EXHIBIT 10.57
WAREHOUSE LEASE
This Lease is entered into as of February 1, 2006, between Zenith LaborNet, Inc. ("Landlord") and SED International Inc. ("Tenant"). For and in consideration of the mutual covenants contained herein and other good and valuable considerations, Landlord and Tenant agree as follows:
1. PREMISES. Landlord hereby leases to Tenant and Tenant hereby leases from
Landlord that certain premises ("Premises") containing approximately 17,414
square feet of office space and warehouse currently designated as Suite
2533-B in a warehouse facility located in Royal Atlanta Business Park
("Development") and located at 2535 Royal Place, Tucker, Georgia 30084.
Tenant accepts the Premises "as is" and "with all faults". Landlord warrant
that, subject to the terms and conditions of the Lease and provided that
Tenant performs all of its obligations hereunder; Landlord shall not hinder
Tenant's peaceful and quiet enjoyment of the Premises during the Term. No
site plan is attached to this lease.
2. TERM. The term of this Lease ("Term") shall begin February 1, 2006 (subject
to adjustment as provided below in this paragraph. "Commencement Date") and
shall end on January 31, 2006 ("Expiration Date") or on such earlier date
as this Lease may terminate pursuant to this Lease or applicable law. The
"end" of the Term is the expiration or earlier termination of the Term.
There shall be no extension or renewal of the Term by operation of law.
Tenant shall pay Landlord, for the period of time Tenant retains possession
of the Premises after the end of the Term. Minimum Rent at a rate of one
hundred fifty percent (150%) of the Monthly Rental Rate together with
Additional Rent and all other charges hereunder at the same rate in effect
as of the end of the Term.
3. RENT AND OTHER CHARGES
3.1 MINIMUM RENT. Tenant shall pay Landlord rent at the initial rate
of $4,716.30 per month, due in advance on the first day of each
calendar month during the Term.
3.2 PROPERTY TAXES. Tenant shall pay an additional $846.00 per month
for Property Taxes.
3.3 UTILITIES & JANITORIAL. Tenant shall pay $40 per month for
janitorial services and 65% share of all charges water, gas,
electricity, fuel, light, heat, power, telephone and other
utilities furnished to or used by Tenant on or about the
Premises. If Tenant does not pay such charges, Landlord may pay
the same and such payment shall be Additional Rent payable upon
Landlord's demand. Landlord and Tenant agree to review utility
costs throughout the lease term to make adjustments if necessary.
3.4 GENERAL. Tenant shall pay all Rent and all other charges under
this Lease in cash or by check payable to: Zenith LaborNet Inc.
and hand delivered or mailed to 2535-A Royal Place, Tucker,
Georgia 30084 or to such other address as Landlord may notify
Tenant from time to time. Tenant's obligations to pay Rent and
other charges hereunder are independent of Landlord's obligations
hereunder.
4. SECURITY DEPOSIT. Tenant has deposited $4,716.30 ("Security Deposit") with
Landlord upon execution hereof as security for the performance of Tenant's
obligations hereunder. If Tenant fails to pay or perform when due its
obligations hereunder, Landlord may use the Security Deposit to pay or
perform such obligation. If Tenant performs its obligations hereunder,
Landlord shall return the Security Deposit to Tenant within ten (10) days
after the end of the Term. Tenant waives all rights with respect to the
Security Deposit other than the rights provided in this paragraph.
5. USE OF PREMISES. Tenant warrants that Tenant and its employees, agents and
invitees shall: (a) use the Premises for no purpose other than for: general
warehouse and office for a computer/electronics distribution company
without Landlord's prior consent,. (b) keep the Premises clean, both inside
and outside, keep all accumulated trash in covered containers and have such
trash removed from the Premises regularly, (c) observe any rules and
regulations in the existing CC&R's.
6. RETURN OF PREMISES. Tenant shall deliver the Premises to Landlord at the
end of the Term in the same condition as was present October 1, 2004,
natural wear and tear excepted. Subject to Landlord's right to distrain for
rent under applicable law. Tenant may remove its personal property
(including movable trade fixtures that are not attached to the Premises)
from the Premises on or before the end of the Term. All of Tenant's trade
and other fixtures that are attached to the Premises shall become property
of Landlord and shall remain upon and be surrendered with the Premises at
the end of the Term, except that Tenant shall remove p ...
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