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Idaho-Coeur d'Alene-1201 Ironwood Drive Lease - Par III Associates and Coldwater Creek Inc.

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                                     LEASE

    THIS LEASE made and entered into the 9th day of June, 1996, by and 
between Par III Associates, by Barry Davidson, Receiver, ("Lessor"), and 
Coldwater Creek Inc., a Delaware Corporation ("Lessee").

    In consideration for the mutual covenants, conditions and restrictions 
contained herein, and in consideration for the payment of the rental in the 
amounts and at the times as hereinafter specified, the parties hereto agree 
as follows:

    1.  DESCRIPTION OF PREMISES. Lessor hereby leases to Lessee, and Lessee 
hereby leases from Lessor, a portion of the office structure located at 1201 
Ironwood Drive, Coeur d'Alene, Idaho, consisting of the intermediate entry 
level floor and next lower level floor, and more particularly described on 
Exhibit "A-1" and "A-2" attached hereto and by this reference incorporated 
herein.

    Specifically, this Lease shall apply to those premises referred to as the 
intermediate entry level floor and next lower level floor of the office 
structure, set forth on the site plan attached hereto as Exhibit "A-2" and by 
this reference incorporated herein, consisting of approximately 24,480 square 
feet, more or less. The parking area for the demised premises shall be 
located on the parking lot to the west of the leased facility. Lessee agrees 
to allow Lessor access to the existing warehouse building located on the 
Western Parking Lot and to the portions of the office structure not leased 
hereunder. The warehouse, together with the code required number of parking 
spaces adjacent thereto are specifically reserved from this lease. So long as 
no other tenant(s) occupy the office structure, the Lessee has the right to 
use portions of the Eastern Parking Lot, with the written permission of the 
Lessor. At such time as Lessee needs additional parking for its on-site 
employees, Lessee may use for employee parking the gravel area north and east 
of the office structure.

    Floors one and four of the office structure are not included in the 
demised premises. In the event Lessor leases space on floors one and four to 
a party other than Lessee, Lessor shall install sufficient barriers to 
maintain private access and security to Lesses's demised premises.

    2.  TERM. The term of this Lease shall be for a period of 24 months, 
commencing on the 1st day of July, 1996, and ending at midnight, the 30th day 
of June, 1998, unless sooner renewed, or terminated, as provided for herein.

    3.  BASE RENT.

        (a)  Lessee agrees to pay monthly installments of $13,666.67 as Base 
Rent, and a minimum of $4,000.00 per month as Additional Rent, for the 
demised premises, subject to

                                       -1-

<PAGE>

adjustment as hereafter provided. The first payment will be due on or before 
the 1st day of July 1996, and the remaining payments on the 1st day of each 
succeeding month thereafter, until the expiration of this Lease. In the event 
that the Lessee shall take possession prior to the first of the month at 
which the Lease Term commences, rent for the partial month shall be prorated 
on a daily basis. Each monthly installment shall be paid to Lessor in 
advance, on or before the 1st day of the month for which said installment is 
due, at the address set forth herein or at such other place as shall be 
designated in writing by Lessor. After the 5th day of each month there shall 
be a late fee assessed and payable of 1% of the Base Rent for each day the 
rent is not received.

        (b)  Lessee shall pay as Additional Rent, in addition to the Base Rent 
herein reserved, any taxes, assessments, utility charges, common area 
expenses, maintenance, management fees or insurance premiums of other 
operating expenses as hereinafter provided in paragraphs 8, 9, 10, 11 and 12. 
The minimum Additional Rent is $4,000.00 per month.

    4.  OPTION TO RENEW. As long as the Lessee is not in default under the 
provisions of this lease, an option to renew and continue the provisions of 
this lease for one additional two year period will be granted by Lessor. 
Notice of renewal to be given by Lessee 180 days prior to expiration of 
initial lease term. All terms and conditions of the lease to remain the same, 
except for the monthly Base Rent and Additional Rent amounts, which will be 
increased by the cumulative total of the Consumer Price Index for all Urban 
Consumers for the initial two year lease term. Example: if the index 
increased 3% per year for the initial lease term, the new base rent amount 
would increase 6%. The Additional Rent as hereinafter provided would continue 
to be billed to Lessee as indicated in paragraphs 8, 9, 10, 11 and 12.

