Exhibit 10.8


 


COMMERCIAL
LEASE


of


Duchesne
Crossings, LLC


362
West Pierpont Ave.


Salt
Lake City, Utah 84101


 


This
lease (this “Lease”) is made between Duchesne Crossing, LLC, with an address at 362 West Pierpont Avenue, Salt Lake
City, Utah 84101, herein called Lessor, and I.E.T., Inc., with an address at 4235 Commerce Street, Little River, South Carolina
29566, herein called Lessee. Lessee hereby offers to lease from Lessor the premises situated in the City of Myton, County
of Duchesne, and State of Utah, described as:


 


Duchesne
Crossings


6141
South 3950 West


Space
#7


Myton,
Utah 84052


(the
“Premises”)


 


Upon the
following TERMS and CONDITIONS:


 


1.
Terms and Rent. Lessor demises the above Premises (3,250 gross rentable square feet) for a term of thirty-six (36) months,
commencing five (5) business days after an occupancy permit is obtained with respect to Lessee’s occupation of the Premises
from Duchesne County, and terminating on the anniversary date thirty-six (36) months thereafter (the “Term”). If commencement
begins in the middle of a month, Lessor will prorate the following month’s rent.


 


Monthly
rent is payable in equal installments, due on or before the 10th of each month, as follows: $3,350 for the first year, subject
to 2% increases for each year thereafter on the anniversary date of the commencement of this Lease.


 


First month’s
rent of $3,350 is due upon the full execution of this Lease.


 


A
10% late fee will be assessed to rent received after the 10th day of the month. All payments shall be made to Lessor,
at the address specified above.


 


2.
Use. Lessee shall use and occupy the Premises for commercial purposes only.


 


3.
Care and Maintenance of Premises. Lessor represents and warrants to Lessee that the Premises are in good order and repair,
unless otherwise indicated herein. Lessee shall, at its own expense and at all times, maintain the Premises in good and safe condition,
and shall surrender the same, at termination hereof, in as good condition as received, normal wear and tear excepted. Lessee shall
be responsible for all maintenance and repairs required on the interior of the Premises, including, without limitation, the maintenance
of the HVAC, but shall not be responsible for the replacement thereof. Lessor shall be responsible for the roof, exterior walls,
and structural foundations. Lessor shall also maintain in good condition the common areas of the building housing the Premises
and the outside of the Premises, including, without limitations, the sidewalks, lawns and shrubbery.


 






    	 



    	 



    

 


4.
Alterations. Lessee shall not, without first obtaining the written consent of Lessor, make any material alterations, additions,
or improvements, in, to or about the Premises.


 


5.
Ordinances and Statutes. Lessee shall comply with all statutes, ordinances and requirements of all municipal, state and federal
authorities now enforce, or which may hereafter be in force, pertaining to the Premises, occasioned by or affecting the use thereof
by Lessee.


 


6.
Assignment and Subletting. Lessee shall not assign this Lease or sublet any portion of the Premises without prior written
consent of the Lessor, which shall not be unreasonably withheld. Any such assignment or subletting without consent shall be void
and, at the option of the Lessor, may terminate this Lease.


 


7.
Utilities &Taxes. Power and Gas is separately metered for the Premises, and is to be put in Lessee name and paid by Lessee.
Landlord shall be responsible for all property taxes with respect to the Premises.


 


8.
Entry and Inspection. Lessee shall permit Lessor or Lessor’s agents to enter upon the Premises at reasonable notice,
for the purpose of inspecting the same, and will permit Lessor at any time within sixty (60) days prior to the expiration of this
Lease, to place upon the Premises any usual “To Let” or “For Lease” signs, and permit persons desiring
to lease the same to inspect the Premises thereafter.


 


9.
Possession. Lessor shall deliver possession of the Premises to Lessee at commencement of this Lease.


 


10.
Quiet Enjoyment. Lessor covenants that if, and so long as, Lessee pays the rent as required under this Lease, and performs
Lessee’s other covenants under this Lease, Lessor will do nothing to affect Lessee’s right to peaceably and quietly
have, hold and enjoy the Premises for the Term.


