EXHIBIT 10.11
LEASE
1. LEASE. The E.T. Hermann and Xxxx X. Xxxxxxx 1978 Living Trust ("Lessor")
leases to Westinghouse Electric Corporation ("Lessee"), and Lessee hires from
Lessor, on the terms, covenants and conditions set forth herein, the premises
(the "Premises") described in the following Schedule:
LEASE SCHEDULE
1.1. DESCRIPTION OF PREMISES: A 196,800 square foot portion of Building Number
8 (total square feet of the building is 404,280) with a street address of 0000
X. Xxxxxxxx Xxx., Xxxxxx, Xxxxxx as shown on Exhibit A.
1.2. NUMBER OF PARKING SPACES: 40, designated as provided in the site plan
delivered to Lessee.
1.3. BASE MONTHLY RENT: $39,360.00.
1.4. PREPAID MONTHLY RENT: $78,720.00, as first and last months' rent
hereunder.
1.5. RENT COMMENCEMENT DATE: July 1, 1992, or on the date Lessee's business
within the Premises becomes operational, which shall include the date on which
Lessee commences to store any of Lessee's product on the Premises, whichever
first occurs.
1.6. DATE OF INITIAL CPI ADJUSTMENT: June 31, 1997.
1.7. MONTHS BETWEEN CPI ADJUSTMENTS: 60 months.
1.8. LEASE TERM: 60 months.
Lease Commencement Date: July 1, 1992, or on the date Lessor's
business within the Premises becomes operational, whichever first occurs.
Lease Termination Date: June 31, 1997.
1.9. EXTENSION OPTION(S): Total Number of Options: 3
FIRST OPTION: Commencement Date: July 1, 1997.
Termination Date: June 31, 2002.
SECOND OPTION: Commencement Date: July 1, 2002.
Termination Date: June 31, 2007.
THIRD OPTION: Commencement Date: July 1, 2007.
Termination Date: June 31, 2012.
1.10. SECURITY DEPOSIT: None.
1.11. USE OF PREMISES: Warehouse Distribution Center of electrical supplies.
1.12. SERVICES TO BE PROVIDED BY LESSOR: None.
1.13. LEASEHOLD IMPROVEMENTS TO BE PROVIDED BY LESSOR: See Exhibit B.
1.14. TAXES: Percent of building occupied by Lessee: 48.7%
1.15. LESSOR'S BROKER: None
1.16. LESSEE'S BROKER: Xxxxxxxx Xxxx Company.
1.17. EXHIBITS: The following named Exhibits are attached hereto and
incorporated by this reference: Exhibit A-Leased Premises, Exhibit B-Leasehold
Improvements.
2. MONTHLY RENT. Lessee agrees to pay the prepaid monthly rent specified in
Section 1.4 upon execution of this Lease and thereafter agrees to pay the
monthly rent specified in Section 1.3, subject to any first months' prepaid rent
specified in Section 1.4, commencing on the first day of the month following the
rent commencement date specified in Section 1.5 and monthly thereafter during
the term and the term of any extension options(s) specified in Section 1.9 which
are exercised as provided in Section 7. Lessee agrees to pay the monthly rent to
Lessor on the rent commencement date and thereafter in advance on the first day
of each month in lawful money of the United States of America, without deduction
or offset. Rent shall be payable to Lessor at 000 Xxxx Xxxxxxxx Xxxxxx, Xxxxxx,
Xxxxxx 00000 or such other place as Lessor may from time to time designate in
writing. In the event the rent commencement date is not the first day of a
month, or the applicable termination date is not the last day of a mouth, a
prorated monthly installment shall be paid for the fractional months during
which this Lease commences or terminates, or both.
3. CPI RENT ADJUSTMENT. The base monthly rent specified in Section 1.3 shall
be adjusted commencing on the initial CPI adjustment date specified in Section
1.6 and thereafter on the same day as the initial CPI adjustment date which is
the number of months specified in Section 1.7 after the previous adjustment
date, using the CPI adjustment formula specified in Section 3.1.
3.1. CPI ADJUSTMENT FORMULA. The numerical base for computing the CPI
adjustment to the base monthly rent is the Consumer Price Index, San
Francisco/Oakland Area-All Urban Consumers, All Items, published by the United
States Department of Labor, Bureau of Labor Statistics ("Index"), which is
published for the date closest preceding the lease commencement date specified
in Section 1.8 ("Beginning Index"). If the Index published for the date closest
preceding the date by which written notice of the exercise of an option to
extend the term is required pursuant to Section 7 ("Extension Index") has
increased over the Beginning Index, the monthly rent for the following period
commencing on the commencement date of the extended term until the next
commencement date of an extended term shall be established by multiplying the
base monthly rent specified in Section 1.3 by a fraction, the numerator of which
is the Extension Index and the denominator of which is the Beginning Index. In
no case shall the adjusted base monthly rent be less than the base monthly rent,
as increased pursuant to the application of this Section 3, then in effect nor
shall the adjusted base monthly rent exceed the base monthly rent which
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(Westinghouse Electric Corporation)
would be due and payable based on the assumption that the CPI increased by 4%
annually, and was compounded annually (i.e. a total increase of 21.67% for each
five (5) year period).
3.2. LATE PUBLICATION OF EXTENSION INDEX. [INTENTIONALLY OMITTED]
3.3. CHANGED OR DISCONTINUED INDEX. If the Index is changed so that the
base year differs from that which is published for the date closest preceding
the lease commencement date specified in Section 1.8, the Index shall be
converted in accordance with the conversion factor published by the United
States Department of Labor, Bureau of Labor Statistics. If the Index is
discontinued or revised during the term, such other replacement government index
or computation reasonably chosen by Lessor shall be used in order to obtain
substantially the same result as would have been obtained as if the Index had
not been discontinued or revised.
4. SECURITY DEPOSIT. [INTENTIONALLY OMITTED]
5. LATE PAYMENT. Lessee acknowledges that late payment by Lessee to Lessor of
rent and other sums due under this Lease will cause Lessor to incur costs not
contemplated by this Lease, the exact amount of which will be extremely
difficult to ascertain. Such costs include, but are not limited to, processing
and accounting charges. Accordingly, if any installment of rent or other sum
due from Lessee shall not be received by Lessor within five (5) days after such
amount shall be due, Lessee shall pay to Lessor a late charge equal to five (5%)
percent of the overdue amount. The parties hereby agree that a five percent
(5%) late charge represents a fair and reasonable estimate of the costs Lessor
will incur by reason of the late payment by Lessee; provided, however that
Lessee shall not be obligated to pay the foregoing late charge unless and until
Lessee has failed to pay the rent or the other sums when due to Lessor on five
(5) prior occasions and Lessor has given notice to Lessee on five (5) such
occasions that the rent or other payments were not received when due.
Acceptance of the five percent (5%) late charge by Lessor shall in no event
constitute a waiver of Lessee's default with respect to any overdue amounts, nor
prevent Lessor from exercising any of the other rights and remedies granted to
Lessor under this Lease.
Rent, all other sums due under this Lease and advances made by Lessor,
not paid by Lessee when due, shall bear interest from time to time at the lower
of (a) the Prime Rate in effect from time to time plus five percent (5%) per
annum or (b) eighteen percent (18%) per annum from the due date until paid or
(c) the highest rate permitted by law. Payment of such interest shall not excuse
or cure any default by Lessee under this Lease.
6. LEASE TERM. The Lease Term is specified in Section 1.8, commencing on the
lease commencement date specified in Section 1.8 and ending, subject to any
extension options granted pursuant to Section 7, on the lease termination date
specified in Section 1.8.
7. OPTION(S) TO EXTEND LEASE TERM. The Lessor hereby grants the option to
extend the Lease Term upon all the terms, covenants and conditions contained in
this Lease for the number of extension period(s) specified in Section 1.9 and
for the period for each extension option specified in Section 1.9, in no event
to extend beyond the last termination date specified in Section 1.9. The Lessee
may exercise each option granted upon written notice delivered to the Lessor six
(6) months prior to the applicable termination date of the then current Lease
Term, provided that (a) the Lessee shall not be in default of a material
obligation under this Lease beyond any applicable cure periods, and (b) the
Lessee shall be in possession of the Premises for the use specified in Section
1.11. In the event that the Lessee is in default of any material obligation of
the Lessee under this Lease beyond any applicable cure periods on the date the
extended Lease Term is to commence, then, at the Lessor's option, the extension
shall not commence and this Lease shall thereupon terminate. In the event the
extended Lease Term does not commence, (except if the result of a force majeure
or the default of the Lessor) whether due to the Lessee's failure to give a
timely notice or otherwise, any and all options to extend shall automatically
become invalid and of no further force or effect.
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(Westinghouse Electric Corporation)
8. PARKING. Lessee shall be entitled to use the number of parking spaces
specified and designated as provided in Section 1.2. Lessee agrees that
vehicles of Lessee or Lessee's employees and invitees shall not park in
driveways nor occupy parking spaces or other areas reserved for any use such as
visitors, delivery, loading, or other tenants.
9. POSSESSION. If Lessor is unable to deliver possession of the Premises to
Lessee on the lease commencement date specified in Section 1.8 for any reason
whatsoever, this Lease shall not be void or voidable for a period of sixty (60)
days thereafter, nor shall Lessor be liable to Lessee for any loss or damage
resulting therefrom, but the rent shall xxxxx until the Lessor delivers
possession of the Premises to Lessee. If Lessor is unable to deliver possession
of the Premises within sixty (60) days after the lease commencement date
specified in Section 1.8, this Lease may be terminated by Lessee by written
notice to Lessor at any time thereafter prior to date possession is delivered to
Lessee. Lessor agrees that Lessee, upon paying the rent and observing all
terms, covenants and conditions of this Lease shall peaceably and quietly have,
hold and enjoy the Premises against any adverse claim of Lessor, or any party
claiming under Lessor, during the Lease Term. In the event that Lessor permits
Lessee to occupy the Premises prior to the lease commencement date specified in
Section 1.8, the Lessee's occupancy shall be subject to all terms, covenants and
conditions of this Lease. The early occupancy by Lessee, as contemplated by
Section 49, shall not advance the lease termination date.
