Document:

Excelsior LaSalle Property Fund, Inc. Expense Limitation and Reimbursement

 Exhibit 10.8 
 EXCELSIOR LASALLE PROPERTY FUND, INC. 
 EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT

 This EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT (this “Agreement”) is made as of the 18th day of December 2006 by
and between Excelsior LaSalle Property Fund, Inc., a Maryland corporation (the “Fund”) and UST Advisers, Inc., a Delaware Corporation (the “Manager”). 
 W I T N E S S E T H: 
 WHEREAS, the Fund is a privately offered real estate investment
fund that will elect to be treated as a real estate investment trust for federal income tax purposes; and 
 WHEREAS, the Manager serves as
the manager of the Fund pursuant to a management agreement between the Fund and the Manager dated as of December 23, 2004 (the “Management Agreement”). Terms not otherwise defined herein shall have the meanings set forth in the
Management Agreement. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 1. Expense Limitation. Subject to the terms hereof, including, without limitation, Section 4, the Manager agrees to waive its fees, or to pay
or absorb the ordinary operating expenses of the Fund to the extent necessary to limit the specific offering, organizational and ordinary operating expenses of the Fund described in Section 2 below (including, but not limited to, printing,
legal, accounting and marketing expenses) (the “Specified Expenses”) to 0.75% per annum of the Fund’s Net Asset Value (the “Expense Limitation”). For purposes of this Agreement, Net Asset Value of the Fund
(“NAV”) will be determined quarterly in a manner consistent with the Management Agreement. 
 2. Specified Expenses. (a) The
Expense Limitation applies only to the following: (i) fees and expenses paid to the Fund’s valuation consultant, auditors, stockholder administrator, and the Fund’s legal counsel in connection with matters related to the organization
of the Fund and the offering of the Shares therein (but excluding all legal counsel fees and expenses incurred in connection with matters related to Real Estate Investments, such as property acquisition or disposition, leasing and legal proceedings
related to the Real Estate Investments, as well as extraordinary legal fees associated with litigation or other proceedings), as well as (ii) printing costs, mailing costs, fees associated with the board of directors of the Fund, the cost of
maintaining directors and officers insurance, blue sky fees and all Fund-level organizational expenses (which does not include expenses associated with the acquisition and management of the Initial Portfolio). 
 (b) For the avoidance of doubt, the Expense Limitation does not apply with regard to property level expenses (including, without
limitation, property insurance, property operating expenses, and property financing expense), costs incurred in pursuing, acquiring, disposing, or obtaining financing of Real Estate Investments, costs associated with any credit facility obtained by
the Fund (which may be in addition to the leverage at the property 

 
level), taxes (including tax related charges such as interest or penalties) payable by the Fund or its subsidiaries, or to extraordinary expenses, such as
the costs of litigation. 
 3. Term. This Agreement will be in effect for one (1) year (December 31, 2006 to December 31,
2007), unless terminated by the Manager or by the Fund upon thirty (30) days written notice to the other party, and may be renewed by the mutual agreement of the Manager and the Fund for successive one year terms. This Agreement will terminate
automatically upon the termination of the Management Agreement unless a new Management Agreement with the Manager (or an affiliate of the Manger) to replace the terminated agreement becomes effective upon such termination. If this Agreement is
terminated by the Fund or if this Agreement terminates because the Fund terminates or fails to renew for any additional term the Management Agreement, the Fund agrees for a period not to exceed three (3) years to reimburse any remaining Excess
Operating Expenses (as defined below) not previously reimbursed, such reimbursement to be made to the Manager not later than thirty (30) days after the termination of this Agreement and without regard to the Expense Limitation. 
 4. Excess Expenses. In consideration of the Manager’s agreement to limit the Fund’s expenses as provided herein, the Fund agrees to
carry forward the annual amount of Specified Expenses waived, paid or absorbed by the Manager pursuant to this Agreement in excess of the Expense Limitation, for a period not to exceed three (3) years from the end of the fiscal year in which
such expense is incurred by the Manager (“Excess Operating Expenses”) and to reimburse the Manager in the amount of such Excess Operating Expenses as promptly as possible, but only to the extent that it does not cause the
Fund’s Specified Expenses for the fiscal year in which such reimbursement would otherwise be made to exceed the Expense Limitation. 
 5. Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements between the parties hereto relating to the
matters contained herein and may not be modified, waived or terminated orally and may only be amended by an agreement in writing signed by the parties hereto. 
 6. Construction and Forum. This Agreement shall be governed by the laws of the State of New York, without regard to its conflicts of law principles. Each of the parties hereto irrevocably and unconditionally
submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York, in any action or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted
by law, in such Federal court. 
 7. Counterparts. This Agreement may be executed in any number of separate counterparts, each of
which shall be deemed an original, but the several counterparts shall together constitute but one and the same Agreement of the parties hereto. 
 8. Severability. If any one or more of the covenants, agreements, provisions or texts of this Agreement shall be held invalid, then such covenants, agreements, provisions or 

