Individual Space Lease for Retail Store in Shopping Center
Lease Agreement made on the __________________ (date), between
__________________ (Name of Lessor), a corporation organized and existing under
the laws of the state of __________________ (name), with its principal office located at
_____________________________________________ (street address, city, county,
state, zip code) , referred to herein as Lessor, and __________________ (Name of
Lessee), a corporation organized and existing under the laws of the state of
__________________ (name), with its principal office located at
_____________________________________________ (street address, city, county,
state, zip code) , referred to herein as Lessee.
For and in consideration of the mutual covenants contained in this Agreement, and
other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:
I. Leased Premises. Lessor, for and in consideration of the rents reserved in this
Lease and the terms, covenants, conditions and agreements set forth in this Lease to
be kept and performed by Lessee, does grant, demise, lease and let to Lessee, and
Lessee does lease from Lessor the premises described in Exhibit A attached hereto
and made a part hereof, referred to herein as the Premises, in __________________
(name of shopping center) (the Shopping Center ). The Premises shall be occupied
and used by Lessee for conducting the business of Lessee and for no other purpose.
II. Term. The term of this Lease shall be __________________ (number) months
commencing on __________________ (date) (the Commencement Date ), subject,
however, to the terms and conditions contained in this Lease, and ending on
__________________ (date).
III. Rental
A. Minimum rent for the first year of this Lease shall be fixed at a monthly
rate of $ __________________ , with the first such payment due
on __________________ (date) . Rent shall be adjusted on the first month of
each subsequent payment year of this Lease to include a _______ % annual
growth factor increase. This Lease may be terminated after
__________________ (number) months with a __________________ (number) -
month written notice from Lessee.
B. All rent shall be paid to Lessor at the address as set forth in Section IV,
Paragraph E, below. Rent for any partial month shall be prorated on a daily
basis and on the basis of the number of days in any month for which rent shall be
prorated.
C. Lessor acknowledges receipt of a deposit of $ __________________ held
by Lessor as a security fund for the following purposes:
1. If this Lease is canceled for default by Lessee, then no part of the
security fund shall be returned to Lessee by Lessor, nor shall Lessor be
bound to account for any part of the security fund; Lessor may either
retain the security fund as liquidated damages or else Lessor may apply it
towards the actual damage sustained by Lessor due to Lessee's breach or
default, without in any way affecting the right of Lessor to assert any and
all other remedies available to Lessor under the terms of this Lease and
under state law against Lessee by reason of such default or breach;
2. No interest shall be paid on any part of the security fund, nor shall
any part be considered as rent;
3. Lessor may commingle the security fund together with its own
general funds; and
4. Upon the termination of this Lease, if Lessee has fully complied
with all of the terms of this Lease, the security fund will be returned to
Lessee by Lessor.
D. Lessee shall pay the rent reserved in this Lease at the times and in the
manner stated, without notice or demand.
IV. Additional Rent and Charges
A. In addition to the Minimum Rent, all other payments to be made by Lessee
under this Lease to Lessor (including Percentage Rent, if applicable) shall be
deemed for the purpose of securing the collection of such payments to be
Additional Rent under this Lease, whether or not designated as such; and Lessor
shall have the same rights and remedies upon Lessee's failure to pay the same
as for the nonpayment of Minimum Rent. Any charges against Lessee by Lessor
for services or for work done on the Premises by order of Lessee, or otherwise
accruing under this Lease, shall be considered as rent due and shall be included
in any lien for rent due and unpaid.
B. Lessee shall pay, within __________________ (number) days after billing
by Lessor, its pro rata share of: (i) Real Property Taxes; and (ii) expenses of
operating and maintaining the Shopping Center, including but not limited to
water, trash and other utility services, common area and parking lot lighting and
maintenance, and insurance coverage carried by Lessor with respect to the
Shopping Center including a _______ % fee for the administration of same.
