Document:

Form of Investors Agreement among Sunstone Hotel Investors, Inc.

 EXHIBIT 10.13 
  
 INVESTORS AGREEMENT 
  
 This INVESTORS AGREEMENT (this “Agreement”), is made and entered into as of
                         , 2004, among Sunstone Hotel Investors, Inc., a Delaware corporation (the “Company”), Sunstone
Hotel Investors, L.L.C. a Delaware limited liability company (“Sunstone Hotel Investors”), Sunstone/WB Hotel Investors IV, LLC, a Delaware limited liability company (“Sunstone/WB Hotel Investors IV”), WB Hotel Investors, LLC, a
Delaware limited liability company (“WB Hotel Investors”) and Sunstone/WB Manhattan Beach, LLC, a Delaware limited liability company (“Sunstone/WB Manhattan Beach”). Each of Sunstone Hotel Investors, Sunstone/WB Hotel Investors
IV, WB Hotel Investors and Sunstone/WB Manhattan Beach is referred to as an “Investor” and they are collectively referred to as the “Investors”. 
  
 WHEREAS, concurrently with the execution of this Agreement, the Company will effect an initial public offering of shares of
its common stock; and 
  
 WHEREAS, the Company and the Investors
desire to establish in this Agreement certain terms and conditions concerning the corporate governance of the Company. 
  
 NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 As used in this Agreement, the following terms shall have the following respective meanings: 
  
 “Aggregate Stock Ownership Limit” has the meaning set forth in the Charter. 
  
 “Board of Directors” means the Board of Directors of the Company.

  
 “Capital Stock” has the meaning set forth in the
Charter. 
  
 “Charter” means the Amended and Restated
Charter of the Company. 
  
 “Common Stock Ownership
Limit” has the meaning set forth in the Charter. 
  
 “Director” means a member of the Board of Directors. 
  
 “Excepted Holder Limit” has the meaning set forth in the Charter. 
  
 “Investor Director” means a Director who is designated for such position by the Investors in accordance with Section 2.1. 
  
 “Investors’ Percentage Interest” means the percentage determined by dividing (i) the Shares by (ii) the
outstanding shares of common stock of the Company, including shares of 

 common stock owned by the Investors, and the shares of common stock issuable upon conversion of Membership Units.

  
 “Membership Units” means membership units in the
Partnership. 
  
 “Nominating and Corporate Governance
Committee” means the Nominating and Corporate Governance Committee of the Board of Directors or the Board of Directors or other committee of the Board of Directors who has the authority to nominate directors for election. 
  
 “Partnership” means Sunstone Hotel Partnership, LLC, a Delaware
limited liability company. 
  
 “Shares” means the shares
of common stock owned or issuable upon conversion of Membership Units owned by the Investors. Shares do not include shares of common stock or Membership Units acquired after the date of this Agreement other than upon conversion of Membership Units
owned by the Investors on the date of this Agreement. Shares do include any other securities that subsequently may be issued or issuable by the Company as a result of a stock split or dividend or similar transaction involving the Shares and any
securities into which the Shares may thereafter be changed or exchanged as a result of the reincorporation of the Company or merger, consolidation, recapitalization or similar transaction. 
  
 “Transfer” has the meaning set forth in the Charter. 
  
 ARTICLE II 
  
 CORPORATE GOVERNANCE 
  
 Section 2.1 Composition of the Board of Directors. The composition of
the Board of Directors and manner of selecting members thereof shall be as follows: 
  
 (a) The Board of Directors shall be comprised of seven Directors. Such number of Directors shall be increased only in accordance with the Charter and the bylaws of the Company and Section 2.1(h) hereunder. 

 
 (b) Except as otherwise provided herein, the Directors shall be nominated
as follows (it being understood that such nomination shall include any nomination of any incumbent Director for reelection to the Board of Directors): 
  
 (i) the Investors shall have the right to designate two Investor Directors, each of whom shall be nominated by the Nominating and Corporate Governance
Committee; and 
  
 (ii) the Nominating and Corporate Governance
Committee shall nominate the remaining Directors. 
  
 (c)
Notwithstanding anything in the foregoing paragraph (b) to the contrary, (i) if at any time the Investors’ Percentage Interest is less than 20% but at least 10%, the 
  

 2 

 Directors shall be nominated as set forth in such paragraph (b) except the Investors shall have the right to designate
one Investor Director and (ii) if at any time the Investors’ Percentage Interest is less than 10%, the Investors shall have no right to designate any Investor Directors and the Nominating and Corporate Governance Committee shall nominate all
the Directors. 
  
 (d) Each Director nominated as provided above
shall be included in the Company’s Notice of Meeting and Nominees for any election of Directors, which shall include only one nominee for each Director position subject to election, and shall be deemed nominated by or at the direction of the
Board of Directors pursuant to the bylaws of the Company. 
  
 (e)
The Investors and the Nominating and Corporate Governance Committee, respectively, shall have the right to designate any replacement for a Director designated for nomination or nominated in accordance with this Section 2.1 by the Investors or the
Nominating Committee, respectively, upon the death, resignation, retirement, disqualification or removal from office of such Director. The Board of Directors shall elect each person so designated to fill the vacancy. 
  
 (f) In the event that the number of Investor Directors on the Board of
Directors is less than the number that the Investors have the right (and wish) to designate pursuant to this Section 2.1, the Company shall take all necessary action to create sufficient vacancies on the Board of the Company to permit the Investors
to designate the full number of Investor Directors which they are entitled (and wish) to designate pursuant to this Section 2.1 (such action to include seeking the resignation or removal of Directors, expanding the size of the Board of Directors or,
at the request of the Investors, calling a special meeting of the shareholders of the Company for the purpose of removing Directors to create such vacancies to the extent permitted by applicable law). Upon the creation of any vacancy pursuant to the
preceding sentence, the Investors shall designate the person to fill such vacancy in accordance with this Section 2.1 and the Board of Directors shall elect each person so designated. 
  
 (g) In the event that the number of Investor Directors on the Board of Directors exceeds the number that the Investors have
the right (and wish) to designate pursuant to this Section 2.1, the Investors shall, if requested by the Board of Directors (not including the Investor Directors), take all appropriate action to cause to resign that number of Investor Directors as
is required to make the remaining number of such Investor Directors conform to this Section 2.1. 
  
 (h) In the event the number of Directors on the Board of Directors is increased, the number of Directors that the Investor Directors shall have the right
to designate pursuant to Section 2.1(b) shall be the total number of Directors on the Board of Directors multiplied by 0.2857, rounded to the nearest whole number, and the number of Directors that the Investor Directors shall have the right to
designate pursuant to Section 2.1(c)(i) shall be the total number of Directors on the Board of Directors multiplied by 0.1429, rounded to the nearest whole number. In the event the number of Directors on the Board of Directors is decreased, the
number of Directors that the Investor Directors shall have the right to designate pursuant to Section 2.1(b) and Section 2.1(c) shall not change. 
  

 3 

 Section 2.2 Solicitation and Voting of Shares. 
  
 (a) The Company shall use its best efforts, consistent with the fiduciary
duties of the Directors, to solicit from the stockholders of the Company eligible to vote for the election of Directors proxies (i) in favor of the nominees selected in accordance with Section 2.1, (ii) in favor of removal of any Director as
contemplated by Section 2.1(g) and (iii) otherwise against the removal of any Director designated in accordance with Section 2.1. 
  
 (b) In any election of Directors or any meeting of the stockholders of the Company called expressly for the removal of Directors, so long as the Board of
Directors includes (and will include after any such removal) the number of Investor Directors contemplated by Section 2.1, the Investors shall be present for purposes of establishing a quorum and shall vote all their shares of common stock (i) in
favor of the nominees selected in accordance with Section 2.1, (ii) in favor of removal of any Director as contemplated by Section 2.1(g) and (iii) otherwise against the removal of any Director designated in accordance with Section 2.1. In any other
matter submitted to a vote of the stockholders of the Company, the Investors may vote any or all of their shares in their sole discretion. 
  
 (c) The Company and the Investors, as stockholders of the Company, agree that they will take all actions reasonably within their control as necessary to
effect the provisions of this Agreement and will not take any actions, including amending the Charter or bylaws of the Company, that would affect the ability or process for Investors to nominate directors pursuant to this Agreement. 
  
 Section 2.3 Investor Director Information. Each Investor Director
shall provide to the Company (a) the name, age, business address and residence address of such individual, (b) the class, series and number of any shares of stock of the Company that are beneficially owned by such individual and (c) all other
information relating to such individual that is required to be disclosed in solicitations of proxies for election of directors in an election contest (even if a contest is not involved), or otherwise required, in each case pursuant to Regulation 14A
(or any successor provision) under the Securities Exchange Act of 1934 and the rules thereunder (including such individual’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected).

  
 ARTICLE III 
  
 EXCEPTED HOLDER LIMIT 
  
 Section 3.1 Excepted Holder Limit. The Company, acting through its
board of directors, has approved an exemption from the Aggregate Stock Ownership Limit and the Common Stock Ownership Limit set forth in the Charter for the Investors. Effective as of the date hereof, the Investors shall be treated as an Excepted
Holder, and shall be subject in the aggregate to an Excepted Holder Limit of          percent. 
  

 4 

 Section 3.2 Modification of Excepted Holder Limit. Subject to the limitations provided in Sections
7.2.1(a)(ii) and 7.2.8 of the Charter, the Excepted Holder Limit for the Investors shall be modified as follows: 
  
 (a) The Excepted Holder Limit for the Investors shall be reduced after any Transfer permitted in Article VII of the Charter by the Investors by the
percentage of the outstanding shares of Capital Stock so Transferred, but the Excepted Holder Limit for the Investors shall not be reduced to a percentage which is less than the Common Stock Ownership Limit. 
  
 (b) Upon the issuance by the Company of any Capital Stock, the Excepted
Holder Limit for the Investors shall be reduced to the percentage of the outstanding shares of Capital Stock held by the Investors immediately after such issuance, but the Excepted Holder Limit for the Investors shall not be reduced to a percentage
which is less than the Common Stock Ownership Limit. 
  
 (c) Upon
the repurchase by the Company of any Capital Stock, the Excepted Holder Limit for the Investors shall be increased to the percentage of the outstanding shares of Capital Stock held by the Investors immediately after such repurchase. 
  
 (d) Prior to the modification of the Excepted Holder Limit for the Investors
pursuant to this Section 3.2, the Board of Directors may require such opinions of counsel, affidavits, undertakings or agreements as it may deem necessary or advisable in order to determine or ensure the Company’s status as a REIT (as defined
in the Charter). 
  
 Section 3.3 Representations. The
exception described in Section 3.1 above is subject to the present and continuing accuracy of the following facts and representations: 
  
 (a) No individual, within the meaning of Section 542(a)(2) of the Internal Revenue Code of 1986, as amended, or any successor statute (the
“Code”), as modified for purposes of the REIT ownership requirements by Section 856(h)(3)(A) of the Code (an “Individual”), directly, indirectly or constructively owns, applying the constructive ownership rules contained in
Section 544 of the Code, as modified for REIT purposes by Section 856(h)(1) of the Code (“Owns”), an interest of more than 9.8 percent in the Investors. 
  
 (b) No Individual Owns, through the Investors, an interest in any or all classes or series of capital stock of the Company
of more than 9.8 percent. 
  
 (c) To the knowledge and belief of
the Investors, the Investors do not Own more than a 9.8 percent interest in any tenant of a property in which the Company holds any direct or indirect equity interest. 
  
 In addition, as a condition to the Investors’ continued treatment as an Excepted Holder subject to an Excepted Holder
Limit, the Investors agree to confirm, from time to time, their ownership interests, if any, upon request, in (i) tenants of properties in which the Company holds a direct or indirect interest, (ii) any entity that directly, beneficially or
constructively owns any interest in the Company, and (iii) any entity directly, beneficially or constructively owned or controlled by the Company. 
  

