Idaho-Coeur d'Alene-1201 Ironwood Drive Lease - Par III Associates and Coldwater Creek Inc.
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
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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.
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(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.
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(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
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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
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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
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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
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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
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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
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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
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Its Chief Financial Officer
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LESSOR: PAR III ASSOCIATES
Date 6-13-96 By /s/ Barry Davidson
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Barry Davidson, Receiver
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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
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NOTARY PUBLIC for Idaho
----------------
Residing at: Hayden Lake
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Commission Expires: 7-22-2000
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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
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NOTARY PUBLIC for Washington
[SEAL] ----------------
Residing at: Spokane
---------------------
Commission Expires: 6-1-97
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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.
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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.
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EXHIBIT A-2
EXISTING SITE PLAN
[MAP]