10. USE. Lessee shall use the Premises solely for the purpose specified in
Section 1.11, and for no other purpose without the prior written consent of
Lessor.
10.1. NUISANCE. Lessee shall not use the Premises or the Common Area,
and shall insure that Lessee's employees and visitors do not use the Premises or
the Common Area, in any manner which interferes with the peaceful enjoyment of
the building of which the Premises are a part or the Common Area by other
lessees, their respective employees and invitees. Lessee shall not, and shall
not permit, the placing of litter in or about the building of which the Premises
are a part or the Common Area (except in dumpsters designated for Lessee's use
by Lessor) and shall not permit any animal, motorcycle, or road vehicle to be
brought into or kept within the Premises.
10.2. OUTSIDE STORAGE. No materials, supplies, equipment, finished
products, or semi-finished products, raw materials, or articles of any nature
shall be stored upon or permitted to remain on any portion of the Common Area or
of the building of which the Premises are a part, excepting only the Premises or
except with the prior written consent of the Lessor.
10.3. HAZARDOUS MATERIALS.
(a) Lessee shall not and Lessee shall not permit any of Lessee's
agents, invitees or employees to, release or threaten to release any
"oil,""hazardous material", "hazardous wastes" or "hazardous substances" (the
"Hazardous Materials") as those terms are defined under the Comprehensive
Environmental Response, Compensation, and Liability Act, 42 U.S.C. (S)9601 et
--
seq., as amended, the Resource Conservation and Recovery Act of 1976, 42 U.S.C.
----
(S)6901 et seq., as amended, and regulations adopted thereunder or under any
state or local law, rule or regulation regarding Hazardous Materials (the
"Hazardous Materials Laws") on or into the Premises, the Common Area or any
portion of the real property of which the Premises are a part, including
easements appurtenant thereto. Lessee shall not and Lessee shall not permit
Lessee's agents and employees to, transport, treat, store or dispose of any
Hazardous Materials in such a manner as to violate, or result in potential
liabilities under any Hazardous Materials Laws. Lessee shall not, and shall not
permit any of Lessee's agents and employees to, transport, treat, store or
dispose of any gunpowder, dynamite, gasoline, except as normally stored in
vehicles, etc., or other explosive material on or to the Premises, the Common
Area or any portion of the real property of which the Premises are a part.
(b) Lessor shall indemnify and hold harmless Lessee from and
against any claims, demands, or losses resulting from or arising out of the
presence of any Hazardous Material on, in or under the Premises prior to
Lessee's occupancy, including but not limited to, soil and/or groundwater
contamination.
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(Westinghouse Electric Corporation)
Lessor shall indemnify and hold Lessee harmless from and against
any claims, demands, or losses resulting from or arising out of the presence of
any hazardous substances, oil or petroleum product or residue of any other
substance or material actionable under federal, state or local law, regulation
or ordinance, present on, in or under the Premises prior to Lessee's occupancy,
including but not limited to, soil and/or groundwater contamination.
10.4. WATER USE. Waste, excessive use or unusual use of water shall not
be allowed.
10.5. WASTE. Lessee agrees that Lessee will not commit or suffer any
waste of the Premises.
11. COMMON AREA. The lease of the Premises to the Lessee includes the use in
common with others entitled thereto of the Common Area, subject however to the
terms, covenants and conditions of this Lease and to reasonable rules and
regulations for the use thereof as prescribed pursuant to Section 45.
12. SERVICES. Lessee shall pay for all sewer, water, heat, telephone,
electricity, air conditioning, gas, burglar and/or fire alarm, and other
utilities supplied to the Premises together with any taxes thereon, other than
those services set forth in Section 1.12 as Lessor's responsibility, which
responsibility shall exist in Lessor only so long as Lessee is not in default of
this Lease. The electricity and gas service to the Premises are separately
metered. Lessee shall pay a reasonable proportion based on the square feet
leased of all charges jointly metered with other premises. Lessor shall not be
liable to Lessee or to any other party for injury to Lessee's business, loss of
income therefrom, or any claim, injury, or damage of any kind whatsoever which
may arise or accrue in case of the interruption of the supply of water, heat,
telephone, electricity, air conditioning, gas, burglar and/or fire alarm, or
other utility, caused by accident, failure of power supply, repairs, strikes,
fire, flood, act of God, or on account of any defect of the Premises or the
building of which the Premises are a part, nor shall any such interruption be
grounds for termination of this Lease provided Lessor exercises reasonable
diligence to remedy such interruption.
13. CONDITION OF PREMISES. Lessee's taking possession of the Premises and
occupying the Premises for thirty (30) days without giving written notice to
Lessor within the thirty (30) day period of any defect (excluding only latent or
hidden defects which could not be discovered in the exercise of Lessee's
reasonable diligence) in the Premises shall be conclusive evidence as against
Lessee that the Premises were in good order and satisfactory condition when
Lessee took possession of the Premises. No promise to alter, remodel, or
improve the Premises or the building of which the Premises are a part and no
representation respecting the condition of the Premises or the building of which
the Premises are a part, have been made by Lessor to Lessee, unless the promise
or representation is set forth in a writing signed by the Lessor. Lessee waives
all right to make repairs at the Lessor's expense, or to deduct the cost of
repairs from the rent.
Lessee hereby accepts the Premises subject to all applicable zoning,
municipal, county and state laws, ordinances governing and regulating the use of
the Premises, and accepts this Lease subject thereto and to all matters
disclosed thereby. Lessee acknowledges that neither Lessor nor Lessor's agent,
if any, has made any representation or warranty as to the suitability of the
Premises for the conduct of Lessee's business. Lessor warrants that the
Premises are in compliance with all current laws, ordinances, regulations and
codes and there is no asbestos on the Premises.
14. ALTERATIONS.
(a) Lessee shall have, upon notice to Lessor but without Lessor's
consent, the right to make such alterations, additions, or improvements in or to
the Premises as it shall consider necessary or desirable for the conduct of its
business, the cost of which in each case does not exceed $5,000.00 (excepting
any work requiring roof penetrations regardless of the cost of such work). All
other alterations, additions, or improvements (including any work requiring roof
penetrations regardless of the cost of such work) shall not be made without
first obtaining the written consent of Lessor, which consent shall not be
unreasonably withheld or delayed.
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(Westinghouse Electric Corporation)
All such work shall be done in a good and workmanlike manner, and
the structural integrity of any building shall be not impaired, and that no
liens shall attach to the Premises by reasons thereof. Upon the termination of
this Lease, such alterations, additions, or improvements shall, at the option of
the Lessor, (1) become the property of Lessor, or (2) be removed by the Lessee
provided that any part of the Premises affected by such removal shall be
restored to its original condition, reasonable wear and tear excepted.
(b) Lessee shall have the right to install in or place on the
Premises such fixtures, machines, tools, or other equipment (including but not
limited to trade fixtures, lighting fixtures, water coolers, and air
conditioning equipment) as it may choose. Such fixtures, machines, tools, or
other equipment shall at all times remain the personal property of Lessee
regardless of the manner or degree of attachment thereof to the Premises and may
be removed at any time by Lessee whether at the termination of this Lease or
otherwise; provided, however, that any part of the Premises affected by such
removal shall be restored to its original condition, reasonable wear and tear
excepted.
(c) Notwithstanding whether Lessor's consent is required for any
alteration, addition, improvement or change to the Premises, Lessee specifically
agrees that Lessee will not make any penetration whatsoever into the floor of
the building of which the Premises are a part unless and until Lessor shall have
specifically agreed to the placement of any such penetration.
15. LESSEE'S REPAIR OBLIGATIONS. Lessee shall, at Lessee's sole expense, keep
the Premises in good order, condition, and repair during the Lease Term,
including without limitation the replacement of all broken glass with glass of
the same size and quality under the supervision and with the approval of Lessor,
and the maintenance of all skylights and doors, except for damage caused by any
negligent act or omission, or intentional misconduct, of Lessor, Lessor's agents
and employees. If Lessee does not make repairs promptly and adequately, Lessor
may (upon such continued failure after ten (10) days written notice), but need
not, make repairs, and Lessee shall pay promptly the reasonable cost thereof.
At any time or times, Lessor, either voluntarily or pursuant to governmental
requirement, may, at Lessor's sole expense, make repairs, alterations, or
improvements in or to the Premises or the building of which the Premises are a
part, and during such operations Lessor may close entrances, doors, corridors,
elevators, or other facilities, all without any liability to Lessee by reason of
interference, inconvenience, or annoyance; provided that Lessee shall have
access to the Premises sufficient for conduct of Lessee's business. In the
event Lessee requests that repairs, alterations, decorating, or other work in
the Premises be made during periods other than ordinary business hours, Lessee
shall pay Lessor for overtime and other additional expenses incurred by Lessor
because of such requests. Lessor, or Lessor's agents or representatives, may
come into and upon Premises at all reasonable times, or any time in case of
emergency, for purposes of examining the Premises.
Lessee shall repair any damage occasioned by the moving of freight,
furniture or other objects into, within, or from the building of which the
Premises are a part.
16. LESSOR'S REPAIR OBLIGATIONS. Lessor shall, at Lessor's sole expense, keep
the foundations, the exterior walls, floors, and the roof, including skylights,
of the building of which the Premises are a part, all plumbing, sewer, gas and
electrical systems from within the interior walls and floors of the Premises to
the utility provider, and all Common Area in good order, condition and repair
during the Lease Term and for two years from occupancy Lessors warrants all
leasehold improvements, subject to the terms, covenants and conditions Section
42 hereof, and except for damage caused by any negligent act or omission, or
intentional misconduct, of Lessee, Lessee's agents, and employees or invitees.