 5 

 The exception described in this Article III: (i) relates solely to the Aggregate Stock Ownership Limit
and Common Stock Ownership Limit for purposes of applying Section 7.2.1(a)(i) of the Charter, and does not affect the application of any other limitations contained in the Charter, and (ii) relates only to shares of stock of the Company that are
owned directly by the Investors, and does not affect the application of the Aggregate Stock Ownership Limit or the Common Stock Ownership Limit to shares of stock of the Company that are owned through any other chain. To the extent that any of the
representations set forth above cease to be true at any time, shares of the Company’s stock Owned by the Investors may be automatically transferred to a trust to the extent provided by Sections 7.2.1(b), 7.2.7(a)(iii), and 7.3 of the Charter.

  
 ARTICLE IV 
  
 OTHER MANAGEMENT RIGHTS 
  
 Section 4.1 General. In order to ensure that the Investors may
substantially participate in, or substantially influence the conduct of, the management of the Company and the Partnership, and are therefore considered to have “management rights” within the meaning of United States Department of Labor
Regulation 29 C.F.R. Section 2510.3-101(d)(3)(ii) with respect to their investments in the Shares and the Membership Units, the parties hereby agree as provided in this Article IV. 
  
 Section 4.2 Management Rights. The Company agrees that for so long as the Investors’ Percentage Interest is at
least 10%, the Company shall: 
  
 (a) Provide each Investor or its
designated representative with: 
  
 (i) as soon as available and
in any event within forty-five (45) days after the end of the first three quarters of each fiscal year of the Company, consolidated balance sheets of the Company and its subsidiaries as of the end of such period, and consolidated statements of
income and cash flows of the Company and its subsidiaries for such period, prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, and subject to the
absence of footnotes and to year-end adjustments; 
  
 (ii) as soon
as available and in any event within one hundred and twenty (120) days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries as of the end of such year, and consolidated statements of
income and cash flows of the Company and its subsidiaries for the year then ended, prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, together
with an auditor’s report thereon of a firm of established national reputation; 
  
 (iii) to the extent the Company is required by law or pursuant to the terms of any outstanding indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and other periodic reports
pursuant to Section 13 or 15(d) of the 
  

 6 

 Securities Exchange Act of 1934 actually prepared by the Company as soon as available, which shall be deemed to satisfy
clauses (i) and (iii); and 
  
 (iv) true and correct copies of all
other documents, reports, financial data and other information as the Investor may reasonably request with respect to the business and operations of the Company and the Partnership. 
  
 (b) Permit each Investor or its designated representative to visit and inspect any of the offices or other properties of the
Company or any of its subsidiaries, to inspect the books of account of the Company or any subsidiary, and to discuss the affairs, finances and accounts of the Company or any subsidiary with its officers, all at such times during normal business
hours as the Investor may reasonably request and upon reasonable notice. 
  
 (c) Permit each Investor or its designated representative to consult with appropriate officers and/or directors of the Company and its subsidiaries, at such times as reasonably requested by the Investor from time to
time upon reasonable notice, with respect to all matters relating to the business and operations of the Company and its subsidiaries, and to make recommendations with respect thereto. 
  
 Section 4.3 Company Retains Discretion. The Company agrees to consider, in good faith, the recommendations of the
Investor or its designated representative in connection with the matters on which it is consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company. 
  
 Section 4.4 Confidentiality. The Investor agrees, and will require
each designated representative of the Investor to agree, to hold in confidence and not use or disclose to any third party (other than its legal counsel and accountants) any confidential information provided to or learned by such party in connection
with the Investor’s rights under this Agreement. 
  
 ARTICLE V 
  
 MISCELLANEOUS 
  
 Section 5.1 Amendment; Termination. This Agreement may be amended,
modified or supplemented but only in writing signed by each of the parties hereto. This Agreement shall terminate when the Investors no longer own any Shares. 
  

Section 5.2 Notices. Any notice, request, instruction or other document to be given hereunder by a party hereto shall be in writing and shall be
deemed to have been given, (a) when received if given in person or by courier or a courier service, (b) on the date of transmission if sent by facsimile or (c) three business days after being deposited in the U.S. mail, certified or registered mail,
postage prepaid: 
  

 7 

 If to the Company, addressed as follows: 
  
 903 Calle Amanecer, Suite 100 
 San Clemente, California 92673 
 Attention: Jon D. Kline 
 Facsimile No.: (949) 369-4110 
  
 with a copy to: 
  
 Sullivan & Cromwell LLP 
 1888 Century
Park East 
 Los Angeles, California 90067 
 Attention: Alison S. Ressler and Steven B. Stokdyk 
 Facsimile No.: (310) 712-8800 
  
 If to the Investors, addressed as follows: 
  
 LB 54, Suite 2400 
 13155 Noel Road 
 Dallas, Texas 75240

 Attention: Patrick K. Fox 
 Facsimile No: (972) 934-8333 
  
 or to such other individual or address
as a party hereto may designate for itself by notice given as herein provided. 
  
 Unless otherwise specified, the Company may presume that any notice provided by any Investor is made on behalf of all Investors and, unless otherwise agreed by the Company, all actions and obligations of the Investors
shall be jointly as a group on a pro rata basis based on the number of Shares owned by such Investors. 
  
 Section 5.3 Waivers. The failure of a party hereto at any time or times to require performance of any provision hereof shall in no manner affect
its right at a later time to enforce the same. No waiver by a party of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless in writing, and no waiver in any one or
more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term, covenant, representation or warranty. 
  
 Section 5.4 Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 Section 5.5 Interpretation. The headings preceding the text of Articles and Sections included in this Agreement are for convenience only and shall
not be deemed part of this Agreement or be given any effect in interpreting this Agreement. The use of the masculine, feminine or neuter gender herein shall not limit any provision of this Agreement. The use of the terms “including” or
“include” shall in all cases herein mean “including, without limitation” or 
  

 8 

 “include, without limitation,” respectively. Underscored references to Articles, Sections or Subsections shall
refer to those portions of this Agreement. 
  
 Section 5.6
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 
  
 Section 5.7 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. In the event that any transferee of any Investor shall acquire Shares of that Investor, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further
writing or action of any kind, be entitled to receive the benefits of and, if applicable, be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement. 
  
 Section 5.8 No Third Party Beneficiaries. This Agreement is solely for
the benefit of the parties hereto and no provision of this Agreement shall be deemed to confer upon any third parties any remedy, claim, liability, reimbursement, cause of action or other right. 
  
 Section 5.9 Severability. If any provision of this Agreement shall be
held invalid, illegal or unenforceable, the validity, legality or enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision
as similar as possible to the provision at issue. 
  
 Section 5.10
Entire Understanding. This Agreement sets forth the entire agreement and understanding of the parties hereto with respect to the matters set forth herein and supersedes any and all prior agreements, arrangements and understandings among the
parties. 
  
 Section 5.11 Specific Performance. Each of the
parties acknowledges that the obligations undertaken by it pursuant to this Agreement are unique and that the other parties will not have an adequate remedy at law if it shall fail to perform any of its obligations hereunder, and each party
therefore confirms that the right of each other party hereto to specific performance of the terms of this Agreement is essential to protect the rights and interests of such parties. Accordingly, in addition to any other remedies that the parties may
have at law or in equity, each party shall have the right to have all obligations, covenants, agreements and other provisions of this Agreement specifically performed by each other party, and shall have the right to obtain preliminary and permanent
injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement by each other party. 
  
 Section 5.12 Reorganization. In connection with any merger, consolidation, sale of all or substantially all of the Company’s assets, the
Company will use its best efforts to take such actions, or to cause the other party to such transaction to take such actions, to ensure that the parties hereto have, immediately after consummation of such transaction, substantially the same rights
in respect of such other Person or the Company, as applicable, as they may have immediately prior to consummation of such transaction in respect of the Company under this Agreement. 
  
 * * * * * 
  

 9 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date and year first above
written. 
  

			
	 SUNSTONE HOTEL INVESTORS, INC.

		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	 SUNSTONE HOTEL INVESTORS, L.L.C.

		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	 SUNSTONE/WB HOTEL INVESTORS IV, LLC

		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	 WB HOTEL INVESTORS, LLC

		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:
	
	 SUNSTONE/WB MANHATTAN BEACH, LLC

		
	 By:
	 	 
	 	 	

	 	 	Name:
	 	 	Title:

  

 10Brisbane Lease

					
	 	  	 	  	EXHIBIT 10.1
			
	 QUEENSLAND LAND REGISTRY
	  	LEASE/SUB LEASE	  	 Form 7 Version 5

	 Land Title Act 1994, Land Act 1994 and Water Act 2000
	  	 	  	 Page 1 of 37

  

			
	 Dealing Number
	 	Duty Imprint

  

			
	 Privacy Statement
 The information from this form
is collected under the authority of the Land Title Act 1994 the Land Act 1994 and the Water Act 2000 and is used for the purpose of maintaining the publicly searchable registers in the land registry and the water
register.
	 	 

  

									
	 1.
	 	 Lessor
 MASINELLO HOLDINGS PTY LTD A.C.N. 010 312 964
	  	Lodger (Name, address & phone number)	  	 Lodger
 Code    

  

									
	 2.
	 	 Lot on Plan Description
 LOT 14 ON RP 806892
	  	 County
 STANLEY
	  	 Parish
 TOOMBUL
	  	             Title Reference
             18359093

	

	 3.
	 	 Lessee            Given names
	  	 Surname/Company name and number
  
 VISION GATEWAY PTY LTD A.C.N. 098 530 879
	  	(include tenancy if more than one)

									
	 4.
	 	 Interest being leased
 FEE SIMPLE
	  	 
	

	 5.
	 	 Description of premises being leased
 PART OF THE FIRST FLOOR AS SHOWN ON THE ATTACHED PLAN

	

	 6.
	 	 Term of lease
 Commencement date:    15  /  02  /  2004
 *Expiry date:    14   /  02  /  2007
 **Options on page 3 ...............
 *not required for leases in a retirement village **insert nil if no option
	  	7.	  	 Rental/Consideration
  
 SEE ATTACHED SCHEDULE
	  	 
	

	 8.
	 	 Grant/Execution

 The Lessor leases the premises described in item 5 to the Lessee for the term stated in item 6 subject to the
covenants and conditions contained in:- #the attached schedule; #the attached schedule and document no. ..................; #document no. ..................; *Option in registered Lease no. .................. has not been exercised.

 # * delete inapplicable words 
  
 Witnessing officer must be aware of his/her obligations under section 162 of the Land Title Act 1994 
  

					
	 Witnessing Officer
	  	Execution Date	  	Lessor’s Signature
			
	 .................................................... signature
	  	    /    /    	  	 
			
	 .................................................... full name
	  	 	  	 
			
	 .................................................... qualification
	  	 	  	SEE ATTACHED SCHEDULE  ..........
	 (Witnessing officer must be in accordance with Schedule 1 of Land Title Act 1994 eg Legal Practitioner, JP, C
Dec)

									
	 9.
	 	 Acceptance

 The lessee accepts the lease and acknowledges the amount payable or other considerations for the lease. 