    5.  ACCEPTANCE OF PREMISES. The Lessee, having examined the building and 
having made a careful and complete inspection thereof, accepts the premises 
in their present condition without any representations or warranties by the 
Lessor, its officers, agents, employees or representatives, and subject to 
any state of facts that a personal inspection might reveal.

    6.  SECURITY DEPOSIT.

        (a)  Upon execution of this Lease, Lessee has delivered to Lessor the 
sum of $17,666.67 as security for the faithful performance by Lessee of all 
of the obligations of this Lease to be kept and performed by Lessee.

        (b)  If Lessee defaults with respect to any provision of this Lease, 
or should Lessor make any payment on behalf of Lessee, Lessor may (but shall 
not be required to) use, apply or retain all or any part of said deposit in 
the amount of said default or payment. If any portion of said deposit is so 
paid or retained, Lessee shall forthwith upon Lessor's demand therefore 
deposit cash with Lessor in an amount sufficient to restore said deposit to 
its original sum. Any sums not so paid within ten (10) days of demand therefore
shall bear interest at the rate of eighteen percent (18%) per annum until 
paid, in addition to all other remedies of Lessor in the event of default 
under this Lease.

                                       -2-

<PAGE>

        (c)  Upon full and faithful performance of all of Lessee's 
obligations hereunder, the security deposit or its then remaining balance 
shall be refunded to Lessee within thirty (30) days after the expiration of 
the term of this Lease or any renewal or extension hereof.

    7.  USE OF PREMISES.

        (a)  Use of the demised premises by Lessee shall be for general 
office use. Any change in use shall require the prior written consent of 
Lessor, which may not be unreasonably withheld.

        (b)  Lessee shall neither use nor occupy the demised premises or any 
part thereof for any unlawful, disreputable or ultra hazardous business 
purpose, nor operate or conduct its business in a manner constituting a 
nuisance of any kind. In addition, Lessee agrees that it will not use the 
premises in any manner that would cause the property to be subject to an 
extraordinary insurance risk, or which would prevent the procurement of 
insurance by Lessor. Lessee shall immediately upon discovery of any unlawful, 
disreputable or ultra hazardous use, take action to halt such activity.

    8.  TAXES AND ASSESSMENTS.

        (a)  Lessor shall pay, on or before the last day on which payment may 
be made without penalty or interest, all taxes, assessments, local 
improvement district or business improvement district assessments, or other 
governmental charges that shall or may during the lease term be imposed upon, 
or arise in connection with the use of, the demised premises or any part 
thereof, except as expressly modified herein. Any increase in taxes and 
assessments over the 1995 calendar year amount is a common area expense, a 
proportionate amount of which is to be paid by Lessee in accordance with 
paragraph 12 below.

        (b)  Lessee shall be solely liable for all taxes assessed during the 
term of this Lease upon Lessee's personal property and trade fixtures placed, 
kept or maintained by Lessee in or about the demised premises.

    9.  INSURANCE.

        (a)  Lessor shall acquire such insurance as it deems reasonably 
necessary to insure the demised premises against the risk of fire and other 
casualty, and for general comprehensive liability coverage. Any increase in 
the insurance premium over the 1995 calendar year amount shall be a common 
area expense, a proportionate amount of which is to be paid by Lessee in 
accordance with paragraph 12 below.

        (b)  Lessee shall insure, and shall bear the risk of loss by fire or 
other casualty, all alterations, additions and improvements placed on the 
demised premises by Lessee, including but not necessarily limited to all 
inventory, equipment and trade fixtures of the Lessee.

                                      -3-

<PAGE>

        (c)  Lessee shall provide all risk insurance against liability for 
bodily injury and property damage arising out of Lessee's operations, in 
amounts and in forms of insurance policies as may from time to time be 
required by Lessor, but, in any event, not less than two million dollars 
($2,000,000.00) of coverage.

        (d)  All insurance provided by Lessee as required by this section 
shall be carried in favor of Lessor and Lessee, as named insureds, as their 
respective interests may appear.

        (e)  Lessor and Lessee each mutually release the other from every 
right, claim and demand which may hereafter arise in favor of either arising 
out of or in connection with any loss occasioned by fire and such other 
perils as are included in the provision of the normal All Direct Cause of 
Loss clause of fire insurance policies, and do hereby waive all rights of 
subrogation in favor of insurance carriers arising out of any such losses and 
sustained by either the Lessor or the Lessee in or to the premises or any 
property therein.