17. LIENS. Lessee agrees to keep the Premises and the property on which the
Premises are located free from any liens arising out of any work performed,
materials furnished, or obligations incurred by Lessee, except if performed by
Lessor. In the event liens are filed as a result of Lessee's work, then Lessee
shall promptly cause the same to be released or satisfied in full within ten
(10) days of the date of such filing.
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(Westinghouse Electric Corporation)
18. INDEMNIFICATION. Lessee waives all claims against Lessor and hereby
releases Lessor for damages to property, or to goods, wares and merchandise
stored in, upon, or about the Premises, and for injuries to persons in, upon, or
about the Premises from any cause arising at any time, unless the damage or
injury was caused by the negligent act or omission, or intentional misconduct,
of Lessor. Lessee agrees to indemnify and hold Lessor harmless from and on
account of any damage or injury to any person or property arising from the use
of the Premises by Lessee or from the failure of Lessee to keep the Premises in
good condition as provided in Section 15, unless such damage or injury was
caused by the negligent act or omission, or intentional misconduct, of Lessor.
Lessor shall not be liable to Lessee for any damage because of any negligent act
or omission, or intentional misconduct, of any co-tenant or other occupant of
the same building of which the Premises are a part, or by any owner or occupant
of adjoining or contiguous property, nor for overflow, breakage, or leakage of
water, steam, gas, or electricity from pipes, wires, or otherwise. Lessee shall
pay for all damage to the building of which the Premises are a part and to the
tenants and occupants thereof caused by the misuse or neglect of the Premises by
Lessee or Lessee's invitees.
19. INSURANCE REQUIRED OF LESSEE. Lessee, at Lessee's sole expense, shall
provide and keep in force during the Lease Term and for the benefit of both
Lessor and Lessee general commercial liability insurance policies with a
recognized casualty insurance company qualified to do business in Nevada
protecting Lessee against any and all liability occasioned by the use,
occupancy, disuse or condition of the Premises, improvements thereto, adjoining
areas or ways or otherwise, in an initial amount of not less than Two Million
Dollars ($2,000,000.00) per occurrence such insurance shall further name Lessor
as an additional insured. Lessee agrees to furnish certificates of insurance to
Lessor naming Lessor as Additional Insured. A certificate of the policy,
together with evidence of payment of premiums, shall be deposited with the
Lessor on or prior to the lease commencement date, and on renewal of the policy
not less than thirty (30) days before expiration of the policy. All the
insurance required under this Section 19 shall (a) be issued as a primary
policy; and (b) contain an endorsement requiring thirty (30) days written notice
from the insurance company to both parties and Lessor's lender before
cancellation or change in the coverage, scope, or amount of any policy. The
limits of the insurance shall not limit the liability of the Lessee under this
Lease.
Lessee shall not use or keep on the Premises any article which Lessor's
insurance carrier terms as hazardous and which tends to increase Lessor's rate
of insurance. Lessee agrees that Lessor and Lessor's insurance carrier may make
regular or unannounced inspections of the Premises and Lessee agrees to protect
the Premises in accordance with the insurance carrier's engineering standards
and recommendations.
20. INSURANCE REQUIRED OF LESSOR. Lessor agrees to carry fire and casualty
insurance during the Lease Term insuring Lessor's interest in the Premises for
the full replacement value thereof. Lessor shall have no obligation to insure
against loss or damage to Lessee's leasehold improvements, fixtures, furniture,
or other personal property in or about the Premises. Lessee shall have no
interest in the proceeds of any insurance insuring Lessor's interest. Lessee
shall pay Lessee's pro rata share of the fire and casualty insurance premiums to
the Lessor monthly in advance as additional rent commencing on the lease
commencement date specified in Section 1.8 and continuing on the first day of
each month thereafter for the remainder of this Lease. Lessee's pro rata share
of the insurance cost shall be measured by the percentage of the building
occupied by Lessee as specified in Section 1.14.
21. SUBROGATION. Lessor and Lessee hereby waive all claims they may have and
all rights of subrogation which their respective insurers might have under all
policies of insurance now existing or hereafter purchased during the Lease Term
by either Lessor or Lessee, respectively, for any damage or loss covered by such
policies to the Premises or any portion thereof, or which could be covered by
all risk insurance, or Lessee's leasehold improvements, furniture, fixtures,
personal property, business, or operations in or about the Premises. Lessee and
Lessor shall, upon obtaining the policies of insurance required under this
Section 21, give notice to their respective insurance carriers that the
foregoing mutual waiver of subrogation is contained in this Lease. This waiver
of subrogation shall be effective as to any insurance policy.
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(Westinghouse Electric Corporation)
22. PERSONAL PROPERTY TAXES. Lessee shall pay before delinquency all taxes,
assessments, license fees and other charges that are levied and assessed against
Lessee's personal property installed or located in or on the Premises, and that
become payable during the Lease Term. On demand by Lessor, Lessee shall furnish
Lessor with satisfactory evidence of these payments.
23. REAL PROPERTY TAXES. Lessee shall pay to Lessor as additional rent
Lessee's pro rata share, based upon the percentage of the building occupied by
Lessee as set forth in Section 1.14, of all Real Property Taxes, as defined
below, levied and assessed against the real property of which the Premises are a
part. Since Lessor is required to pay real property taxes in quarterly
installments in advance for each annual fiscal tax year, the Lessee's share of
the Real Property Taxes shall be payable in quarterly installments in advance,
commencing on the lease commencement date, and continuing on the first day of
each calendar quarter thereafter for the remainder of this Lease.
The term "Real Property Taxes," as used in this Section 23, means any
form of assessment, license fee, rent tax, levy, penalty (other than income,
inheritance or estate tax) imposed by any authority having the direct or
indirect power to tax, including any city, county, state or federal government,
or any school, agricultural, lighting, drainage or improvement district, as
against any legal or equitable interest of Lessor in the Premises or in the real
property of which the Premises are a part, as against Lessor's right to rent or
gross receipts therefrom, or as against Lessor's business of leasing the
Premises and Lessee shall pay Lessee's pro rata share of any and all charges
which may be imposed by governmental regulations or authorities. Nothing herein
to the contrary shall require Lessee to pay any portion of any tax on Lessor's
gross income or any franchise tax or any estate gift or inheritance tax.
Any failure to pay the quarterly installments of Real Property Taxes
shall be deemed a failure to pay rent and shall constitute a default of this
Lease. Lessor and Lessee agree that in collecting Lessee's quarterly
installments of Real Property Taxes, Lessor does not act as trustee for Lessee
or any other person. Lessor acts only as a creditor of Lessee in collecting the
quarterly installments of Real Property Taxes. Lessor may commingle the
installments of Real Property Taxes with Lessor's general funds and shall pay no
interest on them. Lessee's liability to pay Real Property Taxes shall be
prorated on the basis of a 365-day year to account for any fractional portion of
a fiscal tax year included in the Lease Term at its commencement and
termination. Lessee shall be considered the owner during the Lease Term of any
leasehold improvements installed at Lessee's expense, and any such leasehold
improvements may be assessed to Lessee for property tax purposes.
24. DESTRUCTION. In the event of a partial destruction of the Premises or the
building of which the Premises are a part during the Lease Term from a cause
which is insured under Lessor's fire and extended coverage insurance, Lessor
shall forthwith repair the same, provided such repairs can reasonably be made
within one hundred twenty (120) days under the laws and regulations of the
state, county, federal, or municipal authorities, but such partial destruction
shall not annul or void this Lease, except that Lessee shall be entitled to a
proportionate reduction of rent while such repairs are being made, such
proportionate reduction to be based upon the extent to which the making of such
repairs interferes with the business carried on by Lessee on the Premises.
If such repairs cannot be made within one hundred twenty (120) days, or
if the Premises are destroyed to the extent of more than 33-1/3 % of the then
current replacement cost thereof, either Lessor or Lessee may terminate this
Lease by giving written notice to the other party within thirty (30) days after
the damage occurs. If this Lease is not terminated, Lessor shall make such
repairs within a reasonable time with this Lease continuing in full force and
effect and the rent proportionately reduced while the repairs are being made.
If the Premises or the building of which the Premises are a part are
partially destroyed or damaged during the last three (3) months of the Lease
Term, or any renewal thereof, Lessor may elect to terminate this Lease as of the
date of occurrence of such damage by giving written notice of termination to
Lessee within thirty (30) days after the damage occurs.
Pacific Freeport Industrial Park Page 8
(Westinghouse Electric Corporation)
In the event the building of which the Premises are a part is destroyed
to the extent of more than 33-1/3% of the then current replacement cost thereof,
Lessor may elect to terminate this Lease by giving written notice of termination
to Lessee within thirty (30) days after damage occurs, regardless of whether the
Premises are damaged or whether the repairs can reasonably be made within one
hundred twenty (120) days. A total destruction of the Premises or the building
of which the Premises are a part shall terminate this Lease.
In the event of termination of this Lease pursuant to any of the terms,
covenants and conditions of this Section 24, rent and Lessee's portion of any
property taxes and insurance costs shall be apportioned on a per diem basis and
shall be paid to the date of the casualty. In no event shall Lessor be liable
to Lessee for any damages resulting to Lessee from the happening of such
casualty or from the repairing or reconstruction of the Premises or of the
building, or from the termination of this Lease as herein provided, nor shall
Lessee be relieved thereby or in any such event from Lessee's obligations under
this Lease except to the extent and upon the conditions expressly stated in this
Section 24.
25. EMINENT DOMAIN. If the whole or any substantial part of the Premises or
the building of which the Premises are a part shall be taken or condemned by any
competent authority for any public use or purpose, the Lease Term shall end
upon, and not before, the date when the possession of the part so taken shall be
required for such use or purpose. Rent shall be apportioned as of the date of
such termination. Lessee shall be entitled to receive any damages awarded by
the court for leasehold improvements installed at Lessee's expense and the
expenses of Lessee's relocation or business interruption if so awarded and
designated by the court. The entire balance of the award shall be the property
of Lessor.