 

					
	 Witnessing Officer
	  	Execution Date	  	Lessee’s Signature
			
	 .................................................... signature
	  	    /    /    	  	 
			
	 .................................................... full name
	  	 	  	 
			
	 .................................................... qualification
	  	 	  	SEE ATTACHED SCHEDULE  ..........
	(Witnessing officer must be in accordance with Schedule 1 of Land Title Act 1994 eg Legal Practitioner, JP, C Dec)

  

					
	 QUEENSLAND LAND REGISTRY
	  	 SCHEDULE
	  	 Form 20 Version 2

	 Land Title Act 1994, Land Act 1994 and Water Act 2000
	  	 	  	 Page 2 of 37

  
 Title Reference
18359093 
  

 Witnessing
officer must be aware of his/her obligations under section 162 of the Land Title Act 1994 
  

					
	Witnessing Officer Execution
Date                                       
 Lessor’s Signature
	  
 ....................................................................................................
	 	 signature
	 	 /    /

	  
 ....................................................................................................
	 	 full name
	 	 
	  
 ....................................................................................................
	 	 qualification
	 	.....................................................................................................................
	(Witnessing officer must be in accordance with Schedule 1 of Land Title Act 1994 eg Legal Practitioner, JP, C Dec)	 	 DIRECTOR

 MASINELLO HOLDINGS PTY LTD A.C.N. 010 312 964 
  

					
	  
 ....................................................................................................
	 	 signature
	 	 /    /

	  
 ....................................................................................................
	 	 full name
	 	 
	  
 ....................................................................................................
	 	 qualification
	 	.....................................................................................................................
	(Witnessing officer must be in accordance with Schedule 1 of Land Title Act 1994 eg Legal Practitioner, JP, C Dec)	 	 DIRECTOR

 MASINELLO HOLDINGS PTY LTD 010 312 964 
  

 9. Acceptance 
  
 The lessee accepts the lease and acknowledges the amount payable or other considerations for
the lease. 
  

					
	Witnessing Officer Execution
Date                                       
 Lessee’s Signature
	  
 ....................................................................................................
	 	 signature
	 	 /    /

	  
 ....................................................................................................
	 	 full name
	 	 
	  
 ....................................................................................................
	 	 qualification
	 	.....................................................................................................................
	(Witnessing officer must be in accordance with Schedule 1 of Land Title Act 1994 eg Legal Practitioner, JP, C Dec)	 	 DIRECTOR

 VISION GATEWAY PTY LTD A.C.N. 098 530 879 
  

					
	  
 ....................................................................................................
	 	 signature
	 	 /    /

	  
 ....................................................................................................
	 	 full name
	 	 
	  
 ....................................................................................................
	 	 qualification
	 	.....................................................................................................................
	(Witnessing officer must be in accordance with Schedule 1 of Land Title Act 1994 eg Legal Practitioner, JP, C Dec)	 	 DIRECTOR/SECRETARY

 VISION GATEWAY PTY LTD A.C.N. 098 530 879 
  

 2 

					
	 QUEENSLAND LAND REGISTRY
	  	 SCHEDULE
	  	 Form 20 Version 2

	 Land Title Act 1994, Land Act 1994 and Water Act 2000
	  	 	  	 Page 3 of 37

  
 Title Reference
18359093 
  

 This is the Schedule referred to in the Form 7 Lease dated
the                     day
of                     2004 
  
 PARTICULARS 
  

			
	 	 
	 Landlord:
	  	MASINELLO HOLDINGS PTY LTD A.C.N. 010 312 964
	 	 
	 Tenant:
	  	VISION GATEWAY PTY LTD A.C.N. 098 530 879
	 	 
	 Lease Term:
	  	Three (3) years
	 	 
	 Date of Commencement:
	  	15th February 2004
	 	 
	 Expiry Date:
	  	14th February 2007
	 	 
	 Address of the Premises
	  	First Floor, 134 Racecourse Road, Ascot QLD 4007
	 	 
	 Area of the premises
	  	312 square metres approximately
	 	 
	 Rent:
	  	$90,480.00 PLUS GST(rent for first year) subject to annual reviews contained herein
	 	 
	 Rent Commencement Date:
	  	15th February 2004
	 	 
	 Rent Incentive
	  	$41,689.00
	 	 
	 CPI Review Date(s):
	  	Annually upon the anniversary of the Date of Commencement
	 	 
	 Market Review Date(s):
	  	Upon exercise of option
	 	 
	 Permitted Use:
	  	Commercial Office
	 	 
	 Option Exercise Period:
	  	The period that is six (6) months prior to expiry of term to three (3) months prior to expiry of
term
	 	 
	 First Option Term:
	  	Three (3) years
	 	 
	 Second Option Term:
	  	Not Applicable
	 	 
	 Option Review Dates:
	  	 First Option Term
  
 CPI Review Date(s): Annually, upon anniversary of the Date of Commencement of Option
Term
  
 Market Review Date(s): Not Applicable
  
 Second Option Term
  
 CPI Review Date(s): Not Applicable
  
 Market Review Date(s): Not Applicable

					
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	  	SCHEDULE	  	 Form 20 Version 2

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 PARTICULARS 
  

			
		
	 Bank Guarantee:
	  	Not Applicable
		
	 Security Bond:
	  	$17,500.00 INCLUDING GST
		
	 Guarantor(s):
	  	Not Applicable
		
	 Landlord’s Solicitors:
	  	Kelly Lawyers of PO Box 302 HAMILTON QLD 4007 / 1st Floor,
138 Racecourse Road, Ascot or such other solicitors as the Landlord may appoint from time to time and notify to the Tenant
		
	 Landlord’s Address for Notices:
	  	C/ - Kelly Lawyers of PO Box 302 HAMILTON QLD 4007
		
	 Tenant’s Address for Notices:
	  	 

					
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	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Lease unless the context otherwise requires: 

  
 Air Conditioning Equipment means the plant electrical installations ductwork and diffusers used for the manufacture and reticulation of conditioned air throughout
the Building and includes all mechanical ventilation 
  
 Appurtenances
means the water closets drains water apparatus pipes and other appurtenances in the Premises 
  
 Building means the building or buildings of the Landlord erected or to be erected on the Land 
  
 Claims means actions demands losses injuries damages suits judgments injunctions orders decrees costs and expenses of every description and includes without
limitation consequential losses and damages 
  
 CPI Review means the higher
of: 
  

	(a)	the Rent payable immediately before the relevant CPI Review Date and 

  

	(b)	the sum calculated in accordance with the following formula:- 

  

			
	 	  	 A x B

	 	  	    C
		
	 where:
	  	A = Rent payable immediately before the relevant CPI Review Date
		
	 	  	B = Index Number for the last quarter immediately before the relevant CPI Review Date
		
	 	  	C = Index Number for the last quarter before the first day of the Lease Year last concluded

  
 However, should the CPI Review result
in an increase of the annual rent which is less than 3% of the rent paid in the year immediately prior to the CPI Review, the result of the CPI shall be amended so as to increase the result to an amount that is 3% greater than the amount of rent
paid in year immediately prior to the CPI Review 
  
 CPI Review Dates mean
the dates so specified in the Particulars 
  
 Date of Commencement means
the date as specified in the Particulars 
  
 Fire Equipment includes
includes all stopcocks hydrants fire hoses fire alarms fire sprinklers and other fire prevention extinguishing and detection equipment in the Building 
  
 Form 7 means the lease in Form 7 to the Land Title Act 1994 to which this Schedule is attached 
  
 GST Act means A New Tax System (Goods and Services Tax) Act and includes other GST related legislation 

					
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 Guarantor means the guarantor or guarantors specified in the Particulars and also any person who enters into
covenants with the Landlord as a guarantor under clause 10.1 
  
 Incoming Tenant means the proposed assignee subtenant or other occupant under any dealing under clause 10.1 and includes where the context requires any person or persons referred to in clause 10.6 
  
 Index Number means the Consumer Price Index (All Groups) for the city of Brisbane as
published by the Australian Bureau of Statistics. If that index is discontinued the expression will mean an index or method of measuring increases in the cost of living agreed in writing by the Parties. If there is no agreement within 14 days, it
will be an index or method determined at the request of either Party by the President or Acting President of the Valuers Institute or their nominee 
  
 Insured Risks means the risks the Landlord is required by this Lease to insure and any additional risks against which the Landlord effects insurance relating to
the Premises 
  
 Land means the land described in Item 2 of the Form 7

  
 Landlord means the Landlord referred to in Item 1 of the Form 7 its
successors and assigns and unless inconsistent with the context includes all persons for the time being authorised by the Landlord 
  
 Lease means this lease including the Form 7 and any annexures and schedules and any obligation or agreement expressed to be supplemental to this Lease and all
amendments to those documents 
  
 Lease Term means the period specified in
the Particulars commencing on the Date of Commencement or such shorter period as provided under this Lease 
  
 Lease Year means each separate year of the term of this Lease. The first Lease Year starts on the Date of Commencement and each subsequent Lease Year starts on the same day of the following year; the expression
includes any broken period between the end of the last complete Lease Year and the date of termination 
  
 Market Review means the higher of: 
  

	(a)	the Rent payable immediately before the relevant Market Review Date and 

  

	(b)	the sum calculated in accordance with clause 3.3 

  
 Market Review Dates are the dates so specified in the Particulars 
  
 Month means a calendar month 
 Mortgagee means all present or
future mortgagees of the Land 
  
 Outgoings means all expenses paid or
incurred by the Landlord in respect of the Premises for: 
  

	(a)	Rates charges and other levies (including for water sewerage and drainage) payable to any local authority 

  

	(b)	Fire protection services 

					
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	(c)	All charges for electricity gas oil or other fuel incurred in the operation of plant and equipment in the Premises 

  

	(d)	Insurance premiums and other charges (including stamp duties) for insurance of the Building against fire vandalism malicious mischief earthquake flood water damage boiler and
pressure vessel explosion fusion and/or mechanical breakdown in broad cover form with repair and replacement terms and other risks decided by the Landlord in its discretion including but not limited to consequential losses and loss of all rents
receivable including all other charges payable in addition to the Rent in amounts and for periods determined by the Landlord 

  

	(e)	Public risk liability insurance against third party liability on a comprehensive basis with limits of not less than $7 million per occurrence or higher amounts reasonably required
by the Landlord from time to time 

  
 Outgoings do not include land
tax income tax or capital gains tax 
  
 Particulars means the particulars
set out in the table at the start of this Schedule 
  
 Permitted Use means
the use specified in the Particulars 
  
 the Premises means the Land and
all improvements on the Land 
  
 Redecorate includes: 
  

	(a)	washing down the exterior and interior of the Premises 

  

	(b)	treating as previously treated all internal and external surfaces of the Premises by painting staining polishing or otherwise to a specification approved by the Landlord and

  

	(c)	replacing all floor coverings which in the opinion of the Landlord are worn or damaged and in need of replacement 

  

	(d)	repainting all fences pillars posts and walls outside the Building in colours approved by the Landlord and 

  

	(e)	repainting and restriping any vehicle movement and parking areas on the Land 

  

Rent has the meaning given in clause 3.2 
  
 Rent Commencement Date means the date as specified in the Particulars 
  
 Rent Incentive means the amount as specified in the Particulars 
  
 Stipulated Rate means a percentage interest rate per annum equal to the prime lending rate charged by the Landlord’s bank plus 5% 
  
 Tenant means the lessee referred to in Item 3 of the Form 7 

					
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 Valuers’ Institute means the Australian Institute of Valuers and Land Economists Inc (Queensland
Division) 
  
 writing includes printing typing lithography and other modes
of reproducing words in a visible form and written has a corresponding meaning 
  

	1.2	Obligations are joint and separate 

  

	1.3	References to authorities associations and bodies will also refer to any body established in its place 

  

	1.4	Rights of the Landlord to have access to the Premises extend to all persons authorised by the Landlord 

  

	1.5	References to the Premises include any part of the Premises 

  

	1.6	Any covenant by the Tenant not to do any act or thing includes an obligation not to permit that act or thing to be done and to use its best endeavours to prevent that act or thing
being done by a third party 

  

	1.7	Any provision in this Lease requiring the consent or approval of the Landlord also requires the consent or approval of any Mortgagee and any superior landlord where that consent is
required. However there is no obligation upon any Mortgagee or superior landlord not to unreasonably refuse any consent or approval 

  

	1.8	References to the consent of the Landlord or words to similar effect mean a consent in writing signed by or on behalf of the Landlord and references to approved and
authorised or words to similar effect mean approved or authorised in writing by or on behalf of the Landlord 

  

	1.9	The terms Party or Parties mean the Landlord and/or the Tenant and (except where there is an express indication to the contrary) exclude the Guarantor

  

	1.10	Words denoting the singular number only include the plural number and vice versa; a reference to any gender includes every other gender; and words denoting individuals include
corporations 

  

	1.11	A reference in this Lease to an Act of Parliament or any section of an Act should be read as though the words or any statutory modification or re-enactment of it or any statutory
provision substituted for it were added to the reference. Any general reference to Statute or Statutes includes any regulations or orders made under the Statute or Statutes 

  

	1.12	Every obligation undertaken by any Party (including the Guarantor) will be construed as if each obligation is separate and independent made by the Party and continuing (unless the
context otherwise requires) throughout the Lease Term and subsequently so long as it remains to be performed 

  

	1.13	References in this Lease to any clause sub-clause paragraph or Schedule without further designation will be construed as a reference to the clause sub-clause paragraph or Schedule
of this Lease so numbered 

					
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	1.14	The headings or marginal notes in this Lease are included for convenience only and do not affect the interpretation of this Lease 

  

	2	TERM 

  

	2.1	Term 

  
 The Landlord leases the Premises to the Tenant for the Lease Term subject to the provisions of this Lease. 
  