 
terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement. 
 The remainder of this page has been intentionally left blank. 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the day and year
above written. 
  

			
	EXCELSIOR LASALLE PROPERTY FUND, INC.
		
	By:	 	  
	Name:	 	
	Title:	 	
	
	UST ADVISERS, INC.
		
	By:	 	  
	Name:	 	
	Title:EX-10.9

        

    
      

      

    

     

    Consult
      your lawyer before signing this lease — it has important legal
      consequences.

    

    BUSINESS
      LEASE

    

    The
      Landlord and the Tenant agree to lease the Rental Space for the Term and at
      the
      Rent stated, as follows:

    (The
      words Landlord and Tenant include all
      landlords and all tenants under this lease.)

    

    Landlord:
      National
      Electronic Alloys Inc.                  Tenant
      Integrated
      Alarm Services             

          
Print
      or
      type                                                         
       Print or Type 

    3
      Fir Court                         PO
      Box 321                              

    Address                                                     Residence
      address

    Oakland,
      NJ 07436                      Oakland,
      NJ 07436                         

    

    Rental
      Space South
      Side, 2nd  Floor                                                

    3500
      Sq. Ft.                                                     

    Phone:
      201-337-9400                                             

    

    in
      the building at 3
      Fir Court                                                   

                           
      Address

    Date
      of Lease June
      1, 2006    

    Term

    Beginning
      June
      1, 2006   

    Ending
      July
      31, 2007   

    

    Security
      $3500.00 - 1
      month  

    Broker.
      The Landlord and the Tenant recognize No
      Brokers are involved  

    

    Liability
      Insurance. Minimum
      amounts: for each person
      injured $500,000
      for
      any one accident  $1,000,000
      for property damage $250,000  

    

    Municipal
      Real Estate Taxes $ In
      rent

     

    Based
      Year ____
      Percent of Increase ____%    Rent
      for the Term is $     

    

    The
      Rent is payable in advance on the first day of each month, as follows:
$3500
      a month    

    

    Option:
      2, 3 or 4 year, same price as above.  

     

    Use
      of Rental Space 10
      Hour day 6 days a week  To
      be used as office space only        

     

    

    Additional
      agreements  

    a)
      Snow plowing by Landlord. Included are also Real
      Estate Taxes,
      electricity, gas, & water.        
b)
      14 parking spaces allocated to tenant.      
c)
      Rubbish removal dumpster provided by Landlord    
d)
      No chemical or hazardous waste allowed.