26. ASSIGNMENT AND SUBLETTING. Lessee shall not directly or indirectly assign,
hypothecate or encumber this Lease, or any interest herein, and shall not sublet
the Premises or any part thereof, or any right or privilege appurtenant thereto,
or suffer any other person (excepting only Lessee's agents and employees) to
occupy or use the Premises, or any portion thereof, without the prior written
consent of Lessor, and a consent to one assignment, hypothecation, encumbrance,
subletting, occupation, or use by any other person shall not be deemed to be a
consent to any subsequent assignment, hypothecation, encumbrance, subletting,
occupation, or use by any other person. Any such assignment, hypothecation,
encumbrance, subletting, occupation or use without such consent shall be void,
and shall, at the option of Lessor, terminate this Lease. Any transfer or
assignment of this Lease by operation of law without the written consent of
Lessor shall make this Lease voidable at the option of Lessor.
Lessor will not unreasonably withhold or delay Lessor's consent to an
assignment or subletting by Lessee, provided that (a) the assignee or sublessee
proposes to use the Premises for the same use as is set forth in Section 1.11;
(b) the proposed use is not injurious to the Premises and will not disturb other
tenants of Lessor in the building of which the Premises are a part or immediate
vicinity; and (c) the assignee or sublessee executes and delivers to Lessor a
written assumption of this Lease in form acceptable to Lessor.
Notwithstanding the foregoing, Lessee shall have the right to assign
this Lease or to sublet the Premises or any part thereof to any entity
controlled, controlling or under common control with Lessee or the purchaser of
the business (by merger or acquisition) of the business conducted on the
Premises without the consent of Lessor, provided, however, that no such
assignment or subletting shall relieve Lessee of its duty to perform fully all
of the agreements, covenants, and conditions set forth in this Lease. Lessee
shall promptly advise Lessor of any such permitted assignment or subletting and
of the name and address of the assignee or subtenant, as the case may be.
Regardless of Lessor's consent, no subletting or assignment shall
release Lessee or Lessee's obligation or alter the primary liability of Lessee
to pay any rent and to perform all other obligations to be performed by Lessee
under this Lease. The acceptance of any rent by Lessor from any other person
shall not be deemed to be a waiver by Lessor of any term, covenant or condition
of this Lease. Every assignment or sublease shall recite that it is and shall be
subject and subordinate
Pacific Freeport Industrial Park Page 9
(Westinghouse Electric Corporation)
to the terms, covenants and conditions of this Lease, and the termination of
this Lease shall constitute a termination of every such assignment or sublease.
27. SUBORDINATION. The rights of Lessee under this Lease shall be and they are
subject and subordinate at all times to the lien of any mortgage or deed of
trust, now or hereafter in force against the Premises and the property of which
the Premises are a part, and to all advances made or hereafter to be made upon
the security thereof, and Lessee shall execute such further instruments
subordinating this Lease to the lien of any such encumbrance, as shall be
requested by Lessor, provided the holder of such encumbrance agrees to recognize
Lessee's interest under this Lease if Lessee is not then in default.
If any mortgagee or beneficiary elects to have this Lease superior to
its mortgage or deed of trust and gives notice of such fact to Lessee, then this
Lease shall be deemed superior to the lien of any such encumbrance, whether this
Lease or a memorandum thereof is dated or recorded before or after said
encumbrance.
As a condition to the effectiveness of this Lease, Lessor shall further
secure a nondisturbance and attornment agreement in favor of Lessee in
reasonable form from the current mortgagee or lien holder or any future
mortgagee or lien holder on the building which shall provide that as long as
Lessee is not in default in the payment of rental or any other covenants or
conditions of the lease, the rights of Lessee under the lease shall not be
terminated and the possession of Lessee shall not be disturbed by Lessor or any
mortgagee or ground Lessor or by any proceedings regarding the debt which any
such mortgage or ground lease secures.
28. SIGNS. Lessee shall not place any signs, lettering, marks, photographs, or
any other material whatsoever, on the interior or exterior of the doors,
windows, hallways, or any other place, in, on, or about the Premises, the
building of which the Premises are a part, or its appurtenances, without
Lessor's prior written approval, which approval shall not be unreasonably
withheld or delayed, of the size, style, design, color, material, manner of
applying or fastening, and location thereof.
29. DEFAULT.
(a) If Lessee shall fail to pay any rent to Lessor when the same
is due and payable under the terms of this Lease and such default shall continue
for a period of ten (10) days after written notice thereof has been given to
Lessee by Lessor, or if the Lessee shall fail to perform any other duty or
obligation imposed upon it by this Lease and such default shall continue for a
period of thirty (30) days after written notice thereof has been given to Lessee
by Lessor, or if the Lessee shall be adjudged bankrupt, or shall make a general
assignment for the benefit of its creditors, or if a receiver of any property of
Lessee in or upon the Premises be appointed in any actions, suit, or proceeding
by or against Lessee and such appointment shall not be vacated or annulled
within sixty (60) days, or if the interest of Lessee in the Premises shall be
sold under execution or other legal process, then and in any such event Lessor
shall have the right to enter upon the Premises and again have, repossess, and
enjoy the same as if this Lease had not been made, and thereupon this Lease
shall terminate without prejudice, however, to the right of Lessor to recover
from Lessee all rent due and unpaid up to the time of such re-entry. In the
event of any such default and re-entry, Lessor shall have the right to relet the
Premises for the remainder of the then existing term whether such term be the
initial term of this Lease or any renewed or extended term, for the highest rent
then obtainable, and to recover from Lessee the difference between the rent
reserved by this Lease and the amount obtained through such reletting less the
costs and expenses reasonably incurred by Lessor in such reletting.
(b) If Lessor shall fail to perform any duty or obligation imposed
upon it by this Lease and such default shall continue for a period of thirty
(30) days after written notice thereof has been given by Lessee, then and in
such event Lessee may, at its option, terminate this Lease without prejudice to
is right to recover appropriate damages from Lessor. Upon termination of the
lease pursuant to this provision, all obligations of Lessee arising under this
Lease, including payment of rent, shall cease.
Pacific Freeport Industrial Park Page 10
(Westinghouse Electric Corporation)
30. ABANDONMENT. Lessee shall not abandon or surrender the Premises during the
Lease Term, and if Lessee does or is dispossessed by process of law, or
otherwise, any personal property belonging to Lessee left on the Premises shall
be deemed to be abandoned at the option of Lessor.
31. REMOVAL OF PROPERTY UPON TERMINATION. At any time Lessee may, and, prior
to the applicable termination date of the Lease Term, Lessee shall remove from
the Premises furniture, equipment, other personal property and any trade
fixtures installed by Lessee or at Lessee's expense. Lessee shall not remove
any trade fixtures installed by Lessor or Lessor's expense or any other fixtures
or leasehold improvements without Lessor's prior written consent: provided,
however, that upon Lessor's written request, Lessee shall remove such trade
fixture, other fixtures and leasehold improvements. Lessee shall repair any
damage to the Premises caused by removal of any property and shall restore the
Premises to its condition at the lease commencement date, less reasonable wear
and tear. All removal and restoration shall be accomplished at Lessee's sole
expense prior to the end of the Lease Term.
32. REMOVAL, STORAGE AND LIEN OF PROPERTY UPON DEFAULT. [Intentionally Omitted]
33. SURRENDER. The voluntary or other surrender of this Lease by Lessee, or a
mutual cancellation thereof, shall not work a merger, and shall, at the option
of Lessor, terminate all or any existing subleases or subtenancies, or may, at
the option of Lessor, operate as an assignment to Lessor of any or all such
subleases or subtenancies.
34. LESSOR'S CONVEYANCE. Lessor may convey its interest in the Premises and
all or any portion of the Common Area. From and after the date of such
conveyance, Lessor shall be released and discharged from any and all obligations
under this Lease, excepting those obligations previously accrued.
35. WAIVER. The waiver by Lessor of any breach of any term, covenant or
condition of this Lease shall not be deemed to be a waiver of such term,
covenant or condition or any subsequent breach of the same or any other term,
covenant or condition of this Lease. The subsequent acceptance of rent under
this Lease by Lessor shall not be deemed to be a waiver of any preceding breach
by Lessee of any term, covenant or condition of this Lease, other than the
failure of Lessee to pay the particular rent so accepted, regardless of Lessor's
knowledge of such preceding breach at the time of acceptance of such rent.
36. HOLDING OVER. Any holding over after the applicable termination date, with
the consent of Lessor, shall be construed to be a tenancy from month to month on
the same terms, covenants and conditions specified herein so far as applicable
but shall not be deemed to constitute an extension or renewal of this Lease.
During any period of holding over the monthly rent shall be the then monthly
rent in effect, provided however that in the event such holding over continues
for a period of two (2) months, the monthly rent shall be increased by twenty
percent (20%) over the then monthly rent in effect.
37. ATTORNEY'S FEES. If either party becomes a party to litigation concerning
this Lease by reason of any act or omission of the other party or its authorized
representatives, and not by any act or omission of the party that becomes a
party to that litigation or any act or omission of its authorized
representatives, the party that causes the other party to become involved in the
litigation shall be liable to that party for reasonable attorney's fees and
court costs incurred by it in the litigation. If any action at law or in equity
shall be brought to recover any rent under this Lease, or for or on account of
any breach of or to enforce or interpret any of the terms, covenants or
conditions of this Lease, or for the recovery of the possession of the Premises,
the prevailing party in any final judgment, or the nondismissing party in the
event of a dismissal without prejudice, shall be entitled to the full cost of
all reasonable expenses, including all court costs and reasonable attorney's
fees paid or incurred in good faith.