	2.2	Holding Over 

  
 If the Tenant with the consent of the Landlord remains in occupation of the Premises after the Lease Term has ended then: 
  

	2.2.1	the Tenant will be tenant of the Premises from month to month on the terms of this Lease so far as they are applicable to a monthly tenancy 

  

	2.2.2	the monthly tenancy may be ended by either party in the manner prescribed by Div. 4 of Part VIII of the Property Law Act 1974 and 

  

	2.2.3	the rent payable in respect of the monthly tenancy will be the amount of Rent payable monthly under this Lease immediately before the end of the Lease Term and will be payable in
advance 

  

	3	RENT 

  

	3.1	Payment of Rent 

  
 The Tenant will pay to the Landlord (including by way of direct debit if the Landlord requires) the Rent without deduction or set-off, the first payment to be made on the Rent Commencement Date. The Rent will be paid
by equal monthly instalments in advance on the first day of each Month. If necessary, the first and last payments will be apportioned on a daily basis 
  

	3.2	Rent and Annual Reviews 

  

	3.2.1	Rent means an annual sum calculated as follows: 

  

	 	(a)	for the first Lease Year the sum as specified in the Particulars 

  

	 	(b)	for each Lease Year commencing on a CPI Review Date the sum calculated by CPI Review 

  

	 	(c)	for each Lease Year commencing on a Market Review Date the sum calculated by Market Review 

					
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	3.3	Market Review 

  

	3.3.1	The Landlord may at any time prior to the date which is 12 Months after each Market Review Date give written notice to the Tenant (“Review Notice”) of the amount of
rent the Landlord believes is the current open market rent for the Premises as at that Market Review Date 

  

	3.3.2	If the Landlord does not give the Review Notice in respect of a Market Review Date the rent payable for the Lease Year commencing from that Market Review Date will be the same rent
as was payable in the preceding Lease Year 

  

	3.3.3	If the Landlord gives the Review Notice the Tenant may give written notice to the Landlord within 21 days of receipt of the Review Notice (“Dispute Notice”)
disputing the Landlord’s assessment of the market rent 

  

	3.3.4	If the Tenant does not give a Dispute Notice the amount set out in the Review Notice will be the Rent payable from the Market Review Date 

  

	3.3.5	If the Tenant does give a Dispute Notice the market rent will be determined as follows: 

  

	 	(a)	the market rent will be determined by a person (“the Arbitrator”) who has been a member of the Valuers’ Institute for at least 5 years nominated by the President for
the time being of the Valuers’ Institute on the application of the Landlord or Tenant 

  

	 	(b)	the Arbitrator will act as an arbitrator in accordance with the Commercial Arbitration Act 1990 and 

  

	 	(c)	the Arbitrator will determine the market rent of the Premises assuming: 

  

	 	(i)	a term equivalent to the original term of this Lease 

  

	 	(ii)	that the Tenant has complied with all obligations of repair and decoration imposed by this Lease 

  

	 	(iii)	that the covenants of the lease are the same as the covenants of this Lease other than for the amount of rent and any other differences required by these assumptions and

  

	 	(iv)	that any improvements made to the Premises by the Tenant have not been made 

  

	3.4	Obligation to Pay Until Rent Calculated 

  
 Pending calculation of the reviewed Rent for any Lease Year, Rent will continue to be paid at the rate payable during the Lease Year last concluded and will be adjusted
retrospectively to the start of the Lease Year under review when the reviewed Rent has been calculated or determined. 
  

	3.5	Rent Obligation Absolute 

  
 The Tenant’s obligation to pay all Rent is absolute and is not subject to any abatement reduction set-off defence counterclaim or recoupment 

					
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	3.6	Goods and Services Tax  

  

	3.6.1	The Tenant must pay all goods and services tax or other consumption tax applied to all supplies made by the Landlord to the Tenant under this Lease 

  

	3.6.2	If this Lease requires the Tenant to reimburse the Landlord for a supply under this Lease made by a third party and the Landlord is entitled to claim an input tax credit on any
amount paid by it for that supply then the amount that the Tenant must pay for that supply is the amount that the Landlord paid for that supply less the input tax credit 

  

	3.6.3	The Tenant will pay the goods and services tax when the Landlord provides a tax invoice for the payment 

  

	3.6.4	In this clause, the terms “goods and services tax” “supply” “input tax credit” and “tax invoice” have the meanings given to them in the GST
Act 

  

	3.7	Rent Incentive  

  
 The Landlord agrees to provide the Tenant with a rent incentive for the amount stated in the Particulars to be applied as rental abatement over the duration of the initial Lease Term. That is, the amount of the
rent incentive is to be divided by the number of months in the Lease Term (ie 36 months) to arrive at the amount of the abatement for each month. The monthly rental abatement is then to be credited against the amount of rent that the Tenant must pay
each month. 
  

	4	OUTGOINGS 

  

	4.1	Outgoings 

  
 Intentionally deleted 
  

	4.2	Utility Supplies  

  
 The Tenant will not use any form of light power or heat other than electric current or gas supplied through meters. This does not prevent the use of auxiliary power or lighting (other than an exposed flame) during any
period of power failure or power restrictions. The Tenant will punctually pay all charges for electricity gas and water consumed in the Premises whether assessed against the Tenant or the Landlord 
  

	4.3	Future Taxes on Premises 

  
 The Tenant will pay all rates and taxes (whether on a capital or revenue basis or any other basis and even though of a novel character) which may be imposed in respect of
the Premises or on the Rent or for the use and occupation of the Premises and whether assessed against the Landlord or directly against the Tenant 
  

	4.4	Special Services 

  
 The Tenant will pay to the Landlord upon demand the amount of any additional or unusual expenses paid or incurred by the Landlord at the request of the Tenant in having any alterations repairs or maintenance to the
Premises or to the appurtenances effected outside the normal working hours of the tradesmen concerned or in providing any special additional or unusual services for the Tenant 

					
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	4.5	Cleaning Costs 

  
 The Tenant will pay the cost of any cleaning or refuse services to the Premises 
  

	4.6	Landlord’s Outgoings 

  
 The Landlord will ensure that any land tax assessed on the premises will be the Landlord’s responsibility and should any major repairs and maintenance be required,
not being attributable to the Tenant’s misuse or damage, repairs will be at the Landlord’s expense. 
  

	5	USE 

  

	5.1	Use of the Premises 

  

	5.1.1	The Tenant will not use or permit the Premises to be used for any purpose other than the Permitted Use 

  

	5.1.2	The Tenant acknowledges that: 

  

	 	(a)	the Tenant will obtain the consents of any planning or other authority which may be required for the Tenant to carry on the Permitted Use at the Premises and

  

	 	(b)	no warranty is given by or on behalf of the Landlord with respect to the suitability fitness or adequacy of the Premises 

  

	5.2	Legal Requirements 

  

	5.2.1	The Tenant will comply with and observe all Statutes and all orders ordinances regulations requirements notices and by-laws made by any public body or authority relating to the
Premises or to the Tenant’s use or occupation of the Premises 

  

	5.2.2	The Tenant will not do or omit to do any act or thing whereby the Landlord may become liable to pay any penalty or the whole or part of any expenses incurred under any Statute
ordinance regulation by-law order requirement or notice 

  

	5.2.3	The Tenant is not required by this clause to make any structural improvements or structural alterations unless they are required or necessary by reason of any neglect or default by
the Tenant or any person claiming under the Tenant or by reason of the business carried on in the Premises or the number or sex of the employees or persons at the Premises 

  

	5.3	Use Obligations 

  
 The Tenant will: 
  

	5.3.1	keep the Premises clean and free of rubbish by regular cleaning and rubbish removal 

					
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	5.3.2	keep the Premises free of vermin 

  

	5.3.3	maintain all areas outside the Building including keeping all gardens and landscaped areas weeded, all lawns mowed and the grounds neat and free from rubbish

  

	5.3.4	observe the maximum floor loading weights nominated by the Landlord and install any heavy equipment in accordance with the Landlord’s written direction

  

	5.3.5	notify the proper authorities if any infectious disease occurs on the Premises and fumigate and disinfect the Premises as reasonably appropriate 

  

	5.3.6	comply at all times with the requirements of the Insurance Council of Australia and The Metropolitan Fire Brigades Board 

  

	5.3.7	carry out fire drills and observe all necessary and proper emergency evacuation procedures 

  

	5.3.8	ensure all exterior doors and windows in the Premises are locked securely at all times when the Premises are not being used 

  

	5.4	Use Restrictions  

  
 The Tenant will not: 
  

	5.4.1	carry on in the Premises any annoying noxious offensive or illegal act or do any thing or use any plant or machinery which through noise odours vibrations or otherwise may be or
grow to the annoyance nuisance grievance damage or disturbance of the Landlord or of the occupiers of adjoining premises 

  

	5.4.2	use the Appurtenances for any purposes other than those for which they were constructed and will not place in them any deleterious substances 

  

	5.4.3	interfere with any Appurtenances gas electrical plumbing or other services contained in or about the Premises or the Air Conditioning Equipment or the Fire Equipment without first
obtaining the consent in writing of the Landlord 

  

	5.4.4	cause any sign advertisement or hoarding to be placed on or in the Premises which is visible from outside the Premises without the prior consent of the Landlord such consent not to
be unreasonably withheld if such sign advertisement or hoarding is incidental to the Tenant’s class of business and strictly complies with the by-laws of the local or other authorities 

  

	5.4.5	make holes in mark or damage the Premises 

  

	5.4.6	use any flammable chemicals 

  

	5.4.7	do anything or keep anything in the Premises that may make void or voidable or conflict any insurance policy applicable to the Premises or whereby the amount of premium payable for
any insurance policy may be increased. Without prejudice to any other rights under this Lease the Tenant will pay to the Landlord on demand any increase of premium which may be occasioned by a breach of this clause 

					
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	5.4.8	hold or permit to be held any auction sale in the Premises 

  

	5.4.9	overload the electrical services 

  

	5.4.10	use the Premises for the parking or storage of motor vehicles caravans boats demountable buildings or containers of any kind other than in the day to day use of the Premises
authorised by this Lease 

  

	5.5	Security & Keys 

  

	5.5.1	The Landlord’s representatives are authorised to enter the Premises for the purpose of locking any doors or windows left unlocked or checking the general security of the
Premises 

  

	5.5.2	The Tenant will provide the Landlord with keys to the Premises and will not change the locks of the Premises without notifying the Landlord and providing the Landlord with new keys.
The Landlord will not use the Tenant’s keys other than in emergencies or otherwise in accordance with the Landlord’s rights under this Lease or at law 

  

	6	MAINTENANCE AND REPAIR 

  

	6.1	Notice of Damage 

  
 The Tenant will promptly notify the Landlord of any damage to the Premises or the defective operation of any of the Appurtenances 
  

	6.2	Maintenance of Premises 

  
 The Tenant will repair the Premises (including the Air Conditioning Equipment, Plumbing, Drainage, Electrical faults and Fire Equipment) and keep them in good and
substantial repair except damage caused by: 
  

	6.2.1	fair wear and tear or 

  

	6.2.2	an Insured Risk other than where the insurance money is irrecoverable because of any act or default of the Tenant or anyone at the Premises expressly or by implication with the
Tenant’s consent 

  
 Where the insurance policy for the Insured
Risks requires payment of excess or deductible by the Landlord the Tenant will pay the excess or deductible to the Landlord on demand 
  
 Should the Tenant fail to repair any of these items as required by this Clause, the Landlord may arrange for the repair and recover the cost of the same from the Tenant.