    Telephone,
      fax communications are the
      responsiblity of tenant.  Building is equiped for fibre optic
      connection.     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Table
      of Contents

    

    

    
      	1.  	
              Possession
                and Use

            

    

    
      	2.  	
              Delay
                in Giving Possession

            

    

    
      	3.  	
              No
                Assignment or Subletting

            

    

    
      	4.  	
              Rent
                and Additional Rent

            

    

    
      	5.  	
              Security

            

    

    
      	6.  	
              Liability
                Insurance

            

    

    
      	7.  	
              Unavailability
                of Fire Insurance, Rate
                Increase

            

    

    
      	8.  	
              Water
                Damage

            

    

    
      	9.  	
              Liability
                of Landlord and Tenant

            

    

    
      	10.  	
              Real
                Estate Taxes

            

    

    
      	11.  	
              Acceptance
                of Rental Space

            

    

    
      	12.  	
              Quite
                Enjoyment

            

    

    
      	13.  	
              Utilities
                and Services

            

    

    
      	14.  	
              Tenant’s
                Repairs, Maintenance, and
                Compliance

            

    

    
      	15.  	
              Landlord’s
                Repairs and Maintenance

            

    

    

    
      	16.  	
              No
                Alterations

            

    

    
      	17.  	
              Signs

            

    

    
      	18.  	
              Access
                to Rental Space

            

    

    
      	19.  	
              Fire
                and Other Casualty

            

    

    
      	20.  	
              Eminent
                Domain

            

    

    
      	21.  	
              Subordination
                to Mortgage

            

    

    
      	22.  	
              Tenant’s
                Certificate

            

    

    
      	23.  	
              Violation,
                Eviction, Re-entry and
                Damages

            

    

    
      	24.  	
              Notices

            

    

    
      	25.  	
              No
                Waiver

            

    

    
      	26.  	
              Survival

            

    

    
      	27.  	
              End
                of Term

            

    

    
      	28.  	
              binding

            

    

     

     

    
      	1.  	
              Possession
                and Use

            

    

    The
      Landlord shall give possession of the Rental Space to the Tenant for the Term.
      The Tenant shall take possession of and use the Rental Space for the purpose
      stated above. The Tenant may not use the Rental Space for any other purpose
      without the written consent of the Landlord.

    

    The
      Tenant shall not allow the Rental space to be used for any unlawful or hazardous
      purpose. The Tenant is satisfied that the Rental Space is zoned for the Use
      stated. The Tenant shall obtain any necessary certificate of occupancy or other
      certificate permitting the Tenant to use the Rental Space for that
      Use.

    

    The
      Tenant shall not use the Rental Space in any manner that results in (1) an
      increase in the rate of fire or liability insurance or (2) cancellation of
      any
      fire or liability insurance policy on the Rental Space. The Tenant shall comply
      with all requirements of the insurance companies insuring the Rental Space.
      The
      Tenant shall not abandon the Rental Space during the Term of this Lease or
      permit it to become vacant for extended periods.

    

    
      	2.  	
              Delay
                in Giving of Possession

            

    

    This
      paragraph applies if (a) the Landlord cannot give possession of the Rental
      Space
      to the Tenant on the beginning date and (b) the reason for the delay is not
      the
      Landlord’s fault. The Landlord shall not be held liable for the delay. The
      Landlord shall then have 30 days in which to give possession. If possession
      is
      given within that time, the Tenant shall accept possession and pay the Rent
      from
      that date. The ending date of the Term shall not change. If possession is not
      given within that time this Lease may be cancelled by either party on notice
      to
      the other.

    

    
      	3.  	
              No
                Assignment or Subletting

            

    

    The
      Tenant may not do any of the following without the Landlord’s written consent;
      (a) assign this Lease (if the Tenant is a corporation, the sale of a majority
      of
      its shares shall be treated as an assignment), (b) sublet all or any part of
      the
      Rental Space or (c) permit any other person or business to use the Rental
      Space.

    

    4. Rent
      and Additional Rent

    Tenant
      shall pay the Rent to the Landlord at the 

    Landlord’s
      address.

     

    If
      the
      Tenant fails to comply with any agreement in this Lease, the Landlord may do
      so
      on behalf of the Tenant. The Landlord may charge the cost to comply, including
      reasonable attorney’s fees, to the Tenant as “additional rent”. The additional
      rent shall be due and payable as Rent with the next monthly Rent payment. Non-
      payment of additional rent shall give the Landlord the same rights against
      the
      Tenant as if the Tenant failed to pay the Rent.

