Commercial Lease

Commercial Lease - COMMERCIAL LEASE THIS LEASE is dated as...

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COMMERCIAL LEASE THIS LEASE is dated as of the 16 th of February, 2005 and is entered into between 123456 Ontario Inc., an Ontario corporation with a business address at 123 Main Street, London Ontario, (the “Landlord”) and Smith Services Inc., another Ontario corporation, with a business address at 40 Page Avenue, London, Ontario (the “Tenant”). FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, the Landlord and the Tenant hereby agree as follows: 1. Rented Premises. The Landlord hereby agrees to rent to the Tenant and the Tenant hereby agrees to rent from the Landlord the premises comprising approximately 18,200 square feet and demarcated by blue tarp at the rear of 500 Oxford Street, London, Ontario (the “Premises”). 2. Term. The Tenant shall hold the Premises for a period of three (3) years commencing on April 1 st , 2005 (the “Term”). 3. Renewal. At the expiry of the initial Term, the Tenant if not in default hereunder shall have the right to renew the Term for one further period of one year at the rent as set out below. 4. Use. The Tenant shall use the Premises for the temporary storage of exhibits only. No other use of the Premises shall be permitted without the prior written consent of the Landlord. 5. Rent. The annual rent for the Premises for the initial Term shall be $138,000 plus G.S.T. (“Rent”) and shall include all property taxes and reasonable utilities relating to the Premises. The Tenant shall pay Rent to the Landlord in twelve equal monthly instalments commencing on the beginning of the Term at which time the Tenant shall pay Rent to the Landlord for the first and last month of the initial Term. 6. Maintenance and Repair. During the Term, the Tenant shall at its own expense maintain and keep in good repair the interior of the Premises and all alterations, improvements and fixtures located on or in the Premises, reasonable wear and tear excepted. In the event that the Tenant fails to make repairs which are necessary as a result of any negligence, misuse or abuse of the Premises by the Tenant, its agents or its customers, then the Landlord may, at its options, make such repairs and, in that case, the Tenant shall promptly pay to the Landlord an amount equal to the cost incurred by the Landlord in making such repairs. 7. Insurance. During the Term, the Landlord shall be responsible for maintaining adequate insurance in respect to the Premises, in an amount and of a type normally maintained by landlords in similar circumstances, to insure against loss or damage by fire, lightening, storm and other perils. During the Term, the Tenant shall be responsible for maintaining reasonable and adequate insurance in respect to its use of the Premises for losses including without limitation personal injury, business interruption and property damage. 8.
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Commercial Lease - COMMERCIAL LEASE THIS LEASE is dated as...

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