  

	6.3	Maintenance Contracts 

  

	6.3.1	If required by the Landlord from time to time the Tenant shall effect and maintain a comprehensive maintenance contract in respect of the Air Conditioning Equipment

					
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 (“Maintenance Contract”). The Tenant shall deliver to the Landlord upon demand a
copy of the Maintenance Contract and written evidence to the satisfaction of the Landlord that the Maintenance Contract is current 
  

	6.3.2	The Maintenance Contract will be effected with a contractor and be on terms as shall first be approved by the Landlord such approval not to be unreasonably withheld. If required by
the Landlord the Maintenance Contract will be effected in the names of the Landlord the Tenant and any Mortgagee 

  

	6.3.3	The Tenant will punctually pay all charges payable under the Maintenance Contract 

  

	6.4	Inspection by Landlord & Right of Entry 

  

	6.4.1	The Landlord may at all reasonable times on reasonable notice (except in the case of emergency) enter upon and view the condition of the Premises and the Tenant will immediately
upon notice being given by the Landlord execute all repairs which the Tenant is obliged to carry out under this Lease 

  

	6.4.2	The Tenant will also permit the Landlord at all reasonable times on reasonable notice (except in the case of emergency) to enter upon the Premises to effect any alterations or
repairs which the Landlord may wish to carry out. In exercising its powers under this clause the Landlord will endeavour to cause as little inconvenience to the Tenant as is reasonably practicable in the circumstances. 

  

	6.5	Landlord’s Right to Repair 

  
 If at any time the Tenant is in breach of any express or implied obligations in this Lease relating to repair of the Premises the Landlord may (but without prejudice to
the Landlord’s right of re-entry) enter upon the Premises and repair them at the Tenant’s expense 
  

	6.6	Tenant to Redecorate 

  
 The Tenant will at least once during every 3 years of the Lease Term and during the last 3 months of the Lease Term, Redecorate the Premises to the satisfaction of the Landlord. If the Tenant fails to Redecorate the
Premises the Landlord may Redecorate them at the Tenant’s expense 
  

	6.7	Glass 

  
 The Tenant will replace all glass in the Premises that is broken during the Lease Term 
  

	7	ALTERATIONS 

  

	7.1	Prohibition against Alterations  

  
 Subject to clauses 7.2 and 7.3, the Tenant will not make any alterations or additions to the Premises without first obtaining the Landlord’s written
consent and complying with the following conditions: 
  

	7.1.1	the Tenant will submit to the Landlord full detailed drawings and other specifications of the proposed works including particulars of the materials to be used

					
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	7.1.2	the proposed works must be approved by the Landlord’s architect 

  

	7.1.3	the Tenant will obtain the approval of the local and any other relevant authorities to the proposed works where required and shall immediately provide a copy of such approval to the
Landlord 

  

	7.1.4	the works will be carried out by contractors who have current public liability insurance for an amount nominated by the Landlord and who have been previously approved in writing by
the Landlord 

  

	7.1.5	the Landlord may require the Tenant to use a nominated contractor if any warranty or other similar benefit enjoyed by the Landlord may be detrimentally affected if the works are not
carried out by the nominated contractor 

  

	7.1.6	the works shall be carried out in a proper and workmanlike manner to the satisfaction of the Landlord’s architect and if the Landlord so requires under the supervision of the
Landlord’s architect 

  

	7.1.7	the Tenant shall pay to the Landlord on demand the reasonable costs and expenses of the Landlord’s architect and any other Landlord’s consultants relating to the
Landlord’s consent (whether or not any consent is granted) and the supervision of the works 

  

	7.1.8	the Tenant indemnifies the Landlord against all Claims which the Landlord may suffer or incur in connection with the works 

  

	7.1.9	the Tenant will observe and perform any other terms and conditions reasonably imposed by the Landlord when granting its consent 

  

	7.2	Alterations Required for Tenant’s Business 

  
 If any alterations are required by any Statute ordinance regulation by-law order requirement or notice of a public or other authority the Landlord’s consent under
clause 7.1 will not be unreasonably withheld 
  

	7.3	Internal Partitions 

  
 The Tenant will not install alter or remove any internal partitions in the Premises without the prior written consent of the Landlord which consent will not be unreasonably withheld. If such consent is given the
conditions referred to in clauses 7.1.1 to 7.1.9 will apply. Any partitions erected by the Tenant remain the property of the Tenant who is responsible for their maintenance and insurance 
  

	7.4	Tenant’s Fixtures 

  

	7.4.1	Any fixtures installed by the Tenant may at the end of this Lease be taken down and removed if the removal can be carried out without affecting the structure of the Building. The
Tenant must fix to the satisfaction of the Landlord any damage done to the Building by the installation or removal of these fixtures 

  

	7.4.2	Any fixtures not removed by the Tenant at the end of this Lease and all other goods of the Tenant left on the Premises will be considered abandoned by the Tenant and

					
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 become the property of the Landlord. The Landlord may in its discretion sell or otherwise dispose of abandoned
fixtures and goods in any manner the Landlord thinks fit 
  

	8	INSURANCE & RISK  

  

	8.1	Tenant’s Insurances 

  

	8.1.1	The Tenant will during the Lease Term at its expense take out and maintain in the names of the Tenant the Landlord and any mortgagees of the Premises the following insurances:

  

	 	(a)	Property : Insurance upon all property situated in the Premises owned by the Tenant or for which the Tenant is legally liable including fixtures and improvements installed in the
Premises by the Tenant, the policies to be for an amount not less than 90% of the full replacement cost with coverage against at least fire with standard extended coverage 

  

	 	(b)	Business Interruption Insurance : For an amount sufficient to reimburse the Tenant for direct or indirect loss of earnings attributable to perils commonly insured against by prudent
tenants or attributable to prevention of access to the Premises 

  

	 	(c)	Public Risk Insurance : Applying to all operations of the Tenant and including bodily injury liability and property damage liability personal injury liability products liability
contractual liability contingent liability and tenant’s legal liability with respect to the occupancy by the Tenant of the Premises. The policy will be written on a comprehensive basis with limits of not less than $10,000,000 per occurrence or
such higher limits as the Landlord or its mortgagee reasonably requires from time to time 

  

	 	(d)	Plate Glass Insurance : All plate glass in the Premises or forming part of the boundary walls of the Premises for reinstatement following breakage or damage from any cause

  

	 	(e)	General : Any other form of insurance as the Tenant or the Landlord’s mortgagee reasonably requires from time to time in amounts and for perils against which a prudent Tenant
would protect itself in similar circumstances 

  

	8.1.2	All insurance policies required to be taken out by the Tenant will be with insurers acceptable to the Landlord and on policies and in forms satisfactory from time to time to the
Landlord. Certificates of insurance or (if required by the Landlord or its Mortgagee) certified copies of each insurance policy will be delivered to the Landlord as soon as practicable after they are taken out 

  

	8.1.3	If the Tenant fails to comply with its obligations to take out and maintain any insurance under this clause the Landlord may effect the insurance at the cost of the Tenant

  

	8.2	Landlord’s Insurance 

  
 The Landlord will insure the Building against fire lightning impact by aircraft earthquake explosion impact by vehicles and animals malicious damage (other than by
persons in or about the Building with the actual or implied consent of the Tenant any subtenant or licensee) rainwater storm and/or 

					
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 tempest in broad cover form with repair and replacement terms on terms and conditions reasonable in the market at the
time the insurance is effected. The obligation to insure against any risk is conditional upon insurance for that risk being available from reputable insurers at reasonable rates 
  

	8.3	Risk 

  

	8.3.1	The Tenant uses the Premises at its own risk. The Landlord is not responsible for any loss or damage of the Tenant’s property on the Premises for any reason. The Landlord is
not legally responsible for any loss of profits resulting from any damage even if the damage occurs because of any defect in the construction of the Premises or of any of its services or any act or omission by the Landlord or any contractor of the
Landlord or or their respective employees or any member of the public 

  

	8.3.2	The Landlord is not legally responsible to the Tenant for any Claim arising from the malfunction or interruption of the water gas or electricity services the Air Conditioning
Equipment the Fire Equipment and/or the Appurtenances contained in the Premises from any cause 

  

	8.3.3	Despite anything in this Lease or implied by law to the contrary the Landlord is not legally responsible for any Claim the Tenant may assert because the Landlord does or does not do
something in respect of the Premises and which the Landlord might be legally responsible to do or not to do unless the Tenant gives to the Landlord notice in writing and the Landlord unreasonably fails within a reasonable time to take proper steps
to rectify it 

  

	9	INDEMNITIES 

  
 The Tenant indemnifies the Landlord against all Claims for which the Landlord may become legally responsible whether during or after the Lease Term in respect of or arising from: 
  

	9.1	Loss damage or injury from any cause to property or person inside or outside the Building occasioned or contributed to by the neglect or default of the Tenant

  

	9.2	The negligent use by the Tenant of any water gas or electricity or other services to the Building 

  

	9.3	The overflow leakage or escape of water fire gas electricity or any other harmful agent in or from the Premises caused or contributed to by any act or omission by the Tenant

  

	9.4	The Tenant’s failure to notify the Landlord of any defect in the Premises of which the Tenant is aware or ought to be aware 

  

	9.5	Loss damage or injury from any cause to property or person caused or contributed to by the use of the Premises by the Tenant and arising out of the Tenant’s neglect or default

  

	9.6	The improper or faulty erection or construction of facilities trade fixtures or equipment installed in the Premises by the Tenant 

  

	9.7	Any personal injury sustained by any person in or about the Premises other than by the wilful or negligent act of the Landlord its servants or agents 

					
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 The indemnities in this clause extend to the acts and omissions of the Tenant and any employee agent licensee invitee
subtenant or other person claiming through or under the Tenant 
  

	10	ASSIGNMENT SUB-LETTING & OTHER DEALINGS 

  

	10.1	General Prohibition Against Assignment or Subletting  

  
 The Tenant will not assign the whole of the Premises or sublet grant any license over share or part with the possession of the whole or part of the Premises without first
obtaining the written consent of the Landlord which shall not be unreasonably withheld or delayed if the following conditions are satisfied: 
  

	10.1.1	the Tenant gives to the Landlord reasonable prior written notice of the Tenant’s desire to deal with the Lease details of the nature of the proposed dealing and the name of the
Incoming Tenant 

  

	10.1.2	the Tenant gives to the Landlord upon demand such further information financial reports or other material as the Landlord may reasonably require in respect of the proposed dealing
and/or the Incoming Tenant 

  

	10.1.3	the Incoming Tenant is a respectable and financially responsible person who has the ability to meet the Tenant’s obligations contained in this Lease 

 

	10.1.4	the Tenant is not in breach of the Lease 

  

	10.1.5	in the case of a proposed subletting the conditions set out in clause 10.2 are satisfied 

  

