In the event of a bona fide sale of the property of which the leased premises are a part, the Landlord shall have the right to transfer the security to the purchaser to be held under the terms of this lease, and the Landlord shall be released from all liability for the return of such security to the Tenant. Such sum shall be returned to the Tenant after the expiration of this lease, provided the Tenant has fully and faithfully carried out all of its terms. The Tenant has deposited with the Landlord the sum of Twenty Thousand Dollars ($20,000.00) as security for the full and faithful performance by the Tenant of all the terms of this lease required to be performed by the Tenant. A late fee in the amount of 5% of the Monthly Rent shall be assessed if payment is not postmarked or received by Landlord on or before the tenth day of each month. Monthly Rent: The Tenant agrees to pay the Landlord and the Landlord agrees to accept, during the term hereof, at such place as the Landlord shall from time to time direct by notice to the Tenant, monthly rent set forth in the following table: The parties hereto may elect to extend this Agreement upon such terms and conditions as may be agreed upon in writing and signed by the parties at the time of any such extension. The "Commencement Date" shall mean December 1, 2013. Tenant may at any time cancel this Lease and terminate all of its obligations hereunder by the payment of $300,000, plus all other amounts then due under this Lease. The term of this Lease shall begin on the Commencement Date, as defined in Section 2 of this Article II, and shall terminate on ("the Termination Date") provided, however, that at the option of Tenant, Tenant may renew this Lease for five additional successive one- year terms at a Monthly Rent of $100,000 per month, provided that notice of such renewal is given in writing no less than 120 days prior to the Termination Date or the expiration of any one-year renewal term. Landlord, in consideration of the rents to be paid and the covenants and agreements to be performed and observed by the Tenant, does hereby lease to the Tenant and the Tenant does hereby lease and take from the Landlord the property described in Exhibit "A" attached hereto and by reference made a part hereof (the "Leased Premises"), together with, as part of the parcel, all improvements located thereon. THIS LEASE AGREEMENT is made and entered into on December 1, 2013, by and between Temple CB, LLC, whose address is 4350 Temple City Boulevard, El Monte, California 91731 (hereinafter referred to as "Landlord"), and Okra Energy, Inc., whose address is 4350 Temple City Boulevard, El Monte, California 91731 (hereinafter referred to as "Tenant").
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |