Document:

Exhibit 10.15

 

AmCOMP Incorporated

701 U.S. Highway One

Suite 200

North Palm Beach, Florida 33408

 

 

[DATE]

 

[Name
of Executive Officer or Director]

AmCOMP Incorporated

701 U.S. Highway One

Suite 200

North Palm Beach, Florida 33408

 

Dear
Mr.
                          :

 

In consideration of your continued service as an officer or director of
AmCOMP Incorporated (the “Company”), the Company will, to the extent provided
herein, indemnify you and hold you harmless from and against any and all “Losses”
(as defined below) that you may incur by reason of your election or service as
a director, officer, employee, agent, fiduciary or representative of the
Company or any “Related Entity” (as defined below) to the fullest extent
permitted by law.

 

 

1.             (a)           “Losses” means all liabilities, “Costs
and Expenses” (as defined below), amounts of judgments, fines, penalties or
excise taxes (or other amounts assessed, surcharged or levied under the
Employee Retirement Income Security Act of 1974, as amended) and amounts paid
in settlement of or incurred in defense of any settlement in connection with
any threatened, pending or completed claim, action, suit or proceeding, whether
civil, criminal, administrative or investigative, and whether brought by or in
the right of the Company or otherwise, and appeals in which you may become
involved, as a party or otherwise, by reason of acts or omissions in your
capacity as and while serving as a director, officer, employee, agent,
fiduciary or representative of the Company or any Related Entity.

 

(b)           A “Related Entity”
means any corporation, partnership, joint venture, trust or other entity or
enterprise in which the Company is in any way interested, or in or as to which
you are serving at the Company’s request or on its behalf, as a director,
officer, employee, agent, fiduciary or representative including, but not
limited to, any employee benefit plan or any corporation of which the Company
or any Related Entity is, directly or indirectly, a stockholder or creditor.

 

(c)           “Costs and Expenses”
means all reasonable costs and expenses incurred by you in investigating,
defending or appealing any threatened, pending or completed claim, action, suit
or proceeding including, without limitation, counsel fees and disbursements.

 

2.             Costs and Expenses shall
be paid promptly by the Company as they are incurred or, at your request, shall
be advanced on your behalf against delivery of invoices therefor (prior to an
ultimate determination as to whether you are entitled to be indemnified by the
Company on account thereof); provided, however, that if it shall ultimately be
determined by final decision of the Court of Chancery that you are not entitled
to be indemnified on account of any Costs or Expenses for which you have
theretofore received payment or reimbursement, you shall promptly repay such
amount to the Company.

 

3.             The Company shall
indemnify you and hold you harmless from and against any and all Losses that
you may incur if you are a party to or threatened to be made a party to or
otherwise involved in any proceeding or action (other than a proceeding or
action by or in the right of the Company to procure a judgment in its favor),
unless it is determined that you did not act in good faith and for a purpose
that you reasonably believed to be in, or, in the case of service to a Related
Entity, not opposed to, the best interests of the Company and, in the case of a
criminal proceeding or action, in addition, that you had reasonable cause to
believe that your conduct was unlawful.

 

4.             The Company shall
indemnify you and hold you harmless from and against any and all Losses that
you may incur if you are a party to or threatened to be made a party to any
proceeding or action by or in the right of the Company to procure a judgment in
its favor, unless it is determined that you did not act in good faith and for a
purpose that you reasonably believed to be in, or, in the case of service to a
Related Entity, not opposed to, the best interests of the Company, except that
no indemnification for Losses shall be made under this Paragraph 4 in respect
of (a) any claim, issue or matter as to which you shall have been adjudged to
be liable to the Company or (b) any threatened or pending action to which you
are a party or are threatened to be made a party that is settled or otherwise
disposed of, unless and only to the extent that the Court of Chancery or the
court in which such action or proceeding was brought shall determine upon
application that, in view of all the circumstances of the matter, you are
fairly and reasonably entitled to indemnity for such expenses as such court
shall deem proper.

 

5.             Anything
hereinabove to the contrary notwithstanding, “Losses” shall not include, and
you shall not be entitled to indemnification under this agreement on account of
(i) amounts payable by you to the Company or any Related Entity in satisfaction
of any judgment or settlement in the Company’s or such Related Entity’s favor
(except amounts for which you shall be entitled to indemnification pursuant to
Paragraph 4), (ii) amounts payable on account of profits realized by you in the
purchase or sale of securities of the Company or any Related Entity within the
meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or
similar provisions of state law; (iii) Losses in 

 

 

2

connection
with which you are not entitled to indemnification as a matter of law or public
policy; or (iv) Losses to the extent you are indemnified by the Company
otherwise than pursuant to this agreement, including any Losses for which
payment is made to you under an insurance policy.

 

6.             Termination of any
action, suit or proceeding by judgment, order, settlement or conviction, upon a
plea of nolo contendere or its equivalent shall not, of itself, create any
presumption that you did not act in good faith and for a purpose that you
reasonably believed to be in or not opposed to the best interests of the
Company or a Related Entity and, with respect to any criminal action or
proceeding, had no reasonable cause to believe that your conduct was unlawful.

 

7.             The determination
on behalf of the Company that you are not entitled to be indemnified for Losses
hereunder by reason of the provisions of Paragraphs 3 or 4 or clause (iii) of
Paragraph 5 may be made either by (a) directors who are not parties to such
action, suit or proceeding, even through less than a quorum, (b) by a committee
of such directors designated by majority vote of such directors, even though
less than a quorum, (c) if there are no such directors, or if such directors so
direct, by independent legal counsel (who may be the outside counsel regularly
employed by the Company) in a written opinion, or (d) the stockholders of the
Company, as the Company’s Board of Directors shall determine.  Notwithstanding such determination, the right
to indemnification or advances of Costs and Expenses as provided in this
agreement shall be enforceable by you in the Court of Chancery.  The burden of proving that indemnification is
not appropriate shall be on the Company.  
Neither the failure of the Company (including its Board of Directors or
independent legal counsel) to have made a determination prior to the
commencement of such action that indemnification is proper in the circumstances
because you have met the applicable standard of conduct, nor an actual
determination by the Company (including its Board of Directors or independent
legal counsel) that you have not met such applicable standard of conduct shall
be a defense to the action or create a presumption that you have not met the
applicable standard of conduct.  Costs
and expenses, including counsel fees, reasonably incurred by you in connection
with successfully establishing your right to indemnification, in whole or in
part, in any such action shall also be indemnified by the Company.

 

8.             You agree to give
prompt notice to the Company of any claim with respect to which you seek
indemnification and, unless a conflict of interest shall exist between you and
the Company with respect to such claim, you will permit the Company to assume
the defense of such claim with counsel of its choice.  Whether or not such defense is assumed by the
Company, the Company will not be subject to any liability for any settlement
made without its consent.  The Company
will not consent to entry of any judgment or enter into any settlement that
does not include as an unconditional term thereof the giving by the claimant or
plaintiff to you a 

 

 

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release
from all liability with respect to such claim or litigation.  If the Company is not entitled to, or does
not elect to, assume the defense of a claim, the Company will not be obligated
to pay the fees and expenses of more than one counsel for you and any other
directors, officers or employees of the Company who are indemnified pursuant to
similar indemnity agreements with respect to such claim, unless a conflict of
interest shall exist between such indemnified party and any other of such
indemnified parties with respect to such claim, in which event the Company will
be obligated to pay the fees and expenses of an additional counsel for each
indemnified party or group of indemnified parties with whom a conflict of
interest exists.

 

9.             The Company’s
obligation to indemnify you under this agreement is in addition to any other
rights to which you may otherwise be entitled by operation of law, vote of the
Company’s stockholders or directors or otherwise and will be available to you
whether or not the claim asserted against you is based upon matters that
occurred before the date of this agreement.

 

10.           The obligation of
the Company to indemnify you with respect to Losses that you may incur by
reason of your service as a director, officer, employee, agent, fiduciary or
representative of the Company or a Related Entity, as provided under this
agreement, shall survive the termination of your service in such capacities and
shall inure to the benefit of your heirs, executors and administrators.

 

11.           The Company agrees
that, so long as you shall serve as a director, officer, employee, agent,
fiduciary or representative of the Company or any Related Entity and thereafter
so long as you shall be subject to any possible claim or threatened, pending or
completed action or proceeding by reason of your service as a director,
officer, employee, agent, fiduciary or representative of the Company or any
Related Entity, the Company shall purchase and maintain in effect for your
benefit valid, binding and enforceable policies of directors and officers
liability insurance (“D & O Insurance”), covering Losses; provided,
however, that the Company shall not be required to maintain D & O Insurance
in effect if such insurance is not reasonably available or if, in the
reasonable business judgment of the directors of the Company, either (i) the
premium cost for such insurance is substantially disproportionate to the amount
of coverage or (ii) the coverage provided by such insurance is so limited by
exclusions that there is insufficient benefit from such insurance.

 

12.           If you are entitled
under this agreement or otherwise to indemnification by the Company for some or
a portion of the Losses actually and reasonably incurred by you but not,
however, for the total amount thereof, the Company shall nevertheless indemnify
you for the portion of the Losses to which you are entitled.

 

13.           It is the intention
of the parties to this agreement to provide for indemnification in all cases
and under all 

 

 

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circumstances
where to do so would not violate applicable law (and notwithstanding any
limitations permitted, but not required by statute) and the terms and
provisions of this agreement shall be interpreted and construed consistent with
that intention.  Nonetheless, if any
provision of this agreement or any indemnification made under this agreement
shall for any reason be determined by the Court of Chancery to be invalid,
unlawful or unenforceable under current or future laws, such provision shall be
fully severable and, the remaining provisions of this agreement shall not
otherwise be affected thereby, but shall remain in full force and effect and,
to the fullest extent possible, shall be construed so as to give effect to the
intent manifested by the provision held invalid, illegal or unenforceable.

 

14.           This agreement shall
be governed by and interpreted and construed in accordance with the laws of the
State of Delaware, except that body of law relating to choice of law.

 

15.           No amendment,
modification, termination or cancellation of this Agreement shall be effective
unless in writing signed by both the Company and you.

 

Your signature below will evidence your agreement and acceptance with
respect to the foregoing.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
  AMCOMP
  INCORPORATED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Fred
  R. Lowe,

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
  AGREED
  TO AND ACCEPTED:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
					

 

 

 

 

5Exhibit 10.16

 

701 U.S. 1, INC.

Standard
Office Building Lease

 

 

THIS LEASE AGREEMENT (sometimes
hereinafter referred to as the “Lease”) made and entered into this _____ day
of ____________, 2001 by and between 701 U.S. 1, INC., a Florida corporation
(hereinafter called “LESSOR”), whose address for purposes hereof is 701 U.S.
Highway One, North Palm Beach, Florida 33408 and AmComp Preferred InsCo., a
Florida corporation, hereinafter called “LESSEE”). LESSEE’S address, for
purposes hereof until commencement of the terms of this Lease, being 701 U.S.
One, Suite 200, North Palm Beach, FL 33408, and thereafter being that of the “Building”
(hereinafter defined), or such address as may be specified in writing by
LESSEE.

 

WITNESSETH:

 

1. LEASED PREMISES: Subject to
and upon the terms, provisions, covenants and conditions hereinafter set forth,
and each in consideration of the duties, covenants and obligations of the other
hereunder, LESSOR does hereby lease, demise and let to LESSEE and LESSEE does
hereby lease, demise and let from LESSOR those certain premises (hereinafter
sometimes called the “Premises” or “Leased Premises”) in the Building known as
701 U.S. 1 Office Building (herein sometimes called the “Building”) located at
U.S. Highway One and Lighthouse Drive, North Palm Beach, Florida, 33408 such
Leased Premises being more particularly described as follows:

 

Suites 200-01, 303, 304, 306, 308 and
400 of the Building as reflected on the floor plan of such Leased Premises
attached hereto as Exhibit A and made a part hereof, identified by the
signature or initials of LESSOR and LESSEE.

 

2. TERM: This Lease shall be
for a term of five (5) years, commencing on the 1st day of January,
2002, and ending on the 31st day of December, 2007,
(hereinafter sometimes referred to as the “Lease Term” or “Term”), unless
sooner terminated or extended as provided herein.

 

3. RENTAL: LESSEE agrees to pay
LESSOR a Base Annual Rental of Two Hundred Seventy Seven  Thousand Eight
Hundred Ninety five and 66/100 ($277,895.66) Dollars, payable in advance,
in twelve (12) equal monthly installments of Twenty Three Thousand One
Hundred Fifty Seven and 98/100 ($23,157.98) Dollars, for each and every
calendar month of the term of this Lease, subject to the Cost of Living
adjustment and tax and insurance adjustment as set forth in Paragraph 5 hereof
without any demand, notice, offset or deduction whatsoever, in lawful (legal
tender for public or private debts) money of the United States of America, at
the Office of LESSOR, or elsewhere as designated from time to time by LESSOR’S
written notice, to LESSEE. Upon execution of this Lease by LESSOR and LESSEE,
LESSEE agrees to pay the sum of Twenty Three Thousand One Hundred Fifty  Seven
and 98/100 ($23,157.98 Dollars, representing payment of Rental for the
first full calendar month of this Lease. The balance of the total Rental is
payable in monthly installments as specified hereinabove. The first of which
shall be due and payable on the 1st day of January, 2002 and each
succeeding monthly payment shall be due and payable on the first (1st) day of
each month thereafter. Notwithstanding anything to the contrary contained
herein, LESSEE and LESSOR agree that each annual CPI increase shall not be
greater than six (6%) percent nor less than three (3%) percent in any one year.

 

In addition to the Rental, LESSEE
shall and hereby agrees to pay to LESSOR each month a sum equal to any sales
tax, tax on Rentals, and any other charges, taxes and/or impositions, now in
existence or hereafter imposed based upon the privilege of renting the space
leased hereunder or upon the amount of Rental collected therefor. Nothing
herein shall, however, be taken to require LESSEE to pay any part of any
Federal and State Taxes on income imposed upon LESSOR.

 

LESSEE shall be required to pay LESSOR
interest on any Rental due that remains unpaid five (5) days after due date.
Said interest will be computed at the rate of fifteen (15%) percent per annum.

 

The Base Annual Rental is subject to a
cost of living increase, as set forth in Paragraph 5(A) herein and is subject
to an Insurance and Tax Increase as set forth in Paragraph 5(B) herein.

 

4. SECURITY DEPOSIT: LESSOR and
LESSEE agree that LESSOR shall pay a Security Deposit equal to Zero (0) Month’s
Rent or $ 00.00.

 

5. (A) COST OF LIVING INCREASE:
In view of the fluctuating power of the dollar, the Parties hereto desiring to
adjust the Base Annual Rental provided for in Paragraph 3 to such purchasing
power, agree that an adjustment shall be made in the base annual rental on the
first (1st) anniversary date of this Lease and each anniversary date
thereafter.

