XXXXXX COMPANIES
DIVISION OF THE XXXXXX FAMILY CORPORATION
000 XXXXXXX XXXX, XXXXXXXX 000
XXXXXXXX, XXXXX XXXXXXXX 00000-0000
COMMERCIAL LEASE
THIS LEASE AGREEMENT (hereinafter "Lease") is entered into as of the
12th day of October 1998, between Xxxxxxxxxx Park Associates, LP (hereinafter
called "Landlord"), Premier Express Claims, Inc. (hereinafter called "Tenant").
1. LEASED PROPERTY. The Landlord hereby leases to Tenant, subject to
the covenants, terms and conditions hereinafter expressed that certain parcel of
real property, together with that building and other improvements thereon and
all rights, easements, privileges, and appurtenances thereunto belonging,
located at 000 Xxxxxxx Xxxx, Xxxxx 000, Xxxxxxxx, XX 00000, henceforth referred
to as the "Leased Property", and more particularly described and identified in
the area outlined in red on the map or floorplan annexed hereto as Exhibit "A"
and by reference made a part hereof.
2. TERM AND DELIVERY OF PREMISES. To have and to hold said premises
unto the Tenant for a term of 5 years beginning on December 1, 1998 and ending
on November 30, 2003.
It is further agreed and understood that if Landlord is unable to
deliver possession of the demised premises to the Tenant at the commencement of
the term of this lease because of the retention of possession thereof by other
parties than Landlord, or because Landlord is unable to get the premises ready
for occupancy by Tenant, then Landlord shall not be liable to Tenant for damages
and this lease shall not terminate, provided however, that Tenant shall have no
obligation to pay hereunder until possession of the demised premises is
delivered to Tenant. Landlord shall use all reasonable diligence to deliver
possession of the premises to Tenant upon commencement of the within term.
It is anticipated that possession may be had on November 15, 1998,
however, if for any reason Landlord fails to give possession of the demised
premises on that date, then this lease and payment of rent will commence as of
the day possession is given with the further understanding that possession must
be had by December 1, 1998 or Tenant may terminate this lease by written notice
prior to the Landlord's tendering possession of the demised premises to the
Tenant. If the term of this lease shall commence on a day other than the first
day of a calendar month, rental shall be paid for the portion of the month in
proportion to the monthly rental rate as herein provided and the term provided
for this lease shall be extended so as to cause the expiration of the term to be
on the last day of the month of the term.
3. COVENANTS AND CONDITIONS OF LEASE. This lease is made on the
following covenants and conditions which are expressly agreed to by Landlord and
Tenant:
Rent: Tenant covenants to pay as rental to Landlord the annual
and monthly sums as stipulated in Paragraph 33. Said rental shall be payable in
advance at the office of Xxxxxx Companies, 000 Xxxxxxx Xxxx, Xxxxxxxx 000,
Xxxxxxxx, Xxxxx Xxxxxxxx, 00000-0000. Rent is due on the first day of each month
and shall not be withheld for any reason whatsoever.
In the event Tenant shall fail to pay rental within Ten (10)
days of the due date, a late charge of ten percent (10%) of the monthly rental,
compounded monthly but a minimum of ten ($10.00) dollars per month, shall be
added to the rental and paid to Landlord for each such late payment, and the
same shall be treated as additional rent.
4. UTILITIES. Tenant agrees to pay for all utility connections and
services rendered or furnished to the Leased Property during the Lease term.
5. REPAIRS AND MAINTENANCE. Tenant agrees, throughout the Lease term,
to maintain the Leased Property, including the interior and exterior portions of
the building being leased hereunder, and any improvements thereon, in a clean
and safe manner and to make, at its expense, such ordinary repairs and
replacements as may be required to keep said Leased Property and the interior
and exterior of said building and improvements in good condition (excluding
repairs and replacements necessitated by a fire or other casualty insurable
under a standard form All Risk Fire and Extended Coverage Insurance Policy),
ordinary wear and tear, damage by the elements and any obligations of Landlord
excepted. * All warranties transferred to Tenant.
