LEASE AGREEMENT WITH
OPTION
This Lease
Agreement made and entered into by and between
INNOVATIVE INDUSTRIES, LLC, a Mississippi Limited Liability
Company, hereinafter referred to as LESSOR, and BIO SOLUTIONS
INTERNATIONAL, INC., 35 Power Lane, Hattiesburg, MS 39402, a Nevada
Corporation, hereinafter referred to as LESSEE.
WITNESSETH:
I.
For and in consideration of the rentals
hereinafter described Lessor does by these presents lease, let and
demise unto Lessee that certain real property and improvements
hereinafter described, being generally known as a portion of lands
and building at 1161 James Street, Hattiesburg, Forrest County,
Mississippi, and Lessee does hereby take and lease from Lessor said
property, the same being more specifically described as
follows:
12,000 square
feet, more or less, of the South end of Lessor's building and part
of the office space situated therein as agreed and which property
and building is situated at 1161 James Street, Hattiesburg, Forrest
County, Mississippi, being a portion of the following described
real property, to-wit:
Lots 1 through
10 and vacant Duke Avenue South of said lots in Block 2 and also
Lots 1 through 9 in Block 3 of the J.B. Stevens Subdivision of
Block 16 of the J.E. Arledge Survey of the City of Hattiesburg,
Forrest County, Mississippi, being located in a part of the SE 1/4
of the NE 1/4 of Section 15, Township 4 North, Range 13 West, as
shown by plat thereof appearing of record in the records of the
Office of the Chancery Clerk of Forrest County,
Mississippi.
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Lessor
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Lessee
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Innovative
Industries, LLC
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Bio Solutions
International, Inc.
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Mr. A.D.
McLeod
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Louis H.
Elwell, III
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P.O. Box
249
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35 Power
Lane
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Leakesville, MS
39451
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Hattiesburg, MS
39402
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Said lease term shall commence on the 1st day of
May, 2002, and shall end on May 1, 2007.
II.
As rental for said premises and property hereby
leased, Lessee covenants, agrees and binds itself to pay unto
Lessor, its assigns or successors, the sum of $3,000.00 per month,
payable monthly in advance on or before the 1st day of each month
during the lease term, commencing on May 1, 2002, and a like
monthly rental installment on the 1st day of each and every month
thereafter during the life of this Lease Agreement, it being
specifically understood and agreed that said monthly installments
of rent are payable in advance and non-payment of said monthly
rental installments shall constitute a breach of this
lease.
III.
It is understood and agreed that the demised
premises and property are leased solely for the lawful operations
of Lessee. Lessee shall at all times comply with all local, state
and federal laws, ordinances, rules and regulations in its
operations conducted on said premises. Lessee will not use or
occupy said premises for any purpose deemed hazardous on account of
fire or otherwise.
IV.
Lessee shall at its own expense maintain all
leased property, both real and personal, shall promptly make all
repairs and replacements necessary to maintain the same in good
operating condition, and shall return all of the same unto Lessor
upon expiration of this Lease in the same condition as the same now
is at the commencement of this Lease, reasonable wear and tear
excepted. Lessee shall maintain its equipment, rental space and
surrounding areas in good and clean condition at all times.
Lessee's agreement hereunder shall include alterations and repairs
of the existing building to be made by Lessee at Lessee's expense
as same may be approved in advance by Lessor for Lessee's use in
its business operation and all of which shall be made and completed
within a reasonable time and which will not impair the use of any
other portion of the building not leased by the Lessee. Lessee
agrees to complete all alterations and repairs in a timely manner
at its own expense. Any such alterations and repairs which are
affixed to the building shall become the property of the Lessor as
part of the building.
V.
Lessee shall be responsible for and shall pay
all privilege taxes and license fees and any and all other taxes
arising out of the operation of its business on the leased
premises, including personal property taxes. Lessee shall make all
required deposits for its utilities and shall pay all charges for
its utilities incurred in its operations on said premises. Lessee
further obligates itself to bring the building and improvements on
the leased premises up to city and state code requirements, if
necessary, for opening the business operation of Lessee and to
accomplish same at Lessee's expense. Lessor shall pay 1/2 of the
annual real estate taxes assessed on the real estate and
improvements and Lessee shall pay 1/2 of the annual real estate
taxes assessed on the real estate and improvements. Such taxes for
calendar year 2002 shall be pro-rated accordingly with Lessee
paying 1/2 of such taxes for May through December 2002
VI.
Lessor shall secure fire, windstorm and extended
insurance on all of said leased property as described and in an
amount satisfactory to Lessor. Lessee shall pay 1/2 of such annual
premiums as same become due with the 2002 premium to be pro-rated
the same as the 2002 real estate taxes. Lessee shall, at Lessee's
expense, secure owner's, landlord and tenant liability insurance
insuring against said liability and providing coverage for not less
than One Million Dollars ($1,000,000.00) for personal injury or
death and Fifty Thousand Dollars ($50,000.00) for property damage
for the protection of Lessor. Lessor shall be named as an insured
on said liability insurance policy and shall be furnished a
certificate from said insurance company and/or Lessee reflecting
said coverage and payment of the premium for the liability
coverage. Lessee is solely responsible for insuring its personal
property on the leased premises. In the event this Lease Agreement
shall be cancelled while said liability policy is in effect, said
policy shall be cancelled as of the date of termination of the
lease term, and Lessee shall be entitled to any refund received
because of the cancellation of said policy. Lessor shall not be
liable for any