 

The Parties hereto adopt as a standard
for measuring such fluctuations the Consumer Price Index, for Urban Wage
Earners and Clerical Workers, United States City Average, All Items (1982-84=100)
or any successor thereto as promulgated by the Bureau of Labor Statistics of
the United States Department of Labor, hereinafter referred to as the “Price
Index.” The Price Index for the month in which the lease commences shall be
taken as the Basic Standard and that figure will, therefore, be the Basic
Standard, as that term is hereinafter used. These adjustments shall be made in
the rent by multiplying said rental by a fraction, the numerator of which shall
be the new Price Index figure, and the denominator of which shall be the Basic
Standard. The new Price Index to be used as the numerator of the fraction shall
be the Price Index for the last month preceding the anniversary date for which
the cost of living increase or decrease is being computed, i.e., the tenth
(10th) month for the first (1st) anniversary adjustment. No such adjustment
shall result in a decrease in the base annual rental below the original base
annual rental payable by the LESSEE.

 

The Consumer Price Index is the United
States Bureau of Labor Statistics, Consumer Price Index, for Urban Wage Earners
and Clerical Workers, United States City Average, All Items (1982-84=100) or
any successor thereto published by the United States Department of Labor,
Bureau of Labor Statistics; provided, that should the said Consumer Price Index
or the manner of computing or reporting same be discontinued or changed, the
Parties shall

 

1

 

attempt to agree upon a substitute formula, and failing
such agreement the matter shall be determined by arbitration in North Palm
Beach under the Rules of the American Arbitration Association then prevailing.

 

In the event that the Price Index
ceases to use the 1982-84 average of one hundred (100) as the basis of
calculation, or if a substantial change is made in the terms of particular
items contained in the Price Index, then the Price Index shall be adjusted to
the figure that would have been arrived at had the change in the manner of
computing the Price Index in effect at the commencement of the full term of
this Lease not been effected. In the event that such Price Index (or successor
or substitute Price Index) is not available, a reliable governmental or other
non-partisan publication evaluating the information theretofore used in
determining the Price Index shall be used.

 

After the base annual rental has been
adjusted as set forth in this Paragraph 5, the adjusted base annual rental will
be payable in advance in twelve (12) equal monthly installments during each
year subsequent to the anniversary date adjustment.

 

(B) INSURANCE AND TAX INCREASE:
If the Insurance Premium and/or the Real Property Taxes on the 701 U.S. One
Office Building increase above the present Premium or Taxes for the year 2001,
then the Base Annual Rental shall increase by an amount determined by
multiplying the Insurance Premium and/or Tax Increase by a percentage equal to
the percentage of the Leased Premises in relation to the entire amount of space
leased in the Building. The monthly lease payment shall be adjusted to reflect
any increase.

 

6. USE: The LESSEE will use and
occupy the Leased Premises for the following use or purpose and for no other
use or purpose OFFICE .

 

7. IMPROVEMENTS: LESSEE has
been in possession of the Leased Premises prior to the execution of this Lease
and LESSEE accepts the Leased Premises in an “AS IS” condition.

 

Improvements are to be provided as
follows:

 

(A) AIR CONDITIONING: LESSEE is to
provide, in accordance with approved plans, all duct work, hear pump strips,
compressors/air handling units, refrigerant liner and required connections to
LESSOR’S cool water system. LESSOR will provide the following: central cooling
tower, circulating water pumps and certain water pipes. LESSEE shall provide
all incidental appurtenances such as, but not limited to, compressors, air
handling units, heat strips and thermostats, required to air condition LESSEE’S
Premises. The LESSEE shall enter into a contract with a licensed air
conditioning company, approved by LESSOR, whereby the air conditioning
compressors are maintained no less than monthly.

 

(B) ELECTRICAL: LESSOR is to provide
installation of electrical systems from the main electrical distribution point
to tenants meter center modules for the Leased Premises. LESSEE is to provide
all electrical systems from the meter hub to the Leased Premises as required by
The Village of North Palm Beach Building Code.

 

(C) INTERIOR AND EXTERIOR WALLS OF
LEASED PREMISES: LESSEE is to bear the cost of construction of all interior
walls, the pro rata share of party walls and exterior hallway walls required
for LESSEE’S Premises.

 

(D) All improvements made to the
Leased Premises shall be the property of the LESSOR during the Term of this
Lease and shall remain the property of the LESSOR upon termination of this
Lease.

 

(E) Notwithstanding
anything contained in this paragraph to the contrary, LESSOR agrees that no
reasonable authorization will be withheld by LESSOR.

 

8. CONDITION OF PREMISES:
Taking possession of the Leased Premises by LESSEE shall be conclusive evidence
as against LESSEE that the Leased Premises were in good and satisfactory
condition when possession was so taken. This Lease does not grant any right to
light or air over or about the Leased. Premises or Building.

 

9. QUIET POSSESSION: Upon
payment by LESSEE of the rents herein provided, and upon the observance and
performance of all terms, provisions, covenants and conditions on LESSEE’S part
to be observed and performed, LESSEE shall, subject to all of the provisions,
covenants and conditions of this Lease Agreement, peaceably and quietly hold
and enjoy the Leased Premises for the term hereby demised.

 

10. SERVICES: LESSOR will
furnish the following services to LESSEE:

 

(A) Automatically operated elevator
service, public stairs, electrical current for common lighting and water at those
points of supply provided for general use of its LESSEES at all times and on
all days throughout the year.

 

(B) Heat and air conditioning of
common areas on Monday through Friday from 8:00 a.m. to 6:00 p.m., excluding
legal holidays.

 

(C) Exterior building maintenance,
landscaping, central trash recepticals and maintenance of common areas
including the elevators, public stairs, rest rooms and public drinking
facilities.

 

(D) No electric current shall be used
except that furnished or approved by the LESSOR, nor shall electric cable or
wire be brought into the Leased Premises, except upon the written consent and
approval of the LESSOR. LESSEE shall use only office machines and equipment
that operate on the Building’s standard electric circuits (but which in no
event shall overload the Building’s standard electric circuits from which the
LESSEE obtains electric current or which will, in the opinion of LESSOR,
interfere with the reasonable use of the Building by LESSOR or other tenants or
which shall create a hazard within the Leased Premises) LESSEE shall comply
with all Governmental mandates regarding temperature control.

 

LESSEE shall, at LESSEE’S sale
expense, pay for all electrical service to the Leased Premises from and after
the commencement of the terms hereof.

 

LESSOR’S services as stated herein
shall be provided as long as the LESSEE is not in default under any of

 

2

 

the terms, provisions, covenants and conditions of this
Lease, subject to interruption caused by repairs, renewals, improvements, changes
of services, alterations, strikes, lockouts, labor controversies, inability to
obtain fuel or power, accidents, breakdowns, catastrophes, national or local
emergencies, acts of God and conditions and causes beyond the control of LESSOR
and upon such happening, no claim for damages or abatement of rent for failure
to furnish any such service shall be made by the LESSEE or allowed by the
LESSOR.

 

11. CHARGES FOR SERVICES: It is
understood and agreed upon between the Parties hereto that any charges against
LESSEE by LESSOR for services or for work done on the Leased Premises by order
of LESSEE, or otherwise accruing under this Lease, shall be considered as rent
due and shall be included in any lien for rent.

 

12. NON-PAYMENT: LESSEE agrees
that LESSEE will promptly pay said rent at the times and place stated above;
that LESSEE will pay charges for work performed on order of LESSEE, and will
pay any other charges that accrue under this Lease; that, if any part of the
rent or above-mentioned charges shall remain due and unpaid for fifteen (15)
days next after the same shall become due and payable, LESSOR shall have the
option of declaring the balance of the entire rent for the entire tern of this
Lease to be immediately due and payable, and LESSOR may then proceed to collect
all of the unpaid rent called for by this Lease by distress or otherwise.
Notwithstanding anything contained in this paragraph to the contrary, LESSOR
shall not be entitled to accelerate the remaining lease payments unless and
until LESSOR shall have notified LESSEE in writing of any delinquent payment
and LESSEE shall not have brought such payments current within ten (10) days of
the written notice.

