs and

         replacements required to be made by Landlord under this section. If any

         repairs required to be made by Tenant hereunder are not made within ten

         (10) days after written notice delivered to Tenant by Landlord,

         Landlord may at its option make such repairs without liability to

         Tenant for any loss or damage which may result by reason of such

         repairs, and Tenent shall pay to Landlord upon demand as additional

         rent hereunder the cost of such repairs plus interest. At the

         termination of this lease, Tenant shall deliver the leased premises in

         good order and condition, reasonable wear and tear excepted.

 

10.       ALTERATIONS.   All alterations,   additions and   improvements,   except

         trade fixtures, installed at expense of Tenant, shall become the

         property of Landlord and shall remain upon and be surrendered with the

         leased premises as a part of thereof on this lease. Such alterations,

         additions, and improvements may only be made with the prior written

         consent of Landlord, which consent shall not be unreasonably withheld.

         If consent is granted for the making of improvements or alterations to

         the leased premises, such improvements and alterations shall not

         commence until Tenant has furnished to Landlord a certificate of

         insurance showing coverage in a amount satisfactory to Landlord

         protecting Landlord from liability for injury to any person and damage

         to any personal property, on or off the leased premises, in connection

         with the making of such improvements or alterations. No cooling tower,

         equipment, or structure of any kind shall be placed on the roof or

         elsewhere on the leased premises by Tenant without prior written

         permission of Landlord. If such permission is granted, such work or

         installation shall be done at Tenant's expense and in such a manner

         that the roof shall not be damage thereby. If it becomes necessary to

         remove such cooling tower, equipment or structure temporarily, so that

         repairs to the roof can be made Tenant shall promptly repair at its

         expense any damages resulting from such removal. At the termination of

         this lease, Tenant shall deliver the lease premises in good order and

         condition, natural deterioration only excepted. Any damage caused by

         the installation or removal of trade fixtures shall be repaired at

          Tenant's expense prior to the expiration of the lease term. All

         alterations, improvements, additions, and repairs made by Tenant shall

         be made in good term. All alterations and workmanlike manner.

 

11.       COMPLIANCE WITH LAWS AND REGULATIONS. Tenant shall, at its own expense,

         comply with all laws, order, and requirements of all governmental

         entities with reference to the use and occupancy of the leased

         premises, Tenant and Tenant's agents, employees and invitees shall

         fully comply with any rules and regulations governing the use of the

         building or other improvements to the leased premises as required by

         Landlord. Landlord may make reasonable changes in such rules and

         regulations from time to time as deemed advisable for the safety, care

         and cleanliness of the leased premises, provided same are in writing

         and are not in conflict with this lease.

 

12.       ASSIGNMENT AND SUBLETTING. Tenant shall not assign this lease nor

         sublet the leased premises or any interest therein without first

         obtaining the written consent

 

                                        3

 

<PAGE>

 

         of Landlord. An assignment or subletting without the written consent of

         Landlord shall be void and shall, at the option of Landlord, terminate

         this lease.

 

13.       DESTRUCTION.   In the event the leased   premises is partially   damaged

         or destroyed or rendered partially until for occupancy by fire or

         other causality. Tenant shall give immediate notice to Landlord.

         Landlord may repair the damage and restore the


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