EXHIBIT 10.29
??ED FROM Liquid Audio, Inc. hereinafter referred to as LESSEE; the sum of $
40,500.00 (Fourty-Thousand-Five Hundred) DOLLARS, ??enced by company check, as
a deposit which, upon acceptance of this lease, shall belong to Lessor and
shall be ?? follows:
TOTAL RECEIVED BALANCE ??
Rent for the period from 11/15/97 to 12/15/97 $ 19,689.00 $ 19,689.00 $
Security Deposit ____________________ $ 10,000.00 $ 10,000.00 $
-------------------
applied towards last month $ 10,811.00 $ 10,811.00 $ 10/09/97
TO _____________________________________________ $ 40,500.00 $ 40,500.00 $ XXXX X HAS ORIGINAL
In the event that this lease is not accepted by the Lessor within ____ days, the
total deposit received shall be refunded.
Lessee hereby offers to lease from Lessor the premises situated in the City of
Redwood City County of San Mateo State of California described as 810 Xxxxxxx
and Broadwayper Exhibit A attached upon the following TERMS and CONDITIONS:
1. TERM: The term hereof shall commence on 11/15/1997, 1997, and expire on
11/15/2002
2. RENT: The total rent shall be $ 1,141,2580.00, payable as follows: on the
first day of each and every month per attached rent schedule, Exhibit B
All rents shall be paid to Owner or his authorized agent, at the
following address: 0000 Xxxxxxxx Xxxx Xxxxxxx Xxxx, XX. 94063, or at such
other places as may be designated by Owner from time to time.
3. USE: The premises are to be used for the operation of Computer Software
Development, Production, Sales, Delivery and General Office, Retail space
on Broadway for sale of Liquid Audio Products. "No parking provided" and
for no other purpose,without written consent of Lessor.
4. USES PROHIBITED: Lessee shall not use any portion of the premises for
purposes other than those specified hereinabove, and no use shall be made
or permitted to be made upon the premises, nor acts done, which will
increase the existing rate of Insurance upon the property, or cause
cancellation of insurance policies covering said property. Lessee shall not
conduct or permit any sale by auction on the premises.
5. ASSIGNMENT AND SUBLETTING: Lessee shall not assign this leases or sublet
any portion of the premises without prior written consent of the Lessor,
which shall not be unreasonably withheld. Any such assignment or subletting
without consent shall be void and, at the option of the Lessor, may
terminate this lease. Any merger, consolidation or other corporate
reorganization shall not constitute an assignment. Sale or transfer of all
or substantially all assets or stock of Lessee may be done so without
Lessor's consent.
6. ORDINANCES AND STATUTES: Lessee shall comply with all statutes, ordinances
and requirements of all municipal, state and federal authorities now in
force, or which may hereafter be in force, pertaining to the premises,
occasioned by or affecting the use thereof by Lessee. The commencement or
pendency of any state or federal court abatement proceeding affecting the
use of the premises shall, at the option of the Lessor, be deemed a breach
hereof.
7. MAINTENANCE, REPAIRS, ALTERATIONS: Lessor warrants and acknowledges that
the premises are in good working condition which shall include but not to
be limited to the HVAC, electrical, plumbing and other systems and
equipment on the premises. Upon acknowledgment that the premises are in
good order the Lessee shall, at his own expense and at all times, maintain
the premises in good and safe condition, including plate glass, electrical
wiring, plumbing and heating installations and any other system or
equipment upon the premises and shall surrender the same, at termination
hereof, in as good condition as received, normal wear and tear excepted.
Lessee shall be responsible for all repairs required, excepting the roof,
exterior walls, structural foundations, and -- No exceptions -- which shall
be maintained by Lessor. Lessee shall also maintain in good condition such
portions adjacent to the premises, such as sidewalks, driveways, lawns and
shrubbery, which would otherwise be required to be maintained by Lessor.
Future ADA compliance (if required) and Fire Sprinkling system is the
responsibility of the Lessor. No improvement or alteration of the premises
shall be made without the written consent of the Lessor. Prior to the
commencement of any substantial repair, improvement, or alteration, Lessee
shall give Lessor at least two (2) days written notice in order that Lessor
may post appropriate notices to avoid any liability for liens. Lessee shall
not commit any waste upon the premises, or any nuisance or act which may
disturb the quiet enjoyment of any tenant in the building.
8. ENTRY AND INSPECTION: Lessor shall provide 24 hour notice to any entry
(except in the case of an emergency) and any such entry shall comply with
all of tenant's reasonable security measures. Upon acceptance of the notice
the Lessee shall permit the Lessor or Lessor's agents to enter upon the
premises at reasonable times and upon reasonable notice, for the purpose of
inspecting the same, and will permit Lessor at any time within sixty (60)
days prior to the expiration of this lease, to place upon the premises any
usual "To Let" or "For Lease" signs, and permit persons desiring to lease
the same to inspect the premises thereafter.
9. INDEMNIFICATION OF LESSOR: Lessor shall not be liable for any damage or
injury to Lessee, or any other person, or any property, occurring on the
demised premises, or any part thereof, except such as is caused solely by
negligence or willful act of Lessor or Lessor's employee negligence,
contractors or agents, or Lessor's breach of this lease.
10. POSSESSION: If Lessor is unable to deliver possession of the premises at
the commencement hereof, Lessor shall not be liable for any damage caused
thereby, nor shall this lease be void or voidable, but Lessee shall not be
liable for any rent until possession is delivered. Lessee may terminate
this lease if possession is not delivered within 30 days of the
--
commencement of the term hereof.
11. INSURANCE: Xxxxxx, at his expense, shall maintain plate glass and public
liability insurance including bodily injury and property damage insuring
Lessee and Lessor with minimum coverage as follows: see Addendum A. Lessee
----------
shall provide Lessor with a Certificate of Insurance showing Lessor as
additional insured. The Certificate shall provide for a ten-day written
notice to Lessor in the event of cancellation or material change of
coverage. To the maximum extent permitted by insurance policies which may
be owned by Lessor or Lessee, Lessee and Lessor, for the benefit of each
other, waive any and all rights of subrogation which might otherwise exist.
12. UTILITIES: Xxxxxx agrees that he shall be responsible for the payment of
all utilities, including water, gas, electricity, heat and other services
delivered to the premises.
13. SIGNS: Lessor reserves the exclusive right to the roof, side and rear walls
of the premises. Lessee shall not construct any projecting sign or awning
without the prior written consent of Lessor which consent shall not be
unreasonably withheld.