     

    5. Security

    The
      Tenant has given to the Landlord the Security stated above. The Security shall
      be held by the Landlord during the Term of this Lease. The Landlord may deduct
      from the Security any expenses incurred in connection with the Tenant’s
      violation of any agreement in this Lease. For example, if the Tenant does not
      leave the Rental Space in good condition at the end of the Term, the Security
      may be used to put it in good condition. If the amount of damage exceeds the
      Security, the Tenant shall pay the additional amount to the Landlord on
      demand.

    .

    If
      the
      Landlord uses the Security or any part of it during the Term, the Tenant shall
      on demand pay the Landlord for the amount used. The amount of the Security
      is to
      remain constant throughout the Term. The Security is not to be used by the
      Tenant for the payment of Rent. The Landlord shall repay to the Tenant any
      balance remaining within a reasonable time after the end of the Term. The Tenant
      shall not be entitled to interest on the Security

    

    If
      the
      Landlord’s interest in the Rental Space is transferred, the Landlord shall turn
      over the Security to the new Landlord. The Landlord shall notify the Tenant
      of
      the name and address of the new Landlord. Notification must be given within
      5
      days after the transfer, by registered or certified mail. The Landlord shall
      then no longer be responsible to the Tenant for the repayment of Security.
      The
      new Landlord shall be responsible to the Tenant for the return of the Security
      in accordance with the terms of this Lease.

    

    6. Liability
      Insurance

    The
      Tenant shall obtain, pay for, and keep in effect for the benefit of the Landlord
      and the Tenant public liability insurance on the Rental Space. The insurance
      company and the broker must be acceptable to the Landlord. This coverage must
      be
      in at least the minimum amounts stated above.

    

    All
      policies shall state that the insurance company cannot cancel or refuse to
      renew
      without at least 10 days written notice to the Landlord.

    

    The
      Tenant shall deliver the original policy to the Landlord with proof of payment
      of the first year’s premiums. This shall be done not less than 15 days before
      the Beginning of the Term. The Tenant shall deliver a renewal policy to the
      Landlord with proof of payment not less than 15 days before the expiration
      date
      of each policy.

    

    7. Unavailability
      of Fire Insurance, Rate Increases

    If
      due to
      the Tenant’s use of the Rental Space the Landlord cannot obtain and maintain
      fire insurance on the Building in an amount and form reasonably acceptable
      to
      the Landlord, the Landlord may cancel this Lease on 30 days notice to the
      Tenant. If due to the Tenant’s use of the Rental Space the fire insurance rate
      is increased, the Tenant shall pay the increase in the premium to the Landlord
      on demand.

    

    8. Water
      Damage

    The
      Landlord shall not be liable for any damage or injury to any persons or property
      caused by the leak or flow of water from or into any part of the
      Building.

    

    9. Liability
      of Landlord and Tenant

    The
      Landlord shall not be liable for injury or damage to any person or property
      unless it is due to the Landlord’s act or neglect. The Tenant is liable for any
      loss, injury or damage to any person or property caused by the act or neglect
      of
      the Tenant or the Tenant’s employees. The Tenant shall defend the Landlord from
      and reimburse the Landlord for all liability and costs resulting from any injury
      or damage due to the act or neglect of the Tenant or the Tenant’s
      employees.

    

    10. Real
      Estate Taxes

    The
      Landlord shall pay the yearly Municipal Real Estate Taxes on the Building in
      the
      amount stated above. This is the tax assessed for the Base Year stated above.
      The Tenant shall pay the Percent of Increase stated above of each yearly
      increase in the Municipal Real Estate Taxes over the tax for the Base Year.
      The
      Tenant shall pay this amount yearly in one sum within 30 days of the Landlord’s
      written request accompanied by a copy of the current year’s tax bill. The
      Tenant’s liability for this payment shall be pro-rated for any part of the year
      the Tenant does not occupy the Rental Space under this Lease.

    

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    11. Acceptance
      of Rental Space

    The
      Tenant has inspected the Rental Space and agrees that the Rental Space is in
      satisfactory condition. The Tenant accepts the Rental Space “as
      is”.