Lessee's occupancy charges are to be $ __________________ per month
($ __________________ per square foot annually).
C. Any additional garbage dumpsters or other additional waste disposal
needs (i.e., excessive waste volume, hazardous waste, grease or other kitchen
waste, etc.) required by Lessee shall be paid at Lessee's sole expense, and shall
be in addition to Lessee's share of the common operating and maintenance
expenses as set forth above in this Section IV.
D. Any excessive water or other utility usage over the average usage for
other tenants in the Shopping Center shall be Lessee's responsibility and shall be
in addition to Lessee's share of the common operating and maintenance
expenses as set forth above in this Section IV .
E. All payments of rental shall be paid by Lessee to Lessor without any right
of set-off and without notice or demand at ______________________________
(street address, city, county, state, zip code) , or at such other address as Lessor
may from time to time designate in writing to Lessee. All rental shall be paid by
check payable to Lessor ) at such location, or to such person, firm or corporation,
as Lessor may designate in the future by notice.
F. Lessee shall pay when due all charges for gas, electricity and any other
illuminant and power, for water used upon and in connection with the Premises,
and all waste and sewage disposal. Lessor may elect to provide some or any of
such services on behalf of all tenants in common and bill each tenant for its pro
rata share of the total billing.
V. Late Fees. If Lessee shall fail to pay any Minimum Rent, Percentage Rent (if
applicable), Additional Rent, or any other sums to become due under this Lease
within __________________ (number) days after the same becomes due and payable,
then Lessee shall pay to Lessor a late payment service charge (covering administrative
and overhead expenses) of _______ % of the rental due. The provisions in this Lease
for late payment service charges shall not be construed to extend the dates for
compliance with the provisions concerning such matters, nor to relieve Lessee of its
obligation to pay such sums at the time stipulated in this Lease. Notwithstanding the
imposition of such charges, Lessee shall be in default under this Lease if any or all
payments are not made at the time stipulated by this Lease, and neither the demand
nor collection by Lessor of such late payment service charge shall be construed as a
cure for such default on the part of Lessee.
VI. Other Conditions.
A. Lessee shall make no incineration of trash or waste on the Premises or on
the Shopping Center property, it being agreed that Lessee shall use, in common
with other tenants of the Shopping Center, the trash service contracted for by
Lessor, and pay to Lessor its pro-rata share of the expense of such trash service.
B. Lessee acknowledges that the Premises have been received in thoroughly
good order, tenantable condition and repair, of which fact the execution of this
Lease and taking possession under this Lease shall be conclusive evidence; that
no representation as to the condition of the Premises has been made by Lessor
or Lessor's agents and that no obligation as to the repairing, adding to, or
improving the Premises has been assumed by Lessor except as set forth in this
Lease, and that no oral arrangements have been entered into in consideration of
making this Lease, and that this Lease contains a full statement of both parties to
this Lease.
C. Lessee, at its sole expense, shall comply with all laws, orders, and
regulations of federal, state, county, municipal and other governmental
authorities, and with any direction of any public officer pursuant to law, which
shall impose any violation, order or duty upon Lessor or Lessee with respect to
the Premises or to use or occupancy of the Premises.
D. Lessee shall open the entire Premises for business on the
Commencement Date. If Lessee fails to take possession and open for business
to the public on the Commencement Date, then in such event, in addition to all
remedies provided in this Lease, Lessor shall have the right to collect Minimum
Rent and other sums payable under this Lease.
E. Lessee will not make any alterations or changes in the Premises without
the prior written consent of Lessor, and all additions, fixtures and improvements
shall be and remain a part of the Premises at the expiration of this Lease except
for store and office furniture and fixtures which shall be readily removable without
injury to the Premises. At the expiration of this Lease, Lessee shall promptly
remove any improvements installed or assumed by Lessee as unfit of the
Premises, if in Lessor's sole opinion the removal of any such improvements
would assist in reletting the Premises. Any fixtures and improvements that are
not removed at the request of Lessor shall be and remain a part of the Premises.
