Exhibit 10.24
ASSIGNMENT AND ASSUMPTION OF
LEASE
THIS ASSIGNMENT AND ASSUMPTION OF
LEASE (this “
Assignment ”) is made as of December 1, 2005 between
AHERN RENTALS, INC. (“ Assignor ”) and
XTREME MANUFACTURING, LLC (“ Assignee
”).
Recitals
A.
Assignor holds the lessee’s interest under an Amended and
Restated Lease dated October 27, 2004 (the “ Lease
”) by and between DFA, LLC (“ Landlord
”), as lessor, and Assignor, as lessee, with respect to the
property located at 1714 West Bonanza Road, in the City of Las
Vegas, County of Clark, State of Nevada, as more particularly
described therein (the “ Property ”).
B.
Assignor desires to assign its rights under the Lease to Assignee,
and Assignee desires to assume Assignor’s obligations under
the Lease as set forth below.
Agreements
In consideration of the mutual
promises of Assignor and Assignee set forth in this Assignment, and
other value received, the parties agree as follows:
1.
ASSIGNMENT AND ASSUMPTION OF LEASE .
1.1
Assignment . Assignor hereby assigns to Assignee all
of Assignor’s right, title and interest in and to the Lease
effective as of December 1, 2005 (the “ Effective Date
”).
1.2
Assumption . Assignee hereby accepts this Assignment
and assumes and agrees to keep, observe and perform all of the
agreements, conditions, covenants, terms and obligations of the
Lease on the part of the lessee under the Lease to be kept,
observed and performed, including (but not limited to) the
obligation to pay when due all rent and other sums payable
thereunder, in strict accordance with the terms of the Lease, first
arising and accruing from and after the Effective Date. Assignee
does hereby certify that Assignee has read the Lease and is fully
familiar with the terms contained therein.
2.
INDEMNIFICATION .
2.1
Indemnity by Assignor . Assignor hereby agrees to
indemnify, defend, protect and hold harmless Assignee from and
against any and all losses, liabilities, claims, costs, and
expenses (including reasonable attorneys’ fees) arising out
of or in any way related to Assignor’s failure to perform its
obligations under the Lease or this Assignment and accruing before
the Effective Date or arising out of use of the Property by
Assignor or its agents, employees, contractors, customers, or
invitees before the Effective Date.
2.2
Indemnity by Assignee . Assignee hereby agrees to
indemnify, defend, protect, and hold harmless Assignor from and
against any and all losses, liabilities, claims, costs,