   10.  UTILITIES & SERVICES. Lessor shall contract for and obtain, in its 
name all services including gas, sewer, water, electricity, heating and 
cooling costs, garbage, solid waste fees, snow removal and parking lot 
maintenance which shall be paid by Lessor. Such payment is a Common Area 
Expense, a proportionate amount of which shall be paid by lessee in 
accordance with paragraph 12(b) below.

   11.  MAINTENANCE.

        (a)  Lessee hereby agrees to maintain the demised premises in 
reasonable repair and in a clean and sanitary condition, and abide by all 
rules and regulations of all city and county offices concerning the premises. 
Lessee shall provide at its sole cost all janitorial services and supplies 
including, without limitation, toilet supplies, paper, bulbs, tubes, 
ballasts, painting and carpet cleaning, to the demised premises.

    At the expiration of this Lease, the Lessee shall surrender the leased 
premises in good condition, reasonable wear and tear or other unavoidable 
casualty excepted.

        (b)  Repair and maintenance of the mechanical, electrical and 
structural components in the building shall be paid by Lessor, and a 
proportionate amount of which is to be paid by Lessee as common area expenses 
in accordance with paragraph 12 below. Any repairs made necessary by Lessee's 
misuse, abuse, negligence or fault shall be paid for by Lessee.

   12.  COMMON AREA EXPENSE.

        (a)  In addition to the Base Rent provided for herein, Lessee shall 
pay to Lessor an amount equal to Lessee's prorated share of all common area 
expenses in accordance with paragraph 12(b) below. Common area expenses shall 
include, but not be limited to: Increase in property taxes over the 1995 
calendar year, assessments, insurance premium increases over 

                                         -4-

<PAGE>

the 1996 premium, building maintenance and utilities and services as provided 
for above, as well as general maintenance including snow removal, repairs, 
supplies, security, street lights, elevator and HVAC maintenance and repair, 
and reserves therefore, and such other services which Landlord may deem 
reasonable or necessary. HVAC maintenance and repair includes without 
limitation replacing filters, periodic maintenance and minor repairs. Failure 
of structural HVAC components shall be the Lessor's responsibility and shall 
not be considered normal maintenance and repair.

        (b)  Lessee's share of all common area expenses shall be calculated 
as follows. So long as the Lessee is the sole tenant of the office facility, 
Lessee shall pay a pro rata share of any increases in taxes, assessments and 
insurance over the base years of 1995 and 1996, respectively (which shall be 
pro rated based upon the ratio of the square footage of the demised premises 
to the entire office facility) and 100% of the remaining common area 
expenses, provided that, if other tenant(s) occupy any portion of the office 
structure, the remaining common area expenses shall be pro rated among Lessee 
and any other tenants in the building based upon the ratio of the square 
footage of the demised premises of each tenant.

        (c)  Any increase over the base amount of Lessee's Proportionate 
Share of Common Area Expenses shall be payable as Additional Rent by Lessee 
within ten (10) days after a prepared statement of actual expenses is 
presented to Lessee by Lessor. At Lessor's option Lessor may bill Lessee for 
Lessee's Share of Common Area and Direct Expenses monthly or quarterly.

   13.  LEASEHOLD IMPROVEMENTS. The terms of this Lease, including Base Rent 
and Additional Rent contemplate that the Lessor shall not be obligated to 
provide any improvements or upgrades to the facility. Lessee shall have the 
right to make improvements to the demised premises, at its sole cost and 
expense, with prior written approval of Lessor for any alternations or 
improvements (which approval will not be unreasonably withheld), provided, 
however, that improvements having a cost of less than $1,000.00 in any 
consecutive twelve (12) month period may be made without Lessor's prior 
approval. Any such alterations, additions or improvements, including trade 
fixtures, appliances and equipment, shall become part of the premises leased 
herein, and shall not be removed by Lessee, unless the removal of such items 
would not do material physical damage to the premises, provided that Lessee 
may remove so much of the special telecommunications equipment installed by 
Lessee as will not deprive Lessor of telecommunications equipment similar to 
such equipment as is in the building at the inception of this Lease. Lessee 
shall repair all physical damage occasioned by its removal of any such 
telecommunication equipment.