F. Lessee shall not attach any signs to the Premises, or place any lettering
on the plate glass windows, unless such signs and such lettering are of a type,
kind, character and description approved by Lessor, in the interests of having a
uniform system of lettering and display signs on all of the stores in the Shopping
Center.
G. Lessee shall not place any outdoor speakers, showcases, benches or any
other type of obstruction in the rear or front of the Premises without prior written
consent of Lessor.
H. Lessee shall keep in good, sound, clean, tenantable condition and repair
during the continuation of the term of this Lease the interior of the Premises and
every part of the Premises, including the heating/air-conditioning systems,
plumbing, sewer lines, septic tanks, doors, plate glass windows, and awnings, if
any (which awnings Lessor shall not be called upon to furnish or repair during the
term of the Lease), and will not suffer or permit any strip or waste of the
Premises. Lessee shall enter into an air-conditioning maintenance service
contract with respect to the system within the Premises and shall furnish to
Lessor a copy of such contract or renewal prior to the start of each lease year. If
Lessor elects to contract for air conditioning maintenance service on behalf of all
tenants of the Shopping Center, then Lessee shall use such services as Lessor
designates, and Lessee shall pay its pro-rata share of the cost of such service,
as and when billed. Lessee shall not place a load upon any floor of the Premises
exceeding the floor load per square foot area which such floor was designed to
carry and which is allowed by law. (Lessor reserves the right to prescribe the
weight and position of all safes which must be placed so as to distribute the
weight.) Business machines and mechanical equipment shall be placed, installed
or hung, and maintained by Lessee at Lessee's expense in settings and in a
manner sufficient in Lessor's judgment to absorb and prevent vibration, noise and
annoyance. If the Premises become infested with vermin, Lessee shall at
Lessee's expense cause the same to be exterminated from time to time to the
satisfaction of Lessor and shall employ such exterminator and exterminating
company as shall be approved by Lessor. The water and wash closets and other
plumbing fixtures shall not be used for any purpose other than those for which
they were designed or constructed, and no sweepings, rubbish, rags, acids or
like substances shall be deposited in them. No private wells or septic tanks shall
be permitted on the Premises or on the Shopping Center property.
I. Lessee shall operate the Premises in a first-class manner in accordance
with sound business practices and maintain a sufficient stock of goods to
successfully carry on its business. Lessee shall not abandon, vacate or remove
the major portion of the goods, wares and merchandise usually kept on the
Premises when the Premises are open for business, nor shall Lessee cease
doing business in the Premises during the term of this Lease.
J. Lessee shall not assign, mortgage or encumber this Lease or underlet, or
suffer or permit the Premises or any part of the Premises to be used by others
without the prior written consent of Lessor in each instance and such consent
shall not be unreasonably withheld or delayed. Lessee further covenants that the
Premises will not be used for any purpose that will invalidate any policies of
insurance now or later placed on the Shopping Center or the improvements
located on the Shopping Center or which will increase the rate of premium for
such insurance. Lessee shall not permit or suffer any unreasonable noise,
disturbance or nuisance whatsoever on the Premises detrimental to the
Shopping Center or annoying to the neighbors.
K. Lessee shall have the right, in common, with all other tenants of the
Shopping Center, their customers, employees, agents and invitees, to use the
driveways, parking areas and sidewalks serving the property, provided that
sidewalks and driveways shall be used for egress and ingress only and for no
other purposes, and parking areas shall be used only for the parking of vehicles;
the use of all such public areas shall be in accordance with rules and regulations
specified by Lessor. All merchandise, boxes, furniture, etc., shall be placed in the
Premises upon delivery and the exterior will be kept free of all such items as well
as refuse and debris.