14. ABANDONMENT OF PREMISES: Lessee shall not vacate or abandon the premises at
any time during the term hereof, and if Lessee shall abandon or vacate the
premises, or be dispossessed by process of law, or otherwise, any personal
property belonging to Xxxxxx left upon the premises shall be deemed to be
abandoned, at the option of Lessor.
CONDEMNATION: If any part of the premises shall be taken or condemned for
public use, and a part thereof remains which is susceptible of occupation
hereunder, this lease shall, as to the part taken, terminate as of the date
the condemnor acquires possession, and thereafter Lessee shall be required
to pay such proportion of the rent for the remaining term as the value of
the premises remaining bears to the total value of the premises at the date
of condemnation; provided however, that Lessor may at his option, terminate
this lease as of the date the condemnor acquires possession. In the event
that the demised premises are condemned in whole, or that such portion is
condemned that the remainder is not susceptible for use hereunder, this
lease shall terminate upon the date which the condemnor acquires
possession. All sums which may be payable on account of any condemnation
shall belong to the Lessor, and Lessee shall not be entitled to any part
thereof, provided however; that Lessee shall be entitled to recover for
moving costs, loss, of good will, the costs of Lessee's property that
cannot be recovered and the unamortized amount of any improvements
installed by the Lessee.
16. TRADE FIXTURES: Any and all improvements made to the premises during the
term hereof shall belong to the Lessor, except trade fixtures of the
Lessee. Lessee may, upon termination hereof, remove all his trade fixtures,
but shall repair or pay for all repairs necessary for damages to the
premises occasioned by removal.
17. DESTRUCTION OF PREMISES: In the event of a partial destruction of the
premises during the term hereof, from any cause, Lessor shall forthwith
repair the same, provided that such repairs can be made within sixty (60)
days under existing governmental laws and regulations, but such partial
destruction shall not terminate this lease, except that Lessee shall be
entitled to a proportionate reduction of rent while such repairs are being
made, based upon the extent to which the making of such repairs shall
interfere with the business of Lessee on the premises. If such repairs
cannot be made within sixty (60) days, Lessor, at his option, may make the
same with in a reasonable time, this lease continuing in effect with the
rent proportionately abated as aforesaid, and in the event that Lessor
shall not elect to make such repairs which cannot be made within sixty (60)
days, this lease may be terminated at the option of either party. In the
event that the building in which the demised premises may be situated is
destroyed to an extent of not less than one-third of the replacement costs
thereof, Lessor may elect to terminate this lease whether the demised
premises be injured or not. A total destruction of the building in which
the premises may be situated shall terminate this lease. In the event of
any dispute between Xxxxxx and Xxxxxx with respect to the provisions
hereof, the matter shall be settled by arbitration in such manner as the
parties may agree upon, or if they cannot agree, in accordance with the
rules of the American Arbitration Association.
18. HAZARDOUS MATERIALS: Lessee shall not use, store, or dispose of any
hazardous substances upon the premises, except use and storage of such
substances if they are customarily used in Lessee's business, and such use
and storage complies with all environmental laws. Hazardous substances
means any hazardous waste, substance or toxic materials regulated under any
environmental laws or regulations applicable to the property. To the best
knowledge of the Lessor, a) no hazardous material is present on the project
or the soil, surface water or ground water thereof, b) no underground
storage tanks are present on the project, and c) no action, proceeding or
claim is pending or threatened regarding the project concerning any
hazardous material or pursuant to any environmental law.
Paragraph 19. "Insolvency" is now paragraph 21.
[] ZipForm "Computer Alignment Page 2 of 2 pages
21. INSOLVENCY: In the event a receiver is appointed to take over the business
of Xxxxxx, or in the event Xxxxxx makes a general assignment for the
benefit of creditors or Lessee takes or suffers any action under any
insolvency or bankruptcy act, the same shall constitute breach of this
lease by Xxxxxx.
22. REMEDIES OF OWNER ON DEFAULT: In the event of any breach of this lease by
Xxxxxx, Lessor may, at his option, terminate the lease and recover from
Lessee: (a) the worth at the time of award of the unpaid rent which was
earned at the time of termination; (b) the worth at the time of award of
the amount by which the unpaid rent which would have been earned after
termination until the time of the award exceeds the amount of such rental
loss that the Lessee proves could have been reasonably avoided; (c) the
worth at the time of award of the amount by which the unpaid rent for the
balance of the term after the time of award exceeds the amount of such
rental loss that Xxxxxx proves could be reasonably avoided; and (d) any
other amount necessary to compensate Lessor for all detriment proximately
caused by Xxxxxx's failure to perform his obligations under the lease or
which in the ordinary course of things would be likely to result therefrom.
Lessor may, in the alternative, continue this lease in effect, as long
as Lessor does not terminate Xxxxxx's right to possession, and Lessor may
enforce all his rights and remedies under the lease, including the right to
recover the rent as it becomes due under the lease. If said breach of lease
continues, Lessor may, at any time thereafter, elect to terminate the
lease.
Nothing contained herein shall be deemed to limit any other rights or
remedies which Lessor may have.
23. SECURITY: The security deposit set forth above, if any, shall secure the
performance of the Lessee's obligations hereunder. Lessor may, but shall
not be obligated to apply all or portions of said deposit on account of
Xxxxxx's obligations hereunder. Any balance remaining upon termination
shall be returned to Lessee. Lessee shall not have the right to apply the
Security Deposit in payment of the last month's rent.
24. DEPOSIT REFUNDS: The balance of all deposits shall be refunded within two
weeks from date possession is delivered to Owner or his authorized Agent,
together with a statement showing any charges made against such deposits by
Owner.
25. WAIVER OF RIGHT TO JURY TRIAL: In the event there shall be a dispute
between Xxxxxx and Xxxxxx and either party shall file an action against the
other party to enforce their rights under this lease, to interpret the
Lease terms, or arising out of their relationship as Xxxxxx and Lessor, the
parties agree that the matter shall be tried by the court without a jury
and each party specifically waives the right to a jury trial in any such
action.
26. ATTORNEY'S FEE AND COSTS: In any action or proceeding involving a dispute
Lessor, Xxxxxx and/or Broker, arising out of the execution of this lease,
or to collect commissions, or to enforce the terms and conditions of this
lease, or to recover possession of the premises from Lessee, the prevailing
party shall be entitled to receive from the other party a reasonable
attorney's fee, expert fees, appraisal fees and all other costs incurred in
connection with such action or proceedings, to be determined by the court
or arbitrator(s).