	10.1.6	the Incoming Tenant enters into a covenant with the Landlord that the Incoming Tenant will observe and perform all obligations conditions and restrictions contained in this Lease on
the part of the Tenant to be observed and performed 

  

	10.1.7	the Tenant pays the Landlord’s reasonable legal and other costs incurred in connection with considering the proposed dealing (whether or not the Landlord’s consent is
granted) including the cost of enquiries made by or on behalf of the Landlord regarding the solvency fitness and suitability of the Incoming Tenant 

  

	10.1.8	if the Incoming Tenant is a limited liability company, 1 or more directors or shareholders of the Incoming Tenant as may be reasonably required by the Landlord will provide personal
guarantees to the effect that: 

  

	 	(a)	the Incoming Tenant will pay the Rent and observe and perform all obligations conditions and restrictions contained in this Lease on the part of the Tenant to be observed and
performed 

  

	 	(b)	they will indemnify the Landlord against all loss damages costs and expenses arising by reason of any default by the Incoming Tenant 

					
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	 	(c)	any neglect or forbearance of the Landlord will not release the guarantees provided and 

  

	 	(d)	the guarantors will upon disclaimer of these presents by the Incoming Tenant or on dissolution of the Incoming Tenant accept a new lease of the Premises for the residue then
unexpired of the Lease Term and at the Rent payable under this Lease and subject to the same terms and conditions 

  

	10.2	Subleases 

  
 Every permitted sublease of the Premises must be granted at a rent equal to the then current market rental value of the underlet premises and will contain covenants: 
  

	10.2.1	for the upwards only review of the rent reserved on the same basis as the Rent is to be reviewed in this Lease 

  

	10.2.2	prohibiting the subtenant from doing or allowing any act or thing inconsistent with or in breach of this Lease and 

  

	10.2.3	not to assign or sublet the underlet premises except in accordance with this Lease 

  

	10.3	Absolute Prohibition Against Assignment of Part  

  
 The Tenant will not assign part only of the Premises without first obtaining the written consent of the Landlord which may be granted or refused in the absolute
discretion of the Landlord 
  

	10.4	No Release 

  
 The Tenant’s liability under the obligations and conditions contained in the Lease will not be reduced or discharged by reason of any time or other indulgence now or at any time granted by the Landlord to any
Incoming Tenant and the liability of the Tenant to assure the performance of the Lease will not be affected by any further assignments or subletting of the Lease 
  

	10.5	Prohibition Against Mortgage or Other Dealings 

  
 The Tenant will not mortgage charge or otherwise deal with the Tenant’s interest in this Lease (including part of such interest) without the prior written consent of
the Landlord such consent not to be unreasonably withheld or delayed 
  

	10.6	Concessions & Franchises 

  
 Without limiting the generality of clauses 10.1 to 10.3 the Tenant will not permit any business to be operated from the Premises by any concessionaire
franchisee licensee or others without the written consent of the Landlord which consent may be withheld in its absolute discretion. If the Landlord consents to any concession franchise or licence each concession franchise or licence will be subject
to the following conditions: 
  

	10.6.1	the concession franchise or licence will be subject to the terms and conditions in this Lease 

					
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	10.6.2	the aggregate area of all concessions franchises or licences will not at any one time exceed such percentage of the area of the Premises as the Landlord in its sole discretion
considers advisable 

  

	10.6.3	each concessionaire franchisee or licensee will carry on business under the trade name and style of the Tenant and in a manner so such business will appear as an integral part of
the Tenant’s business 

  

	10.6.4	the Tenant will provide the Landlord with an executed copy of each concession franchise and licence agreement and the Landlord will have the right to approve the terms of the
agreement or to request changes to the agreement which the Tenant will make or have made prior to its grant and 

  

	10.6.5	the Tenant and any concessionaire franchisee or licensee will execute any document or instrument which the Landlord requires including without limitation a sublease of the Premises
substantially in the form of this Lease 

  

	10.7	Deemed Assignment Where Corporate Tenant 

  

	10.7.1	This clause only applies where the Tenant is a corporation that is not a listed public company or a wholly-owned subsidiary of a listed public company 

  

	10.7.2	If there is a proposed assignment or disposal of: 

  

	 	(a)	a shareholding of 30% or more of the issued share capital of the Tenant or its holding company or 

  

	 	(b)	a shareholding in the Tenant or its holding company which would entitle the person acquiring such shareholding to 30% or more of the voting power of all shares represented at any
meeting of members of the Tenant; 

  
 such
assignment or disposal will be deemed an assignment of this Lease requiring the prior written consent of the Landlord under clause 10.1 
  

	10.8	Assignment by Landlord 

  
 If the Landlord sells an interest in the Land or in this Lease the Landlord will not be legal responsible under any clause in this Lease to the extent that the buyer is
responsible for compliance with those clauses 
  

	11	COSTS 

  

	11.1	Costs to be Paid by Tenant 

  
 The Tenant will pay: 
  

	11.1.1	the costs of and incidental to the negotiation preparation, including Landlord’s legal fees, execution stamping and registration of this Lease 

  

	11.1.2	the Landlord’s reasonable expenses in obtaining any necessary consent to this Lease from the local authority 

					
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	11.1.3	all stamp duty and registration fees payable in respect of this Lease 

  

	11.1.4	all costs and expenses (including legal costs and fees payable to a surveyor or architect) incurred by the Landlord incidental to the preparation and service of any notice under
s. 127 or s. 124 of the Property Law Act 1974 

  

	11.1.5	the Landlord’s costs and expenses relating to any surrender or termination of this Lease except through its expiry 

  

	11.1.6	the Landlord’s costs and expenses in granting or refusing any consent required under this Lease and 

  

	11.1.7	all amounts the Landlord may expend because of any default by the Tenant in the performance and observance of any term of this Lease 

  

	12	MORTGAGEE OF FREEHOLD 

  

	12.1	This Lease is conditional upon the written consent of any Mortgagee registered at the Date of Commencement. If such Mortgagee’s consent is not obtained for any reason other
than the default of the Landlord within a reasonable time after the Date of Commencement the Landlord may terminate this Lease without compensation to the Tenant 

  

	12.2	The Landlord and the Tenant must enter into a deed with the Mortgagee containing the reasonable terms and conditions of consent if required by the Mortgagee

  

	12.3	In consideration of the Landlord granting this lease to the Tenant the Tenant agrees that the Mortgagee’s consent to this Lease is subject to the following conditions:

  

	12.3.1	the mortgage remains in full force as if the Mortgagee’s consent to this Lease had not been given but so long as the Tenant pays the Rent strictly in accordance with this Lease
and otherwise observes and performs the terms of the Lease the Mortgagee will exercise any power of sale or other power or remedy if the Landlord defaults subject to the subsisting rights of the Tenant 

  

	12.3.2	that so long as the Mortgagee is registered as mortgagee of the Land the Tenant will obtain the consent of the Mortgagee whenever the Landlord’s consent is required

  

	12.3.3	if the Mortgagee gives notice to the Tenant demanding receipt of rents and profits then the Tenant’s obligations and the Landlord’s rights under this Lease are treated as
obligations to and rights of the Mortgagee until the notice is withdrawn or the relevant mortgage is discharged 

  

	12.3.4	the Mortgagee is not bound to perform and will not incur any legal responsibility for the Landlord’s obligations in this Lease 

  

	12.3.5	the consent will at the option of the Mortgagee be void and of no effect if the Landlord or the Tenant fail to observe and perform any conditions contained in this clause

					
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	13	LANDLORD’S COVENANTS 

  

	13.1	Quiet Enjoyment 

  
 If the Tenant observes and performs all its obligations in this Lease the Tenant may peaceably hold and enjoy the Premises during the Lease Term without any interruption by the Landlord or any persons lawfully
claiming under or in trust for the Landlord 
  

	14	DEFAULT 

  

	14.1	Default by Tenant 

  
 The Tenant is in default if: 
  

	14.1.1	the Rent or any part thereof is unpaid for 7 days after it has become due whether any formal demand is made for it or not or 

  

	14.1.2	any money payable by the Tenant to the Landlord upon demand is unpaid for 14 days after the making of any demand or 

  

	14.1.3	the Tenant does not observe or perform any of the Essential Terms (as defined in clause 14.3) of this Lease on the part of the Tenant to be performed or observed or

  

	14.1.4	the Tenant does not comply with any notice within a reasonable time requiring the Tenant to perform or observe any obligations other than the Essential Terms (whether expressed or
implied) in this Lease and on the part of the Tenant to be performed or observed (including of a negative character) or 

  

	14.1.5	the repairs required by any notice are not completed by the Tenant within the reasonable time specified in the notice or 

  

	14.1.6	judgment for an amount exceeding $5000 is obtained or entered up against the Tenant in any court of competent jurisdiction and is not satisfied within 21 days or

  

	14.1.7	the Tenant does or suffers to be done any act whereby the estate or effects of the Tenant may become liable to be taken in execution or 

  

	14.1.8	a receiver a manager and receiver or an official manager is appointed in respect of the Tenant or the Tenant’s estate and interest in this Lease 

  

	14.1.9	the Tenant being a corporation enters into provisional liquidation or liquidation whether voluntary or otherwise (except for the purpose of reconstruction or amalgamation) or enters
into an arrangement or composition with its creditors within the meaning of the Corporations Law 

  

	14.1.10	the Tenant being a natural person commits an act of bankruptcy or enters into an arrangement assignment or composition under the Bankruptcy Act 1966 

 

	14.1.11	the Tenant being a natural person dies or becomes of unsound mind or his estate is liable to be dealt with in any way under the laws relating to mental health

					
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	14.1.12	the Tenant abandons or vacates the Premises or is dispossessed of the Premises by process of law 

  

	14.2	Forfeiture of Lease 

  
 If the Tenant is in default as specified in clause 14.1, the Landlord may without prejudice to any other rights which the Landlord has or may have against the Tenant (including without limitation the right to
recover damages) and subject to giving any prior demand or notice required by law: 
  

	14.2.1	re-enter and take possession of the Premises (by force if necessary) and eject the Tenant and all other persons. Upon such re-entry, this Lease will terminate

  

	14.2.2	by notice to the Tenant terminate this Lease from the date of giving the notice and/or 

  

	14.2.3	by notice to the Tenant convert the unexpired portion of the Lease Term into a monthly tenancy and upon such notice being given this Lease will terminate and the Tenant will occupy
the Premises as a tenant from month to month on the terms of the Lease so far as they can be applied 

  

	14.3	Essential Terms 

  
 The Parties agree that the Essential Terms of this Lease are clause 3.1 (Payment of Rent) clause 3.6 (Goods and Services Tax), clause 4.1 (Payment of Outgoings), clause 5.1 (Use of
Premises), clause 5.2 (Legal Requirements), clause 6.2 (Maintenance of Premises), clause 7.1 (Prohibition Against Alterations), clause 8.1 (Tenant’s Insurance) and clause 10.1-10.7 (Prohibition Against
Dealing) 
  

	14.4	Damages 

  
 If the Landlord determines this Lease under clause 14.2 the Landlord may recover from the Tenant in addition to damages and amounts recoverable apart from this clause: 
  

	14.4.1	any Rent and Outgoings due but unpaid at the date of the determination 

  

	14.4.2	the amount by which the Rent and Outgoings between the date of determination and the date of expiry of this Lease by affluxion of time exceeds the rent and outgoings received or
likely to be received from any other tenant to whom the Premises are relet or may be relet during that period 

  

	14.4.3	any other amount necessary to compensate the Landlord as a result directly or indirectly of the Tenant’s default and the Landlord’s determination of the Lease including:

  

	 	(a)	costs of maintaining the Premises 

  

	 	(b)	costs of recovering possession of the Premises 

  

	 	(c)	expenses of reletting including necessary renovation or alteration of the Premises 

					
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	 	(d)	legal costs 

  

