Lease Agreement between FGBP, LLC and Flexpoint Sensor Systems, Inc. dated April 1, 2009
This lease agreement is between FGBP, LLC (landlord) and Flexpoint Sensor Systems, Inc. (tenant) for approximately 11,639 square feet of commercial space. The lease term is 33 months, starting April 1, 2009, and ending December 31, 2011. Monthly rent is $7,950 until the end of 2010, then increases to $8,450 for 2011. The landlord covers taxes, insurance, and common area maintenance, while the tenant is responsible for janitorial services, utilities, and interior maintenance. Both parties have signed and agreed to these terms.
Exhibit 10.2
BASIC LEASE INFORMATION:
LEASE DATE:
April 1, 2009
LANDLORD:
FGBP, LLC
ADDRESS OF LANDLORD:
675 West 14600 South, Bluffdale, Utah 84065
TENANT:
Flexpoint Sensor Systems, Inc
ADDRESS OF TENANT:
12200 So. Business Park Dr. 106 West, Draper, Utah 84020
CONTACT:
Clark Mower, Tom Strong
TELEPHONE:
801 ###-###-####
PREMISES:
Approximately 11,639 rentable square feet.
LEASE TERM:
Thirty three (33) Months,
Commencing April 1, 2009
Terminating December 31, 2011
TOTAL RENT:
$ 7,950.00 per month April 1, 2009-Dec. 31, 2010
$ 8,450.00 per month January 1, 2011-Dec. 31, 2011
OPERATING COSTS:
Landlord shall pay Taxes, Insurance and Common Area Maintenance for Building. Tenant shall pay own janitorial, own utilities and interior maintenance and repairs.
The foregoing Basic Lease Information is hereby incorporated into and made a part of this Lease. In the event of any conflict between any Basic Lease Information and Lease, the latter shall control.
LANDLORD:
TENANT:
FGBP, LLC
Flexpoint Sensor Systems, Inc.
By: /s/ Don Watkins, Mgr.
By: /s/ Clark Mower
Don Watkins
Date: 5-7-09
Date: 5/8/09
