BUSINESS LEASE
The
Landlord and the Tenant agree to lease the Rental Space for the Term and at
the
Rent stated, as follows: (The
words Landlord and Tenant include all landlords and all tenants under this
Lease.)
| Landlord: |
Lakeside
Business Park, LLC One Drexel Plaza
|
0000
Xxxxxx Xxxxxx
Xxxxxxxxxxxx,
XX 00000
| Tenant: |
Destination
Software, Inc.
|
000
Xxxxxxxxxx-Xxxxx Xxxx Xxxx Xxxxx X
Xxxxxx,
XX 00000
EIN
-
00-0000000
|
Rental
Space: Lakeside
Business Park
|
700,
701, 000 Xxxxxxx Xxxxx
Xxxxxxxxxxxx,
XX
|
|
3,066
SF
|
[as
outlined on Exhibit "A"]
|
|
1.
|
Possession.
Use and Permits
|
4
|
|
2.
|
Condition
of Rental Space
|
5
|
|
3.
|
No
Assignment or Subletting
|
5
|
|
4.
|
Rent
and Additional Rent
|
5
|
|
5.
|
Security
and Damages
|
6
|
|
6.
|
Liability
Insurance
|
6
|
|
7.
|
Fire.
Casualty and Other Insurance
|
6
|
|
8.
|
Water
Damage
|
7
|
|
9.
|
Liability
of Landlord and Tenant
|
7
|
|
10.
|
Real
Estate Taxes
|
7
|
|
11.
|
Quiet
Enjoyment
|
7
|
|
12.
|
Utilities
and Services
|
7
|
|
13.
|
Repairs,
Maintenance and Compliance
|
7
|
|
14.
|
No
Alterations
|
8
|
|
15.
|
Signs
|
10
|
|
16.
|
Access
to Rental Space
|
10
|
|
17.
|
Fire
and Other Casualty
|
10
|
|
18.
|
Eminent
Domain
|
10
|
|
19.
|
Subordination
to Mortgage
|
11
|
|
20.
|
Tenant's
Certificate
|
11
|
|
21.
|
Violation,
Eviction, Re-entry and Damages
|
11
|
|
22.
|
Notices
23.17
|
12
|
| 23 |
No Waiver
|
|
|
24.
|
Survival
|
12
|
|
25.
|
End
of Term
|
12
|
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26.
|
Binding
|
12
|
|
27.
|
Full
Agreement
|
12
|
|
28.
|
Late
Payment
|
13
|
|
29.
|
Environmental
Compliance
|
13
|
|
30.
|
Waiver
of Subrogation
|
13
|
|
31.
|
Waiver
of Claims
|
13
|
|
32.
|
Brokers
|
14
|
|
33.
|
Holdover
|
14
|
|
34.
|
Condominium
Association
|
14
|
|
35.
|
Exhibit
A - Space Plan
|
15
|
|
36.
|
Exhibit
B - Site Plan
|
15
|
|
37.
|
Exhibit
C - Utility Transfer Acknowledgement
|
15
|
|
38.
|
Exhibit
D - Condominium Document Receipt
|
15
|
2
Date
of Lease: September
20,
2007
Term:
Three (3) Years
|
Beginning:
|
On
the date Landlord tenders possession of the rental space to Tenant
substantially completed, estimated to be approximately December 1,
2007.
|
|
| Renewal: |
Ending:
|
Three
(3) years after the commencement date. If the commencement date is
not on
the first day of a calendar month the Lease shall automatically be
extended to the last day of the month in which it would have otherwise
expired.
|
Security
Deposit: $
4,599.00
Broker:The
Landlord and Tenant recognize Lanard
&
Axilbund,
LLC, t/a Colliers Lanard
&
Axilbund,
as
the
Broker who brought about this Lease. The Landlord
shall
pay
the Broker's commission.
Liability
Insurance: Minimum
amounts for each person injured $1,000,000, single limit.
| Rent for the Term is: |
Tenant
shall pay to Landlord throughout the term basic annual rent ("Basic
Rent",
and together with all additional rent, the "Rent") in the amount
as
follows:
|
For
the
1st
full
calendar year: $55,188.00 - $4,599.00/mo. For the 2nd
full
calendar year: $56,721.00 - $4,726.75/mo. For
the
3rd
full
calendar year: $58,254.00 - $4,854.50/mo. payable
in advance on the first day of each month, without notice or
demand, in equal monthly installments as follows on or prior to the
first
day of each month during the term. The Tenant shall pay to
Landlord all Rent without notice, demand, setoff or deduction. The first month's
Basic Rent and security deposit shall be payable upon the execution of this
Lease.
