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LEASE AGREEMENT WITH OPTION

Option Agreement

LEASE AGREEMENT WITH OPTION | Document Parties: BIO SOLUTIONS INTERNATIONAL, INC | INNOVATIVE INDUSTRIES, LLC You are currently viewing:
This Option Agreement involves

BIO SOLUTIONS INTERNATIONAL, INC | INNOVATIVE INDUSTRIES, LLC

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Title: LEASE AGREEMENT WITH OPTION
Governing Law: Mississippi     Date: 3/23/2007

LEASE AGREEMENT WITH OPTION, Parties: bio solutions international  inc , innovative industries  llc
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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.

 


 

 

 

  Lessor

  Lessee

 

 

Innovative Industries, LLC

Bio Solutions International, Inc.

 

 

Mr. A.D. McLeod

Louis H. Elwell, III

 

 

P.O. Box 249

35 Power Lane

 

 

Leakesville, MS 39451

Hattiesburg, MS 39402

 

 

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


 
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