 

13. ALTERATIONS AND REPAIRS:
LESSEE will, at LESSEE’S own expense, keep the Leased Premises in good repair
and tenantable condition during the Lease Term and will replace at its own
expense any and all broken glass caused by LESSEE in and about said Leased
Premises.

 

LESSEE will make no alteration,
additions or improvements in or to the Leased Premises without the written
consent of LESSOR, which shall not be unreasonably withheld, and all additions,
fixtures, carpet or improvements, except only office furniture and fixtures
which shall be readily removable without injury to the Leased Premises, shall
be and remain a part of the Leased Premises at the expiration of this Lease.

 

It is further agreed that this Lease
is made by the LESSOR and accepted by the LESSEE with the distinct
understanding and agreement that the LESSOR shall have the right and privilege
to make and build additions to the Building of which the Leased Premises are a
part, and make such alterations and repairs to said Building as it may deem
wise and advisable without any liability to the LESSEE therefor. LESSOR has the
right to make such repairs provided said repairs do not interfere with the
LESSEE’S use and enjoyment of the premises.

 

14. LIENS: LESSEE further
agrees that LESSEE will pay all liens of contractors, subcontractors,
mechanics, laborers, materialmen, and other items of like character, and will
indemnify LESSOR against all expenses, costs and charges, including bond
premiums for release of liens and attorney’s fees reasonably incurred in and
about the defense of any suit in discharging the said Premises or any part thereof
from any liens, judgments or encumbrances caused or suffered by LESSEE. In the
event any such lien shall be made or filed, LESSEE shall bond against or
discharge the same within ten (10) days after the same has been made or filed.
It is understood and agreed between the Parties hereto that the expenses, costs
and charges above referred to shall be considered as rent due and shall be
included in any lien for rent. LESSEE’S obligations herein are limited to liens
and lienors claiming through contracts with LESSEE or LESSEE’S authorized
agents or contractors.

 

The LESSEE herein shall not have any
authority to create any liens for labor or materials on the LESSOR’S interest
in the Leased Premises and all persons contracting with the LESSEE for the
destruction or removal of any facilities or other improvements or for the
erection, installation, alternation or repair of any facilities or other
improvements on or about the Leased Premises, and all materialmen, contractors,
mechanics and laborers, are hereby charged with notice that they must look only
to the LESSEE’S interests in the Leased Premises to secure the payment of any
bill for work done or material furnished at the request of the LESSEE.

 

15. PARKING: Except for the
parking spaces in front of the Building assigned to Wachovia Bank customers and
except for the covered parking spaces in the rear of the Building, all parking
spaces shall be shared in common with all other tenants in the Building on a
first come basis except that LESSOR retains exclusive control and management of
the parking lot and LESSOR retains the right to at any time exercise any of the
powers and privileges granted LESSOR in Paragraph 33 hereof.

 

16. ESTOPPEL CERTIFICATE:
LESSEE agrees that from time to time, upon not less than ten (10) days prior
request by LESSOR, LESSEE will deliver to LESSOR a statement in writing
certifying: (a) that this Lease is unmodified and in full force and effect (or,
if there have been modifications that the Lease, as modified, is in full force
and effect and stating the modifications); (b) the dates to which the rent and-other
charges have been paid; and (c) that LESSOR is not in default under any
provisions of this Lease, or, if in default, the nature thereof in detail.

 

17. LESSOR’S MORTGAGEE: If the
Building and/or Leased Premises are at any time subject to a mortgage and/or
mortgage and deed of trust, and LESSEE has received written notice from
Mortgagee of same, then in any instance in which LESSEE gives notice to LESSOR
alleging default by LESSOR hereunder, LESSEE will also simultaneously give a
copy of such notice to LESSOR’S Mortgagee and LESSOR’S Mortgagee shall have the
right (but not the obligation) to cure or remedy such default during the period
that is permitted to LESSOR hereunder, plus an additional period of thirty (30)
days, and LESSEE will accept such curative or remedial action (if any) taken by
LESSOR’S Mortgagee with the same effect as if such action had been taken by
LESSOR.

 

This Lease shall, at LESSOR’S option,
which option may be exercised at any time during the Lease Term, be subject and
subordinate to any first mortgage or first priority deed of trust now or
hereafer covering the Leased Premises. To this end, LESSEE hereby agrees to
execute any instrument or instruments which LESSOR may deem necessary or
desirable to effect the subordination of this Lease to any and all such
mortgages and/or deeds of trust. LESSEE hereby appoints LESSOR and/or LESSOR’S
successor(s) in interest as LESSEE’S attorney-in-fact to execute any and all
documents necessary to effectuate all the provisions of this Paragraph.

 

LESSOR will cause LESSOR’S Mortgagee
to enter into a Non-Disturbance Agreement with Pinnacle wherein the Mortgagee
agrees not to oust LESSEE from possession of the property even in the event of
a foreclosure so long as LESSEE is current in its lease and so long as LESSEE
attorns to the Mortgagee or purchaser of the

 

3

 

property at a foreclosure sale.

 

18. ASSIGNMENT BY LESSOR: If
the interests of LESSOR under this Lease shall be transferred voluntarily or by
reason of foreclosure or other proceedings for enforcement of any first
mortgage on the Leased Premises, LESSEE shall be bound to such transferee
(therein sometimes called the “Purchaser”) for the balance of the tern hereof
remaining and any extensions or renewals thereof which may be effected in
accordance with the terms and provisions hereof, with the same force and effect
as if the Purchaser were the LESSOR under this Lease, and LESSEE does hereby
agree to attorn to the Purchaser, including the Mortgagee under any such
mortgage if it be the Purchaser, as its LESSOR, said attornment to be effective
and self-operative without the execution of any further instruments upon the
Purchaser succeeding to the interest of the LESSOR under this Lease. The
respective rights and obligations of LESSEE and the Purchaser upon such
attormnent to the extent of the then remaining balance of the term of this
Lease and any such extensions and renewals, shall be the same as those set
forth herein. In the event of such transfer of LESSOR’S interests, LESSOR shall
be released and relieved from all liability and responsibility thereafter
accruing to LESSEE under this Lease or otherwise and LESSOR’S successor by
acceptance of rent from LESSEE hereunder shall become liable and responsible to
LESSEE in respect to all obligations of the LESSOR under this Lease.

 

19. ASSIGNMENT BY LESSEE:
Without the written consent of LESSOR first obtained in each case, LESSEE shall
not assign, sublease, transfer, mortgage, pledge, or otherwise encumber or
dispose of this Lease for the Term hereof, or underlet the Leased Premises or
any part thereof or permit the Leased Premises to be occupied by other persons.
If this Lease is assigned or sublet, or if the Leased Premises or any part
hereof are underlet or occupied by anybody other than the LESSEE, the LESSOR
may, after default by the LESSEE, collect or accept rent from the assignee,
undertenant, or occupant and apply the net amount collected or accepted to the
rent herein reserved, but no such collection or acceptance shall be deemed a
waiver of this covenant or the acceptance of the assignee, undertenant or
occupant as LESSEE, nor shall it be construed as or implied to be, a release of
the LESSEE from the further observance and performance by the LESSEE of the
terms, provisions, covenants and conditions herein contained. LESSEE shall be
able to assign freely, without consent of LESSOR, to any parent, subsidiary or
affiliated corporation, provided said affiliated corporation is engaged in the
same or similar business as LESSEE and so long as LESSEE remains primarily
liable for the rental payments. LESSOR agrees to not unreasonably withhold
consent to an assignment by LESSEE to a non-affiliated corporation.