L. Upon the performance by Lessor of all the conditions set forth above in
this Lease on the part of Lessee to be kept and performed, Lessee may quietly
have, hold, occupy and use the Premises without interruption by Lessor. Lessor
reserves the right to install, maintain, use, repair and replace pipes, ductwork,
conduits, utility lines and wires through hung ceiling space, column space and
partitions, in or beneath the floor slab or above or below the Premises or other
parts of the Shopping Center, and such shall not be deemed to be an
infringement on Lessee's occupancy or quiet enjoyment of the Premises. Lessor
shall not unreasonably interfere with or interrupt the business of Lessee within
the Premises, and except where necessary as determined by Lessor's architect,
no pipes, conduits, utility lines or wires installed by Lessor shall be exposed in
the sales area of the Premises.
M. Lessor will keep the exterior walls and roof of the building in which the
Premises are located in good repair but Lessee shall give to Lessor
__________________ (number) days' written notice of needed repairs, and
Lessor shall have a reasonable time after such notice to make the repairs.
Lessor will make sure HVAC, plumbing and electrical are in good working order
at the time of tenant's initial occupancy. Lessor has no obligation for repairs of
any kind, nature or description except as specifically set forth in this Lease.
N. Lessor, or Lessor's agent, may at any reasonable time [with
__________________ (number) hours' advance notice for non-emergency
situations] enter and view the Premises, and make repairs, if Lessor should elect
to do so.
O. Lessee shall indemnify and save harmless Lessor and Lessor's agents
from and against any and all claims, suits, actions, damages and causes of
action arising during the term of this Lease for any personal injury, loss of life, or
damage to property sustained in or about the Premises, by reason of, or as a
result of Lessee's occupancy of the Premises, and from and against any orders,
judgments, or decrees which may be entered on the same, and from and against
all costs, counsel fees, expenses and liabilities incurred in and about the defense
of any such claim and the investigation of such claim; provided, however, that
before Lessee shall become liable for any of the costs, counsel fees, expenses
and liabilities, Lessee shall be given notice in writing that the same are about to
be incurred and shall have the option itself to make the necessary investigation
and employ counsel of Lessee's own selection, but satisfactory to Lessor, for the
necessary defense of the claims. Lessee further agrees to provide policies of
insurance generally known as public liability policies, and owner, landlord, or
tenant policies, and all other types of policies necessary or proper insuring
Lessee and Lessor and Lessor's agent against all claims and demands made by
any person or persons whatsoever for injuries received in connection with the
operation and maintenance of the Premises and the business operated in the
Premises by Lessee, to the extent of not less than $ __________________ to
cover, in connection with any one particular accident or occurrence, the total
aggregate of claims that may arise or be claimed to have arisen against Lessor
or Lessee for such injuries, and to the extent of not less than
$ __________________ to cover claims for property damage.
P. Lessee shall, at its expense, provide and keep in force a policy of plate
glass insurance covering all plate glass in, on or about the Premises, with a loss
payable clause payable to Lessor and Lessee, and the proceeds of such policy
shall be made available by the parties for replacement of any plate glass which is
damaged or destroyed. If Lessee fails to maintain such plate glass insurance,
and damage occurs to any or all of the plate glass in the Premises, then Lessee
shall be responsible for such damage or destruction and shall replace the plate
glass at its sole cost, it being the obligation of Lessee to maintain intact at all
times all plate glass in, on, or about the Premises. The risk of loss from all
causes whatsoever shall be upon Lessee if Lessee fails to provide plate glass
insurance. Any amounts due by Lessee by reason of damage to the plate glass
shall be collectable by Lessor as Additional Rent.
Q. Lessee takes all risk of any damage to Lessee's property that may occur
by reason of water or the bursting or leaking of any pipes about the Premises, or
from any act of negligence of any covenant or occupants of the Shopping Center,
or of any other person, or fire, or hurricane, or other act of nature, or from any
cause whatsoever.