Tenant further agrees to make, at its own expense less a $250 per
agreed-upon instance Landlord contribution, all major repairs and replacements
required to maintain the utility systems including the HVAC, plumbing and
electric systems, and to maintain the exterior portion of the Leased Property in
a good and safe condition; and to make at its expense, such major repairs,
replacements and improvements as may be required to keep the utility systems of
the Leased Property and interior and exterior of said building and improvements
in compliance with all applicable federal, state and municipal laws and all
applicable rules, regulations and directives of properly constituted
governmental authorities. Landlord agrees to maintain the foundations, roof and
structural portions of the exterior walls of the Building (except for glass and
exterior doors and repairs necessitated by acts of Tenant and/or its agents,
employees or invitees). In the event that the building situate upon the Leased
Property should become in need of repairs, replacements, or improvements
required to be made by the Landlord hereunder, Tenant shall give written notice
thereof to Landlord, and Landlord shall proceed promptly to make such repairs,
replacements or improvements, at its own expense.
In the event that the need for repairs, replacements or restorations
shall be caused by fire or other casualty or by taking under the power of
eminent domain, the obligations of Landlord and Tenant shall be determined in
accordance with Paragraph 12 or 17 as the case may be.
6. PAYMENT OF TAXES AND OTHER ASSESSMENTS. Landlord shall pay annually
all real estate taxes on the demised premises existing at the commencement of
this Lease. However, Tenant shall reimburse Landlord for their pro rata share of
any and all taxes and other assessments assessed or levied against the premises,
as well as any special assessment imposed upon the demised premises for any
purpose whatsoever during the term, whether the in taxation results from a
higher tax rate or an increase in the assessed valuation of the demised premises
or of both. However, if the improvements upon the demised premises are not fully
assessed by the local assessor's office during the agreed upon base year, the
tax base will be amended in the following manner. The millage rate established
in the year as set out above shall be applied to the assessed value of the
demised premises when fully assessed by the Tax Assessor's office. Should the
full assessment not be completed until after this Lease expires or is
terminated, this increase will be due and payable upon demand. If the taxes of
the demised premises are increased because of the fixtures added by Tenant,
Tenant shall reimburse Landlord for all taxes assessed because of said
improvements. Such payment shall be made by Tenant and Landlord not later than
thirty (30) days following the date on which Landlord provides Tenant with
written evidence of such increase. In the event the premises are less than the
entire property assessed for such taxes for any such year, then the tax for any
such year applicable to the premises shall be determined by proration on the
basis that the rentable floor area of the premises bears to the rentable floor
area of the entire property assessed. If the final year of the Lease term fails
to coincide with the tax year, then any excess for the tax year during which the
term ends shall be reduced by the pro rata part of such tax beyond the Lease
term. For the purpose of this covenant, it is agreed that the premises demised
hereunder contains 6,000 square feet and the rentable area of the building is
10,000 square feet. Tenant's Pro-Rata share is 60.0%.
7. ALTERATION OF BUILDINGS AND INSTALLATION OF FIXTURES AND OTHER
APPURTENANCES. Tenant may only with the prior consent of Landlord, but at its
own cost and expense in a good, workmanlike manner, make such alterations and
repairs in the building as Tenant may require for the conduct of its business
without, however, materially altering the basic character of the building or
improvements, or weakening any structure on the demised premises. Tenant shall
have the right, without the permission of Landlord, to erect, at Tenant's sole
cost and expense, such temporary partitions, including office partitions, as may
be necessary to facilitate the handling of Tenant's business and to install
electrical fixtures, additional lights and wiring and other trade appliances.