27. WAIVER: No failure of Lessor to enforce any term hereof shall be deemed to
be a waiver.
28. NOTICES: Any notice which either party may or is required to give, shall be
given by mailing the same, postage prepaid, to Lessee at the premises, or
Lessor at the address shown below, or at such other places as may be
designated by the parties from time to time.
29. HOLDING OVER: Any holding over after the expiration of this lease, with the
consent of Lessor, shall be construed as a month-to-month tenancy at a
rental of $ 18,024.00 per month, otherwise in accordance with the terms
hereof, as applicable.
30. TIME: Time is of the essence of this lease.
31. HEIRS, ASSIGNS, SUCCESSORS: This lease is binding upon and inures to the
benefit of the heirs, assigns and successors in interest to the parties.
32. *TAX INCREASE: In the event there is any increase during any year of the
term of this lease in the City, County or State real estate taxes over and
above the amount of such taxes assessed for the tax year during which the
term of this lease commences, whether because of increased rate or
valuation, Lessee shall pay to Lessor upon presentation of paid tax bills
an amount equal to N/A of the increase in taxes upon the land and building
---
in which the leased premises are situated. In the event that such taxes are
?? for a tax year extending beyond the term of the lease, the
obligation of Lessee shall be proportionate to the portion of the lease
term included in such year.
33. COST OF LIVING INCREASE: The rent provided for in paragraph 2 shall be
adjusted effective upon the first day of the month immediately following
the expiration of * months from date of commencement of the term and upon
-
the expiration of each * months thereafter in accordance with changes in
-
the U.S. Consumer Price Index for All Urban Consumers (1982-84 = 100)
hereinafter called the "CPL" The monthly rent shall be increased to an
amount equal to the monthly rent set forth in paragraph 2 multiplied by a
fraction the numerator of which is the CPI for the second calendar month
immediately preceding the adjustment date and the denominator of which is
the CPI for the second calendar month preceding the commencement of the
lease term. Provided, however, in no event shall the monthly rent be less
than the amount set forth in paragraph 2. * See Option to extend, Exhibit F
34. OPTION TO RENEW: Provided that Lessee is not in default in the performance
of this lease, Lessee shall have the option to renew the lease for an
additional term of -- months commencing at the expiration of the initial
lease term. All of the terms and conditions of the lease shall apply during
the renewal term except that the monthly rent shall be the sum of $ -------
which shall be adjusted in accordance with the cost of living increase
provision set forth in paragraph 33.
The option shall be exercised by written notice given to Lessor not
less than_____days prior to the expiration of the initial lease term. If
notice is not given in the manner provided herein within the time
specified, this option shall expire. See Option to extend, Exhibit F
35. LESSOR'S LIABILITY: The term "Lessor," as used in this paragraph, shall
mean only the owner of the real property or a Lessee's interest in a ground
lease of the premises. In the event of any transfer of such title or
interest, the Lessor named herein (or the grantor in case of any subsequent
transfers) shall be relieved of all liability. related to Lessor's
obligations to be performed after such transfer. Provided, however, that
any funds in the hands of Lessor or Grantor at the time of such transfer
shall be delivered to Grantee. Lessor's obligations hereunder shall be
binding upon Xxxxxx's successors and assigns only during their respective
periods of ownership.
36. ESTOPPEL CERTIFICATE:
(a) Lessee shall at any time upon not less than ten (10) days prior
written notice from Lessor execute, acknowledge and deliver to Lessor a
statement in writing [1] certifying that this Lease is unmodified and in
full force and effect (or, if modified, stating the nature of such
modification and certifying that this Lease, as so modified, is in full
force and effect), the amount of any security deposit, and the date to
which the rent and other charges are paid in advance, if any, and [2]
acknowledging that there are not, to Xxxxxx's knowledge, any uncured
defaults on the part of Lessor hereunder, or specifying such defaults if
any are claimed. Any such statement may be conclusively relied upon by any
prospective buyer or encumbrances to the Premises.
(b) At Lessor option, Xxxxxx's failure to deliver such statement
within such time shall be material breach of this Lease or shall be
conclusive upon Lessee [1] that this Lease is in full force and effect,
without modification except as may be represented by Lessor, [2] that there
are no uncured defaults in lessor's performance, and [3] that not more than
one month's rent has been paid in advance or such failure may be considered
by Lessor as a default by Lessee under this Lease.
(c) If Lessor desires to finance, refinance, or sell the Premises, or
any part thereof, Xxxxxx hereby agrees to deliver to any lender or buyer
designated by Lessor such financial statements of Xxxxxx as may be
reasonably required by such lender or buyer. Such statements shall include
the past three years' financial statements of Xxxxxx. All such financial
statements shall be received by Lessor and such lender or buyer in
confidence and shall be used only for the purposes herein set forth.
37.
38. ADDENDUM: An addendum, signed by the parties, [X] is attached, [] is not
attached hereto. See Addendums A & B XXXXX AGREEMENT: The foregoing
constitutes the entire agreement between the parties and may be modified
only by a writing signed by both parties. The following exhibits, if any,
have been made a part of this lease before the parties' execution hereof:
Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E,Exhibit F
---------------------------------------------------------------
DATED: 10/09/97
/s/ [SIGNATURE ILLEGIBLE] Lessor
___________________________ Lessee
___________________________ Address
___________________________ Phone
ACCEPTANCE
The undersigned Lessor hereby acknowledge
receipt of a copy hereof. DATED: 10/09/97
/s/ Xxxx Xxxxxxxxxx Owner's Aothorized Agent
--------------------------- /s/ Xxxx Xxxxxxxxxx Lessor
___________________________ Address ___________________________ Lessee
___________________________ Phone ___________________________ Address
By 10/9/97 ___________________________ Phone
------------------ 10/9/97
---------------------------
[TEXT ILLEGIBLE]
* See Addendum A
LIQUID AUDIO
EXHIBITS/ADDENDUMS FOR
810 XXXXXXX AND BROADWAY:
Made a part of this agreement
are the following:
Addendum A: Insurance Indemnity/Property Taxes
Addendum B: Option to terminate lease
Exhibit A: Floor plans & elevations
Exhibit B: Rent schedule
Exhibit C: Rules and regulations
Exhibit D: Finished build-out details/Work letter
Exhibit E: Additional building improvements for Liquid Audio
Exhibit F: Option to extend
ADDENDUM A
LEASE ADDENDUM to the Commercial Lease and Deposit Receipt by and between,
Liquid Audio, Inc. Xxxxxx, and Xxxx Xxxxxxxxxx Realty, Lessor for the premises
known as 0000 Xxxxxxxx, Xxxxxxx Xxxx, Xxxxxxxxxx.