   14.  LESSOR'S COVENANTS OF TITLE. Lessor covenants and warrants as 
follows: That it has the full right and authority to enter into this Lease 
for the full term hereof; that it will deliver the leased premises free and 
clear of all tenancies or occupancies; that there are no title defects or 
other matters, except those agreed to in writing by Lessor and Lessee, which 
will prevent Lessee's business operations in the leased premises as provided 
for in this Lease; and that Lessee, so long as it shall not be in default in 
the performance of the covenants and

                                     -5-


<PAGE>

agreements of this Lease to be performed by Lessee, will have, hold and enjoy 
quiet possession of the leased premises.

     15.  GENERAL OBLIGATIONS OF LESSEE.

          (a)  Lessee shall keep the premises clean and free from rubbish, 
dirt and any unlawful structure, at all times. There shall be no outside 
storage of materials, supplies, goods, products, rubbish or other items, 
except in designated areas and with Lessor's prior written consent.

          (b)  Lessee agrees to pay when due, all sums of money that may 
become due for labor, services, materials, supplies or equipment furnished or 
alleged to be furnished to or for Lessee upon or about the premises and which 
may be secured by any mechanics' or materialmen's lien against the premises 
or Lessor's interest therein, and will cause each such lien to be fully 
discharged and released at the time performance of any obligation secured by 
any such lien matures and/or becomes due, and shall indemnify and save Lessor 
harmless from any costs, expense or damage incurred as a result of such lien.

     16.  INDEMNITY. Lessee shall indemnify Lessor and its agents against all 
expenses, liabilities and claims of every kind, including, but not limited 
to, reasonably attorneys' fees, by or on behalf of any person or entity, 
arising out of either: (1) a failure by Lessee to perform any of the terms or 
conditions of this Lease; (2) any injury or damage happening on or about, or 
arising out of the Lessee's use of the demised premises; (3) failure of 
Lessee to comply with any law of any governmental authority; or (4) any 
mechanic's lien or security interest filed against the demised premises or 
equipment, materials or alterations of buildings or improvements thereon.

     17.  DESTRUCTION OF PREMISES.

          (a)  If any improvements placed upon the demised premises are 
destroyed or damaged by fire, the elements (including earthquake), or acts of 
war to such an extent as to render the same untenantable in whole or in 
substantial part, Lessor will cause the same to be properly repaired at its 
own expense, to the extent of any applicable insurance proceeds, with any 
deductible paid by Lessee in proportion to its share of any Common Area 
Expenses up to maximum of $3,000.00 dollars: If such total or partial 
destruction shall render the property unfit for occupancy or use in the 
manner and form theretofore used, then the rent or a fair and just proportion 
thereof, according to the nature and extent of the damage or injuries, shall, 
until the premises has been repaired and/or rebuilt and made ready for 
occupancy or use, be temporarily abated.

          (b)  In case the premises are destroyed by fire or otherwise 
damaged to the extent of fifty percent (50%) or more of the total of the 
premises, the Lease may be terminated at the option of either Lessor or 
Lessee, upon written notice to the other.

          (c)  In the event the improvements are damaged so that they cannot 
be repaired and made fit for reoccupancy within sixty (60) days from the date 
of damage, then the Lease

                                      -6-


<PAGE>

may be terminated at the option of Lessee. In the event Lessee desires to 
exercise this option, it shall give notice thereof within ten (10) days after 
the occurrence of the damage, and the parties shall thereupon agree upon an 
architect or contractor, or both, who shall make the determination as to the 
period of time within which the improvements could be repaired and made fit 
for reoccupancy, which decision shall thereupon be binding upon the parties 
hereto. In the event that the parties are unable to agree upon an architect 
or upon a contractor within ten (10) days after the giving of the notice as 
provided, then Lessor and Lessee shall each appoint a contractor or 
architect, and the two so selected shall pick a third, and the decision of 
the three so selected shall be binding and final. The cost of such 
arbitration shall be divided equally between lessor and Lessee.

     18. CONDEMNATION. All compensation awarded or paid upon such a total or 
partial taking of the fee of the premises shall belong to and be the property 
of Lessor, whether such compensation be awarded or paid as compensation for 
diminution in value of the Leasehold or to the fee. Lessor shall not be 
entitled to any award made to Lessee for loss of business, or depreciation to 
and cost of removal of stock and fixtures.