R. Lessee shall make prompt payment when due of all costs and expenses in
carrying out its agreements in this Lease and shall not do or permit to be done
anything which creates a lien upon the Premises or the Shopping Center. The
filing of any lien against the Premises or the Shopping Center shall constitute an
event of default under this Lease.
S. If prior to or on the Commencement Date of this Lease, or if at any time
during the terms demised by this Lease, there shall be filed by or against Lessee
in any court, pursuant to any statute either of the United States or of any state, a
petition in bankruptcy or insolvency or for reorganization or seeking an
arrangement with Lessee's creditors, or for the appointment of a receiver or
trustee for all or a portion of Lessee's property, and within __________________
(number) days of such filing Lessee fails to secure a discharge of the same, or if
Lessee makes an assignment for the benefit of creditors or petitions for or enters
into an arrangement with creditors, then this Lease, at the option of Lessor, may
be canceled and terminated and in which event neither Lessee nor any person
claiming through or under Lessee by virtue of any statute or of an order of any
court shall be entitled to possession or to remain in possession of the Premises
but shall promptly quit and surrender the Premises, and in addition Lessor may
exercise the other rights and remedies Lessor has by virtue of any other
provisions contained in this Lease or by virtue of any statute or rule of law.
T. Miscellaneous.
1. If Lessee defaults in fulfilling any of the covenants of this Lease
other than the covenants for payment of Minimum Rent, Percentage Rent
(if applicable), or Additional Rent, then, in any one or more of such events,
upon Lessor's serving a written __________________ (number) -day
notice upon Lessee specifying the nature of the default and upon the
expiration of the __________________ (number) days, if Lessee shall
have failed to comply with or remedy such default, or if such default or
omission complained of shall be of such nature that the same cannot be
completely cured or remedied within such __________________
(number) -day period, and if Lessee shall not have diligently commenced
curing such default within such __________________ (number) -day
period, and shall not subsequently with reasonable diligence and in good
faith proceed to remedy or cure such default, then Lessor may serve a
written __________________ (number) -day notice of cancellation of this
Lease upon Lessee, and upon the expiration of the
__________________ (number) -day period, this Lease and the term
under this Lease shall end and expire as fully and completely as if the
date of expiration of the __________________ (number) -day period were
the day specifically fixed in this Lease for the end and expiration of this
Lease and the term of this Lease, and Lessee shall then quit and
surrender the Premises to Lessor but Lessee shall remain liable as
provided below in this Lease.
2. If: (i) the notice provided for in the above Subparagraph 1 above
shall have been given and the term shall so expire, (ii) Lessee shall make
default in the payment of Minimum Rent, Percentage Rent (if applicable),
Additional Rent or any other payment in this Lease provided, (iii) any
execution, attachment or other process shall be issued against Lessee or
any of Lessee's property and by such execution, attachment or process
the Premises shall be taken or occupied or attempted to be taken or
occupied by someone other than Lessee, (iv) Lessee shall make default
with respect to any other lease between Lessor and Lessee, or (v) Lessee
shall fail to move into or take possession of the Premises within (number)
days after the Commencement Date, of which fact Lessor shall be the sole
judge, then and in any of such events Lessor may, without notice, reenter
the Premises, and dispossess Lessee and the legal representative of
Lessee or other occupants of the Premises by summary proceeding and
remove their effects and hold the Premises as if this Lease had not been
made, and Lessee waives the service of notice of intention to reenter or to
institute legal proceedings to that end; or Lessor may, at Lessor's option,
elect to declare the entire rent for the balance of the term, or any part of
the same, due and payable immediately; or Lessor may take possession
of the Premises and rent same for the account of Lessee; or Lessor may
exercise such other remedy provided by law or this Lease. If Lessee shall
make default under this Lease prior to the date fixed as the
commencement of any renewal or extension of this Lease, Lessor may
cancel and terminate such renewal or extension agreement by written
notice to Lessee.