In the event of conflict between this Addendum and the Commercial Lease and
Deposit Receipt, this Addendum shall prevail.
1. INSURANCE; INDEMNITY:
1.1 LIABILITY INSURANCE-LESSEE. Lessee shall, at Lessee's expense, obtain
and keep in force during the term of this Lease a policy of Comprehensive
General Liability insurance utilizing an Insurance Services Office standard
form with Broad Form General Liability Endorsement (GLO404), or equivalent,
in an amount of not less than $1,000,000 per occurrence of bodily injury
and property damage combined or in a greater amount as reasonably
determined by Lessor and shall insure Lessee with Lessor as an additional
insured against liability arising out of the use, occupancy or maintenance
of the Premises. Compliance with the above requirement shall not, however,
limit the liability of Lessee hereunder.
1.2 LIABILITY INSURANCE - LESSOR. Lessor shall obtain and keep in force
during the term of this Lease a policy of Combined Single Limit Bodily
injury and Broad Form Property Damage Insurance, plus coverage against such
other risks Lessor deems advisable from time to time, insuring Lessor, but
not Lessee, against liability arising out of the ownership, use, occupancy
or maintenance of the Office Building Project in an amount not less than
$5,000,000 per occurrence.
1.3. PROPERTY INSURANCE-LESSEE. Lessor shall, at Xxxxxx's expense, obtain
and keep in force during the term of this Lease for the benefit of Lessee,
replacement cost fire and extended coverage insurance, with vandalism and
malicious mischief, sprinkler leakage and earthquake sprinkler leakage
endorsements, in an amount sufficient to cover not less than 100% of the
full replacement cost, as the same may exist from time to time, of all of
Lessee's personal property, fixtures, equipment and tenant improvements.
1.4. PROPERTY INSURANCE-LESSOR. Lessor shall obtain and keep in force
during the term of this Lease a policy or policies of insurance covering
loss or damage to the Office Building Project improvements, but not
Lessee's personal property, fixtures, equipment or tenant improvements, in
the amount of the full replacement cost thereof, as the same may exist from
time to time, utilizing Insurance Services Office standard form, or
equivalent, providing protection against all perils included within the
classification of fire, extended coverage, vandalism, malicious mischief,
plate glass and such other perils as Lessor deems advisable or may be
required by a lender having a lien on the Office Building Project. In
addition, Lessor shall obtain and keep in force, during the term of this
Lease, a policy of rental value insurance covering a period of one year,
with loss payable to Lessor, which insurance shall also cover all Operating
Expenses for said period. Lessee will not be named in any such policies
carried by Xxxxxx and shall have no right to any proceeds therefrom. The
policies required by these paragraphs 1.2 & 1.4 shall contain such
deductibles as Lessor or the aforesaid lender may determine. Lessee shall
not do or permit to be done anything which shall invalidate the insurance
policies carried by Lessor. Lessee shall pay the entirety of any increase
in the property insurance premium for the Office Building Project over what
it was immediately prior to the commencement of the term of this Lease if
the increase is specified by Lessor's insurance carrier as being cause by
the nature of Xxxxxx's occupancy or any act or omission of Lessee.
ADDENDUM A. PAGE 2
1.5. INSURANCE POLICIES. Lessee shall deliver to Lessor copies of
liability insurance policies required under paragraph 1.1 or certificates
evidencing the existence and amounts of such insurance within seven (7)
days after the Commencement Date of this Lease. No such policy shall be
cancelable or subject to reduction of coverage or other modification except
after thirty (30) days prior written notice to Lessor. Lessee shall, at
least thirty (30) days prior to the expiration of such policies, furnish
Lessor with renewals thereof.
1.6. WAIVER OF SUBROGATION. Xxxxxx and Xxxxxx each hereby release and
believe the other, and waive their entire right of recovery against the
other, for direct or consequential loss or damage arising out of or
incident to the perils covered by property insurance carried by such party,
whether due to the negligence of Lessor or Lessee or their agents,
employees, contractors and/or invitees. If necessary all property insurance
policies required under this Lease shall be endorsed to so provide.
1.7. NO REPRESENTATION OF ADEQUATE COVERAGE. Lessor makes no
representation that the limits or forms of coverage of insurance specified
in this paragraph 1 are adequate to cover Lessee's property are obligations
under this Lease.
2. PROPERTY TAXES-REAL AND PERSONAL: Lessor shall pay the real property
taxes for the property subject to reimbursement by Xxxxxx of Xxxxxx's share
in accordance with the provisions of the Lease and this Addendum.
2.1 ADDITIONAL IMPROVEMENTS: Lessee shall not be responsible for paying
any increase in real property taxes caused by additional improvements
placed upon the building by other lessees or by Lessor for the exclusive
enjoyment of any other Lessee. Lessee shall, however, pay to Lessor the
entirety of any increase in real property tax if assessed solely by reason
of additional improvements placed upon the Premises by Xxxxxx or at
Xxxxxx's request or for the exclusive use and enjoyment of Lessee.
3. DEFINITION OR REAL PROPERTY TAX: Real property tax shall include any
form of real estate tax or assessment, general or special, ordinary or
extraordinary and any license fee, commercial rental tax, improvement bond
of bonds, levy or tax (other than inheritance, personal income or estate
taxes) imposed on the building or any portion thereof by any authority
having the direct or indirect power to tax.
4. PERSONAL PROPERTY TAXES: Lessee. Lessee shall pay prior to
delinquency all taxes assessed against and levied upon trade fixtures,
furnishings, equipment and all other personal property of Lessee contained
in the Premises. If any of Xxxxxx's said personal property shall be
assessed with Xxxxxx's real property, Lessee shall pay to Lessor the taxes
attributable to Lessee within thirty (30) days after receipt of a written
statement setting forth the taxes applicable to Lessee.