 


11.
Indemnification of Lessor. Lessor shall not be liable for any damage or injury to Lessee, or any other person, or to the property,
occurring on the demised Premises or any part thereof, unless due to Lessor, or Lessor’s agents, contractors, or employees
negligent acts or omissions for which Lessor shall be liable.


 


12.
Insurance. Lessee, at its own expense, shall maintain during the Term insurance on its own contents. In addition, during the
Term, Lessee shall maintain commercial liability insurance in the amount of not less than $1,000,000, which will cover bodily
injury and property damage and name the Lessor as an additional insured. Lessee shall provide Lessor with a Certificate of Insurance
showing Lessor as an additional insured. The Certificate of Insurance shall provide for a 30-day written notice to Lessor in the
event of cancellation or material change of coverage. To the maximum extent permitted by the insurance policies which may be owned
by Lessor or Lessee, Lessee and Lessor, for the benefit each other, waive any and all rights of subrogation, which might otherwise
exist.


 


13.
Eminent Domain. If the Premises or any part thereof or any estate therein, or any other part of the building materially affecting
Lessee’s use of the Premises, shall be taken by eminent domain, this Lease shall terminate on the date when title vests
pursuant to such taking. The rent and any additional rent, shall be apportioned as of the termination date, and any rent paid
for any period beyond that date shall be repaid to Lessee. Lessee shall not be entitled to any part of the award for such taking
or any payment in lieu thereof, but Lessee may file a claim for any taking of fixtures and improvements owned by Lessee, and for
moving expenses.


 






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14.
Destruction of Premises. In the event of a partial destruction of the Premises during the Term, from any cause, Lessor shall
forthwith repair the same, provided that such repairs can be made within sixty (60) days under existing governmental laws and
regulations, but such partial destruction shall not terminate this Lease, except the Lessee shall be entitled to a proportionate
reduction of rent while such repairs are being made, based upon the extent to which the making of such repairs shall interfere
with the business of Lessee on the Premises. If such repairs cannot be made within sixty (60) days, Lessor, at its option, may
make the same within a reasonable time, this Lease continuing in effect with the rent proportionately abated as aforesaid; provided,
however, that if such repairs cannot be made within sixty (60) days, Lessee may, in its sole discretion, elect to terminate this
Lease. In the event that Lessor shall not elect to make such repairs which cannot be made within sixty (60) days, this Lease may
be terminated at the option of either party. In the event that the building in which the demised Premises may be situated is destroyed
to an extent of not less than one-third of the replacement cost thereof, Lessor may elect to terminate this Lease whether the
demised Premises be injured or not. Total destruction of the building in which the Premises may be situated shall terminate this
Lease.


 


15.
Lessor’s Remedies on Default. If Lessee defaults in the payment of rent, or any additional rent, or defaults in the
performance of any of the other covenants or conditions hereof, Lessor shall give Lessee written notice of such default and if
Lessee does not cure any such default within fifteen (15) days following receipt of said notice (or if such other default is of
such nature that it cannot be completely cured within such period, if Lessee does not commence such curing within such fifteen
(15) days and thereafter proceed with reasonable diligence and in good faith to cure such default), then Lessor may terminate
this Lease on not less than ten (10) days’ written notice to Lessee. On the date specified in such termination notice the
term of this Lease shall terminate, and Lessee shall then quit and surrender the Premises to Lessor, without extinguishing Lessee’s
liability. If this Lease shall have been so terminated by Lessor, Lessor may at any time thereafter resume possession of the Premises
by any lawful means and remove Lessee or other occupants and their property.


 


16.
Attorney’s Fees. In case suit should be brought for recovery of the Premises or for any sum due hereunder, or because
of any act which may arise out of the possession of the Premises, by either party, the prevailing party shall be entitled to all
costs incurred in connection with such action, including a reasonable attorney’s fee.