3. If Lessee shall default: (i) in the timely payment of Minimum Rent,
Percentage Rent (if applicable), Additional Rent or any other sum payable
under this Lease for __________________ (number) consecutive months,
or for a total of __________________ (number) times in any
__________________ (number) -month period, or (ii) in the performance
of any other covenant of this Lease more than __________________
(number) times in the aggregate in any __________________ (number)
month period, then notwithstanding that such defaults may have been
cured by Lessee within the time periods after notice of default as provided
in Subparagraph 1 above, any further similar default shall be deemed to
be deliberate and Lessor subsequently may serve the written
__________________ (number) -day notice of cancellation without
affording Lessee an opportunity to cure such further default.
U. The failure of Lessor in one or more instances to insist upon strict
performance or observance of one or more of the covenants or conditions of this
Lease, or to exercise any remedy, privilege or option in this Lease conferred
upon or served to Lessor, shall not operate or be construed as a relinquishment
or waiver for the future of such covenant or condition or of the right to enforce the
same or to exercise such privilege, option or remedy, but the same shall continue
in full force and effect. The receipt by Lessor of Minimum Rent, Percentage Rent
(if applicable), Additional Rent or any other payment required to be made by
Lessee, or any part of such payment, shall not be a waiver of any other
Additional Rent or payment then due, nor shall such receipt, though with
knowledge of the breach of any covenant or condition of this Lease, operate as
or be deemed to be a waiver of such breach, and no waiver by Lessor of any
provision of this Lease, or any of Lessor's rights, remedies, privileges or options
under this Lease, shall be deemed to have been made unless made by Lessor in
writing. If Lessor shall consent to the assignment of this Lease or to a subletting
of all or a part of the Premises, no further assignment or subletting shall be made
without the written consent of Lessor first obtained. No surrender of the Premises
for the remainder of the term of this Lease shall be valid unless accepted by
Lessor in writing.
V. At the expiration of the term, Lessee shall quietly and peaceably deliver
the Premises to Lessor, broom-clean, with any and all signs removed and in the
same repair and condition in which they were received, normal wear and tear
excepted.
W. If Lessee shall occupy the Premises with or without the consent of Lessor
after the expiration of this Lease, and rent is accepted from Lessee, such
occupancy and payment shall be construed as an extension of this Lease for the
term of one month only from the date of such expiration, and occupation
subsequently shall operate to extend the Lease from month-to-month only unless
other terms of such extension are agreed to in writing and signed by both Lessor
and Lessee.
X. Upon the performance by Lessee of all of the covenants and agreements
set forth in this Lease, in case the Premises, or any part of the Premises, shall at
any time during the term of this Lease be destroyed or so damaged by fire or
other casualty so as to be unfit for occupancy or use by Lessee, then Lessor
shall have the option: (i) to terminate this Lease, or (ii) to repair and rebuild the
Premises, remitting rents reserved by this Lease, or a just and fair proportion of
such rents according to the damage sustained, until the Premises are reinstated
and made fit for occupancy and use; and if Lessor elects to exercise the option to
repair and rebuild, it shall be done within a reasonable period of time. In any
event, within __________________ (number) days after the occurrence of the
damage or destruction, Lessor shall notify Lessee in writing of its decision to
either terminate or repair and rebuild.
Y. If the whole or any part of the Premises shall be acquired or condemned
by Eminent Domain for any public or quasi-public use or purpose, then the term
of this Lease shall cease and terminate from the date of title vesting in such
proceeding and Lessee shall have no claim against Lessor for the value of any
unexpired term of the Lease.
Z. This Lease shall be subject and subordinate to any mortgage or deed of
trust now on the Shopping Center or which may later be made on account of any
bona fide loan to be placed on the Shopping Center by Lessor to the full extent of
all debts and charges secured by such mortgage or deed of trust, and to any
renewals or extensions of all or any part of such mortgage or deed of trust, which
Lessor may at any future time elect to place on the Shopping Center, and Lessee
agrees upon request to execute any paper or papers which counsel for Lessor
may deem necessary to accomplish that end, and in default of Lessee's so doing,
Lessor is empowered to execute such papers in the name of Lessee as the act
and deed of Lessee and this authority is declared to be coupled with an interest
and not revocable.