Tenant
shall be permitted to renew this Lease for one (1) additional
period of three (3) years ("Renewal Term") provided Tenant
is
not then in default and received written notice of such default
during the original Term hereof. The Basic Rent for each year
of
Renewal Tenn will be calculated (annually) to 95% of the average
current Fair Market Value for similar office buildings located
in the vicinity of the Rental Space. Tenant shall exercise the
Renewal Term by delivering written notice to Landlord not less
than
one hundred twenty (120) days prior to the expiration of the
original Term, or Renewal Term then in effect. Tenant's occupancy
of the Rental Space during the Additional Term shall be
on the
same terms and conditions as the Lease.
The
Base
Year shall be recalculated in the Renewal Term, if any, to
mean
the calendar year 2010 ("Renewal Base Year") and Tenant shall pay Landlord,
as
additional rent, for any increase in the Operating Expenses following the
Renewal Base Year.
3
This
figure includes base rent, the condominium fee and Real Estate Taxes. The
condominium fee is paid by the Landlord to the Lakeside Business Park
Condominium Association to cover the cost of common area maintenance including
items such has snow removal, landscaping and exterior maintenance.
Tenant
is
responsible for its own utilities, which are separately metered to the Premises.
Tenant is also responsible for its own janitorial services to the
Premises.
Tenant
shall pay, as additional rent, Tenant's proportionate share of
all
increases in operating expenses over the base year. The term "base year" shall
mean the calendar year 2007.
The
term
"Operating
Expenses" shall
mean certain costs and expenses paid or incurred with respect to the ownership,
repair, replacement, restoration, maintenance and operation of the Property
limited to the following: (i) assessments and other charges allocated to the
Property under any declaration or similar document applicable to the Lakeside
Business Park Condominium Association (the "Condo Fees"); (ii) property taxes
(iii) services provided
directly by employees of Landlord or Agent in connection
with the maintenance of the Property; (iv) any capital improvements made by,
or
on behalf of, Landlord to the Property
that
(a)
reduce Operating Expenses and/or (b) are required to keep the Property in
compliance with all governmental laws, rules and regulations applicable thereto,
and which are enacted after the Commencement and from time to time thereafter,
the cost of which capital improvements shall be amortized by Landlord over
the
useful life of the improvement, in accordance with generally accepted accounting
principles. Landlord shall fully disclose the Operating Expenses to Tenant
each
year and Tenant may audit the records of Landlord in connection with the
Operating Expenses.
Use
of Rental Space: General
Office
Possession,
Use and Permits
The
Landlord shall give possession of the Rental Space to the Tenant for the Term.
The Tenant shall take possession of and use the Rental Space for the purpose
stated above. The Tenant may not use the Rental Space for any other purpose
without the written consent of the Landlord.
The
Tenant shall not allow the Rental Space to be used for any unlawful or hazardous
purpose.
The Tenant is satisfied that the Rental Space is zoned for the Use stated.
The
Tenant shall
obtain any necessary certificate of occupancy or other certificate permitting
the Tenant to use the Rental Space for that Use. Landlord is obligated for
the
initial C/O following completion of
construction.
The
Tenant shall not use the Rental Space in any manner that results in (1) an
increase in the rate of fire or liability insurance or (2) cancellation of
any
fire or liability insurance policy on the
Rental Space. The Tenant shall comply with all requirements of the insurance
companies insuring
the Rental Space. The Tenant shall not abandon the Rental Space during the
Term
of this
Lease or permit it to become vacant for extended periods.
4
Tenant
shall, in the use and occupancy of the Rental Space and the conduct of Tenant's
business
or profession therein, at all times and at Tenant's expense comply with, and
conform the
Rental Space to the following requirements (the "Requirements"): all applicable
laws, ordinances,
orders, notices and regulations of the federal, state and municipal governments,
or any
of
their departments and the regulations of the insurers of the Rental Space and
building (including Title III
of
the
Americans with Disabilities Act). Tenant shall indemnify, protect, defend and
save harmless Landlord with regard to any non-compliance or alleged
non-compliance by Tenant with any Requirements which are the responsibility
of
the Tenant.
