SCI 4-6 Rond Point des Champs
Elysees/INTER PARFUMS SA
Locales 4 th Floor, Right
RECEIPT STAMPED AND
RECORDED
EUROPE (Illegible) ON
REGISTRATION SERVICE
RECEIVED (Illegible)
RENEWAL OF
COMMERCIAL LEASE
Subject to the Articles L 145.1 through L 145.60
of the New Commercial law
and to the decree of September 30, 1953
BY AND BETWEEN THE
UNDERSIGNED
- Real Estate Company at
4/6 Rond-Point des Champs Elysees,
Represented by:
DAUCHEZ, Property Managers, Inc. with registered
headquarters at 132 boulevard Haussmann 75008 PARIS.
Bearer of Professional ID Card
No. G 989, bonded by the Insurance Company, SOCAMAB INSURANCE, 18
rue Beaurepaire PARIS 10 th , the aforementioned company
is represented by Madame Mabe LE CHATELIER
.
hereinafter "the Lessor",
party of the first part,
AND
- The INTER PARFUMS
Company , a Corporation with capital of 12,816,594.00,
registered with the Commerce and Companies Registry of Paris under
the number B-350-219-382, with headquarters at 4/6 Rond point des
Champs Elysees, 75008 PARIS
and represented by
Monsieur Philippe SANTI , duly authorized for the
purposes herein in his capacity as Administrative and Financial
Director,
hereinafter "the Lessee",
party of the second part,
WHICH HAVE AGREED TO THE
FOLLOWING AS SET OUT BEFOREHAND:
In accordance with S.S.P. act
dated the 30 th of September, 1993, as recorded in Paris
8 th ROULE ARTOIS, on the 5 th of October,
1993, Memorandum 1081, Folio 1/12, the owner, the REAL ESTATE
COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has consented
to grant a lease to the INTER PARFUMS COMPANY, INC. for a period of
THREE, SIX, or NINE years beginning on the 1 st of
October, 1993, with a yearly principal rental amount of 121,959.23
EUROS (EXCLUDING TAX) (800,000.00 Francs, excluding
tax).
In accordance with S.S.P.
pre-existing act of the 3 rd of December, 1993, recorded
in Paris 8 th Roule Artois, on the 28 th of
December, 1993, Memorandum 1230, Folio 7/1, the REAL ESTATE COMPANY
LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has given to INTER
PARFUMS Company, Inc. authorization to domicile any existing or
future parent company in the building at 4/6 Rond Point des Champs
Elys s 75008 Paris.
In accordance with S.S.P. in
advance of the date of the 7 th of August, 1996, as
recorded in Paris 8 th ROULE ARTOIS, on the 5
th of September, 1996, Memorandum 432/2, Folio 83, REAL
ESTATE COMPANY LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has
consented in advance to renew the lease with the INTER PARFUMS
Company, Inc. for a period of THREE, SIX, or NINE years beginning
on the 1 st of July, 1996, with a yearly principal
rental amount of 108,528.45 EUROS (EXCLUDING TAX) (711,900.00
Francs, excluding tax).
In accordance with the document
sent by messenger on September 1, 2004, the REAL ESTATE COMPANY
LOCATED AT 4/6 ROND POINT DES CHAMPS ELYSEES has delivered to the
INTER PARFUMS Company, Inc. notice of an offer of renewal to begin
on July 1, 2005, for a yearly principal rental amount proposed at
169,825.00 Euros.
WHICH DECLARE AND AGREE
TO THE FOLLOWING
The Lessor, gives to rent to the
Lessee, who accepts, the locations indicated hereafter belonging to
a building located at 4-6 Rond Point des Champs Elys s - PARIS 8
th .
DESIGNATION
Within a building located at 4-6
Rond Point des Champs Elys s -75008 PARIS.
The locales located on the fourth
floor right, with a surface area of 346.50 m 2 ,
corresponding to lot No. 10, found at the intersection of
Rond-Point des Champs-Elys s and Franklin Roosevelt Avenue and
includes:
Entry, reception, fourteen
offices, two meeting rooms, one storeroom, a kitchen, a group of
restrooms, storage, passageways, as outlined in the floor plan
annexed to this contract.
Therefore as far as the extra
space which these places offer, it shall be understood, the
aforementioned property is leased as seen/"as is", with no
exceptions nor reserve and without it being necessary to make of it
here a fuller designation, the Lessee does hereby state that all
this is well known to him due to having occupied the premises
already.
It is hereby specified that any
error in designation above shall justify neither reduction nor
increase in the rent, the parties shall accept the Property as is
and in its present condition.