 

20. SUCCESSORS AND ASSIGNS: All
terms, provisions, covenants and condition; to be observed and performed by
LESSEE shall be applicable to and binding upon LESSEE’S respective heirs,
administrators, executors, successors and assigns, subject, however, to the
restrictions as to assignment or subletting by LESSEE as provided herein. All
expressed covenants of this Lease shall be deemed to be covenants with the
land.

 

21. INSURANCE: If the LESSOR’S
insurance premiums exceed the standard premium rates because the nature of
LESSEE’S operation results in extra-hazardous exposure, then LESSEE shall, upon
receipt of appropriate invoices from LESSOR, reimburse LESSOR for such increase
in premiums. It is understood and agreed between the Parties hereto that any
such increase in premiums shall be considered as rent due and shall be included
in any lien for rent. LESSEE shall maintain current Owner’s, Landlord and
Tenant Liability insurance coverage with the LESSOR a named insured in amounts
of not less than $300,000.00 bodily injury and $50,000.00 property damage, with
current Certificate of Insurance to be furnished to the LESSOR.

 

22. INDEMNIFY LESSOR: In
consideration of said Premises being leased to LESSEE for the above rental,
LESSEE agrees: that LESSEE, at all times, will indemnify and keep harmless
LESSOR from all losses, damages, liabilities and expenses, which may arise or
be claimed against LESSOR and be in favor of any persons, firms or
corporations, for any injuries or damages to the person or property of any
persons, firms or corporations, consequent upon or arising from the use or
occupancy of said Premises by LESSEE, or consequent upon or arising from any
acts, omissions, neglect or fault of LESSEE, his agents, servants, employees,
licensees, visitors, customers, patrons or invitees over which LESSEE has
control, or consequent upon or arising from LESSEE’S failure to comply with any
laws, statutes, ordinances, codes or regulations as herein provided; that
LESSOR shall not be liable to LESSEE for any damages, losses or injuries to the
persons or property of LESSEE which may be caused by the acts, neglect,
omissions or faults of any persons, firms or corporations, except when such
injury, loss or damage results from gross negligence of LESSOR, his agents or
employees, and that LESSEE will indemnify and keep harmless LESSOR from all
damages, liabilities, losses, injuries or expenses which may arise or be
claimed against LESSOR and be in favor of any persons, firms or corporations,
for any injuries or damages to the person or property of any persons, firms or
corporations, where said injuries or damages arose about or upon said Premises,
as a result of the negligence of LESSEE, his agents, employees, servants,
licensees, visitors, customers, patrons and invitees. Notwithstanding any
provisions herein to the contrary, all personal property placed or moved into
the Leased Premises or Building shall be at the risk of LESSEE or the owners
thereof, and LESSOR shall not be liable to LESSEE for any damages to said
personal property. LESSEE shall maintain at all times during the term of this
Lease an insurance policy or policies in an amount or amounts sufficient to
indemnify LESSOR to pay LESSOR’S damages, if any, resulting from any matter set
forth hereinbefore in this Paragraph 22.

 

In case LESSOR shall be made a party
to any litigation commenced by or against LESSEE, then LESSEE shall protect and
hold LESSOR harmless and shall pay all costs, expenses and reasonable attorney’s
fees incurred or paid by LESSOR in connection with such litigation. LESSEE agrees
that should LESSEE obtain a judgment against LESSOR that LESSEE will look only
to LESSOR’S interest in the Building in order to attempt to satisfy said
judgment and will not pursue any act against any other assets of LESSOR other
than said Building.

 

23 . ATTORNEY’S FEES: If the
LESSEE defaults in the performance of any of the terms, provisions, covenants
and conditions of this Lease and by reason thereof the LESSOR employs the
services of an attorney to enforce performance off same by the LESSEE or to
perform any service based upon said default, the LESSEE does agree to pay
reasonable attorney’s fees and all expenses, costs and charges incurred by the
LESSOR pertaining thereto and in enforcement of any remedy available to the
LESSOR.

 

In the event of the institution of
litigation to enforce the provisions of this Lease, to evict LESSEE, or to
collect moneys due from the LESSEE, the prevailing party shall be entitled to
costs, interest from the date of default in the event of a money judgment, and
reasonable attorney’s fees.

 

24. GOVERNMENTAL REGULATIONS:
LESSEE shall faithfully observe in the use of the Leased Premises

 

4

 

all municipal and county ordinances and codes and state
and federal statutes now in force or which may hereafter be in force.

 

25. FIRE OR CASUALTY: In the
event the Building shall be destroyed, or so damaged, or injured by fire or
other casualty during the term of this Lease whereby the same shall be rendered
untenantable, then LESSOR shall have the right to render such Building tenantable
by repairs within one hundred twenty (120) days therefrom. If said Premises are
not rendered tenantable within said time, it shall be optional with either
Party hereto to cancel this Lease, and in the event of such cancellation, the
rent shall be paid only to the date of such fire or casualty. The cancellation
herein mentioned shall be evidenced in writing. During any time that the Leased
Premises are untenantable due to causes set forth in this Paragraph, the rent
or a just and fair proportion thereof shall be abated.

 

LESSOR shall not restore fixtures and
improvements installed by LESSEE either at the commencement of the Lease or
during the leasehold term.

 

In the event LESSOR renders the
Building tenantable as provided herein, LESSEE shall be required to restore the
Leased Premises to tenantable condition within ninety (90) days of the date
upon which a Certificate of Occupancy is issued by The Village of North Palm
Beach on the Building.

 

26. EMINENT DOMAIN: If there
shall be taken during the term of this Lease any part of the Leased Premises or
Building, other than a part not interfering with maintenance, operation or use
of the Leased Premises, LESSOR may elect to terminate this Lease or to continue
same in effect. If LESSOR elects to continue the Lease, the rental shall be
reduced in proportion to the area of the Leased Premises so taken and LESSOR
shall repair any damage to the Leased Premises or Building resulting from such
taking.

 

If any part of the Leased Premises is
taken by condemnation or Eminent Domain, the LESSEE may elect to terminate this
Lease or continue same in effect and if the LESSEE elects to continue this
Lease, the rental shall be reduced in proportion to the area of the Leased
Premises so taken and LESSOR shall repair any damage to the Leased Premises
resulting from such taking. If all of the Leased Premises are taken by
condemnation or Eminent Domain, this Lease shall terminate on the date of
taking. All sums awarded or agreed upon between LESSOR and the condemning
authority for the taking of the interest of LESSOR and/or LESSEE, whether as
damages or as compensation, and whether for partial or total condemnation, will
be the property of LESSOR. If this Lease should be terminated under any
provisions of this Paragraph, rental shall be payable up to the date that
possession is taken by the taking authority, and LESSOR will refund to LESSEE
any prepaid unaccrued rent less any sum or amount then owing by LESSEE to
LESSOR. In the event of a condemnation or taking of the premises, the LESSEE
retains its own separate cause of action for damages to its leasehold interest
against the condemning authority.

 

27. ABANDONMENT: If, during the
term of this Lease, LESSEE shall abandon, vacate or remove from the Leased
Premises the major portion of the good, wares, equipment or furnishing usually
kept on said Leased Premises, or shall cease doing business in said Leased
Premises, or shall suffer the rent to be in arrears, LESSOR may, at its option,
cancel this Lease in the manner stated in Paragraph 28 hereof, or LESSOR may
declare the total remaining balance of rent for the remaining term of this
lease to be immediately due and payable pursuant to the terms of Paragraph 12
hereof, or LESSOR may enter said Leased Premises as the agent of LESSEE by
reasonable force or otherwise, without being liable in any way therefor, and
relet the Leased Premises with or without any furniture that may be therein as
the agent of LESSEE, at such price and upon such terms and for duration of time
as LESSOR may determine and receive the rent thereof, applying the same to the
payment of the rent due by LESSEE, and if the full rental herein provided shall
nor be realized by LESSOR over and above the expenses to LESSOR of such
reletting, LESSEE shall pay any deficiency. Notwithstanding anything contained
in this paragraph to the contrary, so long as the monthly rental is paid by
LESSEE, LESSEE shall not be deemed to be in default of this Lease even if the
premises are vacant.