This
paragraph applies if (a) the Landlord cannot give possession of the Rental
Space
to the
Tenant on the beginning date and (b) the reason for the delay is not the
Landlord's fault. The Landlord
shall not be held liable for the delay. The Landlord shall then have 30 days
in
which to give
possession. If possession is given within that time, the Tenant shall accept
possession and pay
the
Rent for that date. The ending date of the Tenn shall not change. If possession
is not given
within that time this Lease may be canceled by either party on notice to the
other.
|
2.
|
Condition
of Rental Space
|
The
Tenant has inspected the Rental Space and agrees that the Rental Space is in
satisfactory condition. The Tenant agrees that the Rental Space shall be
delivered to Tenant, accepts the Rental Space, in their "as is" condition on
the
date hereof, and agrees that Landlord shall have no obligation to perform any
improvements to the Rental Space. Tenant shall be responsible
at Tenant's sole cost and expense for all Alterations (under Article 14)
necessary to the
Renal
Space in order to allow Tenant to lawfully use and occupy same. Notwithstanding
the foregoing,
both parties agree that the proposed interior renovations to the leased property
have not
been
completed in accordance with Exhibit "A". Landlord will complete the within
space renovation prior to the commencement of the lease. Tenant shall have
the
right to inspect and approve
such renovations prior to the commencement of the lease and occupancy. In the
event the
renovations are not completed or unacceptable, the parties will agree to
negotiate in good faith a mutual solution.
| 3. |
No
Assignment or Subletting
|
The
Tenant may not do any of the following without the Landlord's written consent:
(a) assign this Lease, (b) sublet all or any part of the Rental Space or (c)
permit any other person or business to use the Rental Space. Tenant shall not,
by operation of law, merger, or otherwise, assign,
mortgage, pledge or encumber in any manner by reason of any act or omission
on
the part of
Tenant, this Lease, or the term and estate hereby granted, or sublet or license
the whole or any part of the Rental Space or permit the Rental Space or any
part
thereof to be used or occupied by others.
Notwithstanding anything to the contrary contained in the Lease if Tenant is
a
corporation
or partnership, and if at any time during the term of this Lease (as same may
be
extended), the person or persons who, on the date of this Lease, own or owns
a
majority of such corporation's
voting shares or such partnership's partnership interest, as the case may be,
cease or
ceases
to own a majority of such shares, or such partnership interest as the case
may
be (whether such sale occurs at one time or at intervals so that, in the
aggregate such a transfer shall have
occurred), same shall be deemed an assignment requiring Landlord's consent,
which shall not
be
unreasonably withheld, hereunder.
|
4.
|
Rent
and Additional Rent Tenant
shall pay the Rent to the Landlord at the Landlord's address set
forth
above.
|
If
the
Tenant fails to comply with any agreement in this Lease, the Landlord may do
so
on
behalf
of the Tenant. The Landlord may charge the cost to comply, including reasonable
attorney's
fees, to the Tenant as "additional rent". The additional rent shall be due
and
payable as
Rent
with the next monthly Base Rent payment.
All
other
payments in addition to the Rent due from Tenant to Landlord hereunder shall
be
deemed
"additional rent". Non-payment of additional rent shall give the Landlord the
same rights against the Tenant as if the Tenant failed to pay the Base
Rent.
| 5. |
Security
and Damages
|
The
Tenant has given to the Landlord the Security stated above. The Security shall
be held by the Landlord during the Term of this Lease. The Landlord may deduct
from the Security any expenses incurred in connection with the Tenant's
violation of any agreement in this Lease. For
example, if the Tenant does not leave the Rental Space in good condition at
the
end of the Term, the Security may be used to put it in good condition. If the
amount of damage exceeds the Security, the Tenant shall pay the additional
amount to the Landlord on demand.
5
If
the
Landlord uses the Security or any part of it during the Term, the Tenant shall
on demand pay the Landlord for the amount used. The amount of the Security
is to
remain constant throughout the Term. The Security is not to be used by the
Tenant for the payment of Rent. The Landlord
shall repay to the Tenant any balance remaining within a reasonable time after
the end of
the
Term. The Tenant shall not be entitled to interest on the Security.
If
the
Landlord's interest in the Rental Space is transferred, the Landlord shall
turn
over the Security to the new Landlord. The Landlord shall notify the Tenant
of
the name and address of
the
new Landlord. Notification must be given within 5 days after the transfer,
by
registered or certified
mail. The Landlord shall then no longer be responsible to the Tenant for the
repayment of
the
Security. The new Landlord shall be responsible to the Tenant for the return
of
the Security
in accordance with the terms of this Lease.
| 6. |
Liability
Insurance
|
The
Tenant shall obtain, pay for, and keep in effect during the Term commercial
general liability insurance on the Rental Space. The insurance company and
the
broker must be acceptable
to the Landlord and must name Landlord and any Lender designated by Landlord
as
an
additional insured. This coverage must be in at least the minimum amounts stated
above.
All
policies shall state that the insurance company cannot cancel or refuse to
renew
without at least 10 days written notice to the Landlord.