     19. ADVERTISING AND SIGNS. All individual advertising, signs and 
displays shall be at Lessee's sole expense, and Lessee shall be fully 
responsible for ensuring compliance with all applicable city, county or state 
sign regulations or ordinances. All signs, advertising and displays shall be 
subject to Lessor's approval as to type and placement. Lessee shall remove 
signs, displays, advertisements or decorations it has placed on the premises 
that, in the opinion of Lessor, are offensive or otherwise objectionable. If 
Lessee fails to remove such signs, displays, advertisements or decorations 
within ten (10) days after receiving written notice from Lessor to remove 
them, Lessor reserves the right to enter the premises and remove them at the 
expense of Lessee.

     20.  NOTICE OF INTENT TO VACATE. In the event that Lessee elects to 
vacate the premises at the end of the Lease term, Lessee to give notice in 
writing to Lessor to that effect at least ninety (90) days prior to the end 
of the original Lease term. If Lessee desires to continue to occupy the 
premises, a new lease agreement will need to be worked out between the 
parties.

     21.  ASSIGNMENTS BY LESSEE. 

          (a)  Lessee shall not assign, mortgage or hypothecate this Lease, 
or grant any security interest therein, or permit the use of the premises by 
any person or persons other than Lessee, or sublet the premises, or any part 
thereof, without the prior written consent of Lessor, which shall not be 
unreasonably withheld. Any attempt to do so may be deemed a default, at the 
option of Lessor. Any transfer of this Lease from Lessee by merger, 
consolidation or liquidation shall constitute an assignment for purposes of 
this Section 20. This Lease shall not be assigned by operation of law.

          (b) It is agreed that if a qualified lending institution requests 
assignment of this Leasehold interest by Lessee for security purposes solely 
for the purpose of lending for

                                      -7-


<PAGE>

improvements or equipment on the demised premises, Lessor hereby gives 
consent to such assignment. This consent does not waive any other term or 
condition of this Lease.

          (c) If consent is once given by Lessor to the assignment of this 
Lease or any interest therein, Lessor shall not be barred from afterwards 
refusing to consent to any further assignment. Lessor shall not unreasonably 
withhold its consent to assignments of this Lease or subletting of the 
premises by Lessee to responsible assignees or tenants.

     22.  SURRENDER OF PREMISES. 

          (a) On the last day of the term of this Lease, or in the event that 
the Lease be sooner terminated by agreement of the parties or otherwise, 
Lessee shall peaceably and quietly leave, surrender and deliver to Lessor the 
demised premises, broom-clean, in good order and repair, reasonable wear and 
tear excepted.

          (b) Lessee shall remove all its property from the premises, and all 
property not so removed shall be deemed abandoned by Lessee or, at Lessor's 
option, removed from the premises at Lessee's expense. Lessee may remove at 
any time any additions and improvements which it has made to the premises 
which can be removed without injury the structural portion of the building. 
It is mutually understood and agreed that Lessee, at or prior to the 
termination of this Lease or any renewal thereof, may remove all trade 
fixtures, equipment, floor covering, signs, and lighting fixtures attached or 
placed by Lessee in or on the demised premises. With respect to the removal 
of Lessee's improvements and fixtures, it shall be the duty of Lessee to 
restore the building to the same general condition as existed at the time 
Lessee obtained possession, reasonable wear and tear excepted, and to repair 
any and all injury or damage to the premises resulting from the removal of 
any fixture or improvement made by Lessee, including the restoration of all 
lighting fixtures. 

          (c) In the event any signs are placed upon the exterior of the 
builing by Lessee, the same shall be painted out by Lessee, including, if 
necessary to make the exterior of the building appear uniform, the repainting 
of the entire exterior of the building in such color as Lessor may direct.

     23.  DEFAULT.

          (a) If Lessee, after written notice, should (1) fail to remedy any 
default in the payment of any sum due under this Lease for ten (10) days or 
(2) fail to remedy any breach of any other term, covenant or condition herein 
within thirty (30) days, then Lessor shall have the right, at its option, 
without any further demand or notice and in addition to any other remedies 
remove all persons and property therefrom, either by a suitable action or 
proceeding at law or by reasonable force or otherwise, without being liable 
for any damage therefor. In such event, Lessor may either (1) declare this 
Lease at an end, in which event Lessee shall immediately pay Lessor a sum of 
money equal to the amount, if any, by which the then cash value of the rent 
reserved hereunder for the remainder of the term of the Lease exceeds the 
then cash reasonable rental value of the premises for the balance of the 
term, or (b) without terminating this Lease