	 	(e)	real estate commissions charges and fees 

  
 For the purposes of Clause 14.4.2 of this sub-clause, the onus of proving that the Premises are likely to be relet and the amount of the rent
likely to be received is upon the Tenant. For the purpose of calculating the Rent and Outgoings that would have been payable after the determination of this Lease and to the extent that the Rent and Outgoings that would have been payable cannot be
established certainly, it will be assumed that the Rent and Outgoings would have increased annually by 5% on each anniversary of the Date of Commencement 
  

	14.5	Repudiation 

  
 If: 
  

	14.5.1	the Tenant defaults under an Essential Term of this Lease and 

  

	14.5.2	the Landlord accepts the Tenant’s repudiation of this Lease 

  
 the Tenant shall compensate the Landlord for any loss or damage suffered including without limitation damages for loss of bargain. The Tenant’s obligation to
compensate the Landlord is not affected or limited by: 
  

	14.5.3	the Tenant vacating the Premises 

  

	14.5.4	the conduct of the Landlord and the Tenant constituting a surrender by operation of law or 

  

	14.5.5	any other lawful conduct of the Landlord 

  

	14.6	Landlord’s Right when Tenant Abandons Premises 

  
 If the Tenant vacates the Premises or otherwise repudiates this Lease the Landlord may without being treated as accepting the surrender of this Lease or terminating it
show the Premises to prospective tenants and/or renovate restore clean and secure the Premises. The Tenant is treated as having vacated if it ceases to carry on the Permitted Use of the Premises for 7 consecutive days without the Landlord’s
approval 
  

	14.7	Reservation of Rights 

  
 The rights and powers conferred on the Landlord by this clause are in addition to any other right or power which may be conferred upon the Landlord at law or in equity

  

	14.8	Non-Waiver 

  
 Any waiver of any breach or default under this Lease or any waiver of any term or condition of this Lease must be in writing and will be effective only to the extent set out in the written waiver. All remedies either
under this Lease or by law or otherwise afforded to the Landlord are cumulative and not alternative 

					
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	14.9	Accord and Satisfaction 

  
 The Landlord may accept a cheque or payment without prejudice to the Landlord’s right to recover the balance of the Rent or pursue any other remedy 
  

	14.10	Performance of Tenant’s Covenants by Landlord 

  
 If the Tenant fails to make any payments or to carry out any terms in this Lease then the Landlord may do so. The Tenant will pay to the Landlord immediately upon demand
all moneys which the Landlord expends on their behalf with interest calculated at the Stipulated Rate from the time of those moneys having been so expended to the date of payment 
  

	14.11	Interest on Arrears 

  
 The Tenant will pay to the Landlord interest on any Rent or other moneys which are in arrears calculated at the Stipulated Rate from the time of the Rent or other moneys respectively falling due to the date of payment

  

	15	DAMAGE OR DESTRUCTION 

  

	15.1	Substantially Unfit  

  

	15.1.1	If the Premises are damaged by an Insured Risk so that the Premises are substantially unfit for the occupation and use of the Tenant then: 

  

	 	(a)	Rent and other moneys payable under this Lease are reduced in proportion to the nature and extent of the damage until the Premises have been restored 

  

	 	(b)	within 14 days of damage occurring to the Premises the Tenant may serve on the Landlord a written “Damage Notice” notifying that the Premises are unfit. Within 31
days after being served with a Damage Notice, the Landlord may give the Tenant a “Restoration Notice” notifying that the Landlord will make the Premises fit for occupation and use. If the Landlord does not give a Restoration Notice
the Tenant may terminate this Lease by notice in writing to the Landlord between 31 and 75 days after the Landlord received the Damage Notice 

  

	 	(c)	if the Landlord gives a Restoration Notice to the Tenant but does not within a reasonable time substantially commence and diligently proceed to make the Premises fit for occupation
and use or render them accessible to the Tenant the Tenant may give the Landlord notice of intention to terminate this Lease. If after receiving such notice the Landlord does not act with reasonable speed and effort to fix the Premises or access to
the Premises the Tenant may terminate this Lease by giving at least 1 Month’s notice in writing to the Landlord and at the end of that period this Lease terminates 

  

	 	(d)	Paragraphs (a) to (c) will not apply if the Tenant or an employee agent licensee invitee customer visitor of the Tenant or of any subtenant licensee or other occupier
claiming under the Tenant caused the damage negligently or by a failure to act 

  

	15.1.2	 If in the Landlord’s opinion the damage to the Premises is such that it is impractical or 

					
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undesirable to restore the Premises or if the damage occurs less than 2 years prior to the end of the Lease Term the Landlord may terminate this Lease by
giving not less than 1 Month’s notice in writing to the Tenant and at the end of that period this Lease terminates 

  

	15.1.3	The Landlord is not legally responsible for the termination of this Lease pursuant to clause 15.1.1. Any termination is without prejudice to the rights of either party
regarding a previous breach or non-observance of a term of this Lease 

  

	15.2	Wholly Unfit  

  

	15.2.1	If the Premises are taken for any public purpose or are so damaged that they are rendered wholly unfit for the occupation and use of the Tenant: 

  

	 	(a)	Rent and other moneys payable under this Lease will cease to be payable until the Premises have been restored 

  

	 	(b)	the Landlord may notwithstanding anything contained or implied in this Lease terminate this Lease by giving at least 1 Month’s notice in writing to the Tenant and at the
expiration of that notice this Lease terminates and the Landlord is not legally responsible for the termination 

  

	 	(c)	the Tenant may terminate this Lease by giving not less than 1 Month’s notice in writing to the Landlord and at the end of that period this Lease terminates

  

	 	(d)	Paragraphs (a) and (c) will not apply if the Tenant or an employee agent licensee invitee customer visitor of the Tenant or of any subtenant licensee or other occupier
claiming under the Tenant caused the damage negligently or by a failure to act 

  

	15.2.2	Any termination under clause 15.2.1 is without prejudice to the rights of either party in respect of any previous breach of a term of this Lease 

  

	15.3	Resolution of Disputes 

  
 Any dispute arising under this clause 15 will be determined by a member of the Valuers’ Institute or its successor appointed by the President for the time
being of that Institute on the application of the Landlord or the Tenant. The appointed person will in making their determination act as an expert and not as an arbitrator and their decision will be final and binding on both Parties. The cost of the
decision will be paid by either or both of the Parties (and if so in such proportion) as the person appointed decides 
  

	15.4	Landlord Not Obliged to Reinstate 

  

	15.4.1	Nothing in this Lease obliges the Landlord to reinstate the Premises 

  

	15.4.2	When reinstating the Premises the Landlord is entitled to make such changes to their design fabric character or dimensions as are necessary due to any legal or other requirement
imposed by any relevant public authority 

					
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	15.5	Insurance Proceeds 

  
 If the Premises are damaged or destroyed and the Lease is terminated under this clause 15 all proceeds from any insurance policy which the Landlord takes out under this Lease will remain the property of the
Landlord 
  

	16	GENERAL 

  

	16.1	Entire Agreement 

  
 The terms and conditions set out in this Lease contain the entire agreement between the Parties. The Tenant acknowledges that it has not been induced to enter into this Lease by any representation verbal or otherwise
made by or on behalf of the Landlord which is not set out in this Lease 
  

	16.2	Negativing of Moratorium 

  
 To the fullest possible extent the provisions of all statutes operating directly or indirectly to lessen or otherwise vary in favour of the Tenant the obligations of the
Tenant or to prevent or prejudicially affect the exercise by the Landlord of all or any of the rights powers and remedies conferred on the Landlord by this Lease are expressly negatived and excluded from this Lease 
  

	16.3	Inspection by Purchaser or Tenant 

  
 The Tenant will: 
  

	16.3.1	allow the Landlord to exhibit on the Premises notices advertising the Building or any part of it for sale and 

  

	16.3.2	at all reasonable times upon prior reasonable notice permit the Landlord to show the Premises to prospective purchasers and 

  

	16.3.3	within the 6 month period immediately preceding the end of the Lease Term permit the Landlord to show the Premises to prospective tenants at all reasonable times and on prior
reasonable notice and allow the Landlord to affix and exhibit on the Premises where the Landlord thinks fit the usual “For Sale” and/or “To Let” notices. In each case the notices may display the name and address of the Landlord
and its agents. The Tenant will not remove any notice without the prior written consent of the Landlord 

  

	16.4	Modification of Implied Covenants 

  
 The obligations and powers implied in leases by ss. 105 and 107 of the Property Law Act 1974 are negatived. All other covenants on the part of the
Tenant implied by the Property Law Act 1974 are not negatived but are modified to the extent of any inconsistency with the provisions of this Lease 
  

	16.5	Notices 

  

	16.5.1	Unless otherwise stated any notice given by the Landlord is deemed to be duly given and served on the Tenant if signed by the Landlord or the Landlord’s Solicitors or (if the
Landlord is a corporation) by any officer of the Landlord and delivered to the Tenant (or if more persons than one are Tenants under this Lease then to any one or more of them) personally or if the Tenant is a corporation then to any person at its

					
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registered office or principal place of business in this State or if left at the Premises or sent to the Tenant through the post in an envelope addressed to
the Premises and in the latter case service is deemed to have been effected on the day following posting 

  

	16.5.2	Any notice by the Tenant to the Landlord must be signed by the Tenant and in the manner prescribed by s. 257 of the Property Law Act 1974 

  

	16.6	Severability 

  
 If it is held by a Court of competent jurisdiction that: 
  

	16.6.1	any part of this Lease is void voidable illegal or unenforceable or 

  

	16.6.2	this Lease would be void voidable illegal or unenforceable unless any part of this Lease were severed 

  
 that part will be severed from and will not affect the continued operation of the rest of this Lease 
  

	17	TRUSTS 

  

	17.1	Trusts 

  
 If the Tenant is at any time acting in the capacity of trustee of any trust (“the Trust”) then whether or not the Landlord may have notice of the Trust the Tenant covenants with the Landlord as
follows: 
  

	17.1.1	this Lease extends to all rights of indemnity which the Tenant has against the Trust 

  

	17.1.2	the Tenant has power and authority to enter into this Lease and the provisions of the Trust do not purport to exclude or take away the right of indemnity of the Tenant against the
Trust and the Tenant will not release that right of indemnity or commit any breach of trust or be a party to any other action which might prejudice that right of indemnity 

  

	17.1.3	the Tenant will be and at all times remain personally liable to the Landlord for the due performance fulfilment and observance of the obligations in this Lease

  

	17.1.4	the Tenant will not without the prior consent in writing of the Landlord allow any of the following events to happen: 

  

	 	(a)	the removal replacement or retirement of the Tenant as sole trustee of the Trust 

  

	 	(b)	any alteration to or variation of the terms of the Trust 

  

	 	(c)	any advancement or distribution of capital of the Trust 

  

	 	(d)	any resettlement of the trust property 

  
 It will be an event of default under this Lease if the Tenant is guilty of any breach of trust in respect of the Trust or ceases to be the sole trustee of
the Trust 

					
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	18	FIRST OPTION 

  

	18.1	Application 

  
 This clause will only apply if a First Option Term has been nominated in the Particulars 
  

	18.2	Exercise of First Option 

  
 If the Tenant: 
  

	18.2.1	gives written notice to the Landlord that it wishes to renew this Lease during the Option Exercise Period as specified in the Particulars and 

  

	18.2.2	has at all times up to the date of expiration of the Lease Term complied punctually with its obligations under this Lease 

  
 then the Landlord will grant to the Tenant a further lease of the Premises on the following
conditions: 
  

	18.2.3	the length of the renewal term will be the First Option Term as specified in the Particulars 

  

	18.2.4	the rent for the first year of the First Option Term will be determined in accordance with clause 3.3 as if the date of commencement of the First Option Term were a Market
Review Date and the method of review during the Lease Term were otherwise as nominated for that First Option Review Date in the Particulars 

  