The
Tenant shall deliver the original policy to the Landlord with proof of payment
of the first year's premiums. This shall be done not less than fifteen (15)
days
before the Commencement Date. The Tenant shall deliver a renewal policy to
the
Landlord with proof of payment not less than fifteen (15)
days
before the expiration date of each policy.
| 7. |
Fire,
Casualty and Other
Insurance
|
Should
Tenant fail to obtain and maintain a general commercial liability policy with
respect to the occupied Rental Space asset forth in paragraph 7, Landlord may
obtain, at Tenantrs expense,
such general commercial liability insurance, as may be required. Tenant will
be
liable for
all
costs relative to this coverage and shall promptly reimburse the Landlord for
all associated costs.Landlord shall be solely responsible for all fire, casualty
and other insurance relative to the building
and surrounding common areas (walls out). Any such insurance obtained by the
Tenant shall
name the Landlord as an additional insured.
| 8. |
Water
Damage
|
The
Landlord shall not be liable for any damage or injury to any persons or property
caused by the leak or flow of water from or into any part of the building
located upon the Rental Space.
| 9. |
Liability
of Landlord and Tenant
|
The
Landlord shall not be liable for injury or damage to any person or property
unless it is
due to
the Landlord's negligence. The Tenant is liable for any loss, injury or damage
to any person or property caused by the act or omission of the Tenant or the
Tenant's employees or agents.
The Tenant shall defend the Landlord from and reimburse the Landlord for all
liability and costs (including reasonable attorneys' fees) resulting from any
injury or damage due to the act
or
omission of the Tenant or the Tenant's employees or agents.
6
| 10. |
Real
Estate Taxes
|
The
Landlord shall pay the yearly Municipal Real Estate Taxes on the Rental
Space.
| 11. |
Quiet
Enjoyment
|
The
Landlord has the right to enter into this Lease. If the Tenant complies with
this Lease, the Landlord must provide the Tenant with undisturbed possession
of
the Rental Space.
| 12. |
Utilities
and Services
|
The
Tenant shall arrange and pay for all utilities and services required for the
Rental Space, including the following:
|
(a)
|
Heat
|
(d)
|
Electric
|
|
(b)
|
Hot
and cold water
|
(e)
|
Gas
|
|
(c)
|
Heat
and oil
|
(0)
|
Sewer
|
The
Landlord shall pay for the following utilities and services: NONE.
The
Landlord is not liable for any inconvenience or harm caused by any stoppage
or
reduction of utilities and services beyond the control of the Landlord. This
does not excuse the Tenant
from paying Rent. At Landlord's option, Landlord may pay water and sewer
directly and in
such
event Tenant shall reimburse Landlord for the cost thereof from time to time
upon demand.
| 13. |
Repairs,
Maintenance and Compliance The
Tenant shall:
|
(a) Promptly
comply with all laws, orders, rules and requirements of governmental
authorities, insurance carriers, board of fire underwriters, or similar
groups.
(b) Maintain
the Rental Space and all equipment and fixtures in it in good repair and
appearance.
(c) Make
all
necessary repairs to the Rental Space and all equipment and fixtures in
it,
except structural repairs.
(d) Maintain
the Rental Space in a neat, clean, safe, and sanitary condition, free of all
garbage.
(e) Keep
the
walks, driveway, parking area, yard, entrances, hallways, and stairs clean
and
free from Tenant's trash and debris.
(f) Use
all
electric, plumbing and other facilities in the Rental Space safely.
(g) Use
no
more electricity than the wiring or feeders to the Rental Space can safely
carry.
(h)
Promptly
replace all broken glass in the Rental Space. Do
nothing to destroy, deface, damage, or remove any part of the Rental
Space.
7
Keep
nothing in the Rental Space which is inflammable, dangerous or explosive
or
which
might increase the danger of fire or other casualty.
(k) Promptly
notify the Landlord when there are conditions which need repair.
(1) Do
nothing to destroy the peace and quiet of the Landlord, other tenants, or
persons in the neighborhood.
(m) Avoid
littering in the building or on its grounds.
(n) Make
all
other repairs and perform all maintenance not required of Landlord
below.
The
Tenant shall pay any expenses involved in complying with the above. The Landlord
shall:
(a) Make
all
structural repairs unless these repairs are made necessary by the act or
omission of the Tenant or the Tenant's employees or agents.
(b) Make
necessary replacements and repairs of the plumbing, cooling, heating and
electrical systems, except when made necessary by the act or omission of the
Tenant or the Tenant's employees or agents.
| 14. |
No
Alterations
|
The
Tenant may not make any changes or additions to the Rental Space without the
Landlord's written consent. Any changes or additions made without the Landlord's
written consent shall be removed by the Tenant on demand.