DURATION OF LEASE
This lease, which shall commence
on July 1, 2005 , is authorized for the duration
of three, six or nine years, and shall expire on 30 th
of June, 2008, 30 th June, 2011, or 30 th
June, 2014, which date shall be the sole choice and responsibility
to be undertaken by the Lessee and if the Lessee wishes to change
the expiration from the first or the second three year period, he
must give six months advance notice.
Any notice shall imply an
extrajudicial act.
PRICE
The present location is granted
and accepted through an principal annual rental amount of
ONE HUNDRED SIXTY-EIGHT THOUSAND, FIFTY-TWO EUROS AND FIFTY
CENTS (168,052.50 Euros) , as well as the applicable VAT,
that the Lessee commits to pay to the Lessor or his agent, at the
domicile of the latter, quarterly, in other words, four ordinary
times a year, the first day of each quarter, every three months,
until the expiration of tenancy, in advance
.
The aforementioned rent will be
automatically indexed on the first of July of every
year in accordance with the fluctuation in index of costs
to construct a building as is published by the National Institute
of the Statistics and the Economic Surveys (l'Institut National des
Statistiques et des udes onomiques - INSEE) for the 4
th quarter of each year.
The first index shall intervene
for the first time on July 1, 2006 on the basis of
the fluctuation between the index of the 4 th quarter of
2004 which is 1269 , and that which will be
published for the 4 th quarter of 2005, and in the
future on the basis of index of the 4 th quarter of each
year.
In addition to the rental amount
set above, the Lessee shall pay to the Lessor, at the same time as
each rent is paid, the amount due for the various services and
supplies to which the owners may recover from their tenants,
specifically his share of:
-
municipal costs (sweeping, household
garbage collection), maintenance costs, security salaries, ushers,
door men, building employees and additional charges;
-
cold water charges;
-
administrative
expenditures;
-
expenditures related to the elevator
which serves the different floors;
-
expenditures for air
conditioning;
-
annual taxes on offices and trade in
Ile de France as concerns rented locales, in the event that it is
due, on the first of January each year. It is expressly agreed that
this tax on offices shall be due from the Lessee beginning in the
year, 2004.
-
Property and household garbage
collection tax. It is expressly agreed that this tax shall be due
from the Lessee beginning in the year, 2004 (prorata
temporis).
-
the tax on the removal of the
industrial and commercial waste, in the event it is
due.
The payment of these charges
shall be paid on a quarterly basis in the amount of TWO
THOUSAND THREE HUNDRED EIGHTY-FOUR EUROS (2,384.00 Euros)
, the final amount being established at the end of the fiscal
year.
However, the annual tax on
offices and trade on Ile de France, property tax, tax on household
garbage collection and possibly the tax for the removal of the
industrial and commercial waste, are not included in the provisions
covering ordinary charges and are required once a year.
The method of cost-sharing may be
modified contractually, judicially, or legally.
Any delay in payment of the
amounts due, as well the rent payment itself and the additional
charges will cause a late fee reminder to be issued. The Lessee
shall be wholly responsible for payment of these charges, to wit:
for the first reminder: 10 Euros, for the second reminder: 20
Euros, in accordance with the tariffs currently in force on the day
of the signature of these presents.
The amount of 2.00 Euros shall be
charged each month as a payment notice fee, in accordance with the
tariffs currently in force on the day of the signature of these
presents.
SECURITY DEPOSIT
Upon signing the present
contract, the Lessee shall provide as a security deposit, the
amount of NINE THOUSAND FOUR HUNDRED NINETY-FIVE THOUSAND
EUROS AND FORTY-FIVE CENTS (9,495.45 Euros) which with the
sum which has already been paid of THIRTY-TWO THOUSAND,
FIVE HUNDRED FIFTEEN AND SIXTY-SEVEN EUROS AND SIXTY-SEVEN CENTS
(32,515.67 Euros), shall constitute a security deposit
total of FORTY-TWO THOUSAND THIRTEEN EUROS AND TWELVE CENTS
(42,013.12 Euros), which is equivalent to three
months rent, excluding tax.
With each indexing or revision of
rent, this deposit will be readjusted so that it always is
equivalent to three months of rent, excluding tax.
The aforementioned amount shall
be reimbursed to the Lessee after removal and handing-over of the
keys, after deductions are made for rent and tenant's repairs or
all other amounts that may be due for payment by the Lessee to the
Lessor, or any other amounts for which the Lessee may be
responsible. Interest of benefit to the Lessee, shall not be earned
upon this amount in any case whatsoever.