Any alterations or improvements to the leased premises, including but not
limited to partitions, all electrical fixtures, lights and wiring, shall at the
option of Landlord, become the property of Landlord, at the expiration or sooner
termination of this Lease. Should Landlord request Tenant to remove all or any
part of the above mentioned items, Tenant shall do so prior to the expiration of
this Lease and repair premises to its original condition. Temporary shelves,
bins and machinery installed by Tenant shall remain the property of Tenant and
may be removed by Tenant at any time; provided, however, that all covenants,
including rent, due hereunder to Landlord shall have complied with and paid. At
the expiration or sooner termination of this Lease, or any extension thereof,
Tenant shall remove said shelves, bins and machinery, and repair, in good and
workmanlike manner, all damage done to the leased premises by such removal.
Tenant shall not exercise the right and privilege granted by this Article 7 in
such manner as to damage or affect the structural qualities of the building.
Before any work is begun, Tenant agrees to furnish Landlord with hold harmless
agreements from all contractors protecting against mechanics liens.
8. PROPERTY INSURANCE. Landlord shall obtain and keep in force during
the term of this Lease a policy or policies of insurance covering loss or damage
to the premises, in the amount of the full replacement value thereof, providing
against all perils included within the classification of fire, extended
coverage, vandalism, malicious mischief, special extended perils (all risk) and
loss of rents. Tenant shall pay during the term hereof, in addition to rent, the
amount of any pro rata share of premiums for the insurance required under this
Paragraph 8. Tenant shall pay any such premium increases to Landlord within
thirty (30) days after receipt by Tenant of a copy of the premium statement or
other satisfactory evidence of the amount due. If the insurance policies
maintained hereunder cover other improvements in addition to the premises,
Landlord shall also deliver to Tenant a statement of the amount of such increase
attributable to the premises and showing in reasonable detail the manner in
which such amount was computed. If the term of this Lease shall not expire
concurrently with the expiration of the period covered by such insurance,
Tenant's liability for premium increases shall be prorated on an annual basis.
If the premises are less than the total property the base pro rata share shall
be the same as in Paragraph 6 (Taxes). Tenant will not permit or suffer anything
to be done nor keep anything in or about the premises which would render the
insurance thereon void or voidable or cause cancellation. Tenant will not keep,
use or sell, or allow to be kept, used or sold in or about the leased premises,
any article or material which is prohibited by law or by standard fire insurance
policies of the kind customarily in force with respect to premises of the same
general type as those covered by this Lease.
9. LIABILITY INSURANCE. Tenant will procure and keep in effect during
the Lease term and any extension thereof, at its sole cost and expense,
Comprehensive General Liability Insurance coverage with a combined single limit
of One Million Dollars ($1,000,000.00) per occurrence with respect to bodily
injury and property damage resulting from or occurring in connection with
Tenant's use and/or occupancy of the Leased Property. Such policy shall name as
insured Tenant, Landlord and any mortgagees of which Tenant has notice as their
interests shall appear. Evidence of such insurance shall be delivered to
Landlord upon commencement of this Lease, and the policy or policies pertaining
to such insurance shall provide for at least thirty (30) days prior notification
to both Landlord and Tenant in the event of significant modification or
cancellation.
10. INDEMNIFICATION. Tenant will defend, indemnify and hold harmless
Landlord from and against all losses, claims, damages and expenses resulting
from any accident or other occurrence on or about the Leased Property caused by
the negligence of Tenant, Tenant's agents or employees and resulting in injury
or death to any person or damage to any property, except when such injury,
damage or death is due to the negligence of (or results from a breach of this
Lease's terms and conditions by) the Landlord, its successors or assigns.
11. ASSIGNMENT AND SUBLETTING. Tenant shall not, without the Landlord's
consent, which shall not be unreasonably withheld, have the right to assign or
sublease the Leased Property, or any part thereof to any third party. In any
event, the Tenant shall notify Landlord or any potential assignment or sublease
to be approved by the Landlord and shall remain primarily liable hereunder. The
Tenant shall not lease to a Sublessee at any profit or rate above the amount
that is stipulated by this lease. Any rental increases or profit from subletting
shall become due and payable to the Landlord.