All
changes or additions made with the Landlord's written consent shall become
the
property
of the Landlord when completed and paid for by the Tenant. They shall remain
as
part of the Rental Space at the end of the Tenn. The Landlord may demand that
the Tenant remove any changes or additions at the end of the Term. The Tenant
shall promptly pay for all costs of any permitted changes or additions. The
Tenant shall not allow any mechanic's lien or other claim
to
be filed against the Rental Space. If any lien or claim is filed against the
Rental Space, the
Tenant shall have it promptly removed.
Tenant,
in performing Alterations shall comply with the following provisions: (i) Tenant
shall
first obtain the approval of Landlord of the specific work it proposes to
perform and shall furnish
Landlord with reasonably detailed plans and specifications; (ii) Tenant, at
Tenant's cost and
expense shall cause to be prepared architectural and engineering drawings and
specifications,
which are expressly subject to Landlord's written approval (and any written
approval
shall not make Landlord responsible in any way for the design of any installed
systems and
Tenant shall look solely to its architect, engineers, designers and any of
its
other agents for damages resulting from design errors or omissions) (iii) all
Alterations shall be performed by responsible contractors and subcontractors
who
shall not prejudice Landlord's relationship with Landlord's contractors or
subcontractors or the relationship between such contractors and their
subcontractors or employees, or disturb harmonious labor relations, and who
shall furnish in advance and maintain in effect workmen's compensation insurance
in accordance with statutory requirements and comprehensive public liability
insurance (naming Landlord and Landlord's contractors
and subcontractors as additional insureds) with limits satisfactory to Landlord;
and (iv)
all
construction contracts for Alterations must include language holding the
Landlord harmless from and against any and all claims arising from, under or
in
connection with such construction.
8
Notwithstanding
any provision of the Lease to the contrary, in the event Landlord permits or
requires Tenant to remove any alteration, addition or improvement to the Rental
Space made by Tenant, Tenant, at Tenant's expense, shall promptly restore the
Rental Space to the condition existing
prior to such Alteration, reasonable wear and tear excepted. Should Tenant
fail
to remove
any alteration required to be removed at the end of the Term, Landlord may
do
so, collecting at Landlord's option the cost and expense thereof from Tenant
as
additional rent or by deduction from the Security Deposit. All furniture,
movable trade fixtures and equipment installed
by Tenant may be removed by Tenant at the termination of this Lease if Tenant
so
elects,
and shall be so removed if required by Landlord, or if not so removed shall,
at
the option of
Landlord, become the property of Landlord. All such installations, removals
and
restoration shall
be
accomplished in a good and workmanlike manner so as not to damage the Rental
Space. Nothing in this Lease, or in any consent to the making of alterations
or
improvements contained shall be deemed or construed in any way as constituting
authorization by Landlord for the making of any alterations or additions by
Tenant within the meaning of N.J.S.A. 2A:44-68 or Section 3 of the Construction
Lien Law (P.L. 1993, c. 318) or any amendment thereof, or constituting a request
by Landlord, express or implied, to any contractor, subcontractor or supplier
for the performance of any labor or the furnishing of any materials for the
use
or benefit of
Landlord.
| 15. |
Signs
|
The
Tenant shall obtain the Landlord's written consent before placing any sign
on or
about the Rental Space. Signs must conform with all applicable municipal
ordinances and regulations and the Master Deed for Lakeside Business Park,
a
Condominium.
| 16. |
Access
to Rental Space
|
The
Landlord shall have access to the Rental Space on reasonable notice to the
Tenant to (a)
inspect the Rental Space, (b) make necessary repairs, alterations, or
improvements, (c) supply services, and (d) show it to prospective buyers,
mortgage lenders, contractors or insurers.
The
Landlord may show the Rental Space to rental applicants at reasonable hours
on
notice to the Tenant within six (6) months before the end of the
Term.
The
Landlord may enter the Rental Space at any time without notice to the Tenant
in
case of
emergency.
| 17. |
Fire
and Other Casualty
|
The
Tenant shall notify the Landlord at once of any fire or other casualty in the
Rental Space.
The Tenant is not required to pay Rent when the Rental Space is unusable. If
the
Tenant uses
part
of the Rental Space, the Tenant must pay Rent pro-rata for the usable
part.
If
the
Rental Space is partially damaged by fire or other casualty, the Landlord shall
repair
it
as soon as possible. This includes the damage to the Rental Space and fixtures
installed by
the
Landlord. The Landlord need not repair or replace anything installed by the
Tenant.