38. REMEDIES. All of the remedies herein provided are cumulative, and in
addition to and not in lieu of the remedies provided by law, and the exercise of
one remedy shall not preclude the exercise of any other remedy.
Pacific Freeport Industrial Park Page 11
(Westinghouse Electric Corporation)
39. NOTICES. All notices to be given to Lessee shall be given in writing, and
sent by certified mail, return receipt requested, addressed to Lessee at the
address set forth below Lessee's signature. Notice to Lessor shall be given in
writing and sent by certified mail, return receipt requested, addressed to
Lessor at the address to which the rent is paid.
40. COMMISSION. Lessor and Lessee each represent and warrant to the other that
they have not dealt with any broker, finder or agent in connection with this
Lease except as disclosed in Section 1.15. Notwithstanding that Xxxxxxx Xxxx
Company has acted as Lessee's agent in connection with this Lease, Lessor agrees
to pay Xxxxxxx Xxxx Company a brokerage commission as set forth in the separate
agreement between Lessor and Xxxxxxxx Xxxx Company. Lessor and Lessee each
agree to defend, hold harmless and indemnify the other from and against any and
all costs, damages, expenses (including without limitation attorney's fees and
court costs), suits (whether arising in tort or contract), liability for any
compensation, commissions, damages (punitive or otherwise), fees, finder's fees,
or charges claimed by any broker, finder or agent with respect to this Lease or
the negotiations thereof in breach of the representations and warranties of this
Section 40.
41. LAWS. Lessee shall comply and will cause all Lessee's employees to comply,
at Lessee's sole expense, with any and all local, county, state and federal
ordinances, regulations and laws applicable to the Premises and Lessee's
activities on and about the Premises. Lessee will not conduct or permit to be
conducted on the Premises or the Common Area any business which is forbidden or
prohibited by any local, county, state or federal ordinance, regulation or law.
42. COMMON AREA MAINTENANCE EXPENSE. Lessee shall pay to Lessor as additional
rent Lessee's pro rata share based upon the percentage of the building occupied
by Lessee as set forth in Section 1.14, of the Common Area Expenses as defined
below. The Lessee's share of the Common Area Expenses shall be payable in
monthly installments in advance commencing on the lease commencement date, and
continuing on the first day of each calendar month for the remainder of this
Lease. Lessor may adjust the monthly Common Area Expenses charged at the
beginning of any month on the basis of Lessor's actual cost or reasonably
anticipated costs.
If Lessee's share of Common Area Expenses for a Lease Year exceeds the
payments made by Lessee, Lessee shall pay to Lessor the deficiency within ten
(10) days after receipt of a statement showing the total Common Area Expense for
the Lease Year, Lessee's share of Common Area Expenses, Lessor shall pay Lessee
the excess at the time Lessor furnishes the statement to Lessee.
The term "Common Area Expenses" means any or all of the following
incurred by Lessor with respect to the building of which the Premises are a part
and all adjacent property owned by Lessor: Cost of electricity, steam, gas, oil,
sewer, water, burglar and/or fire alarm, other utility charges, building and
cleaning supplies, repairs, maintenance, capital expenditures required to meet
changed governmental regulations, cleaning and janitorial services, servicing of
equipment, license, permit, inspection fees, common area expenses and
allowances, and service contracts with independent contractors.
The term "Lease Year," as used in this Section 42, means the period of
twelve (12) months or less commencing with the lease commencement date and
ending on the following December 31st, and each successive period of twelve (12)
months thereafter during the term, and the final period of twelve (12) months or
less commencing with the January 1st immediately preceding the applicable
termination date.
43. LESSOR ACCESS. For a period commencing ninety (90) days prior to the end
of the Lease Term, Lessor may have reasonable access to the Premises for the
purpose of exhibiting the same to prospective lessees and to post any usual "For
Lease" signs upon the Premises. During the Lease Term, the Lessor may have
reasonable access to the Premises for the purposes of exhibiting the same to
prospective purchasers and to post "For Sale" signs upon the Premises.
Pacific Freeport Industrial Park Page 12
(Westinghouse Electric Corporation)
44. LOCKS. No additional lock or locks shall be placed by Lessee on any door
unless written consent of Lessor shall first have been obtained. Two keys to all
doors will be furnished by Lessor. All keys shall be surrendered to Lessor on
the applicable termination date or any sooner termination.
45. RULES. Lessor reserves the right to make such reasonable rules and
regulations, including parking regulations, as in Lessor's judgment may from
time to time be necessary for the safety, care, cleanliness and orderly
operation of the Premises and the Common Area, and which rules and regulations
are expressly made a part hereof, and with which Lessee agrees to comply.
Lessee agrees to require Lessee's employees to abide by any such rules and
regulations, including parking regulations, provided such rules and regulations
do not change, alter, add to or delete from the terms and conditions of this
Lease. Lessor agrees to enforce such rules in a uniform and non-discriminatory
manner.
46. DEFINITIONS.
46.1. COMMON AREA. The term "Common Area" means all areas and facilities
outside the Premises and within the exterior boundaries of the property owned by
Lessor of which the Premises are a part, which are presently provided and
designated by Lessor for the general use of Lessee and other Lessees of the
Lessor and their respective authorized representatives and invitees. Common
areas include, without limitation, employee parking areas, customer parking
areas, service roads, loading facilities, pedestrian walkways and patios,
landscaped areas, sidewalks, plazas, throughways, roads and other facilities
located on the real property owned by Lessor of which the Premises are a part.
46.2. PRIME RATE. The term "Prime Rate" means the "prime," "reference"
or "base" rate on corporate loans at large U.S. money center banks as published
from time to time by the Wall Street Journal. In the event two or more such
rates are published, the term "prime rate" shall mean the highest rate
published.
47. GENERAL PROVISIONS.
This Lease contains all the terms, covenants and conditions agreed to by
Lessor and Lessee and it may not be modified orally or in any manner other than
by an agreement in writing signed by Lessor and Lessee or their respective
successors in interest. No prior agreement or understanding pertaining to any
matter concerning this Lease shall be effective unless incorporated herein.
The terms, covenants and conditions of this Lease, subject to the terms,
covenants and conditions of this Lease applicable to subletting and assignment,
shall apply to and bind the heirs, successors, executors, administrators,
sublessees and assigns of the parties.
The captions and section descriptions of this Lease are for convenience
only and are not part of this Lease and do not in any way limit or amplify the
terms, covenants and conditions of this Lease.
This Lease shall be governed by and construed in accordance with the
laws of the State of Nevada.
Time is of the essence as to all of the terms, covenants and conditions
of this Lease.
Lessee shall not record this Lease. Any such recordation shall be a
material breach under this Lease and shall, at Lessor's option, terminate this
Lease.
48. PACIFIC FREEPORT WAREHOUSE COMPANY. Lessor and Lessee acknowledge and
agree that Pacific Freeport Warehouse Company acts as the agent of Lessor in
connection with Lessor's negotiation and performance of this Lease unless
Pacific Freeport Industrial Park Page 13
(Westinghouse Electric Corporation)
and until Lessee shall have received a written notice from Lessor stating that
Pacific Freeport Warehouse Company no longer acts as Lessor's agent with respect
to this Lease.
49. EARLY OCCUPANCY. Lessor hereby grants to Lessee the right and license to
enter upon and possess the Premises on and after January 1, 1992 for the purpose
of the construction and installation of such tenant improvements and trade
fixtures as may have been consented to by Lessor. Lessee's entry and possession
shall be on all the terms and conditions of this Lease, including the payment of
all utilities, insurance, taxes and other amounts payable by Lessee pursuant to
this Lease; provided, however, that the base monthly rent specified in Section
1.3 shall not commence until the rent commencement date specified in Section
1.5; further provided, however, that any monthly rent to be paid upon execution
of this Lease shall nonetheless be immediately due and payable.
50. FIRST OPTION TO LEASE ADJACENT SPACE. Provided Lessee has faithfully
performed all terms and conditions of the Lease and is not otherwise in default,
Lessor and Lessee agree that Lessee shall have the first option to lease the
abutting 134,400 sq. ft. of warehouse space in Building 8 (the "Option Space")
upon the expiration of the term of the existing lease with Thrifty Corporation
("Thrifty"). Lessor discloses, and Lessee acknowledges that the initial term of
the Thrifty lease expires June 1, 1994, and that Lessor has granted Thrifty the
right to extend the term of the lease for two (2) one (1) year periods ending,
respectively, on June 1, 1995, and June 1, 1996. The option granted herein
shall be subject to the options granted to Thrifty to renew its lease for the
Option Space. In the event Thrifty fails to give timely notice to Lessor that
it exercises its option to renew or, if Thrifty has exercised its final option,
after January 1, 1996, Lessor shall give Lessee written notice that the Option
Space will become available for lease to Lessee and the date thereof. Lessee
shall have the right to exercise the option granted in this Section 50 for a
period of thirty (30) days following such notice. In the event Lessee does not
notify Lessor of its exercise of such option within such thirty (30) day period,
the option granted in this Section 50 shall become immediately null and void.
In the event Lessee shall have timely exercised the option granted in
this Section 50, the Lessor and Lessee shall execute an addendum to this Lease
which shall become effective upon the date stated in Lessor's notice and which
shall provide that the Option Space shall be leased to Lessee pursuant to all
the terms and conditions of this Lease as if such space had been initially
leased to Lessee hereunder, excepting only that the monthly rent shall be
increased as provided below. On the effective date, the monthly rent which
Lessee is then obligated to pay under this Lease shall be increased by the
amount equal to the monthly rent payable under this Lease immediately prior to
the effective date (calculated on a per square foot per month basis) times the
number of square feet of the Option Space. Thereafter, the monthly rent,
including the rent for the Option Space, shall be adjusted as provided in
Section 3.
