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Exhibit 10.4

 

AdBel, LTD.

Office/Warehouse Lease Agreement

 

THIS LEASE, made and entered into this 28 th day of March 2005 by, and between A dB el, Ltd. , a North Carolina corporation, of Mecklenburg county, North Carolina (hereinafter called “Lessor”), and PokerTek, Inc. 1020 Crews Road Suite J Matthews, NC 28105 (hereinafter called “Lessee”).

 

WITNESSETH:

 

1. Premises: The Lessor hereby leases unto the Lessee, and the Lessee hereby leases from the Lessor, upon the terms and conditions hereinafter set forth, the following described leased space: Approximately 10,800 square feet of office space, located at 1150 Crews Road Suite A, Matthews, NC 28105.

 

2. Acceptance of Premises: Lessor has made no representations or promises with respect to the building, leased premises or this agreement except as set forth herein.

 

3. Term: The term of this lease shall begin on, May 1st 2005 and shall end at 12:00 Midnight April 30th 2010. Provided, however, that if the building in which the leased space is located is not completed and ready for occupancy on the initial term date, Lessee agrees to pay a proportionate part of the monthly rental herein provided for that month as described in the Lease Summary and Proposal Agreement.

 

4. Surrender of the Premises: The Lessee shall keep the premises in good order and repair, except the portions thereof to be repaired by the Lessor as provided herein, and upon the expiration or other termination of this lease quit and surrender the premises to the Lessor in the same condition as at the commencement of the term, natural wear and tear only excepted.

 

5. Rent and Deposit: The Lessee shall pay the Lessor at the Lessor’s office or at such other place as the Lessor may from time to time designate in writing the sum of $8,500 per month, in advance, on the first day of each month during the term of this lease except that the payment for the first month of leasing shall be paid simultaneously with the execution of this lease by the Lessee. A deposit of ($1,450) shall be paid by the Lessee upon execution of this lease. The deposit shall be returned at the end of the lease provided that the premises have been kept in good order and repair in the same condition as at the commencement of the term, natural wear and tear only accepted. Both parties agree that as of Term the Lessee shall pay $1,416 per month for 3,600 S.F. of office space in the Premises until the upfit construction is completed as described in the the Lease Summary and Proposal Agreement.

 

6. Option to Extend: Lessee shall have the first right of refusal to extend this Lease for one (1) additional term of five years, provided that Lessee is not in default hereunder. The option to extend this Lease for an additional term shall be exercised by the Lessee giving written notice to Lessor of the intent to exercise the option at least ninety (90) days prior to the end of the initial term hereof. The annual rental amount during any such extension of this Lease shall be as agreed upon by Lessor and Lessee. Any extension of this Lease shall be upon the same terms and provisions as are set forth herein.

 

7. Real Estate Taxes: Lessee agrees to pay to Lessor any and all increases in real estate taxes levied against the property of which the premises are a part by Mecklenburg County, the Town of Matthews, or any governmental authority over and above the amount of taxes for the first full year of the lease or the first year in which the premises are taxed at their completed value, whichever is later; provided, however, that Lessee shall not be responsible for increases in taxes resulting solely from new construction or other improvements to the property of which the demised premises are not a part. The proportion of the total increase against the property to be paid by the Lessee shall be in the same proportion as the total value of the demised premises bears to the total value of the property against which the taxes are assessed.

 

8. Alterations: The Lessee shall make no alterations, additions or improvements to the premises without the written consent of the Lessor. Any such alterations, additions, or improvements which may be made to the premises, except movable furniture, shall become the property of the Lessor and remain upon and be surrendered with the premises as a part thereof at the termination of this lease without disturbance or injury.

 

 


9. Utility Services: During the term of this Lease, Lessee shall provide and pay for all power, gas, lights, heat, water, air conditioning, sewer and all other utility charges for utilities used by the Lessee in connection with its occupancy of the Demised Premises. If any utility charges are not paid when due and if Lessor is required to pay same, any such charges will be added to the next month’s rental due from Lessee and shall be considered additional rent due from Lessee to Lessor.

 

10. Repairs and Maintenance: During the term of this Lease, Lessor, at its expense, shall be responsible for maintaining and keeping in good repair the exterior and structural parts of the building and the paved parking areas and driveway on the Leased Premises. Lessor will also provide landscaping for the Leased Premises and will maintain in good repair the lawn and all landscaped areas of the Leased Premises. Lessor will make or cause any necessary repairs or maintenance to be made or performed as soon as is reasonably possible after having been notified by Lessee that such repairs or maintenance are necessary, unless the need for such repairs or maintenance are a result of Lessee’s negligence in which case, the repairs or maintenance shall be Lessee’s obligation and responsibility.

 

During the term of this Lease, Lessee, at its expense, will maintain and keep in good repair the interior of the Leased Premises including, but not limited to, all equipment, air conditioning, heating, plumbing, and electrical equipment and machinery on or in the Leased Premises. Lessee further agrees to enter into and maintain in effect during the term of this Lease a service and maintenance contract with a licensed HVAC contractor acceptable to Lessor providing for periodic inspection, maintenance and service of the heating and air conditioning equipment in the Leased Premises. Upon request by Lessor, Lessee agrees to furnish to Lessor a copy of its service and maintenance contract for the HVAC equipment.

 

Lessee further agrees to keep the exterior of the Leased Premises as well as the parking and driveway areas in a neat and orderly manner, free and clear of all trash and debris. Lessee shall also be responsible for providing any trash or waste receptacles and for the regular removal and disposal of any such trash or waste. Provided, however, that Lessee shall not be responsible for any repairs and shall not be required to reimburse Lessor for or pay the cost of repairs to the Leased Premises or any part thereof or to fixtures of the building occasioned by or resulting from fire, other casualties or acts of God.

 

Subject to the respective obligations of the Lessor and the Lessee to repair and maintain the Leased Premises and improvements located thereon as herein expressly provided, Lessee will deliver up the Leased Premises at the e


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