5. XXXXXX'S PROPERTY TAX AND INSURANCE PAYMENT RESPONSIBILITIES: As
"Additional Rent" Lessee shall pay it's proportionate share of Property
Taxes and Property Insurance paid by Lessor as outlined above. Said amount
shall be payable by Lessee within thirty (30) days after a reasonably
detailed statement of actual expenses is presented to Lessee by Xxxxxx. At
Lessor's option, however, an amount may be estimated by Lessor from time to
time of Xxxxxx's share of annual property taxes and insurance and the same
shall be payable monthly or quarterly, as Xxxxxx's estimate of Xxxxxx's
share as aforesaid. In the event Xxxxxx's payments hereunder exceed the
actual amount paid by Xxxxxx as required herein, said overpayment shall be
a credit towards the next installment(s) as due herein except in the final
year of this lease, unless extended, in which case the overpayment shall be
refunded by Lessor to Lessee within 10-
ADDENDUM A. PAGE 3
days following the termination of Lessor and Xxxxxx's obligations under the
terms of the lease agreement provided there is no default by Lessee at the
time.
6. PRORATA SHARE: Lessor and Xxxxxx hereby agree that Xxxxxx's prorata
share of property taxes and insurance indicated as Lessor's responsibility
shall be 95.5% of the total amount paid by Lessor. Lessee's liability and
property insurance requirements as of Lessee - 100%. This "prorata share"
shall also apply to Xxxxxx's share of property "Operating Expenses" in the
event they are not separately metered or billed. Said "operating expenses"
may include, but not be limited to common area lighting (interior and
exterior), common area maintenance (interior and exterior), management
fees, trash disposal, common area janitorial services, etc.
7. TRASH AND JANITORIAL SERVICES: It is understood that Lessee shall be
responsible for janitorial service, including window washing which shall be
done as often as necessary to maintain a clean and nest appearance, and for
trash removal from the premises.
8. LESSOR/BROKER: It is hereby acknowledged that the Lessor is a Licensed
California Real Estate Broker.
Lessor:
/s/ Xxxx Xxxxxxxxxx 10/9/97
--------------------------- ------------
Date
Lessee:
Liquid Audio, Inc.
/s/ Xxxx Xxxxxxxxxx 10/7/97
--------------------------- ------------
Date
ADDENDUM B
OPTION TO TERMINATE LEASE
LESSEE SHALL HAVE THE RIGHT TO TERMINATE THIS LEASE AS FOLLOWS:
1. Effective date of lease termination: at the end of the third full year of
the first lease term.
2. Lessee shall give Lessor written notice of its election of this option to
terminate the lease no earlier than the commencement of the 25th month and no
later than the end of the 30th month of the initial term of this lease.
3. This "option to terminate" shall not be valid if Lessee is in default under
the terms of this lease at the time of its written election of this option or at
any time thereafter.
4. As consideration for the exercise of this option, Lessee shall pay to Lessor
a sum equal to an additional 6-months rent, (beyond the termination date). Said
amount shall be due and payable in full no later than 30-days prior to the lease
termination date elected under this option. Failure to pay as required herein
shall nullify the right to cancel and the lease and shall remain in full force
and effect for the full initial lease term.
5. Xxxxxx agrees to use all reasonable efforts to locate a replacement tenant
upon receipt of notification as outlined herein. In the event Lessor locates a
suitable replacement tenant that will occupy the premises within the 6-month
period following the effective date of early termination as outlined herein,
Lessor will refund to Lessee the early termination consideration in the
preceding paragraph, less the following:
a. Any rent lost due to delay in occupancy or rent concessions or
reductions during the balance of the 6-month period.
b. Any out-of-pocket costs incurred by Lessor in locating a replacement
tenant.
Lessee:
/s/ Xxxx Xxxxxxxxxx 10/9/97
--------------------------- --------------
Date
Lessee:
Liquid Audio, Inc.
/s/ Xxxx Xxxxxxxxxx 10/9/97
--------------------------- ______________
EXHIBIT A
TO COMMERCIAL LEASE
AND DEPOSIT RECEIPT
- FLOOR PLAN -
Elevation
Ground Floor
Mezzanine
Lower Level
/s/ Xxxx Xxxxxxxxxx 10/9/97 /s/ [SIGNATURE ILLEGIBLE] 10/9/97
--------------------------- ---------------------------
Lessor Date Lessee Date
[PLAN APPEARS HERE]
[FLOOR PLAN APPEARS HERE]
[FLOOR PLAN APPEARS HERE]
[FLOOR PLAN APPEARS HERE]
EXHIBIT B
RENT SCHEDULE
11/15/97 TO 11/15/2000 $19,689.00 Per Month Base Rent
11/16/2000 TO 11/15/2002 $18,024.00 Per Month Base Rent
Total Rent For Lease Term: $1,141,380
$1,141,380 divided by 60 =
$19,023 straight-line
difference immaterial
RULES AND REGULATIONS FOR
STANDARD OFFICE LEASE
Dated: October 2, 1997
By And Between Xxxx Xxxxxxxxxx Realty, agent for the partnership and Liquid
Audio, Inc.
GENERAL RULES
1. Lessee shall not suffer or permit the obstruction of any Common Areas,
including driveways, walkways and stairways.
2. Lessor reserves the right to refuse access to any persons Lessor in
good faith judges to be a threat to the safety, reputation, or property of the
Office Building Project and its occupants.
3. Lessee shall not make or permit any noise or odors that annoy or
interfere with other lessees or persons having business within the Office
Building Project.
4. Lessee shall not keep animals or birds within the Office Building
Project, and shall not bring bicycles, motorcycles or other vehicles into areas
not designated as authorized for same.
5. Lessee shall not make, suffer or permit litter except in
appropriate receptacles for that purpose.
6. Lessee shall not alter any lock or install new or additional locks or
bolts.
7. Lessee shall be responsible for the inappropriate use of any toilet
rooms, plumbing or other utilities. No foreign substances of any kind are to be
inserted therein.
8. Lessee shall not deface the walls, partitions or other surfaces of the
Premises or Office Building Project.
9. Lessee shall not suffer or permit any thing in or around the Premises
or Building that causes excessive vibration or floor loading in any part of the
Office Building Project.
10. Furniture, significant freight and equipment shall be moved into or
out of the building only with the Lessor's knowledge and consent, and subject to
such reasonable limitations, techniques and timing, as may be designated by
Lessor. Lessee shall be responsible for any damage to the Office Building
Project arising from any such activity.
11. Lessee shall not employ any service or contractor for services or work
to be performed in the Building, except as approved by Lessor.
12. Lessor reserves the right to close and lock the Building on
Saturdays, Sundays and legal holidays, and on other days between the hours of
_____P.M. and _____A.M. of the following day. If Lessee uses the Premises during
such periods, Lessee shall be responsible for securely locking any doors it may
have opened for entry.