12. DAMAGE AND DESTRUCTION. Irrespective of any allegation of
negligence, if the Leased Property or any portion thereof is so damaged or
destroyed by the elements or other cause as to render the Leased Property or
portion thereof unsuitable for the purposes intended by Tenant and the Leased
Property cannot be restored to its former condition within one hundred twenty
(120) days after such damage or destruction, then Landlord shall have the option
to declare this Lease null and void, and in which event Tenant shall promptly
surrender the Leased Property to Landlord and shall pay rent and other charges
only to the time of such surrender. If the Leased Property can be restored to
its former condition within one hundred twenty (120) days after such damage or
destruction, or within such longer period as is mutually agreeable to both
parties, then Landlord shall have the responsibility of causing the Leased
Property to be restored to its former condition as soon as possible, and the
rent and other charges payable hereunder shall be abated or equitably reduced,
whichever is applicable, in an amount equal to the proportion of the Leased
Property which Tenant is unable to use in accordance with the purposes specified
herein as a result of such damage or destruction, from the date of such damage
or destruction until such restoration is completed, and such period of time from
the date of damage until restoration shall be added to the Lease term or the
applicable renewal term then in effect.
13. CONDUCT OF BUSINESS AND USE OF LEASED PROPERTY. Tenant shall
conduct its business in accordance with all Federal and State laws and all local
ordinances applicable to such business. Tenant agrees not to abandon or vacate
the demised premises. Landlord covenants that the Leased Property may be
lawfully used by Tenant for a call center or any other legal purposes not
inconsistent therewith.
14. COVENANT OF QUIET ENJOYMENT. Landlord covenants that it is seized
of the Leased Property in fee simple and has a good right to execute this Lease,
and that if Tenant performs in accordance with the terms and conditions hereof,
Tenant shall have the peaceable possession and quiet enjoyment of the Leased
Property throughout the Lease term and any extension thereof without any
interference or restriction by Landlord or any person claiming lawfully under
the Landlord. The Landlord will guarantee ingress and egress to the Leased
Property.
15. TENANT'S DEFAULT. If the Leased Property shall be deserted or
vacated, or Tenant shall voluntarily file a petition in bankruptcy or be
adjudicated a bankrupt in a proceeding against it, or a receiver for Tenant or
for all or a substantial part of its property shall be appointed, or a court
order shall be made approving a petition seeking reorganization or an
arrangement under the Bankruptcy Act and any such adjudication, appointment or
order shall not have been vacated or set aside or otherwise terminated or stayed
within sixty (60) days from the entry or granting thereof, or if there shall be
a default in the payment of rent or any part thereof for more than fifteen (15)
days after written notice of such default by the Landlord is received by Tenant,
or if there shall be default by Tenant in the performance of any other material
covenant or material condition herein contained for more than thirty (30) days
after receipt of written notice thereof; then, upon any of such events, this
Lease (if the Landlord so elects) shall thereupon become null and void, and the
Landlord may, at its option, relet the Leased Property or any part thereof, as
the agent of the Tenant, and the Tenant shall pay the Landlord the difference,
if any, between the rent owed by Tenant for the remaining portion of the Lease
term and the amount received or to be received under such reletting for such
portion of the Lease term. Landlord shall be required to exercise reasonable
good faith efforts to mitigate its damages and relet the Leased Property in
accordance with the customary practice in South Carolina.
Should the Tenant, pursuant to this Lease, become obligated to
reimburse or otherwise pay the Landlord any sum of money in addition to the base
rent, the amount thereof shall be deemed additional rent and may, at the option
of the Landlord, be added to any subsequent installment of the base rent due and
payable under this Lease, in which event the Landlord shall have the remedies
for default in the payment thereof provided by this Lease. The provisions of
this paragraph shall survive the termination of this Lease.
