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Title: |
Agreement of Lease |
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Date: |
1999 |
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$38 |
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ID: |
#855845 |
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EXHIBIT 10.1
AGREEMENT OF LEASE
THIS AGREEMENT OF LEASE (the "Lease") is made and entered into as of this 7th day of May, 1999, by and between SYCAMORE PARTNERSHIP (the "Lessor") and MOTO PHOTO, INC., a Delaware corporation (the "Lessee"), under the following circumstances:
A. Lessee leases from Lessor all of the space situated in Trotwood, Montgomery County, Ohio and located in a two-story office building known and numbered as 4444 Lake Center Drive, Trotwood, Ohio 45426, plus the parking area (hereinafter referred to collectively as the "Premises"), pursuant to a Lease Agreement dated August 27, 1990 (the "Original Lease Agreement").
B. The Original Lease Agreement expires on June 30, 1999.
C. Lessor and Lessee desire to enter into a new lease for the Premises pursuant to the terms of this Lease.
NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained herein, the parties hereby agree as follows:
1. Grant. Lessor hereby leases to Lessee, and Lessee hereby Lessor, the Premises. Lessor and Lessee acknowledge that Lessee is possession of the Premises described on Exhibit A attached hereto.
2. Term. This Lease shall be for a term of ten (10) years commencing on July 1, 1999 and, unless renewed or terminated as set forth in this Lease, terminating on June 30, 2009 (the "Prime Term").
leases from already in this Lease, terminating on June 20, 2009 (the "Prime Term").
3. Option to Renew. Lessee shall have the option to renew the Lease for two (2) additional terms of five (5) years each (the "Renewal Terms") on the same terms and conditions except for rent which shall be determined as set forth in Section 4. Lessee may elect to renew the Lease by giving Lessor written notice of such election at least ninety (90) days prior to the end of the Prime Term or the first Renewal Term, whichever is applicable.
4. Rent
4.1 The rent for the Prime Term shall be as follows:
4.1.1 $20,327.00 per month for the first five years of the Prime Term;
4.1.2 $22,374.00 per month for the remaining five years of the Prime Term.
4.2 In the event Lessee exercises its option to renew the Lease, the rent for each Renewal Term shall be at the then fair market rental value for the Premises as of the commencement of such Renewal Term but no less than 90% of the rent for the last month of the previous Term. If the parties cannot agree on the then fair market rental value for the Premises, the fair market rental value shall be determined by an appraiser selected by the parties at least sixty (60) days prior to
4.3 Rent is due and payable, without demand, setoff, or deduction, except as expressly provided in this Lease, on the first day of each calendar month commencing on July 1, 1999 and continuing on the first day of each month thereafter for the remainder of the Prime Term and any Renewal Term.
4.4 If Lessee defaults in the payment of any installment of rent hereunder, such installment shall bear interest at the rate of eighteen percent (18%) per annum from the day it is due until actually paid. In like manner, all other obligations, benefits, and moneys which may become due to Lessor from Lessee under the terms of this Lease, or which are paid by Lessor because of Lessee's default hereunder, shall bear interest at the rate of eighteen percent (18%) per annum from the due d a
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