Either
party may cancel this Lease if the Rental Space is so damaged by fire or other
casualty that it cannot be repaired within 180 days. If the parties cannot
agree, the opinion of a contractor chosen by the Landlord and the Tenant will
be
binding on both parties.
This
Lease shall end if the Rental Space is totally destroyed. The Tenant shall
pay
Rent to
the
date of destruction.
If
the
fire or other casualty is caused by the act or omission of the Tenant or the
Tenant's employees, the Tenant shall pay for all repairs and all other
damage.
9
| 18. |
Eminent
Domain
|
Eminent
domain is the right of a government to lawfully condemn and take private
property
for public use. Fair value must be paid for the property. The taking occurs
either by court
order or by deed to the condemning party. If any part of the building located
upon the Rental
Space is taken by eminent domain, either party may cancel this lease on 30
days
notice to the
other. The entire payment for the taking shall belong to the Landlord. The
Tenant shall make
no
claim for the value of this Lease for the remaining part of the
Term.
| 19. |
Subordination
to Mortgage
|
In
a
foreclosure sale all mortgages which now or in the future affect the Rental
Space have priority over this Lease. This means that the holder of a mortgage
may end this Lease on a foreclosure sale. The Tenant shall sign all papers
need
to give any mortgage priority over this Lease. If the Tenant refuses, the
Landlord may sign the papers on behalf of the Tenant.
| 20. |
Tenant's
Certificate
|
At
the
request of the Landlord, the Tenant shall sign a certificate stating that (a)
this Lease has not been amended and is in effect, (b) the Landlord has fully
performed all of the Landlord's agreements in this Lease, (c) the Tenant has
no
rights to the Rental Space except as stated
in
this Lease, (d) the Tenant has paid all Rent to date, and (e) the Tenant has
not
paid Rent for
more
than one month in advance. The Certificate shall also list all the property
attached to the
Rental Space owned by the Tenant.
| 21. |
Violation,
Eviction, Re-entry and
Damages
|
The
occurrence of any of the following shall constitute a material default and
breach of this
Lease by Tenant: (i) a failure by Tenant to pay, within ten (10) days after
written notice, any installment of Rent hereunder or any additional rent or
any
such other sum herein required to be paid by Tenant; and/or (ii) a failure
by
Tenant to observe and perform any other provisions or covenants of this Lease
to
be observed or performed by Tenant, where such failure continues for
thirty
(30) days after written notice thereof from Landlord to Tenant provided,
however, that if the nature of the default is such that the same cannot
reasonably be cured within such thirty (30) day
period, Tenant shall not be deemed to be in default if Tenant shall within
such
period commence such cure and thereafter diligently prosecute the same to
completion (but in no event shall such cure period exceed an additional thirty
(30) days).
Upon
the
occurrence of any such event of default set forth above: (i) Landlord may (but
shall
not
be required to) perform for the account of Tenant any such default of Tenant
and
immediately recover as additional rent any expenditure made and the amount
of
any obligations incurred
in connection therewith, plus interest at the (the "Rate") of 1.5% per month
from the date
of
such expenditure; (ii) Landlord may at its option accelerate all Rent and
additional rent due
for
the balance of the term of this Lease and declare the same to be immediately
due
and payable
as liquidated damages; (iii) Landlord shall have the re-entry rights provided
as
follows: The
Landlord may end this Lease and re-enter the Rental Space if the Tenant violates
any agreement
in this Lease. After a court order of eviction and the warrant of removal,
the
Landlord may
re-enter and take back possession of the Rental Space. The Tenant is liable
for
all damages caused by the Tenant's violation of any agreement in this Lease.
This includes reasonable attorney's fees and costs. After eviction, the Tenant
shall pay the Rent for the Term or until the Landlord
re-rents the Rental Space, if sooner. If the Landlord re-rents the Rental Space
for less than
the
Tenant's Rent, the Tenant shall pay the difference until the end of the Term.
The Tenant shall
not
be entitled to any excess resulting from the re-renting. The Tenant shall also
pay (a) all reasonable
expenses incurred by the Landlord in preparing the Rental Space for the
re-renting and
(b)
commissions paid to a broker for finding a new tenant.*** (iv) In addition
to
all remedies provided herein or by law, Tenant shall pay to Landlord reasonable
attorneys fees and court costs incurred as a result of such breach; and/or
(v)
Landlord shall have all other rights and remedies available under the lease,
or
at law or in equity.
10
| 22. |
Notices
|
All
notices given under this Lease must be in writing. Each party must accept and
claim the
notices given by the other. Unless otherwise provided by law, they shall be
given only by either (a) personal delivery with evidence of receipt, or (b)
certified mail, return receipt requested.