                                      -8-


<PAGE>

may relet the premises, or any part thereof, as the agent and for the account 
of the Lessee upon such terms and conditions as Lessor may deem advisable, in 
which event the rents received on such reletting shall be applied first to 
the expenses of such reletting--including necessary renovation and alterations 
of the premises, reasonable atorneys' fees, and any real estate commissions 
paid--and thereafter toward payment of all sums due or to become due Lessor 
under this Lease. If a sufficient sum shall not be realized to pay such sums 
and other charges, Lessee shall pay Lessor any deficiency. In no event shall 
Lessor be under any obligation to relet the premises for any purpose other 
than that specified in this Lease, which the Lessor may regard as injurious 
to the demised premises or the building, or to any tenant which Lessor in the 
exercise of reasonable discretion shall deem to be objectionable.

          (b) If Lessee becomes insolvent, voluntarily or involuntarily 
bankrupt, or if a receiver, assignee, or other liquidating officer is 
appointed for the business of Lessee, then Lessor may cancel this Lease at 
its option.

     24. INSPECTION. Lessee shall at any time during the term of this Lease, 
or any renewal or extension hereof, permit inspection of the leased premises 
during reasonable hours by Lessor, or Lessor's agents or representatives for 
and on behalf of Lessor. If at any time an entry shall be necessary for the 
purposes of making any repairs which are the obligation of Lessor under this 
Lease, Lessor or Lessor's agents may enter the premises by any reasonable 
means necessary to accomplish such repair.

     25. NOTICES. Unless otherwise directed by notice given pursuant to the 
terms of this Lease, all payments, notices or oher communications shall be 
given to the parties at the following addresses:

     Lessor:  Par III Associates, Barry Davidson, Receiver
              601 W. Riverside Avenue
              Spokane, WA 99201

     Lessee:  Coldwater Creek Inc.
              One Coldwater Creek Drive
              Sandpoint, ID 83864

Any notice so given shall be deemed given at the time the notice is deposited 
in the United States mail, either registered or certified, with postage 
prepaid.

     26. ATTORNEYS' FEES. In the event that it becomes necessary for either 
party to this Lease to seek legal advice, or if any suit, action or other 
proceeding shall be instituted, relating to any term or condition of this 
Lease, or relating to any of the rights, duties or obligations arising under 
it, the prevailing party shall be entitled to recover from the other party, 
and the other party agrees to pay to the prevailing party, whether or not the 
matter proceeds to final judgment or decree, in addition to costs and 
disbursements allowed by law, the prevailing party's reasonable attorneys' 
fees incurred in seeking such advise, or such sum as the trial and each

                                      -9-


<PAGE>

appellate court may adjudge reasonable in any suit, action or other 
proceeding, and in any appeal therefrom.

     27. ENTIRE AGREEMENT.

         (a) This instrument contains all the agreements and conditions made 
between the parties hereto and may not be modified orally or in any other 
manner than by an agreement in writing signed by all of the parties hereto, 
or their respective successors or assigns.

          (b) The receipt of rent by Lessor with knowledge of any such breach 
of this Lease by Lessee, or of any default on the part of Lessee in the 
observance or performance of any of the conditions or covenants of this 
Lease, shall not be deemed to be a waiver of any provision of this Lease 
unless so specified in writing by Lessor. No failure on the part of Lessor to 
enforce any covenant or provision contained herein shall discharge or 
invalidate such covenant or provision or affect the right of Lessor to 
enforce the same in the event of any subsequent breach or default, unless so 
stipulated in writing by Lessor.

          (c) The receipt by Lessor of any rent or any other sum of money or 
any other consideration hereunder paid by Lessee after the termination in any 
manner of this Lease, or after Lessor has given any notice to effect such 
termination, shall not reinstate, continue or extend the term of this Lease, 
or destroy or in any manner impair the efficacy of any such notice of 
termination as may have been given, unless so agreed to in writing and signed 
by Lessor. Neither acceptance of the keys nor any other act or thing done by 
Lessor or any agent or employees during the term of this Lease shall be 
deemed to be an acceptance of a surrender of the premises, unless so 
stipulated in writing signed by Lessor.

     28.  BENEFIT. This Lease shall be binding upon the parties hereto, their 
heirs, personal representatives, successors and assigns.