13. Lessee shall return all keys at the termination of its tenancy and
shall be responsible for the cost of replacing any keys that are lost.
14. No window coverings, shades or awnings shall be installed or used by
Lessee.
15. No Lessee, employee or invitee shall go upon the roof of the Building.
16. Lessee shall not suffer or permit smoking or carrying of lighted
cigars or cigarettes in areas reasonably designated by Lessor or by applicable
governmental agencies as non-smoking areas.
17. Lessee shall not use any method of heating or air conditioning other
than as provided by Lessor.
18. Lessee shall not install, maintain or operate any vending machines
upon the Premises without Lessor's written consent.
19. The Premises shall not be used for lodging or manufacturing, cooking
or food preparation.
20. Lessee shall comply with all safety, fire protection and evacuation
regulations established by Lessor or any applicable governmental agency.
21. Lessor reserves the right to waive any one of these rules or
regulations, and/or as to any particular Lessee, and any such waiver shall not
constitute a waiver of any other rule or regulation or any subsequent
application thereof to such Lessee.
22. Lessee assumes all risks from theft or vandalism and agrees to keep
its Premises locked as may be required.
23. Lessor reserves the right to make such other reasonable rules and
regulations as it may from time to time deem necessary for the appropriate
operation and safety of the Office Building Project and its occupants. Xxxxxx
agrees to abide by these and such rules and regulations.
Initials:_____________
_____________
FULL SERVICE-NET
EXHIBIT D
PAGE 1 OF 1 PAGE
WORK LETTER TO STANDARD OFFICE LEASE
Dated: October 2, 1997
by and between Xxxx Xxxxxxxxxx Realty, agent for the partnership and Liquid
Audio, Inc.
The Premises shall be constructed in accordance with Lessor's Standard
Improvements, as follows:
1. Partitions
2. Wall Surfaces
3. Draperies
4. Carpeting
5. Doors
6. Electrical and Telephone Outlets
see EXHIBIT A: Floor plans & elevations
see EXHIBIT D: Finished build-out details/Work
letter
7. Ceiling
8. Lighting
9. Heating and Air-Conditioning Ducts
10. Sound Proofing
11. Plumbing
Initials:_____________
_____________
FULL SERVICE-NET
EXHIBIT D
PAGE 1 OF 2 PAGES
EXHIBIT D
(continued)
FINISHED BUILD-OUT DETAILS
* Smooth wall finish throughout
* Wood frame glass doors throughout
* Glass opening in front of all offices
* Hardware selection to be quality grade finish
* Individual office ceilings to be sheet rock or dropped t-bar ceiling
* Lighting supplied in each office
* Hardwood floors to be refinished natural and repaired where necessary
* All offices to have at least 4 electrical outlets
* Lessee to provide details during construction for need of separate
electrical circuits for computers, etc.
* Lessee to provide its own installation of computer networking, telephone
networking, high speed ISDN lines, etc.
* Painting to be of professional quality and colors to be approved by Lessee
* Two (2) new, large skylights to be installed as per plan
* Offices to be furnished with HVAC, complete for all areas leased
* Insulation to be installed between all offices to help soundproof offices
* Lower level area to be painted in 2 colors
* New carpet to be installed in hallway, staircase to mezzanine, mezzanine
and staircase to lower level. Carpet allowance to be $ 25.00 per installed
sq. yard
* Design (colors for interior walls, carpet selection, door hardware,
furniture color & configuration, exterior and interior lighting) to be done
by designer Xxxxxx Xxxxx and costs for design to be split 50/50 between
Lessee and Lessor and not to exceed a total of $ 3,000.00 (three-thousand
Dollars).
* Security alarm system to be installed prior to occupancy and cost of system
to be split 50/50 between Lessee and Lessor and not to exceed a total of $
3,500.00 (three-thousand five hundred Dollars).
Completion of Improvements
Lessor shall construct and complete the Premises substantially in
accordance with the plans and specifications prepared by Xxxxxxx Xxxxxxxxx,
Architect dated September 24, 1997 consisting of sheets 4
15. CONSTRUCTION
If Xxxxxx's cost of constructing the improvements in the Premises exceeds
Xxxxxx's Standard Improvements, Lessee shall pay to Lessor in cash before the
commencement of such construction a sum equal to such excess.
If the final plans and specifications are approved by Lessor and Lessee and
Lessee pays Lessor for such excess, then Lessor shall, at its sole cost and
expense, construct the improvements substantially in accordance with said
approved final plans and specifications and all applicable rules, regulations,
laws or ordinances.
16. COMPLETION.
16.1 Lessor shall obtain a building permit to construct the improvements
as soon as possible.
16.2 Lessor shall complete the construction of the improvements as soon as
reasonably possible after the obtaining of necessary building permits.
16.3 The term "Completion," as used in this Work Letter, is hereby defined
to mean the data the building department of the municipality having jurisdiction
of the Premises shall have made a final inspection of the improvements and
authorized a final release of restrictions on the use of public utilities in
connection therewith and the same are in a broom-clean condition.
16.4 Lessor shall use its best efforts to achieve Completion of the
improvements on or before the Commencement Date set forth in paragraph 10 of the
Basic Lease Provisions or within one hundred eighty (180) days alter Lessor
obtains the building permit from the applicable building department, whichever
is later.
16.5 In the event that the improvements or any portion thereof have not
reached Completion by the Commencement Date, this Lease shall not be invalid,
but rather Lessor shall complete the same as soon thereafter as is possible and
Lessor shall not be liable to Lessee for damages in any respect whatsoever.
16.6 If Lessor shall be delayed at any time in the progress of the
construction of the improvements or any portion thereof by extra work, changes
in construction ordered by Lessee, or by strikes, lockouts, fire, delay in
transportation, unavoidable casualties, rain or weather conditions, governmental
procedures or delay, or by any other cause beyond Lessor's control, then the
Commencement Date established in paragraph 10 of the Lease shall be extended by
the period of such delay.
17. TERM
Upon Completion of the improvements as defined in paragraph 16.3, above,
Lessor and Xxxxxx shall execute an amendment to the Lease setting forth the date
of tender of possession as defined in paragraph 3.2.1 of the Lease or of actual
taking of possession, whichever first occurs, as the Commencement Date of this
Lease.