Notices shall be addressed to the Landlord at the address written at the
beginning of this
Lease and to the Tenant at the Rental Space.
| 23. |
No
Waiver
|
The
Landlord's failure to enforce any agreement in this Lease shall not prevent
the
Landlord from enforcing the agreement for any violations occurring at a later
time.
| 24. |
Survival
|
If
any
agreement in this Lease is contrary to law, the rest of the Lease shall remain
in effect.
| 25. |
End
of Term
|
At
the
end of the Term, the Tenant shall (a) leave the Rental Space clean, (b) remove
all of
the
Tenant's property, (c) remove all signs and restore that portion of the Rental
Space on which
they were placed, (d) repair all damage caused by moving, and (e) return the
Rental Space to
the
Landlord in the same condition as it was at the beginning of the Tenn except
for
normal wear and tear.
If
the
Tenant leaves any property in the Rental Space, the Landlord may (a) dispose
of
it and charge the Tenant for the cost of disposal, or (b) keep it as abandoned
property.
| 26. |
Binding
|
This
Lease binds the Landlord and the Tenant and all parties who lawfully succeed
to
their rights and places.
| 27. |
Full
Agreement
|
The
parties have read this Lease. It contains their full agreement. It may not
be
changed except in writing signed by the Landlord and the Tenant.
11
| 28. |
Late
Payment
|
For
each
payment of Rent or additional rent received more than ten (10) days after the
due date therefor, Tenant shall pay to Landlord an initial late charge of ten
(10%) percent of the payment due, which charge must accompany the late payment.
An additional charge will be made for checks returned for insufficient
funds.
| 29. |
Environmental
Compliance
|
Tenant
shall not engage in operations at the Rental Space which involve the generation,
manufacture, refining, transportation, treatment, storage, handling or disposal
of "hazardous substances" or "hazardous waste" and Tenant shall not cause or
permit to exist any Discharge, as such term is defined under the New Jersey
Industrial Site Recovery Act, N.J.S.A. 13:1K-1 et seq. ("ISRA"), on or about
the
Rental Space. Tenant shall perform all obligations imposed with respect to
ISRA
by reason of Tenant's operations, acts or omissions, to the satisfaction of
Landlord, in Landlord's sole discretion. Tenant shall indemnify, defend and
save
harmless Landlord from and against any and all fines, suits, proceedings, claims
and/or actions of any kind and any and all losses, costs, damages and expenses
(including, without limitation, attorney's fees) arising out of or in any way
connected with any (a) spills, releases or discharges of hazardous material
at
the Rental Space which occur during the term of this Lease (including any
renewal
periods); (b) Tenant's failure to provide all information, make all submissions
and take all
actions required by any governmental authority; (c) Tenant's failure to comply
with all requirements of, or Tenant's violation of, any environmental law
including without limitation, ISRA; and/or (d) breach of any provision of this
Article.
| 30. |
Waiver
of Subrogation
|
Anything
in this Lease to the contrary notwithstanding, Landlord and Tenant each hereby
waives
any and all rights of recovery, claim, action or cause of action against the
other for any loss
or
damage that may occur to the Rental Space or any improvements thereto, or any
personal property
of Landlord or Tenant, arising from any cause that (a) would be insured against
under the
terms
of any special form, all risk or property insurance required to be carried
hereunder; or (b)
is
insured against under the terms of any special form, all risk or property
insurance actually carried, regardless of whether it is required hereunder.
The
foregoing waiver shall apply regardless of the cause or origin of the claim,
including but not limited to the negligence of a party or that party's agents,
officers, employees or contractors. The foregoing waiver shall not apply if
the
waiver is found by a court of competent jurisdiction to result in the
invalidation of insurance coverage to the insured for the claim in
question.
| 31. |
Waiver
of Claims
|
Landlord
and Landlord's agents, servants and employees shall not be liable for, and
Tenant
hereby releases and relieves Landlord, its agents, servants, employees from,
all
liability in connection with any and all loss of life, personal injury, damage
to or loss of property, or loss or
interruption of business occurring to Tenant, its agents, servants, employees,
invitees, licensees,
visitors, or any other person, firm, corporation or entity, in or about or
arising out of the
Rental Space.
| 32. |
Brokers
|
Tenant
represents and warrants to Landlord that Tenant has had no dealings,
negotiations or
consultations with respect to the Rental Space or this transaction with any
broker or finder other than the Broker, if any, and that otherwise no broker
or
finder called the Rental Space to Tenant's attention for lease or took any
part
in any dealings, negotiations or consultations with respect to the Rental Space
or this Lease. Tenant agrees to indemnify and hold harmless Landlord from and
against all liability, cost and expense, including attorney's fees and court
costs, arising out of any misrepresentation or breach of warranty by Tenant
under this Article.
