Location: Zimmerman, MN Program: MENU
TableTalk Inc. Lease Agreement
This Agreement by and between Table Talk Inc. of Litchfield, Minnesota, a division of Lease Companies, and Longhorn Restaurant, hereafter called Lessor describes the terms and conditions concerning the operation of the Advertising Program designed exclusively for The Long Horn Restaurant
Lessor as owner and/or agent of the owner of the following address: The Long Horn Restaurant does hereby lease and grant exclusively to Table Talk, Inc that Portion of the premises specifically that area on all tabletops, counters and or wall space to display advertising placemats and/or advertising menu boards or menu's, with sufficient access to allow TableTalk Inc. to service and maintain said advertising products supplied.
TableTalk Inc. will provide high quality advertising products for the exclusive use of Lessor and their customers. As such, Lessor agrees to use said advertising program for the benefit of the participating advertisers throughout term of Agreement. Should Lessor discontinue use of product for any reason, Lessor agrees to reimburse TableTalk, Inc. for refunding advertisers on prorated term remaining. All materials placed upon said premises by TableTalk, Inc. shall always remain the personal property of TableTalk Inc., and may be removed by TableTalk Inc. at any time prior to, or within a
reasonable time after the termination of the Lease or the expiration of the term hereof or any extension thereof.
This Agreement shall be for a term of 2__ year(s) commencing from the date of the signatures below, with the right of TableTalk Inc. to extend this Agreement from term to term thereafter, with first option of renewal Following the original term of the Lease, the term hereof shall automatically extend from term to term thereafter unless TableTalk, Inc. shall give Lessor or Lessor shall give TableTalk Inc. written notice of cancellation at least sixty days prior to the end of each extended term. An Annual lease fee in the amount of $100 will be paid to Lessor each year upon delivery of product.
In the event the Lessor exercises right of cancellation and then attempts to lease the same locations for advertising purposes to any other individual, corporation, business or any other legal entity for the purpose of installing similar advertising, TableTalk Inc. shall have the option of first refusal prior to any new Agreement or lease being executed. Prior to entering into any lease or agreement subsequent to this lease with any advertising company, the Lessor is obligated to provide to TableTalk Inc. the terms of any written offer made by any competing advertising company regarding the lease of the property that is subject to this Agreement. TableTalk Inc. will then have the option to meet any competitors offer and enter into a new lease agreement.
Should TableTalk Inc. waive first option and not enter into a new lease agreement, successor of Leasel License Agreement or its assigns concerning advertising space must pay TableTalk Inc. two times potential gross annual revenues, based on existing number of advertising spaces being sold by TableTalk, Inc. Lessor shall then be paid a fee amounting to 20% of said buyout from competing company.
It is expressly understood that neither the Lessor nor the Lessee-is bound by stipulations, representations agreements not printed or written in this lease. This lease shall inure to the benefit of and be binding upon the personal representatives, heirs, successors, and assigns of the parties hereto.
All items in the Agreement subject to Minnesota law
By} their signatures below, both parties acknowledge and agree to the terms of the Agreement as stated above, upon this _12_ day of April, 2005
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I sell a very unique form of advertising in restaurants. We print ads directly to the tables, covered with epoxy and replace the tables every 3 years. the restaurant that i am in discussions with, has another company selling ads their menu's with an auto- renewable contract, since 2005. This company can supply menu boards, menus, placemats and other restaurant advertising but NOT the table ads that i do. they just don't offer that product.
To me, the untrained eye, the contract says, he cannot have any other advertisement in the restaurant, at all. And if he wants to cancel their contract, and allow ANY other type of advertising in his restaurant, they are entitled to the profit they lost over the next two years. I would like someone to look over the contract and tell me if the restaurant owner can cancel their contract and be done with them. Allowing me to sell my table advertising. their contract also says, that if he decides to drop them, he is responsible for paying them back a prorated price for them to return to the current advertisers. I told him that if I can do his tables, i will re-do the menus too, and allow all advertisers to remain on the menus to the end of their current contract with the other company.
How much is this going to cost me to look over this one page contract, and respond. A friend in florida, told me that in florida, auto-renewable contracts are not legal. I am in Minnesota, and dont know the case here.