     29. AGENCY. Jim Koon, Shawn McMahon and Acuff Northwest Inc. represent 
the Lessor. Coldwater Creek, Inc. represent themselves and are not relying on 
any statements concerning the property by the Owners or their Agents. 
Furthermore, Coldwater Creek has done their own independent study of the 
premises and is taking the property in AS IS condition.

     IN WITNESS WHEREOF, the parties hereto have execute this Lease the day 
and year first above written.

LESSEE:                                     COLDWATER CREEK, INC.

Date  June 6, 1996                          By  /s/ Don Robson
    -----------------                         -------------------------------
                                                Its  Chief Financial Officer
                                                    -------------------------

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<PAGE>

LESSOR:                                       PAR III ASSOCIATES

Date   6-13-96                                By /s/ Barry Davidson
    -----------------                           -----------------------------
                                                 Barry Davidson, Receiver





















                                      -11-

<PAGE>

STATE OF IDAHO             )
                           ) ss.
COUNTY OF KOOTENAI         )

     On this 6th day of June, 1996, before me, SHAWN T. McMAHON a Notary 
Public for the State of Idaho personally appeared DON ROBSON known or 
identified to me to be the CFO of Coldwater Creek Inc., a Delaware 
corporation, the corporation that executed that foregoing instrument, and 
acknowledged the said instrument to be the free and voluntary act and deed of 
said corporation for the uses and purposes therein mentioned, and on oath 
stated that he/she is authorized to execute the said instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and 
year in this certificate first above written.


                                           /s/ SHAWN T. McMAHON
                                          ----------------------------------
                                          NOTARY PUBLIC for  Idaho
                                                            ----------------
                                          Residing at:   Hayden Lake
                                                       ---------------------
                                          Commission Expires:   7-22-2000
                                                              --------------


STATE OF WASHINGTON        )
                           ) ss.
COUNTY OF SPOKANE          )

     On this 3rd day of June, 1996, before me, CORINNE E. NICKERL a Notary 
Public for the State of Washington personally appeared Barry Davidson, known 
or identified to me to be the Receiver of Par III Associates, and 
acknowledged the said instrument to be the free and voluntary act and deed of 
said corporation for the uses and purposes therein mentioned, and on oath 
stated that he is authorized to execute the said instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and 
year in this certificate first above written.


                                           /s/ CORINNE E. NICKERL
                                          ----------------------------------
                                          NOTARY PUBLIC for  Washington
          [SEAL]                                            ----------------
                                          Residing at:   Spokane
                                                       ---------------------
                                          Commission Expires:   6-1-97
                                                               -------------

                                     -12-

<PAGE>

                                 EXHIBIT B-1

    1.   Lessee's proportionate share of the demised premises is 
approximately 24,480 square feet, which is 53% of the total area of 
approximately 46,220 square feet. This proportionate share (53%) will be used 
for calculating common area expenses such as landscaping maintenance, 
increases in property taxes and increases in insurance over the base years, 
and any other fixed expenses.

    2.   For the operating expenses such as electricity, gas, water, sewer, 
snowplowing and other services that vary month to month, as long as the 
lessee is the sole occupant of the building, the proportionate share will be 
100%. If other tenants move into the building, the proportionate share will 
be divided among the tenants based upon comparative square footage of 
premises leased.

                                     -13-

<PAGE>

                                 EXHIBIT A-1

Tax No. 10,272                  From Copy of Survey-Kirsch Realty
                                                     11/30/76

That portion of the West half of the NE 1/4 of the NW 1/4; and that portion of 
the West half of Government Lot 6, all being in Section 11, Township 50 
North, Range 4 W. B.M., Kootenai County, State of Idaho, being described as 
follows: Commencing at the Northwest corner of said Section 11; thence East 
along the North line of said Section, 1331.3 feet; thence South along the 
West line of the NE 1/4 of the NW 1/4 of said Section 11, 680.4 feet to a point 
on the South right of way line of Interstate Highway 90, being the true point 
of beginning; thence S. 85DEG.28/00" East 310.15 feet to a point on the South 
line of said highway; thence S. 0DEG.13'00" West, to a point on the North 
line of Ironwood Drive; thence Northwesterly along the North line of said 
Ironwood Drive, to a point of intersection with the West line of the NE 1/4 of 
the NW 1/4 of said Section 11; thence North along said West line to the true 
point of beginning.

<PAGE>

                                 EXHIBIT A-2

                             EXISTING SITE PLAN



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