18. WORK DONE BY XXXXXX
Any work done by Lessee shall be done only with Xxxxxx's prior written
consent and in conformity with a valid building permit and all applicable rules,
regulations, laws and ordinances, and be done in a good and workmanlike manner
of good and sufficient materials. All work shall be done only with union labor
and only by contractors approved by Xxxxxx, it being understood that all
plumbing, mechanical, electrical wiring and calling work are to be done only by
contractors designated by Xxxxxx:
19. TAKING OF POSSESSION OF PREMISES
Lessor shall notify Lessee of the Estimated Completion Date at least ten
(10) days before said date. Lessee shall thereafter have the right to enter the
Premises to commence construction of any improvements Lessee is to construct and
to equip and fixturize the Premises, as long as such entry does not interfere
with Xxxxxx's work. Lessee shall take possession of the Premises upon the tender
thereof as provided in paragraph 3.2.1 of the Lease to which this Work Letter is
attached. Any entry by Xxxxxx of the Premises under this paragraph shall be
under all of the terms and provisions of the Lease to which this Work Letter is
attached.
20. ACCEPTANCE OF PREMISES
Lessee shall notify Lessor in writing of any items that Xxxxxx deems
incomplete or incorrect in order for the Premises to be acceptable to Lessee
within ten (10) days following Tender of Possession as set forth in paragraph 10
of the Lease to which this Work Letter is attached. Lessee shall be deemed to
have accepted the Premises and approved construction if Lessee does not deliver
such a list to Lessor within said number of days.
1984 American Industrial Real Estate Association Initials:_________
_________
FULL SERVICE-NET
EXHIBIT D
PAGE 2 OF 2 PAGES
EXHIBIT E
September 11, 1997
LIST OF BUILDING IMPROVEMENTS FOR LIQUID AUDIO
The following is a list of improvements to 810 Xxxxxxx building that are not
included in the building lease. Xxxx Xxxxxxxxxx will provide a quotation by item
to do the improvements.
1. Remodel of existing upper mezzanine to include adding wall for conference
room, doors, frames, minimize size of electrical panel room, half height windows
in wall adjoining mezzanine to bridge, electrical, lighting, texture wall
finishing, paint, etc.
--- option - add 3 offices (9' X 9' inside dimensions) to upper mezzanine
adjoining wall to bridge walkway, electrical, lighting, texture wall finishing,
paint, HVAC, etc. ($ 9,200.00)
2. Area near stairs on existing upper mezzanine, electrical, lighting, texture
wall finishing, paint. ($ 750.00)
3. Remodel existing ground floor hallway area and open to main floor. This
includes demolition of existing hallway, misc patching, smooth wall finishing,
paint, electrical, replace and match hardware, etc. ($ 2,600.00)
4. Remodel of beauty salon and opening to main floor to add ground floor lunch
room. This includes demolition of separating walls, pouring concrete wall
extension for outside door, replace outside door, install sink with water/drain
to existing plumbing and drains, texture wall finishing, paint, electrical,
HVAC, etc. Eliminate Lower Level kitchenette from lease. ($ 4,500.00)
5. Upgrade electrical. This includes adding a separate panel and circuits for
the upstairs offices, adding panel and circuits for network room, installation
of wall sconces into all offices, replacement of overhead lighting in main area
with incandescent lighting, adding electrical service to cubicles on main floor,
additional conduit for network and telephone (network and telephone installation
to done by tenant contractor), conduit for to entrances for badging system.
Tenant to purchase wall sconce fixtures for all offices. ($ 34,000.00)
6. Upgrade of door locks. This includes re-keying doors for a hierarchical key
system. This allows for separate tiers of keys for groups of locks and an
overall master key for all locks. ($1,000.00)
7. Upgrade of mezzanine floor with sound board. The area that includes the
mezzanine walkways and offices would have sound board installed on it to dampen
sound. This includes sound board material and installation. ($ 3,500.00)
8. Adding a protective metal cover over the telephone cabling that runs up the
Xxxxxxx side of the building. This should go up 10' as per Pacific Xxxx'x
requirement and approval. ($ 1,000.00)
9. Cover main Xxxxxxx entrance and add bridge between mezzanine walkways. This
includes adding all structure members to support floor, move lighting to
accommodate new structure, creating conference room, adding railing, carpeting,
HVAC, etc. ($ 9,000.00)
10. Delete conference room in rear wall area of main floor. (N/A)
THE FOLLOWING ARE OPTIONAL CHANGES DEPENDING ON PLANNING APPROVAL OF USE OF
BROADWAY RETAIL SPACE.
11. Create Broadway retail space. One large room only. This includes adding
doors, electrical, lighting, paint, texture wall finish, HVAC, etc. ($ 1,500.00)
12. Remove glass in lower level stairwell in exchange for downstairs lighting.
Details to be determined with help of Xxxxxx Xxxxx, Designer. (No charge)
13. Architectual charges related to the work in this exhibit are to be paid by
Xxxxxx direct to the architect. The outstanding billing at this time is
$2,655.02, which Xxxxxx agrees to pay within 10 days. (see attached invoice)
14. Concurrent with the signing of this lease agreement Xxxxxx agrees to pay to
Xxxxxx the sum of $23,000 for Xxxxxx's portion of these additional improvements.
The balance of the cost of the additional improvements are reflected in the
increase in the rent rate of the initial 36-months of the 60-month lease term as
noted on the "rent schedule".
Memorandum of Understanding
Regarding the lease dated 10/9/97 by and between Xxxx Xxxxxxxxxx Realty, Agent
for partnership, Lessor, and Liquid Audio, Inc. Lessee for the property located
at 000 Xxxxxxx, Xxxxxxx Xxxx, Xxxxxxxxxx, for clarification, the parties
acknowledge the following:
Base Rent Adjustment Upon Exercise of Option and thereafter:
The base rent adjustment specified in Exhibit F (Option To Extend) that will
apply the first year of the option period and annually thereafter shall use as
its base month the month that is two months prior to the first month of the
initial lease term. However, the base rent amount used for adjustment purposes
shall be the base rent in effect the month immediately preceding the end of the
initial lease term due to the fact that the base rent the first three years of
the lease term has been increased to allow the Lessor to recover improvement
costs.
The same will apply to the second option period which will use the same base
month and the same base rent for calculation of increases.
Lessor: /s/ Xxxx Xxxxxxxxxx 10/9/97
------------------------- -------------
Lessee: /s/ [SIGNATURE ILLEGIBLE] 10/9/97
------------------------- -------------
OPTION(S) TO EXTEND
EXHIBIT F
Dated October 2, 1997
By and Between (Lessor) Xxxx Xxxxxxxxxx Realty, agent for partnership
(Lessee) Liquid Audio, Inc.