    

    12. Quiet
      Enjoyment

    The
      Landlord has the right to enter into this Lease. If the Tenant complies with
      this Lease, the Landlord must provide the Tenant with undisturbed possession
      of
      the Rental Space.

    

    13. Utilities
      and Services

    The
      Tenant shall arrange and pay for all utilities and services required for the
      Rental Space, including the following:

    (a)
      Heat   (c)
      Electric

    (b)
      Hot
      and cold water (d)
      Gas

    All
      by
      Landlord

    

    The
      Landlord shall pay for the following utilities and services:

    

    

    

    The
      Landlord is not liable for any inconvenience or harm caused by any stoppage
      or
      reduction of utilities and services beyond the control of the Landlord. This
      does not excuse the Tenant from paying Rent.

    

    14. Tenant’s
      Repairs, Maintenance, and Compliance

    The
      Tenant shall:

    

    (a) Promptly
      comply with all laws, orders, rules and requirements of governmental
      authorities, insurance carriers, board of fire underwriters, or similar
      groups.

    

    (b) Maintain
      the Rental Space and all equipment and fixtures in it in good repair and
      appearance.

    

    (c) Make
      all
      necessary repairs to the Rental Space and all equipment and fixtures in it,
      except structural repairs.

    

    (d) Maintain
      the Rental Space in a neat, clean, safe, and sanitary condition, free of all
      garbage.

    

    (e) Keep
      the
      walks, driveway, parking area, yard, entrances, hallways, and stairs clean
      and
      free from trash, debris, snow and ice.

    

    (f) Use
      all
      electric, plumbing and other facilities in the Rental Space safely.

    

    (g) Use
      no
      more electricity than the wiring or feeders to the Rental Space can safely
      carry.

    

    (h) Promptly
      replace all broken glass in the Rental Space.

    

    (i) Do
      nothing to destroy, deface, damage, or remove any part of the Rental
      Space.

    

    (j) Keep
      nothing in the Rental Space which is inflammable, dangerous or explosive or
      which might increase the danger of fire or other casualty.

    

    (k) Promptly
      notify the Landlord when there are conditions which need repair.

    

    (l) Do
      nothing to destroy the peace and quiet of the Landlord, other tenants, or
      persons in the neighborhood.

    

    (m) Avoid
      littering in the building or on its grounds.

     

    The
      Tenant shall pay any expenses involved in complying with the above.

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    15. Landlord’s
      Repairs and Maintenance

    The
      Landlord shall:

    

    (a) Maintain
      the public areas, roof and exterior walls in good condition.

    

    (b) Make
      all
      structural repairs unless these repairs are made necessary by the act or neglect
      of the Tenant or the Tenant’s employees.

    

    (c) Make
      necessary replacements of the plumbing, cooling, heating and electrical systems,
      except when made necessary by the act or neglect of the Tenant or the Tenant’s
      employees.

    

    (d) Maintain
      the elevators in the Building, if any.

    

    16. No
      Alterations

    The
      Tenant may not make any changes or additions to the Rental Space without the
      Landlord’s written consent. Any changes or additions made without the Landlord’s
      written consent shall be removed by the Tenant on demand.

    

    All
      changes or additions made with the Landlord’s written consent shall become the
      property of the Landlord when completed and paid for by the Tenant. They shall
      remain as part of the Rental Space at the end of the Term. The Landlord may
      demand that the Tenant remove any changes or additions at the end of the Term.
      The Tenant shall promptly pay for all costs of any permitted changes or
      additions. The Tenant shall not allow any mechanic’s lien or other claim to be
      filed against the Building. If any lien or claim is filed against the Building,
      the Tenant shall have it promptly removed.

     

    17. Signs

    The
      Tenant shall obtain the Landlord’s written consent before placing any sign on or
      about the Rental Space. Signs must conform with all applicable municipal
      ordinances and regulations.