RESOLUTORY CLAUSE
It is expressly agreed
that:
1) If any payment is in default
within a single rent term, charges, taxes and services, in its
agreed upon payment amount, such as in a case of infringement or
non-fulfillment of one of the General or Special Conditions
outlined in the lease agreement, one month after notice is served
and if the appropriate response does not take place, despite all
later offers to pay or execute, the present lease shall be
automatically cancelled, in whatever way appears satisfactory to
the Lessor, with no need for any legal formality other than a
simple ordinance of summary procedure issued by the President of
the Supreme Court pronouncing expulsion, the aforementioned
ordinance shall fulfill the purpose of assuring its enforcement,
not to issue the cancellation which takes place automatically if
the Lessor deems it necessary.
2) In the event that a
cancellation takes place as outlined in the first paragraph of this
Resolutory Clause, the amount paid to the Lessor as a deposit shall
be appropriated by him to serve as compensation, without prejudice
to all expenses and damages incurred.
3) In the event of non-payment of
any amount due at its term or of failure to comply with any of the
General or Special Conditions provided for in the lease and with
the first service by a bailiff, in addition, the Lessee will
automatically be required to pay all other charges of recovery
including the entire amount owed to the bailiff, a penalty equal to
10% (ten percent) of the amount of the sum owed to cover all
damages to the Lessor caused by the delay in payment and the
expenses, due diligence and fees incurred in the recovery efforts
for this amount. This penalty is added to the legally incurred
interest due once the order is issued.
GENERAL CONDITIONS
This lease is authorized and
accepted under the ordinary burden of law, according to the use of
the locales, and moreover, in the following conditions the Lessee
commits to carry out or support under penalty of cancellation, with
no right to claim any compensation nor reduction in rent, neither
any recourse against the Lessor nor against his insurer.
1 Taking possession : The
Lessee shall take possession of the locales rented in the state
they are currently in, and shall not require that the Lessor make
any changes to its state nor any repairs whatsoever, the structural
work of the walls and floors shall be the only obligation borne by
the Lessor.
2 Closure - Coverage :
Since no request may be made for other doors or locks than those
currently existing, the Lessee shall relinquish all recourse
against the Lessor and against his insurer, in the event of robbery
or burglary in the leased locales.
Effect the final removal of
blinds or shutters, at the option of the Lessor, without
compensation.
Objects, machines, etc., that are
susceptible to water damage, must not be placed under the frames,
window panes, windows or ceilings made of glazed reinforced
concrete, if in existence, the Lessor denies any responsibility in
the event that damage occurs resulting from a force of nature in
this way, since sealing is not guaranteed to be
waterproof.
3 Inventory and
maintenance : Maintain the locales rented, during the entire
lease period, in good condition through repairs made by the tenant,
and to perform, consequently, and to carry out at his own expenses,
all electrical repairs, repairs of locks, iron work, furnaces,
pluming, central heating, carpentry, painting, windows and
shutters, etc., in other words, all work necessary to keep the
locales functional, as well as making all replacements, be they
total or partial.
Only the structural work of walls
and floors (in the sense set forth by article 606 of the Civil
Code) shall be the responsibility of the Lessor.
Return the locales rented at the
end of the lease, in the same state, (as shown by the inventory
drawn up at the time possession was taken of the locales) as at the
beginning of the lease.
At the expiration of the lease,
another inventory shall be drawn up indicating the tenant's
repairs, which may be owed by the Lessee. The aforementioned Lessee
shall pay the amount.
4 Work Done by the Lessee -
Embellishments - Improvements : Without the express and written
consent of the Lessor, the Lessee shall not make any changes to the
layout of the rented locales, in particular concerning the
apportionment of the different areas of the rented
locales.
The Lessee shall not make any
change, installation, demolition, holes in walls, partitions,
floors, nor sealing without the express and written consent of the
Lessor.
No work shall be performed,
unless authorized by the Lessor, after which approval and under the
direction of the Lessor's architect; the Lessee shall pay the
fees.
To leave to the end of the lease,
if the Lessor is in agreement, without compensation, all changes
and work thus accomplished.
All decorations, embellishments,
cabinets mounted on walls, gas, water, electrical connections, that
the Lessee might install and, in general, all fixed installations
and embellishments, shall also be left in place, unless the Lessor
prefers that the locales not be remodeled, (which shall be made at
the expense of the Lessee and without compensation), but in their
original state.
The floors should not be
overloaded in the rented locales, without completing reinforcement
by means of measures recommended by the Lessor's architect, under
whose orders this work must be carried out, at the expense of the
Lessee.
The cost of a possible
modification to the rented locales must be covered as required by
the administration, even if this requirement were unforeseeable and
essential, as a consequence of an event of force
majeure.
5 Work in the Building -
Visiting the Locales - Pipelines : Suffer, without
compensation, or reduction in rent, any work which the Lessor may
consider necessary to perform in the rented locales, or in the
building where they are located, the duration of wh