51. FIRST OPTION TO LEASE SPACE IN BUILDING. Provided Lessee has faithfully
performed all terms and conditions of the Lease and is not otherwise in default,
Lessor and Lessee agree that Lessee shall have the first option to lease any
other available warehouse space which Lessor intends to lease and which is
located within Building 8 (the "Market Rate Space") during the term of this
Lease. In the event Lessor determines to lease any Market Rate Space, Lessor
shall first offer to lease ("Lessor's Offer") such space to Lessee at a rate
equal to the prevailing market rate for similar space in the geographic area in
which Building 8 is located as determined by Lessor in good faith commencing on
a date stated which is not sooner than thirty (30) days nor later than six (6)
months after the date of Lessor's Offer.
In the event Lessee gives notice of acceptance of Lessor's Offer within
the five (5) day period following Lessor's Offer, Lessor and Lessee shall
execute an addendum to this Lease which shall become effective upon the date
stated in Lessor's Offer and which shall provides that the Market Rate Space
shall become a part of this Lease as if such space had been initially leased to
Lessee hereunder, excepting only the monthly rent which shall be increased as
provided below. On the effective date, the monthly rent which Lessee is then
obligated to pay under this Lease shall be increased by the amount equal to the
monthly rent payable under this Lease immediately prior to the effective date
(calculated on a per square foot per month basis) times the number of square
feet of the Market Rate Space. Thereafter, the monthly rent, including the rent
for the Market Rate
Pacific Freeport Industrial Park Page 14
(Westinghouse Electric Corporation)
Space, shall be adjusted as provided in Section 3. In the event Lessee does not
notify Lessor of its acceptance of such offer within such five (5) day period,
the option granted in this Section 50 shall become immediately null and void.
52. PERSONAL RIGHTS. The rights granted in Section 50 and in Section 51 shall
be deemed to be personal to the Lessee, and if the Lessee subleases any portion
of the Premises or assigns or transfers any interest under this Lease prior to
the exercise of the option herein contemplated, the same shall lapse, except in
the case of subletting or assignment not requiring consent hereunder.
EXECUTED as of the 1st day of April, 1992.
LESSOR: E.T. HERMANN AND XXXX X. XXXXXXX 1978 LIVING TRUST
By /s/ E.T. Hermann Trustee
-----------------------------------------
LESSEE: WESTINGHOUSE ELECTRIC CORPORATION
ADDRESS FOR NOTICES:
By /s/ Xxxx X. Xxxxxxxxx
______________________________ ----------------------------
Name: X.X. Xxxxxxxxx
______________________________ -------------------------
Its: Vice President
______________________________ --------------------------
By /s/ X. X. Xxxxxxx
----------------------------
Name: X.X. Xxxxxxx
------------------------
Its: Assistant Secretary
-------------------------
Pacific Freeport Industrial Park Page 15
(Westinghouse Electric Corporation)
EXHIBIT "A"
-----------
LEASED PREMISES
EXHIBIT "B"
-----------
LEASEHOLD IMPROVEMENTS
----------------------
for
Lease dated April 1, 1992 between E.T. Hermann and Xxxx X. Xxxxxxx 1978 Living
Trust ("Lessor") and Westinghouse Electric Corporation ("Lessee"/WESCO) for
196,800 sq. ft. premises/facility located at 0000 X. Xxxxxxxx Xxxxxx, Xxxxxx,
XX.
This Exhibit consists of the following items (attached):
. Sheets: "1 of 7" thru "7 of 7" - all dated 1/24/92 and titled "Sparks, NV-
WDC" (SCHEME "A" GROUND FLOOR WDC OFFICES AND SCHEME "B" - MEZZANINE FLOOR
WDC OFFICES).
. Drawings:
---------
. Drawing - Office Scheme/Layout "A" (no date) (location in warehouse).
. Drawing - Office Scheme/Layout "A" (no date) "Floor Plan" -
1/8"=1'.0".
. Drawing - Office Scheme/Layout "A" (no date) "Reflected Ceiling Plan"
- 1/8"-1'.0".
. Drawing - Office Scheme/Layout "B" (rev. 1/24/92) (Ground Floor
Entrance/Elevator-Plan)
. Drawing - Office Scheme/Layout "B" (rev. 1/24/92) "North Section"
(Plan)
. Drawing - Office Scheme/Layout "B" (rev. 1/24/92) "South Section"
(Plan)
The Lessor shall be responsible for the construction of all leasehold
improvements indicated herein as provided "by LESSOR" in strict accordance with
---------------------------------------
the "Construction Documents" - drawings and specifications prepared specifically
for the site and building via registered architect/engineer, as required by
local and state law, from the "Sheets/Drawings" listed above (attached). All
drawings and specifications intended for use as "Construction Documents" and/or
for construction purposes, and any changes/revisions to same or in field to the
construction are to "reviewed with" and "approved by" the WESCO Facilities
--------------- ----------------
Department prior to the construction.
----------
/s/ E.T. Xxxxxxx Trustee
1
EXHIBIT "B"
----------
LEASEHOLD IMPROVEMENTS
----------------------
WESCO - SPARKS, NV - WDC
------------------------
The Lessor shall also be responsible for certain maintenance,
approvals/verifications, etc. of proposed "tenant provided" leasehold
improvements/equipment installations - warehouse equipment included, as
indicated herein and on the "Sheets"/"Drawings" listed above (attached).
The following items are included as clarifications/exceptions to the
"Sheets"/"Drawings" listed above (attached).
. SHEETS: 1 of 7 thru 7 of 7:
. Scheme "A" - Ground Floor WDC Offices
-------------------------------------
. Office area (approximately 5,280 sq. ft.) included:
"Section" to be deleted in its entirety.
. Warehouse area includes:
"Section" to be revised as noted below. All items not noted
-------------------------------------- ---
as revised or listed below remain as work included under
------
Scheme "B" (but indicated under Scheme "A") and provided "by
Lessor".
. Amend "paragraph" reading - "full height gypsum drywall
demising wall..." to include: "demising walls completed as
required (by code/lease) by Lessor".
. Amend "paragraph" reading - "fire protection system..." to
include: "all work, except required for rack/bin warehouse
equipment, by Lessor. Fire protection system to be existing
- 0.33 GPM over 3,000/sf with any code required update by
Lessor. Fire extinguishers to be Lessee's responsibility."
. Amend "paragraph" reading - "repair existing concrete
floor..." to include: "all work by Lessor".
. Amend "paragraph" reading - "electrical service..." to
include/read: "electrical service shall be a minimum of 800
AMP, 480 volt, 3 phase, 4 wire - for total/combined office-
warehouse area all work by Lessor".
. Amend "paragraph" reading - "two toilet/restrooms" to
include/read: "two existing toilet/restrooms at northwest
area of warehouse shall be rehabilitated to comply with
A.D.A. handicapped requirements and all other applicable
codes. 20 warehouse employees. All work by Lessor".
. Amend "paragraph" reading - "existing concrete floor
slab...." to include/read: "existing concrete floor slab
capacity designed and constructed
2
EXHIBIT "B"
-----------
LEASEHOLD IMPROVEMENTS
----------------------
WESCO - SPARKS, NV - WDC
------------------------
to 250 P.S.F. - Lessor verified via structural engineer.
Lessor via structural engineer shall approve all warehouse
equipment installation layouts -including field coordination
of legs/anchors with existing reinforcement -approvals to be
made with reasonable promptness and within reasonable
perimeters of WESCO's intended use of the space. All work by
Lessor".
. Delete "paragraph" reading - "installation of protective
piping around sprinkler..."
. Amend "paragraph" reading - "all miscellaneous
constructions..." to include/read: "interior existing chain
link fence at southwest area of warehouse to be removed and
floor patched. All work by Lessor".
. Delete "paragraph" reading - "lighting under existing
mezzanine..."
. Amend "paragraph" reading - "all exterior chain link
fence..." to read: remove all existing chain link fence at
---
west truck apron - parking area (including four planters)
and patch all surfaces according to match adjacent existing
pavement. Install protective ballards around existing fire
hydrant (1) and post indicator valves (2) as required.
Existing chain link fence at east truck apron to remain -
rehabilitate to first class condition. All work by Lessor".
---
. Amend "paragraph" reading - "all existing exterior
pavement..." to include: "all work by Lessor".
. Amend "paragraph" reading - "thirty-six existing dock truck
height(s) positions..." to read: "Thirty-six existing dock
truck height(s) positions - twenty at west wall and sixteen
at east wall, are to be rehabilitated to good working order.
Items included: dock revelers, dock lips. bumpers, seals*,
overhead canopies, overhead doors and bituminous/concrete
aprons (east and west). All work by Lessor."
"Lessor shall provide Lessee upon receipt of invoices
therefor up to a $4,000.00 allowance for Lessee's
replacement of existing seals.
. Other - Office-Warehouse/SiteArea(s) Improvements:
"Section" to be deleted in its entirety with the following
---------------------------------------
exceptions:
. Amend "paragraph" reading - "warehouse to be
ventilated..." to include/read: "warehouse to be
ventilated to meet local/state code. All work by
Lessor".
3
EXHIBIT "B"
-----------
LEASEHOLD IMPROVEMENTS
----------------------
WESCO - SPARKS, NV - WDC
------------------------
. Remove existing chain link fence at west truck apron -
parking area and patch all surfaces accordingly to
match adjacent existing. Existing chain link fence at
each truck apron to remain - see notes under warehouse
regarding rehabilitation.
. Scheme "B" - Mezzanine Floor WDC Offices
----------------------------------------
. Office Area (approximately 9,600 sq. ft.) includes:
"Section" to be revised as noted below. All items not
-------------------------------------- ---
noted as revised or listed below remain as work
included under Scheme "B" and provided by Lessor".
. Amend "paragraph" reading - "area to be
repainted..." to include/read: "area to be
repainted throughout - following proper repair,
patching, preparation, etc. One coat application
on existing painted surfaces and one primer coat
with two coats on new/unpainted surfaces -complete
coverage required on all surfaces. "Touch-up" work
not to be noticeable. All work by Lessor".