 


17.
Waiver. No failure by Lessor or Lessee to enforce any term hereof shall be deemed to be a waiver.


 


18.
Notices. Any notice by either party to the other shall be in writing and shall be deemed to have been duly given only if (a)
delivered personally or (b) sent by registered mail or certified mail return receipt requested in a postage paid envelope or (c)
sent by nationally recognized overnight delivery service. Notices shall be sent to the addresses provided on the signature page
hereof or to such other addresses as the Lessee or the Lessor, respectively, may designate in writing. Notice shall be deemed
to have been duly given, if delivered personally, on delivery thereof, if mailed, upon the seventh (7th) day after
the mailing thereof or if sent by overnight delivery service, the next business day.


 






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19.
Heirs, Assigns, Successors. This Lease is binding upon and inures to the benefit of the heirs, assigns and successors in interest
to the parties.


 


20.
Option to Renew. Provided that Lessee is not in default in the performance of this Lease, Lessee shall have the option to
renew the lease for two additional terms of three (3) years, commencing at the expiration of the initial Term and subsequent extended
terms. All of the terms and conditions of the Lease shall apply during the renewal term. The monthly rent payment shall equal
the last month’s rent, subject to 2% increase each year thereafter commencing on the anniversary date of the commencement
of this Lease. The option shall automatically take effect unless Lessee gives Lessor written notice of Lessee’s decision
not to extend the Term of this Lease at least thirty (30) days prior to the commencement date of the extension period.


 


21.
Subordination. This Lease is and shall be subordinate to all existing and future liens and encumbrances against the property
provided that Lessee’s right of possession shall not be disturbed so long as Lessee is not in default following applicable
notice and cure periods under this Lease.


 


22.
Radon Gas Disclosure. As required by law, Landlord makes the following disclosure: “Radon Gas” is a naturally
occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons
who are exposed to it over time. Additional information regarding radon testing may be obtained from your county public unit.


 


23.
Entire Agreement. The foregoing constitutes the entire agreement between the parties and may be modified only by a writing
signed by both parties.


 


24.
Contaminations. At the expiration of the Lease, Lessee, at its own expense, shall have all contaminations that it is responsible
for bringing onto the Premises removed from the Premises and restore the Premises to its “preleased” condition.


 


25.
Governing Law. This Lease will be governed by the laws of the State of Utah, without giving effect to its conflict of law
principles.


 


26.
Broker. Lessee and Lessor represent and warrant to the each other that no broker brought about this transaction, and each
agrees to indemnify and hold the other harmless from any and all claims of any broker(s) arising out of or in connection with
the negotiations of or entering into of this Lease by Lessee and Lessor.


 


27.
Severability. If any of the provisions of this Lease, or the application of such provisions, will be invalid or unenforceable,
the remainder of this Lease will not be affected, and this Lease will be valid and enforceable to the fullest extent permitted
by law.


 


28.
Counterparts. This Lease may be executed in multiple counterparts, each of which, when assembled to include an original signature
for each party contemplated to sign this Lease, will constitute a complete and fully executed original. All such fully executed
counterparts will collectively constitute a single agreement. The parties expressly agree that if the signature of Lessor and/or
Lessee on this Lease is not an original, but is a digital, mechanical or electronic reproduction (such as, but not limited to,
a photocopy, fax, e-mail, PDF, Adobe image, JPEG, telegram, telex or telecopy), then such digital, mechanical or electronic reproduction
shall be as enforceable, valid and binding as, and the legal equivalent to, an authentic and traditional ink-on-paper original
wet signature penned manually by its signatory.


 






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Signed this
14th day of November, 2014


 





	LESSOR	 	LESSEE
	 	 	 
	Duchesne Crossings, LLC	 	I.E.T., Inc.
	 	 	 	 	 
	By:	/s/ Nathan Brockbank 	 	By:	/s/ Thomas S. Gifford
	Name:	Nathan Brockbank	 	Name:	Thomas S. Gifford
	Title:	Manager	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 	 	 
	 	362 West Pierpont Avenue	 	 	4235 Commerce Street
	 	Salt Lake City, Utah 84101  	 	 	Little River, SC 29566
	 	o: (801) 268-8070	 	 	o: (732) 282-1055
	 	c: (801) 706-5557	 	 	e: tgifford@ietltd.net
	 	f: (801) 268-8004	 	 	 



 


 


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