 

28. BANKRUPTCY: It is agreed
between the Parties hereto that: if LESSEE shall be adjudicated a bankrupt or
an insolvent or take the benefit of any federal reorganization or composition
proceeding or make a general assignment or take the benefit of any insolvency
law; or, if LESSEE’S leasehold interest under this Lease shall be sold under
any execution or process of law; or if a trustee in bankruptcy or a receiver be
appointed or elected or had for LESSEE (whether under Federal or State Laws);
or if said Premises shall be abandoned or deserted; or if LESSEE shall fail to
perform any of the terms, provisions, covenants or conditions of this Lease on
LESSEE’S part to be performed; or if this Lease or the Term thereof be
transferred or pass to or dissolve upon any persons, firms, officers or
corporations other than LESSEE by death of the LESSEE, operation of law or
otherwise; then and in any such events this Lease and the Term of this Lease,
at LESSOR’S option, shall expire and end five (5) days after LESSOR has given
LESSEE written notice (in the manner hereinabove provided) of such act,
condition or default and LESSEE hereby agrees immediately then to quit and
surrender said Leased Premises to LESSOR; but this shall not impair or affect
LESSOR’S right to maintain summary proceeding for the recovery of the
possession of the Leased Premises in all cases provided for by law. If the Term
of this Lease shall be so terminated, LESSOR may immediately, or at any time
thereafter, re-enter or repossess the Leased Premises and remove all persons
and property therefrom without being liable for trespass or damages.

 

29. WAIVER: Failure of LESSOR
to declare any default immediately upon occurrence thereof, or delay in taking
any action in connection therewith, shall not waive such default, but LESSOR
shall have the right to declare any such default at any time and take such
action as might be lawful or authorized hereunder, in law and/or in equity. No
waiver by LESSOR of a default by LESSEE shall be implied, and no express waiver
by LESSOR shall affect any default other than the default specified in such
waiver and that only for the time and extension therein stated.

 

No waiver of any term, provision,
condition or covenant of this Lease by LESSOR shall be deemed to imply or
constitute a further waiver by LESSOR of any other term, provision, condition
or covenant of this Lease. The rights and remedies created by this Lease are
cumulative and the use of one remedy shall not be taken to exclude or waive the
right to the use of another.

 

30. RIGHT OF ENTRY: LESSOR, or
any of his agents, shall have the right to enter the Leased Premises during all
reasonable hours, to examine the same or to make such repairs, additions or
alterations as may be deemed necessary for the safety, comfort or preservation
thereof, or of said Building, or to exhibit said Leased Premises at any time
within one hundred eighty (180) days before the expiration of this Lease. Said
right of entry shall likewise

 

5

 

exist for the purpose of removing placards, signs,
fixtures, alterations or additions which do not conform to this Lease.

 

31. NOTICES, Any notice given
LESSOR as provided for in this Lease shall be sent to LESSOR by registered mail
addressed to LESSOR at LESSOR’S Management Office. Any notice to be given
LESSEE under the terms of this Lease shall be in writing and shall be sent by
registered mail to the office of LESSEE in the Leased Premises. Either Party,
from time to time, by such notice, may specify another address to which
subsequent notice shall be sent.

 

32. RULES AND REGULATIONS:
LESSEE agrees to comply with all reasonable rules and regulations LESSOR may
adopt from time to time for operation of the Building and parking facilities
and protection and welfare of Building and parking facilities, its tenants,
visitors and occupants. The present rules and regulations, which LESSEE hereby
agrees to comply with, entitled “Rule and Regulations” are attached hereto and
are by this reference incorporated herein. Any future rules and regulations
shall become a part of this Lease and LESSEE hereby agrees to comply with the
same upon delivery of a copy thereof to LESSEE, providing the same are
reasonable and do not deprive LESSEE of its rights established under this
Lease.

 

33. CONTROL OF COMMON AREAS AND
PARKING FACILITIES BY LESSOR: All automobile parking areas, driveways,
entrances and exits thereto, Common Areas and other facilities furnished by
LESSOR, including all parking areas, truck way or ways, loading areas,
pedestrian walkways and ramps, landscaped areas, stairways, corridors, Common
Areas and other areas and improvements provided by LESSOR for general use, in
common, of tenants, their officers, agents, employees, servants, invitees,
licensees, visitors, patrons and customers, shall be at all times subject to
the exclusive control and management of LESSOR and LESSOR shall have the right
from time to time to establish, modify and enforce reasonable rules and
regulations with respect to all facilities and areas and improvements; to
police same; from time to time to change the area, level and location and
arrangement of parking areas and other facilities hereinabove referred to; to
discourage non-LESSEE parking; and to do and perform such other acts in and to
said areas and improvements, as, in the sole judgment of LESSOR, the LESSOR
shall determine to be advisable with a view to the improvement of the
convenience and use thereof by tenants, their officers, agents, employees,
servants, invitees, visitors, patrons, licensees and customers, LESSOR will
operate and maintain the Common Areas and other facilities referred to in such
reasonable manner as LESSOR shall determine from time to time. Without limiting
the scope of such discretion, LESSOR shall have the full right and authority to
designate a manager of the parking facilities and/or Common Areas and other
facilities who shall have full authority to make and enforce rules and
regulations regarding the use of the same or to employ all personnel and to
make and enforce all rules and regulations pertaining to and necessary for the
proper operation and maintenance of the parking areas and/or Common Areas and
other facilities. Reference in this Paragraph to parking areas and/or
facilities shall in no way be construed as giving LESSEE hereunder any rights
and/or privileges in connection with such parking areas and/or facilities
unless such rights and/or privileges are expressly set forth in Paragraph 15
hereof.

 

34. SURRENDER OF PREMISES:
LESSEE agrees to surrender to LESSOR, at the end of the Term of this Lease
and/or upon any cancellation of this Lease, said Leased Premises in as good
condition as said Leased Premises were at the beginning of the Term of this
Lease, ordinary wear and tear and damage by fire or other casualty not caused
by LESSEE’S negligence, excepted. LESSEE agrees that if LESSEE does not surrender
said Leased Premises to LESSOR at the end of the term of this Lease, then
LESSEE will pay to LESSOR two (2) times the monthly rent paid in the final
month of LESSEE’S term hereunder for each month that LESSEE holds over; (in
addition, LESSEE shall pay all damages that LESSOR may suffer on account of
LESSEE’S failure to so surrender to LESSOR possession of said Leased Premises,
and will indemnify and save LESSOR harmless from and against all claims made by
a succeeding tenant of said Leased Premises against LESSOR on account of delay
of LESSOR in delivering possession of said Leased Premises to said succeeding
tenants so far as such delay is occasioned by failure of LESSEE to so surrender
said Leased Premises in accordance herewith or otherwise.)

 

No receipt of money by LESSOR from
LESSEE after termination of this Lease or the service of any notice of
commencement of any suit of final judgment for possession shall reinstate,
continue or extend the term of this Lease or affect any such notice, demand, suit
or judgment.

 

No act or thing done by LESSOR or its
agents during the term hereby granted shall be deemed an acceptance of a
surrender of the Leased Premises and no agreement to accept a surrender of the
Leased Premises shall be valid unless it be made in writing and subscribed by a
duly authorized officer or agent of LESSOR.