12
| 33. |
Holdover
|
In
the
event Tenant fails to vacate the Rental Space upon the expiration of the term
or
upon any earlier termination of this Lease, Tenant shall pay to Landlord double
the Rent due and payable
for the month after which this Lease expired or terminated as liquidated damages
and in the
event
that Tenant holds over for more than thirty (30) days the Rent and additional
rent for such additional periods shall be tripled or Landlord may pursue any
other remedy.
| 34. |
Condominium
Association
|
Landlord
and Tenant acknowledge and agree that the Rental Space is part of a condominium
known as the Lakeside Business Park, a Condominium (the "Condominium"), and
that
the
Unit and this Lease are subject to the Master Deed for Lakeside Business Park,
a
Condominium, which was recorded in the Office of the Camden County Clerk, on
December 11, 2004, in Deed book 07671, Page 93&c., as amended, and to the
rules, regulations and requirements imposed by the Lakeside Business Park
Condominium Association, Inc. (the "Association"). Landlord shall be responsible
during the term of this Lease to pay the monthly common expense assessments
due
to the Association. Tenant agrees to comply with all rules, regulations and
requirements imposed now or hereafter, by the Association.
| 35. |
Right
of First Refusal to
Purchase
|
Provided
Lessee is not then in default hereunder, Lessor hereby agrees that before
consummating the separate sale of only the herein demised premises with a third
party, Lessor will advise Lessee by registered or certified mail, return receipt
requested, of the essential terms and conditions of said third partyrs offer,
and Lessee shall have TEN (10) DAYS from the date of such notice in which to
exercise the right herein granted to purchase the premises on the same
terms
and
conditions. Should Lessee fail to exercise this right within said TEN (10)
DAY
period by
executing an agreement of sale for the purchase of the property, Lessor shall
have no further liability
to Lessee hereunder and may proceed with the consummation of a sale to said
third party.
The parties agree that the right herein given shall expire on the earlier of
the
following; a) on
the
date of expiration or earlier termination of this Lease, or b) upon Lesseers
refusal to purchase the premises on the same terms as offered by said third
party pursuant to this clause. The
term
"third party" as used herein shall not include any person or entity having
any
affiliation or
connection with, or relationship to, Lessor.
| 36. |
Exhibit
A - Space Plan
|
| 37. |
Exhibit
It- Site
Plan
|
| 38. |
Exhibit
C - Utility Transfer
Acknowledgement
|
| 39. |
Exhibit
D - Condominium Document Receipt Signatures
|
The
Landlord and the Tenant agree to the terms of this Lease by signing below.
If a
party is
a
corporation, this Lease is signed by its proper corporate officers.
|
Witnessed
or Attested by:
As
to Landlord
|
 |
|
Witnessed
or Attested by:
As
to Tenant
|
  |
13
14
15
Lakeside
Business Park
Utility
Information
| Buyer: |
Please
notify the following utility companies of the effective date to have
service initiated in your name. This should be done approximately
one week
prior to settlement. All utilities (electric, gas, water, and sewer)
must
be transferred.
|
| Electricity: |
Atlantic
City Electric
(000)
000-0000 (7am-7pm, M-F)
|
| Natural |
Gas: South
Jersey Gas Company (000)
000-0000 (7am-8pm, M-F)
|
| Water: |
Aqua
New Jersey
|
(000)
000-0000 (8:30am-4:30pm)
| Sewer: |
Gloucester
Township MUA (000)
000-0000
|
We,
the undersigned, acknowledge receipt of this notice to transfer
utilities.
Unit
Number:
#000 00
X
Xxxxx
|
Name:
|
Xxxxx
C 4, n
|
|
Signature:
|
xxx5
|
00
XXXXXXXX
XXXXXXXX XXXX CONDOMINIUM
0000
Xxxxxxxxxxxx Xxxx.
Xxxxxxxxxxxx,
XX 00000
Tel
#.
(000)
000-0000
Fax
#.
(000)
000-0000
Date:
________,
2007
Re:
Xxxxx # 000, 000, 000 Xxxxxxxxxxxx,
Xxxxxx Xxxxxx, XX
To
Whom It May Concern:
This
will acknowledge receipt of a copy of the Master Deed, By Laws and budget
of
the Lakeside Business Park, a condominium.
Date:
9
/1F
/0
xxx6
17