Property Address: 000 Xxxxxxx xxx Xxxxxxxx, Xxxxxxx Xxxx, XX
A. OPTION(S) TO EXTEND:
Lessor hereby grants to Lessee the option to extend the term of this
Lease for 2 additional 60 month period(s) commencing when the prior term expires
upon each and all of the following terms and conditions:
(i) Lessee gives to Lessor, and Xxxxxx actually receives on a date which is
prior to the date that the option period would commence (if exercised) by at
least 6 and not more than 12 months, a written notice of the exercise of the
option(s) to extend this Lease for said additional term(s), time being of
essence. If said notification of the exercise of said option(s) is (are) not so
given and received, the option(s) shall automatically expire; said option(s) may
(if more than one) only be exercised consecutively;
(ii) The provisions of paragraph 39, including the provision relating to
default of Lessee set forth in paragraph 39.4 of this Lease are conditions of
this Option;
(iii) All of the terms and conditions of this Lease except where specifically
modified by this option shall apply;
(iv) The monthly rent for each month of the option period shall be calculated
as follows, using the method(s) indicated below:
(Check Method(s) to be Used and Fill in Appropriately)
[X] 1. COST OF LIVING ADJUSTMENT(S) (COL)
(a) On (Fill in COL Adjustment Date(s): 11/15/2002 and annually
thereafter the monthly rent payable under Exhibit B of the attached Lease shall
be adjusted by the change, if any, from the Base Month specified below, in the
Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of
Labor for (select one): [_] CPI W (Urban Wage Earners and Clerical Workers) or
[X] CPI U (All Urban Consumers), for (Fill in Urban Area): San Francisco, All
Items (1982-1984 = 100), herein referred to as "C.P.I."
(b) The monthly rent payable in accordance with paragraph A1(a) of
this Addendum shall be calculated as follows: the Base Rent set forth in Exhibit
B of the attached Lease, shall be multiplied by a fraction the numerator of
which shall be the C.P.I. of the calendar month 2 (two) months prior to the
month(s) specified in paragraph A1(a) above during which the adjustment is to
take effect, and the denominator of which shall be the C.P.I. of the calendar
month which is two (2) months prior to (select one): [X] the first month of the
term of this Lease as set forth in Exhibit B ("Base Month") or [ ] (Fill in
Other "Base Month"): ________________________. The sum so calculated shall
constitute the new monthly rent hereunder; but in no event, shall any such new
monthly rent be less than the rent payable for the month immediately preceding
the date for rent adjustment.
(c) In the event the compilation and/or publication of the C.P.I.
shall be transferred to any other governmental department or bureau or agency or
shall be discontinued, then the index most nearly the same as the C.P.I. shall
be used to make such calculation. In the event that Lessor and Lessee cannot
agree on such alternative index, then the matter shall be submitted for decision
to the American Arbitration Association in accordance with the then rules of
said association and the decision of the arbitrators shall be binding upon the
parties. The cost of said Arbitrators shall be paid equally by Xxxxxx and
Xxxxxx.
[_] II. MARKET RENTAL VALUE ADJUSTMENT(S) (MRV)
(a) On (Fill in MRV Adjustment Date(s):_________________________________
________________________________________________________________________________
___________ the monthly rent payable under paragraph 1.5 ("Base Rent") of the
attached Lease shall be adjusted to the "Market Rental Value" of the property as
follows:
1) Four months prior to the Market Rental Value (MRV) Adjustment
Date(s) described above, Lessor and Xxxxxx shall meet to establish an agreed
upon new MRV for the specified term. If agreement cannot be reached, then:
Initials: ____________ EXHIBIT F Initials: __________
____________ __________
OPTION(S) TO EXTEND
Page 1 of 2
NOTICE: These forms are often modified to meet changing requirements of law and
industry needs. Always write or call to make sure you are utilizing the
most current form: American Industrial Real Estate Association, 000
Xxxxx Xxxxxxxx Xxxxxx, Xxxxx X-0, Xxx Xxxxxxx, XX 00000, (000) 000-0000.
Fax No. (000) 000-0000.
i) Lessor and Xxxxxx shall immediately appoint a mutually acceptable
appraiser or broker to establish the new MRV within the next 30 days. Any
associated costs will be split equally between the parties, or
ii) Both Lessor and Lessee shall each immediately select and pay the
appraiser or broker of their choice to establish a MRV within the next 30 days.
If, for any reason, either one of the appraisals is not completed within the
next 30 days, as stipulated, then the appraisal that is completed at that time
shall automatically become the new MRV. If both appraisals are completed and the
two appraisers/brokers cannot agree on a reasonable average MRV then they shall
immediately select a third mutually acceptable appraiser/broker to establish a
third MRV within the next 30 days. The average of the two appraisals closes: in
value shall then become the new MRV. The costs of the third appraisal will be
split equally between the parties.
2) In any event, the new MRV shall not be less than the rent payable
for the month immediately preceding the date for rent adjustment.
(b) Upon the establishment of each New Market Rental Value as described in
paragraph AII:
1) the monthly rental sum so calculated for each term as specified
in paragraph AII(a) will become the new "Base Rent" for the purpose of
calculating any further Cost of Living Adjustments as specified in paragraph
AI(a) above and
2) the first month of each Market Rental Value term as specified in
paragraph AII(a) shall become the new "Base Month" for the purpose of
calculating any further Cost of Living Adjustments as specified in paragraph
AI(b).
[_] III. FIXED RENTAL ADJUSTMENT(S) (FRA)
The monthly rent payable under paragraph Z ("Base Rent") of the attached Lease
shall be increased to the following amounts on the dates set forth below:
On (Fill in FRA Adjustment Date(s)): The New Base Rental shall be:
______________________________________ $______________________________
______________________________________ $______________________________
______________________________________ $______________________________
______________________________________ $______________________________
C. BROKER'S FEE: N/A
Initials: ___________ EXHIBIT F Initials: ________
___________ ________
OPTION(S) TO EXTEND
Page 2 of 2
NOTICE: These forms are often modified to meet changing requirements of law and
industry needs. Always write or call to make sure you are utilizing the
most current form: American Industrial Real Estate Association, 000
Xxxxx Xxxxxxxx Xxxxxx, Xxxxx X-0, Xxx Xxxxxxx, XX 00000. (000) 000-0000.
Fax No. (000) 000-0000.