 

35. TAXES ON LESSEE’S PERSONAL
PROPERTY: LESSEE shall be responsible for and pay before delinquency all
municipal, county or state taxes assessed during the term of this Lease against
any occupancy interest or personal property of any kind, owned by or placed in,
upon or about the Leased Premises by the LESSEE.

 

36. PRIOR OCCUPANCY: If LESSEE,
with LESSOR’S consent, shall occupy the Leased Premises prior to the beginning
of the Lease Term specified in Paragraph 2 hereof, all provisions of this Lease
shall be in full force and effect commencing upon such occupancy, (and rent for
such period shall be paid by LESSEE at the same rate herein specified.)

 

37. SIGNS: LESSOR shall have
the right to install signs on the interior or exterior of the Building and
Leased Premises and/or change the Building’s name or street address. For
installation of signs by LESSEE, see Rules and Regulations. LESSEE does not
have any right to and shall not install any sign on the exterior of the
Building.

 

39. SHORT FORM LEASE: LESSEE
shall, if so required by LESSOR any time, execute a short form Lease in
recordable form setting forth the name of the Parties, the Term of the Lease
(stating declaration of commencement of Lease Term called for in Paragraph 2),
and the description of the Leased Premises.

 

39 . WAIVER OF TRIAL BY JURY:
It is mutually agreed by and between LESSOR and LESSEE that the respective
Parties hereto shall and they hereby do waive trial by jury in any action,
proceeding or counterclaim brought by either of the Parties hereto against the
other on any matter arising out of or in any way connected with this Lease, the
relationship of LESSOR and LESSEE and LESSEE’S use of or occupancy of the
Premises. LESSEE further agrees that it shall not interpose any counterclaim or
counterclaims in a summary proceeding or in any action

 

6

 

based upon non-payment or rent or any other payment
required of LESSEE hereunder.

 

40. DEFAULT UNDER OTHER LEASE:
If the terms of any lease, other than this Lease, made by LESSEE for any other
space in this Building shall he terminated or terminable after the making of
this Lease because of any default by LESSEE under such other Lease, such
default shall, ipso facto, constitute a default hereunder and empower LESSOR,
at LESSOR’S sole option, to terminate this Lease as herein provided in the
event of default. A default under any other Lease between LESSOR and LESSEE by
LESSOR shall also constitute a default under this lease.

 

41. SEVERABILITY: If any term,
provision, covenant or condition of this Lease or the application thereof to
any person or circumstance shall, to any extent be invalid or unenforceable,
the remainder of this Lease, or the application of such terms, provisions,
covenant or condition to persons or circumstances other than those as to which
it is held invalid or unenforceable shall not be affected thereby and each
term, provisions, covenant or condition of this Lease shall be valid and be
enforceable to the fullest extent permitted by law. This Lease shall be
construed in accordance with the laws of the State of Florida.

 

42. TIME: It is understood and
agreed between the Parties hereto that time is of the essence of all the terms,
provisions, covenants and conditions of this Lease. Whenever the consent of
LESSEE or LESSOR shall be required hereunder such consent shall not be
unreasonably withheld or delayed.

 

43 TENDER AND DELIVERY OF LEASE
INSTRUMENT: Submission of this instrument for examination does not constitute
an offer, right of first refusal, reservation of or option for the Leased
Premises or any other space or premises in, on or about the Building. This
instrument becomes effective as a Lease upon execution and delivery by both
LESSOR and LESSEE.

 

44. WRITTEN AGREEMENT: This
Lease contains the entire agreement between the Parties hereto and all previous
negotiations leading thereto, and it may be modified only by an agreement in
writing signed and sealed by LESSOR and LESSEE. No surrender of the Leased Premises
or of the remainder of the terms of this Lease shall be valid unless accepted
by LESSOR in writing. LESSEE acknowledges and agrees that LESSEE has not relied
upon any statement, representation, prior written or prior or contemporaneous
oral promises, agreements or warranties except such as are expressed herein.

 

45. RADON GAS: Radon is a
naturally occurring 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. Levels of Radon that exceed Federal and State guidelines have
been found in buildings in Florida. Additional information regarding Radon and
Radon testing may be obtained from your County Public Health Unit.

 

46. CONSTRUCTION: This Lease
shall be construed in accordance with the laws of the State of Florida, with
venue laid in Palm Beach County, Florida.

 

47. DRUG FREE ENVIRONMENT:
LESSEE acknowledges that it understands that LESSOR wishes to promote a Drug
Free working environment and LESSEE will do all that it can to keep illegal
drugs, chemical substances and paraphernalia from the property. A knowing and
willful violation of this policy may, at the discretion of the LESSOR, be
considered grounds for the termination of this Lease.

 

48. OPTION TO RENEW: Provided
the LESSEE is not in default under any of the terms and conditions of this
Lease, LESSEE shall have the option to extend this lease for one additional 5
year term provided LESSEE notifies LESSOR on/or before January 1, 2006 that
LESSEE is exercising its option to extend. Should LESSEE exercise said option
to extend all of the terms and conditions of this lease shall remain the same,
except for this Option to Renew, and the annual rental shall continue to
increase as set forth herein on an annual basis.

 

IN WITNESS WHEREOF, the Parties hereto
have signed, and delivered this Lease in triplicate at Palm Beach County,
Florida on the day and year first above written.

 

 

	
   

  	
   

  	
  LESSEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AmComp Preferred InsCo.

  
	
  WITNESSES:

  	
   

  	
  a Florida Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  12/31/01

  	
   

  
							

 

 

7

 

 

	
   

  	
   

  	
  LESSOR:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  701 U.S. ONE, INC.

  
	
  WITNESSES:

  	
   

  	
  A Florida Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  [ILLEGIBLE]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
							

 

 

 

 

EXHIBITS:

1. Exhibit A - Floor Plan of Leased Premises

2. Exhibit B - Rules and Regulations

 

f:\docs\jwg\leases\pinnacle master lease

 

 

8

 

EXHIBIT “A”

SECOND FLOOR

 

                Suites
200-01

 

THIRD FLOOR:

 

                Suites
303, 304, 306 and 308

 

FOURTH FLOOR:

 

                Suite
400

 

 

 

9

 

RULES AND
REGULATIONS

EXHIBIT “B”

 

The following Rules and Regulations,
hereby accepted by LESSEE, are prescribed by LESSOR to enable LESSOR to
provide, maintain, and operate, to the best of LESSOR’S ability, orderly, clean
and desirable premises, building and parking facilities for the LESSEES therein
at as economical a cost as reasonably possible and in as efficient a manner
reasonably possible, to assure security for the protection of LESSEES so far as
reasonably possible, and to regulate conduct in and use of said Premises,
building and parking facilities in such manner as to minimize interference by
others in the proper use of same by LESSEE.

 

1. LESSEE, its officers, agents,
servants and employees shall not block or obstruct any of the entries,
passages, doors, elevators, elevator doors, hallways or stairways of building
or garage or place, empty or throw any rubbish, litter, trash or material of
any nature into such areas, or permit such areas to be used at any time except
for ingress or egress of LESSEE, its officers, agents, servants, employees,
patrons, licensees, customers, visitors or invitees.

 

2. No sign, door plaque, advertisement
or notice shall be displayed, painted or affixed by LESSEE, its officers,
agents, servants, employees, patrons, licensees, customers, visitors or
invitees in or on any part of the inside of building, parking facilities or
Leased Premises without prior written consent of LESSOR and then only of such
color, size, character, style and material and in such places as shall be
approved and designated by LESSOR. Signs on doors and entrances to Leased
Premises shall be placed thereon by a contractor designated by LESSOR and paid
for by LESSEE. LESSOR shall have the right to install signs on the interior or
exterior of the Building and Leased Premises and/or change the Building’s name
or street address. For installation of signs by LESSEE, see Rules and
Regulations. LESSEE does not have any right to and shall not install any sign
on the exterior of the Building.

