LEASE AGREEMENT



     THIS LEASE, dated January 29, 1990, is made by and between The Prudential

Insurance Company of America, a New Jersey corporation (herein called "Lessor"),

and Unit Distribution of Utah, Inc., a Utah corporation (herein called

"Lessee").



                              W I T N E S S E T H:



     1.  Lease of Premises. Lessor hereby leases to Lessee and Lessee leases

from Lessor for the term, at the rental, and upon all of the conditions set

forth herein, that certain real property situated in 1051 South Industrial

Parkway, Clearfield, Utah 84015, and legally described on Exhibit A attached

hereto and made a part hereof, together with all improvements and appurtenances

belonging to or in any way pertaining to said property and non-exclusive use and

benefit of all guaranties, warranties, licenses and other rights which affect

the Premises (such as real estate, improvements and appurtenances hereinafter

sometimes referred to as the "Premises," and the building located thereon is

hereafter sometimes referred to as the "Building").



     2.  Term.



     2.1 Initial Term. The term of this Lease for which the Premises are hereby

demised shall commence on January 29, 1990, and end on December 31, 2003, unless

sooner terminated as provided herein.



     2.2 Option to Renew. Provided this Lease is in full force and effect and

provided further that Lessee is not then in default under this Lease, the Lessor

hereby grants to Lessee the option to extend the term of this Lease for an

additional three (3)-year period (the "Option Period") commencing on the day

following the end of the initial Lease term on the same terms and conditions set

forth in this Lease except as set forth in the following sentence. Subject to

adjustment as provided in Section 3.2 below. Subject to adjustment as provided

in Section 3.2 below, the Basic Rent during the extension period shall equal the

lesser of the prevailing market rate on the day after the date the initial Lease

term ends or the Basic Rent at the commencement of this Lease increased by five

(5) percent per annum. In no event, however, shall the rent during the Option

Period be less than the existing rental rate immediately prior to the

commencement of such Option Period. Lessee shall give Lessor not less than nine

(9) months prior written notice of the exercise of the foregoing option, time

being of the essence. If not so exercised, Lessee's option under this paragraph

shall be null and void. For a period of fifteen (15) days after Lessee gives

notice of its election to exercise its option, Lessee and Lessor shall attempt

to agree on the prevailing market rate. If the parties are unable to agree on

such rate within such fifteen (15) day period, Lessor and Lessee shall within

fifteen (15) days thereafter agree on an independent appraiser, who shall be a

member of a nationally recognized appraisal firm, to determine the prevailing

market rate. On the date the appraiser is appointed, each party shall

simultaneously submit to the appraiser its proposed prevailing market rate, and

the appraiser shall within thirty (30) days of his appointment determine whether

Lessor's or Lessee's proposed rate is closer to the actual prevailing market

rate. The proposed rate which the appraiser determines is closer to

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC