Exhibit 10.4
COMMERCIAL SUBLEASE
AGREEMENT
THIS SUBLEASE
dated this 1
st day of February, 2009,
Effective as the 1
st day of December, 2008
BETWEEN:
Nouveau Riche Corporation
(the
“Sublandlord”)
OF THE FIRST PART
-AND-
Piccolo International
University
(the
“Subtenant”)
OF THE SECOND PART
Background
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This is an
agreement (the “Sublease”) to sublet real property
according to the terms specified below.
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The master
lease (The “Master Lease”) between Kierland Business
Center, LLC (the “Landlord”) and the Sublandlord with
respect to the following lands and any improvements on those lands
(the “Premises”): 15011 N. 75 th Street, Scottsdale Arizona 85260.
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The subtenant
is willing to undertake certain obligations of the Master
Lease.
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IN
CONSIDERATION OF the
Sublandlord subletting and the Subtenant renting the Subleased
Premises, both parties agree to keep, perform and fulfill the
promises, conditions and agreements below:
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The Sublandlord
leases to the Subtenant the portion of the Premises (the
“Subleased Premises”) described as follows:
approximately 7,594 square feet of space located at 15011 N.
75 th
Street, Scottsdale Arizona
85260.
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The term (the
“Term”) of the Sublease is one year, commencing on
December 1, 2008 and continuing through November 30, 2009 or until
the Sublandlord or the Subtenant terminates the tenancy per this
Agreement.
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The provisions
of this Sublease are subject to the terms and restrictions of the
Master Lease.
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Subject to the
provisions of this Sublease, the rent for the Subleased Premises is
$14,871.58 (the “Rent”) per month and the deposit is
the last months’ rent $14,871.58 (the
“Deposit”).
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The Subtenant
will pay the Rent on or before the first day of each and every
month of the Term of this Sublease to the Sublandlord at 7077 E.
Marilyn Road #130, Scottsdale, Arizona 85254, or at such other
place as the Sublandlord may later designated.
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Use of
Subleased Premises
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Except as
otherwise provided in this Sublease, the Subtenant and the agents
and employees of the Subtenant will only use the Subleased Premises
for a purpose consistent with the permitted use allowed in the
Master Lease. Further, the Subtenant agrees to comply
with all other applicable provisions of the Master Lease, and will
not do anything that would constitute a violation of any part or
condition of the Master Lease.
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All payments
for utilities and other charges connected with the Subleased
Premises will be included in the rental payment each
month.
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The Subtenant
agrees to surrender and deliver to the Sublandlord the Subleased
Premises in as good a condition as they were at the
beginning of the Term, reasonable wear and tear
excepted. The Subtenant will be liable to the
Sublandlord and the Landlord for any damages occurring to the
Subleased Premises which are done by the Subtenant or the
Subtenant’s guests.
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The Subtenant
will immediately report all general maintenance issues and needed
repairs to the Sublandlord and the Landlord.
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Alterations and Improvements
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Sublandlord
agrees to pay for reasonable and customary tenant improvements and
upgrades as mutually agreed upon by Sublandlord and
Subtenant.
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Any alterations
and improvements must comply with all applicable construction laws
and regulations regarding property improvements.
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The Subleased
Premises will remain free and clear of any and all liens arising
out of any work performed or materials used in making such
improvements to the Subleased Premises.
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The Subtenant
will pay any privilege, excise or other taxes duly assessed against
the business of the Subtenant and any personal property on or about
the Subleased Premises. The Subtenant will avoid the
assessment of any late fees or penalties.
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The Subtenant
will default under this Sublease if any one or more of the
following events (the “Event of Default”)
occurs:
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The Subtenant
fails to pay the Rent to the Sublandlord or any amount of it when
due or within a grace period of 30 days.
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The Subtenant
fails to perform any of its obligations under this Sublease or any
applicable obligation under the Master Lease after a reasonable
opportunity to cure.
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The Subtenant
becomes insolvent, becomes bankrupt, takes the benefit of any
legislation that may be in force for bankrupt or insolvent debtors,
becomes involved in any voluntary or involuntary winding up,
dissolution or liquidation proceeding, or if a receiver will be
appointed for the affairs of the Subtenant.
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The Subtenant
abandons the Subleased Premises.
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The Subtenant
uses the Subleased Premises for
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