 

3. LESSOR will maintain a Directory
Board on the ground floor lobby of the building containing one name for each
LESSEE. Additional listing will be limited to only those required by law or to
those approved by LESSOR.

 

4. LESSOR will not be responsible for
lost or stolen personal property, equipment, money or any article taken from
Leased Premises, building or parking facilities regardless of how or when loss
occurs.

 

5. LESSEE, shall not bring into
building any inflammable fluids or explosives.

 

6. LESSEE, its officers, agents,
servants, or employees shall not use Leased Premises, building or parking
facilities for housing, lodging or sleeping purposes. Cooking or preparation of
food and refrigeration will be permitted in the existing employees kitchen and
lounge area.

 

7. LESSEE, its officers, agents,
servants, employees, patrons, licensees, customers, visitors or invitees shall
not bring into parking facilities, building or Leased Premises or keep on
Leased Premises any fish, fowl, reptile, insect or animal or into the building
any bicycle or other vehicle, except baby carriages or wheelchairs, without the
prior written consent of LESSOR.

 

8. No additional locks shall be placed
on any door in building without the prior written consent of LESSOR. LESSOR
will furnish two keys to each lock on doors in the Leased Premises and LESSOR,
upon request of LESSEE, shall provide additional duplicate keys at LESSEE’S
expense. LESSOR may at all times keep a pass key to the Leased Premises. All
keys shall be returned to LESSOR promptly upon termination of this Lease.

 

9. LESSEE, its officers, agents,
servants, or employees shall do no painting or decorating in Leased Premises;
or mark, paint or cut into, nor in any way deface any part of Leased Premises
or building without the prior written consent of LESSOR. If LESSEE desires
signal, communication, alarm or other utility or service connection installed
or changed, such work shall be done at expense of LESSEE with the approval and
under the direction of LESSOR.

 

10. LESSOR reserves the right to close
building at 7:00 p.m., subject, however, to LESSEE’S right to 24 hour access
and to require that person(s) entering the building identify themselves and
establish their right to enter or to leave the building.

 

11. LESSEE, its officers, agents,
servants and employees shall not permit the operation of any musical or sound
producing instruments or device which may be heard outside Leased Premises,
building or parking facilities, or which may emanate electrical waves which
will impair radio or televisions broadcasting or reception from or in building.

 

12. LESSEE, its officers, agents,
servants and employees shall, before leaving Leased Premises unattended, close
and lock all doors and shut off all utilities; damages resulting from failure
to do so shall be paid by LESSEE. Each LESSEE, before the closing of the day
and leaving said Leased Premises, shall see that all doors are locked.

 

13. All plate and other glass now in
Leased Premises or building which is broken through cause attributable to
LESSEE, its officers, agents, visitors or invitees shall be replaced by and at
expense of LESSEE under the direction of LESSOR.

 

14. LESSEE shall give LESSOR prompt
notice of all accidents to or defects in air conditioning equipment, plumbing,
electric facilities or any part or appurtenance of Leased Premises.

 

15. The plumbing facilities shall not
be used for any other purpose than that for which they are constructed, and no
foreign substance of any kind shall be thrown therein, and the expense of any
breakage, stoppage, or damage resulting from a violation of this provision
shall be borne by LESSEE who shall, or whose officers, employees, agents,
servants, patrons, customers, licensees, visitors, or invitees shall have
caused it.

 

16. No showcases or other articles
shall be put in front of or affixed to any part of the exterior of the
building, nor placed in the halls, corridors or vestibules without the prior
written consent of LESSOR.

 

10

 

17. Glass panel doors that reflect or
admit light into the passageways or into any place in the building shall not be
covered or obstructed by the LESSEE and LESSEE shall not permit, erect and/or
place drapes, furniture, fixtures, shelving, display cases or tables, lights or
signs and advertising devices in front of or in proximity or interior and
exterior windows, glass panels, or glass doors providing a view into the
interior of the Leased Premises unless same shall have first been approved in
writing by LESSOR.

 

18. No space in the building or
parking facilities shall, without the prior written consent of LESSOR, be used
for manufacturing, public sales, or for the sale of merchandise, goods or
property of any kind, or auction.

 

19. Canvassing, soliciting and
peddling in the building or parking facilities is prohibited and each LESSEE
shall cooperate to prevent the same. In this respect, LESSEE shall promptly
report such activities to the Building Manager's office.

 

20. There shall not be used in any
space, or in the public halls of the buildings, either by any LESSEE or by
jobbers or others, in the delivery or receipt of merchandise, any hand trucks,
except those equipped with rubber tires and side guards.

 

21. Neither LESSEE nor any officer,
agent, employee, servant, patron, customer, visitor, licensee or invitee of any
LESSEE shall go upon the roof of the building without the written consent of
the LESSOR.

 

22. LESSEE shall not place any waste,
trash, crates, boxes, etc., in the public hallways or any areas of the building
or parking facilities. LESSEE shall insure that all wastes from Leased Premises
are disposed of by placing them in the appropriate trash receptacles.

 

23. LESSEES are cautioned in
purchasing furniture and equipment that the size is limited to such as can be
placed on the elevator and will pass through the doors of the Leased Premises.
Large pieces should be made in parts and set up in the Leased Premises.

 

24. LESSEE will be responsible for any
ordinary damage to the Leased Premises, including carpeting and flooring, as a
result of: rust or corrosion of file cabinets; roller chairs; metal objects;
or, spills of any type of liquid.

 

25. If the Premises demised to any
LESSEE become infested with vermin, such LESSEE, at its sole cost and expense,
shall cause its premises to be exterminated from time to time, to the
satisfaction of LESSOR, and shall employ such exterminators therefor as shall
be approved by LESSOR.

 

26. LESSEE shall not install any
antenna or aerial wires, or radio or television equipment, or any other type of
equipment, inside or outside of the building, without LESSOR’S prior approval
in writing and upon such terms and conditions as may be specified by LESSOR in
each and every instance.

 

27. LESSEE shall not make or permit
any use of Leased Premises, building or parking facilities which, directly or
indirectly, is forbidden by law, ordinance or governmental or municipal
regulation, code or order, or which may be disreputable, or which may be
dangerous to life, limb or property.

 

28. LESSEE shall not advertise the
business, profession or activities of LESSEE in any manner which violates the
letter or spirit of any code or ethics adopted by any recognized association or
organization pertaining therein, or use the name of the building for any
purpose other than that of the business address of LESSEE, or use any picture
or likeness of building or the building name in any letterheads, envelopes,
circulars, notices, advertisements, containers or wrapping material, without
LESSOR’S express consent in writing.

 

29. LESSEE, its officers, agents,
employees, servants, patrons, customers, licensees, invitees and visitors shall
not solicit business in the building’s parking facilities or common areas, nor
shall LESSEE distribute any handbills or other advertising matter in
automobiles parked in the building’s parking facilities.

 

30. LESSEE shall not conduct its
business and/or control of its officers, agents, employees, servants, patrons,
customers, licensees, and visitors in such manner as to create any nuisance, or
interfere with, annoy or disturb any other tenant or LESSOR in its operation of
the building or commit waste or suffer or permit waste to be committed in
Leased Premises, building or parking facilities.

 

31. LESSEE shall permit LESSOR, or its
agent, to enter Premises upon notice to LESSEE to make inspections, repairs,
alterations or additions in or to Leased Premises or building, and at any time
in event of emergency permit LESSOR to perform any acts related to the safety,
protection, preservation, reletting, or improvement of Leased Premises or
building.

 

32. Janitorial services will be
provided by LESSEE.

 

 

11

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