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Triple Net Lease

 

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Title:

Triple Net Lease

Entities:

Northern Trust Global Investments Europe Ltd

Date:

2007

Size:

Preview shows 4KB of 34KB total

Price:

$34

ID:

#2847868

 

 

► Leasing ► Leases ► Net ► Triple Net Lease Agreements

 

 

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                                TRIPLE NET LEASE


THIS LEASE (the "Lease"), made and entered into this 4th day of May, 2007, by
and between Don L. Buehner ("Lessor"), and Cirtran Corporation ("Lessee").


WITNESS TO:

In consideration of the mutual covenants and agreements hereinafter set forth,
the Lessor and Lessee agree as follows:

1. Premises. Lessor does hereby demise and Lease unto the Lessee the
land and all improvements located at 4125 South 6000 West, West Valley, Utah
84128 (the "Premises"), as more particularly described on Exhibit "A" attached
hereto, which Premises includes a 31,662 square foot building (the "Building").
Lessee acknowledges that except as expressly set forth in this Lease, neither
Lessor nor any other person has made any representation or warranty with respect
to the Premises or the suitability of the Premises for the conduct of the
Lessee's business.

2. Lease Term. The term of this Lease will be for a period of One
Hundred Twenty (120) months, beginning on the 4th of May , 2007 (the
"Commencement Date"), and terminating at 11:59 PM on May 3rd, 2017, unless
sooner terminated by either party as herein provided. Lessee shall take
possession of the Premises upon sale of said Premises pursuant to that certain
Commercial Real Estate Purchase Contract dated May 1, 2007.

A. Option to Extend Lease. Lessee shall have the option to extend
this Lease agreement for up to three (3) additional five (5) year terms. Option
periods will continue according to the terms within this Lease.

3. Rent. The Lessee agrees to pay the following to the Lessor as rent
for the Premises for each year of the Lease term, on a Triple Net Basis, payable
in advance in equal monthly installments:

Minimum Monthly Rent: $17,083.33 NNN

The rent is payable in advance on the 4th day of each month, with the first
month to be paid on the date provided herein as the commencement date, May 4,
2007. Rent shall be paid as follows: by a good funds check made out to "Don L.
Buehner" being mailed to 3860 South Parkview Circle, Salt Lake City, Utah 84124
on or before the due date each month for the amount of the monthly rent.



-1-
{PAGE}

4. Payment of Rent.

A. Due Date. The annual base rental will be paid in equal monthly
installments in advance on or before the fourth (4th) day of each calendar month
during the term of this Lease commencing on the 4th day of May 2007. Rent shall
be payable in lawful money of the United States.

B. Late Payments. In the event that Lessee shall fail to make any
payment of rent or any other sum owed by Lessee pursuant to this Lease within
ten (10) days of the date payment is due, Lessee shall pay a late fee equal to
two percent (2%) of any payment that is due. In addition to the late fee, any
unpaid and delinquent amount shall bear interest from the due date thereof to
the date of payment at the rate of one and one half percent (1.5%) per month
from the due date until fully paid.

C. Cost of Living Increases. The base rent will be increased
annually on the anniversary date of the Lease according to the consumer price
index or "CPI".

 

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