Exhibit
10.3
THIS SUBLEASE
AGREEMENT is entered into on June 15, by and between Bio-Matrix
Scientific Group, Inc. ("SUBLESSOR”), with an address
of 8885 Rio San Diego Dr. #357, San Diego, CA 92108 and Entest
BioMedical, Inc. Inc., ("SUBLESSEE"), currently located at
4700 Spring Street, Suite 203, La Mesa, CA 91941 (the
“Parties”).
FOR VALUABLE
CONSIDERATION, the Parties agree to the following terms and
conditions.
1. Premises.
Sublessor hereby subleases to Sublessee and Sublessee hereby
subleases from Sublessor for the term specified below, and upon all
of the conditions set forth herein, that certain real property,
including all improvements thereon, commonly known by the street
address of 4700 Spring Street, Suite 203, La Mesa, CA 9194
(the “Premises”).
2. Term.
The term of this Sublease shall be for 36 months
commencing on June 30, 2009 and ending on June 30, 2012,
unless sooner terminated pursuant to any provision hereof.
Sublessor agrees to use its best commercially reasonable
efforts to deliver possession of the Premises by the commencement
date. If, despite said efforts, Sublessor is unable to
deliver possession as agreed, the rights and obligations of
Sublessor and Sublessee shall be as set forth in the Master
Lease.
3. Base
Rent. Sublessee shall pay to Sublessor as Base Rent for the
Premises equal monthly payments of $ 4,100 on the 5
th of each month of the term hereof. Base Rent
which is less than one month for any period during the term hereof
shall be calculated at a pro rata portion of the monthly
installment.
4. Rent
Defined. All monetary obligations of Sublessee to Sublessor
under the terms of this Sublease are deemed to be rent
(“Rent”). Rent shall be payable in lawful money
of the United States to Sublessor at the address stated herein or
to such other persons or at such other places as Sublessor may
designate in writing.
5. Use.
(a)
Agreed Use. The Premises shall be used and occupied only for
the operation of a cellular storage/ regenerative medical
enterprise and for no other purpose.
(b)
Compliance. Sublessor warrants that the improvements on the
Premises comply with all applicable covenants or restrictions of
record and applicable building codes, regulations and ordinances in
effect on the commencement date. Said warranty does not apply
to the use to which Sublessee will put the Premises or to any
alterations or utility installations made or to be made by
Sublessee. NOTE: Sublessee is responsible for
determining whether or not the zoning is appropriate for its
intended use, and acknowledges that past uses of the Premises may
no longer be allowed. If the Premises do not comply with said
warranty, or in the event that the applicable requirements are
hereafter changed, the rights and obligations of Subl