    

    18. Access
      to Rental Space

    The
      Landlord shall have access to the Rental Space on reasonable notice to the
      Tenant to (a) inspect the Rental Space (b) make necessary repairs, alternations,
      or improvements, (c) supply services, and (d) show it to prospective buyers,
      mortgage lenders, contractors or insurers.

    

    The
      Landlord may show the Rental Space to rental applicants at reasonable hours
      on
      notice to the Tenant within 6 months before the end of the Term.

    

    The
      Landlord may enter the Rental Space at any time without notice to the Tenant
      in
      case of emergency.

    

    See
      18D
& E on following page.

    

    19. Fire
      and Other Casualty

    The
      Tenant shall notify the Landlord at once of any fire or other casualty in the
      Rental Space. The Tenant is not required to pay Rent when the Rental Space
      is
      unusable. If the Tenant uses part of the Rental Space, the Tenant must pay
      Rent
      pro-rata for the usable part.

    

    If
      the
      Rental Space is partially damaged by fire or other casualty, the Landlord shall
      repair it as soon as possible. This includes the damage to the Rental Space and
      fixtures installed by the Landlord. The Landlord need not repair or replace
      anything installed by the Tenant.

    

    Either
      party may cancel this Lease if the Rental Space is so damaged by fire or other
      casualty that it cannot be repaired within 90 days. If the parties cannot agree,
      the opinion of a contractor chosen by the Landlord and the Tenant will be
      binding on both parties.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    This
      Lease shall end if the Rental Space is totally destroyed. The Tenant shall
      pay
      Rent to the date of destruction.

    

    If
      the
      fire or other casualty is caused by the act or neglect of the Tenant or the
      Tenant’s employees, the Tenant shall pay for all repairs and all other
      damage.

    

    20. Eminent
      Domain

    Eminent
      domain is the right of a government to lawfully condemn and take private
      property for public use. Fair value must be paid for the property. The taking
      occurs either by court order or by deed to the condemning party. If any part
      of
      the Rental Space is taken by eminent domain, either party may cancel this lease
      on 30 days notice to the other. The entire payment for the taking shall belong
      to the Landlord. The Tenant shall make no claim for the value of this Lease
      for
      the remaining part of the Term.

    

    21. Subordination
      to Mortgage

    In
      a
      foreclosure sale all mortgages which now or in the future affect the Building
      have priority over this Lease. This means that the holder of a mortgage may
      end
      this Lease on a foreclosure sale. The Tenant shall sign all papers needed to
      give any mortgage priority over this Lease. If the Tenant refuses, the Landlord
      may sign the papers on behalf of the Tenant.

    

    22. Tenant’s
      Certificate

    At
      the
      request of the Landlord, the Tenant shall sign a certificate stating that (a)
      this Lease has not been amended and is in effect, (b) the Landlord has fully
      performed all of the Landlord’s agreements in this Lease, (c) the Tenant has no
      rights to the Rental Space except as stated in this Lease, (d) the Tenant has
      paid all Rent to date, and (e) the Tenant has not paid Rent for more than one
      month in advance. The Certificate shall also list all the property attached
      to
      the Rental Space owned by the Tenant.

    

    23. Violation,
      Eviction, Re-entry and Damages

    The
      Landlord reserves a right of re-entry which allows the Landlord to end this
      Lease and re-enter the Rental Space if the Tenant violates any agreement in
      this
      Lease. This is done by eviction. Eviction is a court procedure to remove a
      tenant. Eviction is started by the filing of a complaint in court and the
      service on a tenant of the complaint and a summons to appear in court. The
      Landlord may also evict the Tenant for any other cause allowed by law. After
      obtaining a judgment for possession and compliance with the warrant of removal,
      the Landlord may re-enter and take back possession of the Rental Space. If
      the
      cause for eviction is non-payment of Rent, notice does not have to be given
      to
      the Tenant before the Landlord files a complaint. If there is any other cause
      to
      evict, the Landlord must give to the Tenant the notice required by law before
      the Landlord files a complaint for eviction.

