4669 Southwest Freeway (Houston, TX) Sublease Agreement - ITS Supply Corporation and International Tool & Supply Co. Inc.
THE SUBLEASE AGREEMENT is made and entered into on this 31st day of
December, 1997 by and between ITS SUPPLY CORPORATION, a corporation organized
and existing under the laws of the State of Delaware (hereinafter referred to
as 'Sublessee'), and International Tool & Supply Company, Inc., a corporation
organized and existing under the laws of the State of Delaware (hereinafter
referred to as 'Sublessor').
WHEREAS, Sublessor is the Lessee under a Lease Contract (the 'Lease')
entered into by and between Camac Holdings, Inc., as Lessor ('Camac') and
Sublessor, which Lease includes 10,454 square feet of Rentable Area located on
the fourth floor of the building currently known as 'Camac Plaza', located at
4669 Southwest Freeway, Houston, Texas; and
WHEREAS, Sublessee desires to sublease 10,454 square feet of Rentable
Area located on the fourth floor of Camac Plaza and 238 square feet of
Rentable Area currently used for storage located on the first floor of Camac
Plaza (collectively, the 'Sublease Area') from Sublessor pursuant to and
subject to the terms and conditions hereinafter set forth;
NOW THEREFORE, in consideration of the mutual covenants and promises
set forth below, the parties hereto do hereby agree as follows:
1. Sublessor hereby subleases to Sublessee and Sublessee hereby subleases
from Sublessor the Sublease Area pursuant to and subject to the terms
and conditions hereinafter set forth. The Sublease Area is subleased
'as is' and neither Sublessor nor Camac (or its successors or assigns)
shall have any obligation to make improvements thereto.
2. This Sublease shall become effective on January 1, 1998 and, except as
otherwise provided herein, shall continue in full force until the 30th
day of June 1999. Notwithstanding the foregoing, however, Sublessee
shall have the right to terminate this Sublease Agreement, and the
sublease thereunder, at any time by giving no less than twelve (12)
months written notice of its intent to so terminate prior to such
3. Sublessee agrees to pay without demand a rental rate of $9,028.00 per
month for the Sublease Area located on the fourth floor and $236.00
per month for the Sublease Area located on the first floor. Such
rental rate shall be due and payable on the first day of each calendar
month, and Sublessee hereby agrees to pay such rent monthly in advance
without demand to Sublessor at Sublessor's address as may be
designated from time to time by Sublessor.
4. Sublessor agrees that there shall be no escalation in the rental rate
to be paid by Sublessee during the term of this Sublease.
5. Except as expressly otherwise provided herein, Sublessee agrees to be
bound by all of the terms and conditions of the Lease (including Exhibit
'D'thereto), a copy of which is attached hereto, as if Sublessee were
the Lessee thereunder and Sublessor were the Lessor thereunder.
Additionally, Sublessee understands and agrees that, except with respect
to any amounts to be paid by Sublessee to Sublessor hereunder, Camac
(and its successors and assigns) shall also be entitled to enforce the
performance of Sublessee's covenants, duties and obligations under this
Sublease and the Lease.
IN WITNESS THEREOF, this Agreement has been executed on the date first
ITS SUPPLY CORPORATION INTERNATIONAL TOOL & SUPPLY
Kendal A. Gladys Greg O'Brien
Chairman Vice President
APPROVAL OF SUBLEASE
Camac Holdings, Inc. ('Camac'), Lessor under that Lease Contract (the 'Lease')
entered into by and between Camac, as Lessor and International Tool & Supply
Company, Inc. ('ITS'), as Lessee, which Lease includes 10,454 square feet of
Rentable Area located on the fourth floor of the building currently known as
'Camac Plaza', located at 4669 Southwest Freeway, Houston, Texas, hereby
consents to the sublease by ITS to ITS Supply Corporation, which sublease shall
be subject to the terms and conditions of a Sublease Agreement in the form
attached hereto as Exhibit A.
Dated as of December 15, 1997.
CAMAC HOLDINGS, INC.
Kamoru A. Lawal
Senior Vice President