AA. Whenever notice is required to be given under this Lease, it is agreed that
written notice mailed or delivered to the Premises shall constitute sufficient notice
to Lessee, and written notice mailed or delivered to Lessor at the place last
designated as the place at which rental payments are to be made shall constitute
sufficient notice to Lessor. Where Lessor or Lessee shall constitute more than
one party, notice to one shall constitute notice to all.
BB. If Lessor is joined as a party in any lawsuit or other legal proceeding or
legislative or executive hearing arising out of or because of this Lease, or the
occupation of Lessee under this Lease, or if Lessee defaults in any of the terms
or conditions of this Lease and because of such default Lessor employs the
services of an attorney to enforce the performance of the Lease, or to evict
Lessee, or to collect monies due by Lessee, or to perform any service based
upon such defaults, then whether suit is brought or not, Lessee agrees to pay a
reasonable attorney's fee for all expenses and costs incurred by Lessor
pertaining to such lawsuit, proceeding, hearing, or remedy, or in the enforcement
of any remedy available to Lessor.
CC. The term “Lessor” as used in this Lease means only the owner for the
time being of the right to possession of the Shopping Center. Lessor shall be
under no personal liability with respect to any of the provisions of this Lease and
if Lessor defaults in any of its obligations under this Lease, Lessee shall look
solely to the equity of Lessor in the Premises for the satisfaction of Lessee's
remedies. It is agreed that Lessor's liability under this Lease shall in no event
exceed the loss of its equity interest in the Premises.
JJ. The submission of this Lease for examination does not constitute an offer
to lease and this Lease shall be effective only upon execution of this Lease by
Lessee and Lessor.
KK. Severability. The invalidity of any portion of this Agreement will not and
shall not be deemed to affect the validity of any other provision. If any provision
of this Agreement is held to be invalid, the parties agree that the remaining
provisions shall be deemed to be in full force and effect as if they had been
executed by both parties subsequent to the expungement of the invalid provision.
LL. Governing Law. This Agreement shall be governed by, construed, and
enforced in accordance with the laws of the State of __________________
(name of state).
MM. Mandatory Arbitration . Any dispute under this Agreement shall be
required to be resolved by binding arbitration of the parties hereto. If the parties
cannot agree on an arbitrator, each party shall select one arbitrator and both
arbitrators shall then select a third. The third arbitrator so selected shall arbitrate
said dispute. The arbitration shall be governed by the rules of the American
Arbitration Association then in force and effect.
NN. Entire Agreement . This Agreement shall constitute the entire agreement
between the parties and any prior understanding or representation of any kind
preceding the date of this Agreement shall not be binding upon either party
except to the extent incorporated in this Agreement.
OO. Modification of Agreement. Any modification of this Agreement or
additional obligation assumed by either party in connection with this Agreement
shall be binding only if placed in writing and signed by each party or an
authorized representative of each party.
PP. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute but one and the same instrument.
QQ. Gender. Words used herein regardless of the gender specifically used,
shall be deemed and construed to any other gender, masculine, feminine or
neuter, as the context requires.
RR. Compliance with Laws. In performing under this Agreement, all
applicable governmental laws, regulations, orders, and other rules of duly-
constituted authority will be followed and complied with in all respects by both
parties.
WITNESS our signatures as of the day and date first above stated.
________________________ ________________________
(Name of Lessor) (Name of Lessee)
By:________________________ By:_________________________
(Signature of Officer) (Signature of Officer)
________________________ ________________________
(P rinted Name & Office in Corporation) (P rinted Name & Office in Corporation)
(Attachment of exhibits)
