Iceland-Kopavogur-Hlioarsmari 15 Lease - Veigur ehf and Islensk Erfoagreining hf.
PROPERTY LEASING CONTRACT
We the undersigned parties, Veigur ehf, State Reg. No. 480396-2199,
Langageroi 26, 108 Reykjavik, Iceland, hereinafter referred to as
"Lessor", and Islensk erfoagreining hf., State Reg. No. 691295-3549,
Lynghals 9, Reykjavik, Iceland, hereinafter referred to as "Lessee",
hereby enter into the following property leasing contract.
1.0 THE LEASED PROPERTY:
1.1 The leased property consists of office premises on the 2nd floor of
Hlioarsmari 15, Kopavogur, Iceland, property lot registered no.
02-01 [by the Valuation Office of Iceland], size 385 m(2) together
with balcony, owned by the Lessor. The Lessee has inspected and
approved the property. The property shall be delivered prepared for
interior furnishing work and painting. The expense incurred by
completion of common property and site shall be the responsibility
of the Lessor.
2.0 LEASE PERIOD:
2.1 The lease period shall commence on 1 August 2000 and end on 1 August
2005. The Lessor may not terminate the Contract during this time.
Subsequent to 1 August 2005, both parties may terminate the Contract
with six months' notice. Should neither party choose to terminate
the Contract at this time, it shall be automatically extended for an
unspecified period of time. The lessee shall take delivery of the
property for interior furnishing upon signature of this Contract.
3.0 CONDITION AND MAINTENANCE OF THE LEASED PROPERTY:
3.1 The Leased Property consists of office premises in a new building,
built by Faghus ehf. the Lessee shall furnish the property at his
own expense. The Lessee is aware of the condition of the Leased
Property and approved it, and it is his intention to furnish it at
his own expense. The Lessee may alter or improve the Leased
Property; however, the Lessee shall obtain the prior consent of the
Lessor if he intends to make large-scale alterations of the
property. At the end of the lease period all improvements made by
the Lessee shall become the property of the Lessor.
4.0 LEASE AMOUNT, PAYMENT OF RENT, AND OPERATING EXPENSES:
4.1 The monthly rent shall be ISK 900 per square metre, i.e. 900 x 385
m(2) = ISK 346,500.00. Value Added Tax shall be added to the rent,
the total amount of which will then amount to ISK 431,392.00. Rent
shall be paid monthly, one month in advance, due on the first day of
every month, directly to the Lessor or into Veigur ehf.'s bank
account no. 513-26-597.
4.2 The rent shall be adjusted based on increases in the building cost
index. The base index shall be the index of August 2000.
4.3 The Lessee shall pay a proportional amount of the expense incurred
by cleaning of common property, but in all other respects the
division of operating expenses shall be in accordance with the
Property Rental Act No. 36/1994.
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5.0 SUB-LEASING AND PRIORITY LEASING RIGHTS:
5.1 The Lessee shall not sub-lease any part of the Leased Property to a
third party without the consent of the Lessor.
6.0 GENERAL PROVISIONS:
6.1 This Property Lease Contract shall be governed by the Property
Rental Act No. 36/1994. To the extent that rights and obligations of
the Parties to this Contract are not provided for herein, such
rights and obligations shall be subject to the said Property Rental
Act; among other things this shall apply to provisions on notice of
termination.
6.2 This Property Leasing Contract is made in two identical copies, one
copy to be held by each of the parties thereto.
In confirmation of the above, this Property Leasing Contract is signed by the
Lessor and Lessee in the presence of two witnesses.
Reykjavik, April 2000
Representing Islensk erfoagreining hf. Representing Veigur ehf.
Elin Poroardottir (by power of attorney) [sign.] Hildur Hermoosdottir [sign.]
Witnesses to the correct signatures, date and financial competence of the
parties:
Jafet Olafsson [sign.] 290451-4699
G. Markusd. [sign.] 050758-6139
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Reykjavik, 1 March 2000
The undersigned hereby grants to Elin Poroardottir, Id. No. 060763-4969, power
of attorney for Islensk erfoagreining ehf. to sign a property leasing contract
on Hlioarsmari 15, Kopavogur, Iceland.
Kari Stefansson [sign.]
Islensk erfoagreining