	18.2.5	the terms and conditions will be the same as the terms and conditions of this Lease except for: 

  

	 	(a)	this clause which will be deleted 

  

	 	(b)	the First Option Review Dates will apply for the purposes of clause 3.2 and 

  

	 	(c)	such other changes as the Landlord may reasonably require 

  

	18.3	New Guarantee 

  
 If at the date of exercise of the First Option Term the obligations of the Tenant under this Lease are the subject of a guarantee or indemnity the Tenant must: 
  

	18.3.1	procure from the persons who provided the guarantee or indemnity another guarantee or indemnity in respect of the lease for the First Option Term on the same terms apart from
necessary changes and 

  

	18.3.2	produce the properly executed valid and enforceable guarantee or indemnity to the Landlord within 30 days after the Landlord provides to the Tenant the documentation for the new
guarantee or indemnity for the renewal term. This time limit is essential and if the Tenant fails to comply with such time limit the Landlord may terminate the new lease for the First Option Term by notice in writing to the Tenant

					
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	19	SECOND OPTION 

  

	19.1	Application 

  
 This clause will only apply if a Second Option Term has been specified in the Particulars 
  

	19.2	Exercise of Second Option 

  
 If the Tenant: 
  

	19.2.1	gives written notice to the Landlord that it wishes to renew this Lease during the Option Exercise Period as specified in the Particulars and 

  

	19.2.2	has at all times up to the date of expiration of the Lease Term complied punctually with its obligations under this Lease 

  
 then the Landlord will grant to the Tenant a further lease of the Premises on the following
conditions: 
  

	19.2.3	the length of the renewal term will be the Second Option Term as specified in the Particulars 

  

	19.2.4	the rent for the first year of the Second Option Term will be determined in accordance with clause 3.3 as if the date of commencement of the Second Option Term were a Market
Review Date and the method of review during the Lease Term were otherwise as nominated for that Second Option Review Date in the Particulars 

  

	19.2.5	the terms and conditions will be the same as the terms and conditions of this Lease except for: 

  

	 	(a)	this clause which will be deleted 

  

	 	(b)	the Second Option Review Dates will apply for the purposes of clause 3.2 and 

  

	 	(c)	such other changes as the Landlord may reasonably require 

  

	19.3	New Guarantee 

  
 If at the date of exercise of the Second Option Term the obligations of the Tenant under this Lease are the subject of a guarantee or indemnity the Tenant must: 
  

	19.3.1	procure from the persons who provided the guarantee or indemnity another guarantee or indemnity in respect of the lease for the Second Option Term on the same terms apart from
necessary changes and 

  

	19.3.2	produce the properly executed valid and enforceable guarantee or indemnity to the Landlord within 30 days after the Landlord provides to the Tenant the documentation for the new
guarantee or indemnity for the renewal term. This time limit is essential and if the Tenant fails to comply with such time limit the Landlord may terminate the new lease for the Second Option Term by notice in writing to the Tenant

					
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	20	POWER OF ATTORNEY 

  

	20.1	The Tenant irrevocably appoints the Landlord and (if the Landlord is a corporation) the directors the general manager and the secretary for the time being of the Landlord jointly
and each of them separately to be the attorneys of the Tenant at any time after the power to re-enter contained in this lease has been exercised or become exercisable: 

  

	20.1.1	to sign a transfer or a surrender of this Lease 

  

	20.1.2	to procure the transfer or surrender of htis lease to be registered 

  

	20.1.3	from time to time to appoint a substitute or substitutes and revoke those appointments 

  

	20.1.4	to do execute and perform any act deed matter or thing in accordance with this clause as fully and effectually as the Tenant could do 

  
 The Tenant will ratify and confirm everything the attorneys or any substitute or substitutes
lawfully do or cause to be done in accordance with this clause. A statutory declaration by an attorney that the power of re-entry contained in this Lease has been exercised or alternatively is exercisable will be sufficient proof of that fact

  

	21	END OF LEASE 

  

	21.1	Yield Up 

  
 The Tenant will at the end of this Lease yield up the Premises in the order and condition described in clause 6 
  

	21.2	Remove Fittings 

  

	21.2.1	If the Tenant has not already done so under clause 7.4 the Tenant will if required by the Landlord remove from the Premises within 14 days after the end of this Lease all
fixtures and other contents installed by the Tenant and make good any damage caused to the Building by the removal and if required by the Landlord will re-alter any alterations made by the Tenant so that the Premises are converted back to their
original layout 

  

	21.2.2	The Landlord may at its option itself cause the fixtures and other contents to be removed and to be stored in a public warehouse or elsewhere at the risk of the Tenant and any
damage to be made good and any alterations to be re-altered and may recover the costs of removal storage making good and/or re-alterations from the Tenant as a liquidated debt payable on demand 

  

	21.3	Abandoned Contents 

  
 Any contents not removed by the Tenant under clause 7.4 and clause 21.2 will be deemed abandoned by the Tenant and will become the property of the Landlord. The Tenant will remain legally responsible for
the expense of any removal by the Landlord of contents not removed by the Tenant from the Premises and the expense of making good any damage to the Premises caused by that removal by the Landlord 

					
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	21.4	Removal of Signs 

  
 At the end of this Lease the Tenant will remove any sign advertisement or hoarding painted placed on or in the Premises and restore the Premises to the condition they were in immediately before the advertisement sign
or hoarding was so placed 
  

	22	BANK GUARANTEE 

  

	22.1	Application 

  
 This clause will apply if the Particulars nominate an amount of bank guarantee 
  

	22.2	Provision of Guarantee & Review 

  
 The Tenant must: 
  

	22.2.1	on or before executing this Lease arrange for the issue of an unconditional bank guarantee in favour of the Landlord for the amount stated in the Particulars (“Bank
Guarantee”) to secure performance by the Tenant of its obligations under this Lease 

  

	22.2.2	whenever the Rent is reviewed under clause 3 provide a replacement or additional bank guarantee so that the total Bank Guarantee bears to the Rent payable from each Review
Date the same proportion as the amount stated in the Particulars bears to the Rent at the Date of Commencement 

  

	22.2.3	ensure that any Bank Guarantee is kept current and enforceable and will not expire until at least 3 Months after the end of this Lease and 

  

	22.2.4	if the Landlord is paid an amount under the Bank Guarantee following a demand provide the Landlord with a replacement or additional bank guarantee for the amount paid out

  

	22.3	Recourse to Bank Guarantee 

  
 If the Tenant does not comply with any of its obligations under this Lease the Landlord may call on the Bank Guarantee to the extent of the Tenant’s default

  

	23	SECURITY BOND 

  

	23.1	Application 

  
 This clause applies if the Particulars nominate an amount of security bond 
  

	23.2	Amount 

  
 The Tenant must on or before executing this Lease pay a security bond to the Landlord or to the Landlord’s agent as directed by the Landlord for the amount stated in the Particulars (“Security

					
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 Bond”) to be held by the Landlord for its absolute use at any time. The Tenant acknowledges that the
Security Bond is for the immediate use of the Landlord, and the Landlord’s application of these funds is not conditional upon default by the Tenant. Provided that the Tenant is not in default, the Landlord shall credit the amount of Security
Bond paid towards the rent payable during the final year of the Lease Term. 
  

	23.3	Giving of the Security Bond 

  
 The Security Bond will be given to the Landlord’s managing agent in its trust account, for the immediate use of the Landlord upon demand. 
  

	23.4	Charging of the Security Bond 

  
 The Tenant: 
  

	23.4.1	charges the Security Bond in favour of the Landlord for the Lease Term and any further terms with the performance by the Tenant of all its obligations under this Lease

  

	23.4.2	authorises the Landlord to make withdrawals from the Security Bond and 

  

	23.4.3	must sign any documents that the Landlord requires to enable the Landlord to be paid any part of the Security Bond 

  

	23.5	Application of the Security Bond 

  
 The Landlord may apply the Security Bond towards the payment of any money payable by the Tenant to the Landlord under this Lease 
  

	23.7	Not to Prejudice Other Rights 

  
 The application of the Security Bond by the Landlord does not prejudice the Landlord’s other rights under this Lease or by law. The Landlord’s failure to apply
the Security Bond does not constitute a waiver 
  

	24	GUARANTEE AND INDEMNITY 

  

	24.1	Application 

  
 This clause applies if the Particulars nominate any guarantors 
  

	24.2	Guarantee & Indemnity 

  
 In consideration of the Landlord at the request of the Guarantor entering into this Lease with the Tenant the Guarantor covenants and agrees with the Landlord that:

  

	24.2.1	it will be legally responsible jointly and separately with the Tenant for the payment of Rent and the due performance by the Tenant of all the obligations terms and conditions of
this Lease on the part of the Tenant to be performed 

					
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	24.2.2	the Guarantor indemnifies the Landlord against all losses damages costs and expenses which the Landlord may incur form any breach or nonobservance of this Lease by the Tenant

  

	24.2.3	the legal responsibility of the Guarantor is not affected by: 

  

	 	(a)	the Landlord exercising any rights under this Lease 

  

	 	(b)	the Landlord terminating this Lease 

  

	 	(c)	the Tenant that is a corporation being wound up or dissolved 

  

	 	(d)	the Tenant who is a natural person being declared bankrupt 

  

	 	(e)	a transfer of the Tenant’s interest in this Lease 

  

	 	(f)	a variation of this Lease 

  

	 	(g)	the completion of this Lease by the Landlord under the terms of any agreement for lease 

  

	 	(h)	any failure by the Landlord to exercise its rights or any delay in doing so 

  

	24.2.4	the Guarantor is treated as a primary debtor and contractor together and separately with the Tenant 

  

	24.2.5	this guarantee and indemnity does not depend upon the enforceability of the obligations and agreements of any other person and remains binding even if another person does not sign
this Lease or this guarantee and indemnity 

  

	24.2.6	if the Tenant enters into liquidation (or being a natural person enters into bankruptcy) and the liquidator or trustee in bankruptcy disclaims this Lease the Guarantor must accept
from the Landlord a lease of the Premises for a period equal to the remaining unexpired period of this Lease, the new lease to contain the same condition as are in this Lease 

  

	24.2.7	if the Tenant or its successors or assigns exercises an option to renew this Lease this guarantee and indemnity will be treated as extending to the further lease and will be read
and understood as if the further lease were this Lease and the tenant holding under it were the Tenant referred to in this Lease 

  

	24.2.8	notices to be given to the Guarantor may be signed by the solicitors for the Landlord or any officer of the Landlord and may be given by post at the Guarantor’s last known
address 

  

	24.2.9	if any part of this guarantee and indemnity is unenforceable that will not affect the enforceability of any other part of this guarantee and indemnity 

  

	24.2.10	if the Guarantor is more than one person the liabilities of each of those persons are joint and separate 

					
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	24.2.11	this guarantee and indemnity takes effect immediately upon its signing and continues to be of full effect whether or not the Lease is later registered in the Department of Lands.
References to “this Lease” include any equitable lease agreement for lease or periodic tenancy arising upon signing or acceptance by the Tenant of the document to which this guarantee and indemnity is attached

  

	24.2.12	if the Landlord transfers the Land or otherwise transfers the Landlord’s rights under this Lease the Landlord’s rights under this guarantee and indemnity will be treated
as transferred to any future owner of the Land or other transferee 

  

	25	CAR PARKS 

  

	25.1	Although not part of the leased premises, the Tenant is entitled to use the 7 parking bays located under the building that are hatched on the attached Car Park Plan. The Tenant is
entitled to install reasonable signage on the walls nearby to the parking bays to signify that the 7 parking bays are for the exclusive use of the Tenant. 

  

	26	LANDLORD’S WORKS 

  

	26.1	The Landlord agrees, within a reasonable time after the execution of this Lease, to erect and inter-tenancy wall in the premises in order to separate the premises from the other
business conducted on the first floor of the building. This wall will be erected at the expense of the Landlord.

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