---
. Amend "paragraph" reading - "existing carpet to be
removed..." to include/read: "existing carpet to
be removed throughout. New 32 oz. loop carpet to
be installed at these areas (where existing) and
at new reception area. Installation to only be
made on properly prepared substrate. Carpet to be
'approved by WESCO Facilities Department' - one
---------------------------
color/type to be selected and installed
throughout. All work by Lessor".
. Amend "paragraph" reading - "existing HVAC
system..." to include: "telephone/WESCOM room to
be adequately ventilated with separated controlled
system/duct supply-return. All work by Lessor".
. Amend "paragraph" reading - "all work to conform
---
to A.D.A regulations..." to read: "all work to
---
conform to current published A.D.A. regulations,
which are scheduled to become effective on or
before July 26, 1994, and other applicable codes,
etc. Existing hardware, handrails, open stair to
ground floor ('rated' enclosure may be required -
verify via current codes and provide as required),
plumbing fixtures, etc. to be made conforming.
Installation of new elevator to be installed near
north stair per revised office layout and in
compliance with A.D.A. requirement as
4
EXHIBIT "B"
-----------
LEASEHOLD IMPROVEMENTS
----------------------
WESCO - SPARKS, NV - WDC
------------------------
mentioned above (size accordingly, etc.) Existing
fire protection system - sprinklers, hose
cabinets. extinguishers (cabinets), etc. shall be
made to conform to all applicable codes/
---
regulations (including N.F.P.A.). All work by
---
Lessor".
. Delete "paragraph" reading - "provide exterior
window..."
. Delete "paragraph" reading - "relocate existing
window..."
. Warehouse Area includes:
"Section" to remain with the following exception: Add
------------------------------------------------
notation: "All work by Lessor".
. Other - Office-Warehouse/site area(s) improvements:
"Section" to be deleted in its entirety.
----------------------------------------
. Drawing - Office Scheme/Layout "A" (no date) (location in
warehouse)
"Drawing" to be deleted in its entirety.
----------------------------------------
. Drawing - Office Scheme/Layout "A" (no date) "Floor Plan"
1/8"=1'0"
"Drawing" to be deleted in its entirety.
----------------------------------------
. Drawing - Office Scheme/Layout "A" (no date) "Reflected Ceiling
Plan" -1/8"=1'0"
"Drawing" to be deleted in its entirety.
----------------------------------------
. Drawing - Office Scheme/Layout "B" (rev. 1/24/92) (Ground Floor
Entrance/ Elevator Plan)
"Drawing" to be amended to include: "all work by Lessor".
---------------------------------------------------------
. Drawing - Office Scheme/Layout "B" (rev. 1/24/92) "North
Section" (Plan)
"Drawing" to be amended to include: "all work by Lessor".
---------------------------------------------------------
. Drawing - Office Scheme/Layout "B" (rev. 1/24/92) "South
Section" (Plan)
"Drawing" to be amended to include: "all work by Lessor".
---------------------------------------------------------
5
EXHIBIT "B" CONTINUED
---------------------
SPARKS NV - WDC LEASEHOLD IMPROVEMENTS
----------------------
1/24/92
SCHEME "A" - GROUND FLOOR, WDC OFFICES
--------------------------------------
OFFICE AREA (APPROXIMATELY 5,280 SQ. FT.) INCLUDES:
. New main office entrance on west wall (access road/Spalding Way) with
exterior steps and handicapped ramp from southwest parking area.
. 9'-0" high acoustic tile ceilings throughout - with 9" batt insulation.
. Use of existing exit door at south wall (near existing warehouse toilets -
to be altered for office use).
. Main entrance vestibule (at new west wall door - aluminum storefront frame
with glass to match other existing). New exterior canopy (to match other
existing above new door and step/ramp landing).
. Telephone Room and WESCOM Room, both with controlled power ventilation to
warehouse (sound reduction system).
. Manager's office, Administrative Manager's office, conference room (with
separate HVAC control), lunch room (with flush plastic laminate finished
base and wall cabinets - S.S. sink).
. Handicapped electric water cooler.
. Men's and women's toilet rooms (handicapped accessible) for 20 employees -
fixtures: two water closets each room, one urinal at men's, and two
lavatories each room.
. Heating, ventilation and air conditioning throughout - normal office loads
(see conference room, telephone room and WESCOM room notes for additional
requirements/considerations). Exhaust toilet rooms.
. Fire protection system - 0.35 GPM over 3,000 sq. ft. and
extinguishers/hose per code.
. Recessed fluorescent lighting with parabolic lens - design in accordance
with the following:
AREA AVG MAINTAINED FOOTCANDLES
---- --------------------------
Offices and conference rooms 70 - 80
Toilets and corridors 25 - 35
Mechanical spaces and storage 25 - 35
Warehouse 25 - 35
Roadways, walkways and parking 1/2 - 1
Trucking and dock area (exterior) 2 - 3
1 of 7
EXHIBIT "B" CONTINUED
---------------------
SPARKS NV - WDC LEASEHOLD IMPROVEMENTS
----------------------
1/24/92
. Gypsum wallboard partitions throughout - 5/8" gypsum wallboard on metal
studs (16" p.c.) with sound attenuation batt insulation in all partitions
around/separating toilet rooms and partitions separating office-warehouse
areas, all partitions to extend 6" above ceilings.
---
. All office areas to receive 32 oz. loop carpet, except: vestibule,
telephone room, WESCOM room, and toilet rooms - all of which shall receive
1/8" thick vinyl composition floor tile (no checkerboard pattern - all
-- ---
grain same direction).
. All interior doors to be solid core wood - stained.
---
. All computer power receptacles - duplex type with isolated ground (one CRT
---
per work station and maximum 6 CRTs/work stations per 20 AMP circuit).
Note: maximum 2 printers per 20 AMP circuit.
----
. Provide raceways within walls/partitions for computer data cable (cable
and installation by WESCO) -1" conduit for CRT's and 2" for printers.
. All work to comply with all applicable local, state and federal codes and
---
regulations, fire underwriter's requirements, Occupational Safety and
Health Act, and The American With Disabilities Act.
WAREHOUSE AREA INCLUDES:
. Full height gypsum drywall demising wall - rated per code (minimum 1 hr.
rated/listed assembly). Seal/firestop at roof deck and all penetrations per
rated assembly requirements.
. Fire protection system (except in rack/bin warehouse equipment) - 0.35 GPM
over 3,000 sq. ft. and extinguishers/hoses per code.
. Repair existing concrete floor and joints throughout, clean (including all
---
tape/paint markings) and seal floor throughout - sealer product shall be
backed with minimum five year warranty against "dusting" of floor surface.
. Electrical service shall be a minimum of 1,000 AMP, 480 volt, 3 phase, 4
wire (based on 800 KVA) -for total/combined warehouse-office area (196,800
sq. ft. approximately). See office area notes for lighting levels.
. Two toilet/restrooms, each with lavatory, urinal and watercloset - one
restroom shall comply with handicapped requirements, locations in warehouse
as approved by WESCO, restrooms to comply with all applicable codes - 20
warehouse employees.
. Existing concrete floor slab capacity designed and constructed to 250
P.S.F. lessor via structural engineer, lessor shall approve all warehouse
equipment installation layouts including coordination of
2 of 7
EXHIBIT "B" CONTINUED
---------------------
SPARKS NV - WDC LEASEHOLD IMPROVEMENTS
----------------------
1/24/92
legs/anchors with reinforcement - approvals to be made with reasonable
promptness and within reasonable perimeters of the WESCO's intended use of
space.
. Installation of protective piping around sprinkler piping at south wall -
similar to other piping in place at other sprinkler locations.
. All miscellaneous construction, not intended for use by WESCO and not code
required, to be removed from warehouse - including existing chain link
fence.
. Lighting under existing mezzanine area (soffit mounted) to be upgraded to
that required for warehouse (see lighting level requirements under office
area).
. All existing exterior chain link fence to be rehabilitated to first class
condition.
. All existing exterior pavement/*/ to be repaired to first class condition-
repair and fill all cracks, seal surfaces, etc.
/*/Includes: aprons, parking areas, curbs, walks, steps and ramps.
. Thirty-six existing dock truck height(s) positions - twenty at west wall
and sixteen at east wall, are to be rehabilitated to good working order.
Items included: dock levelers, dock lips, bumpers, seals*, overhead
canopies, overhead doors and bituminous/concrete aprons (east and west).
/*/Replacement required - existing worn out.
OTHER - OFFICE, WAREHOUSE/SITE AREA(S) IMPROVEMENTS:
. Warehouse to be ventilated via a controlled powered system (minimum 6 air
changes per hour). Ventilation system shall be roof/wall mounted units with
ability to circulate inside air -with or without outside air. All wall
penetrations shall be via approved louver (color approved by WESCO) with no
other exterior mounted system components.
. Warehouse ventilation system shall be able to be extended to accommodate a
two level (ground floor with mezzanine level - each approximately 18,000
sq. ft.) bin area.
. Truck restraints to be installed at all dock positions (aprons slope away
from building walls). Restraints to be electrically operated automatic type
with signal lights as manufactured by "Xxxxx Rite-Xxxx" or WESCO approved
equal.
. All exposed gypsum wall board within warehouse - mezzanine walls and
support column enclosures, tenant demising wall, existing toilet rooms to
remain, etc. Color as approved by WESCO.
3 of 7
EXHIBIT "B" CONTINUED
---------------------
SPARKS NV - WDC LEASEHOLD IMPROVEMENTS
----------------------
1/24/92
. Remove existing chain link fence at west truck apron - parking area and
patch all surfaces accordingly to match adjacent existing. Existing chain
link fence at each truck apron to remain - see notes under warehouse
regarding rehabilitation.