    The
      tenant is liable for all damages caused by the Tenant’s violation of any
      agreement in this Lease. This includes reasonable attorney’s fees and costs. The
      rights and remedies of the Landlord under this Lease are not intended to be
      inclusive but as additional to all other rights and remedies allowed to the
      Landlord by law.

    

    After
      eviction the Tenant shall pay the unpaid Rent for the Term or until the Landlord
      re-rents the Rental Space, if sooner. If the Landlord re-rent the Rental Space
      for less than the Tenant’s Rent, the Tenant shall pay the difference until the
      end of the Term. The Tenant shall not be entitled to any excess resulting from
      the re-renting. The Tenant shall also pay (a) all reasonable expenses incurred
      by the Landlord in preparing the Rental Space for re-renting and (b) commissions
      paid to a broker for finding a new tenant.

    

    24. 
      Notices

    All
      notices given under this Lease must be in writing. Each party must accept and
      claim the notices given by the other. Unless otherwise provided by law, they
      may
      be given by (a) personal delivery, or (b) certified mail, return receipt
      requested. Notices shall be addressed to the Landlord at the address written
      at
      the beginning of this Lease and to the Tenant at the Rental Space.

    

    25. No
      Waiver

    The
      Landlord’s failure to enforce any agreement in this Lease shall not prevent the
      Landlord from enforcing the agreement for any violations occurring at a later
      time.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    26. Survivial

    If
      any
      agreement in this Lease is contrary to law, the rest of the Lease shall remain
      in effect.

    

    27. End
      of Term

    At
      the
      end of the Term the Tenant shall (a) leave the Rental Space clean, (b) removal
      all of the Tenant’s property, (c) remove all signs and restore that portion of
      the Rental Space on which they were placed, (d) repair all damage caused by
      moving, and (e) return the Rental Space to the Landlord in the same conditions
      as it was at the beginning of the Term except for normal wear and
      tear.

    

    If
      the
      Tenant leaves any property in the Rental Space, the Landlord may (a) dispose
      of
      it and charge the Tenant for the cost of disposal, or (b) keep it as abandoned
      property.

    

    28. Binding

    This
      Lease binds the Landlord and the Tenant and all parties who lawfully succeed
      to
      their rights or take their places.

    

    29. Full
      Agreement

    The
      parties have read this Lease. It contains their full agreement. It may not
      be
      changed except in writing signed by the Landlord and the Tenant.

     

    18
      D. Landlord
      is to have a key for emergency services.

    18
      E. Landlord
      has the right to enter space to access stairway to roof for necessary
      maintenance purposes.

    

    30.  Tenant
      may not bring any pets, dogs, cats or animals into the building at any
      time.

    

    31.  This
      is a
“No Smoking” Building and those that do must do so outside the
      building.

    

    32.  Tenant
      is
      responsible for light bulb replacement.

    

    33. If
      tenant
      is in good standing with Landlord, tenant will have the first option to renew
      lease at mutually agreed upon date.

    

    34. Tenant
      is
      responsible for cleaning leased area.

    

    35. Tenant
      is
      to deposit the equivalent of 1 month’s rent for security not to be interest
      bearing and not to be considered rent at the end of the lease.

    

    36. Occupancy
      Permit and any charges or fees is the responsibility of tenant although Landlord
      will assist with any data necessary.

    

    37. Tenant’s
      SIC # is 7382 and is responsible for it’s compliance.

    

     

    Signatures   The
      Landlord and the Tenant agree to the terms of this Lease by signing below.
      If a
      party is a 

    Corporation,
      this Lease is signed by its proper corporate officers and its corporate seal
      is
      affixed.

    

    

    Witnessed
      or attested by:                 National
      Electronic Alloys Inc.         
SEAL
                                    Landlord

    

    

    _______________________________               ___________________________________     SEAL

    As
      to
      Landlord                                                                Landlord

    

                                                                               _______________________________     SEAL 
                                                          
      Tenant

    /s/
      Bruce E. Quay     5/10/06       _________________________________ SEAL

    As
      to
      Tenant             Tenant

     

     

    
      
        
        

      

      
        6

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