. Extend all existing concrete truck landing gear pads to accommodate
conventional 45 FT semi-trailers - extension to be to 45 FT from face of
dock and be engineered reinforced concrete.
. Remove existing dock levelers at west wall and install new dock levelers
(20) with 35,000 pound capacity, new levelers to be hydraulic type with
security lips and manufactured by "Xxxxx Rite-Xxxx" or other WESCO approved
manufacturer.
. Existing trucker's lounge at east dock to be rehabilitated to first class
condition - cleaned, painted, HVAC rehabilitated/replaced.
. New trucker's lounge at west dock to be constructed at south or north end
of dock. New truck lounge to include:
Restroom with water closet, urinal and lavatory - partitioned.
Lounge approximately 12 FT x 20 FT
Vestibule with separate exterior entrance (new with concrete steps) -
H.M. door and frame.
Warehouse office 12 FT x 10 FT.
4 of 7
EXHIBIT "B" CONTINUED
---------------------
SPARKS NV - WDC LEASEHOLD IMPROVEMENTS
----------------------
1/24/92
SCHEME "B" - MEZZANINE FLOOR WDC OFFICE
---------------------------------------
OFFICE AREA (APPROXIMATELY 9,600 SQ. FT.) INCLUDES:
. See revised Scheme "B" drawings attached for office layout.
. Entire office, mezzanine area to be rehabilitated to first class condition
for use by WESCO as the Administrative Office for its Distribution Center.
Basic rehabilitation work to consist of the following:
. Area to be thoroughly cleaned throughout.
. Are to be repainted throughout - following proper repair, patching
preparation, etc.
. Existing tile floor areas to remain, except at men's and women's
toilet/restrooms which is to be removed (saved for patching at other
areas where tile is to remain). Where existing tile is to remain, the
tile is to be repaired where damaged, stripped, cleaned, and waxed
(prior to building/office area turn over to WESCO). Existing tile to
be retained/revised in accordance with applicable codes, regulations,
etc. - testing/abatement responsibility of lessor. Copy of
reports/results to be furnished to WESCO.
. Existing acoustical ceiling tile and suspension system to be
thoroughly cleaned throughout. All damaged tile units are to be
replaced with good existing units from other areas to minimize color
difference, etc. - other areas then to receive new tile throughout
that specific area, suspension system to be repaired/replaced. New
ceiling tile to match that of existing areas (where tile is to remain)
to be installed at new reception area and new office near mezzanine
level elevator landing.
. Existing carpet to be removed throughout. New 32 oz. carpet to be
installed following proper preparation substrate/concrete floor slab.
Carpet to be approved by WESCO - one color/type to be selected and
used throughout.
. Existing lighting fixtures to be replaced, repaired, refinished,
relamped, etc. New fixtures to match existing to be installed at new
reception area, new office (near elevator at mezzanine landing), new
ground floor corridor to new elevator.
. Provide duplex receptacles as indicated on revised drawing for Scheme
"B." Existing electrical devices that remain are to be functional -
otherwise device to be removed and wall patched. New devices to be
installed where existing devices are not reasonably available. New 20
AMP, 120 volt circuits with isolated grounds to be provided for CRT
locations at work stations - maximum of 6 CRTs or 2 printers per
circuit. Provide minimum 1" conduit, within walls/partitions where
required to easily install data cable for CRTs/printers - data cable
only, supplied and installed by WESCO.
5 of 7
EXHIBIT "B" CONTINUED
---------------------
SPARKS NV - WDC LEASEHOLD IMPROVEMENTS
----------------------
1/24/92
. Existing men's and women's toilet/restrooms to be updated to conform
to A.D.A. requirements present/to become effective and other
applicable handicapped codes, etc. Each restroom to have minimum two
waterclosets and two lavatories - one site of which is to conform to
handicapped requirements. Men's restroom to also have one urinal.
Existing electrical water cooler in corridor near restrooms to be
replaced with new "Westinghouse" electric water cooler - handicapped
conforming. Restrooms to also receive normal accessories: soap
dispensers, etc.
. Existing janitor's room to have sanitary system repaired and truck
dock soffit patched. Existing hot water tank to be replaced. Two
painted plywood shelves with mop holder to be installed at west wall.
. Existing HVAC system to be fully reconditioned, including a
replacement of existing controls presently not functioning with equal
new devices, new grilles and diffusers are to be installed throughout.
Existing system has apparent direct draft problems (suspended plastic
sheet diffusers) - this condition is to be checked and completely
alleviated (via diffuser type change, ductwork modifications, etc.).
. All work to conform A.D.A. regulations, present and to become
---
effective, and other applicable codes, etc. Existing hardware,
handrrails, open stair to ground floor (rated enclosure required -
verify and provide if required), plumbing fixtures, etc. to be made
conforming. Installation of new elevator to be installed near existing
north stair per revised office layout and in compliance with A.D.A.
regulations, present and to become effective (size accordingly).
. Provide exterior windows at the conference room (2) and lunchroom (4)
as indicated on revised Scheme "B" drawings.
. Relocate existing window at south wall of manager's office to
east/warehouse wall.
. Verify existing mezzanine dock soffit (floor, warehouse walls sound
insulated - install attenuation as required).
WAREHOUSE AREA INCLUDES: ALL WORK AS INDICATED FOR SCHEME "A"
---
OTHER - OFFICE, WAREHOUSE/SITE AREA(S) IMPROVEMENTS: ALL WORK AS INDICATED FOR
---
SCHEME "A" WITH THE FOLLOWING EXCEPTIONS:
. Existing office area at south wall to be removed, including toilet-
locker area.
. Installation of new overhead door at west end of south wall (3rd bay
in). Door to be 14 FT wide x 14 FT high. Also included with this work
are a new mandoor adjacent to the new overhead door, a new concrete
truck apron/drive from street with new depressed curb cut.
6 of 7
EXHIBIT "B" CONTINUED
---------------------
SPARKS NV - WDC LEASEHOLD IMPROVEMENTS
----------------------
1/24/92
. Remove existing planting area, island at street (Xxxxxx Xxxx) east of
existing overhead door in south wall and extend existing truck
apron/drive into this area (with new depressed curb). Also remove
existing raised section of curb at southeast corner of property along
Xxxxxx Xxxx and replace with depressed curb.
. Install new locker room are for 20 warehouse employees in conjunction
with the proposed (section "A" OTHER WAREHOUSE IMPROVEMENTS) new
trucker's lounge at west dock.
7 of 7
VIA CERTIFIED MAIL
December 13, 1996
Utah State Retirement Fund
c/o Xxxxxxxx Xxxx Company
000 Xxxx Xxxx Xxxxxx
Xxxxxx, XX 00000
Attention: Par Xxxxxx
Re: WESCO 6228, Sparks, NV
Exercise of Lease Option
Dear Xx. Xxxxxx:
Under the terms of a Lease Agreement dated April 1, 1992, for 196,800 square
feet of office and warehouse space at the above referenced premises, WESCO
Distribution, Inc. ("WESCO") a Delaware corporation, successor in interest to
Westinghouse Electric Supply Company, a former division of Westinghouse Electric
Corporation has the option to renew for a term of five (5) years the
--------------
aforementioned lease by giving you one hundred eighty (180) days written notice
of its intention to renew.
You are hereby notified that WESCO elects to renew said lease for a term of five
(5) years upon the same covenants, agreements and conditions as those contained
in said lease. The annual rental rate shall increase by the percentage increase
in the CPI from July 1, 1992 to June 30, 1997 for the period July 1, 1997 to
June 30, 2002.
Please acknowledge receipt of this notice by signing and returning the attached
copy of this letter to:
WESCO Distribution, Inc.
Commerce Court, Suite 000
Xxxx Xxxxxxx Xxxxxx
Xxxxxxxxxx, XX 00000
Attention: Real Estate Department
Utah State Retirement Fund
Page Two
December 13, 1996
Thank you for your attention with this matter.
Sincerely,
WESCO DISTRIBUTION, INC.
By:/s/ X.X. Xxxxxxxxx
------------------
Xxxxxxx X. Xxxxxxxxx
Vice President, Chief Financial and
Administrative Officer
RECEIPT ACKNOWLEDGED
Utah State Retirement Fund
c/o Xxxxxxxx Xxxx Company
By: /s/ Xxxx X. Xxxxxxxx
-------------------------------------
Xxxx X. Xxxxxxxx
------------------------------------
Printed Name
Title: Agent
----------------------------------
Date: 4/25/97
----------------------------------
cc: Xxxx Xxxxx
Xxxx Good
Certifed Z220 964 441
-----------
July 18, 1995
VIA FAX AND OVERNIGHT EXPRESS
Utah State Retirement Fund
c/o Xxxxxxxx Xxxx Company
000 Xxxx Xxxx Xxxxxx
Xxxxxx, Xxxxxx 00000
ATTN: Par Xxxxxx
RE: Lease dated April 1, 1992 by and between E.T. Hermann and Xxxx Xxxxxxx
1978 Living Trust and Westinghouse Electric Corporation for space
located at 0000 Xxxx Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxx, within the Sierra
Commerce Park (formerly the Pacific Freeport Industrial Park).
Dear Par:
The undersigned hereby waives the option set forth in Paragraph 51 of the above-
referenced Lease with regard to Lessor's lease of the 73,080 square feet of
space located at 0000 Xxxx Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxx to Rubbermaid
Cleaning Products Inc. (fomerly Empire Brush, Inc.). Such waiver is only for the
aforementioned Rubbermaid Cleaning Products Inc. Lease and the undersigned does
not waive its first option right for such space in the event such space again
becomes available during the Term of our Lease.
Date: 7/19/95 Wesco Distribution Inc. (Formerly known
as Westinghouse Electric Corporation)
By: /s/ Xxxxxxx X. Xxxxx
------------------------------------
Name: Xxxxxxx X. Xxxxx
-----------------------------------
Its: Secretary and General Counsel
------------------------------------