16. DEFAULT OF LANDLORD. If at any time during the term hereof Landlord
shall default in any of its obligations under this lease, Tenant may give the
written notice to Landlord of its intention to terminate the lease, together
with a statement of the nature of such default, and such termination shall
become effective on the forty fifth (45th) day after the date of such notice
unless (a) such default shall be cured with forty five (45) days after such or
(b) if the default is of such a nature that it cannot be cured within such
period, the necessary steps to cure such default are duly taken within such
period and are thereafter diligently pursued.
17. EMINENT DOMAIN. If the whole of the Leased Property is condemned
for any public use or purpose by any legally constituted authority, this Lease
shall cease from the date of such taking and rental shall be accounted for
between the Landlord and the Tenant as of the date of the surrender of
possession. If any portion of the Leased Property is so condemned and the
property so taken shall make the Leased Property unsuitable for the purposes
contemplated hereunder, Tenant shall have the right to terminate this Lease,
effective as of the date of such taking and the rental shall be similarly
accounted for. If a portion of the Leased Property shall be taken and Tenant
shall not so elect to terminate this Lease, the rental shall, from and after the
date of taking be proportionately reduced in an amount equal to the portion of
the Leased Property so taken and Landlord shall forthwith restore the remaining
portion of the Leased Property to a complete architectural unit provided that
the award received by Landlord as a result of such partial condemnation is
sufficient for such restoration. Unless the condemnation award specifically
allows or clearly implies that a portion thereof be allocated to Tenant for
trade fixtures, alterations, additions, and improvements, moving expenses or
other consequential damages, Tenant shall have no right of recovery against
Landlord for any portion of such condemnation award.
18. HOLDING OVER. If Tenant remains in possession of the Leased
Property after the expiration of the Lease term, or after the expiration of any
renewal term, such possession shall be at a base rental rate of two (2) times
the last months base rental rate with all other terms and provisions of this
Lease to remain in effect.
19. SURRENDER OF LEASED PROPERTY. At the expiration of this Lease or
any renewal thereof, or at the earlier termination of the Lease as herein
provided, Tenant will peaceably and quietly leave the Leased Property and
surrender the possession thereof to Landlord in as good condition as it was upon
the commencement of the Lease term reasonable wear and tear, damage by the
elements and permitted alterations and improvements excepted. Tenant shall
proceed immediately upon the termination or expiration of this Lease to remove
from the Leased Property all personal property, equipment, furnishings and trade
fixtures placed by it on, to, or in said Leased Property, whether nailed,
bolted, or otherwise affixed. Any damage caused by such removals shall be
promptly repaired by Tenant at its own expense. Any alterations and improvements
not removed within thirty (30) days of the termination or expiration shall, at
Landlord's option, become property of Landlord who may dispose of such
alterations or improvements as it sees fit.
20. EFFECT OF WAIVER. The failure of either party to enforce any of the
rights given to it under this Lease by reason of the violation of any of the
covenants in this Lease to be performed by the other party shall not be
construed as a waiver of the right of either party to exercise any such rights
as to any subsequent violations of such covenants, or as a waiver of any of the
rights given either party by reason of the violation of any of the other
covenants of this Lease.
21. NOTICES. Any notice or other communication required to be given a
party hereto shall be in writing and either hand delivered or mailed by
registered or certified mail, return receipt requested, postage prepaid,
addressed as set forth below. For all purposes hereunder, "receipt" shall be
deemed to occur on the date of actual receipt.
As to Landlord, to:
Xxxxxxxxxx Park Associates, LP
Attn: Property Manager
X.X. Xxx 000000
Xxxxxxxx, Xxxxx Xxxxxxxx 00000-0000
Office: (000) 000-0000
Fax: (000) 000-0000
As to Tenant:
Premier Express Claims, Inc.
000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxxx, Xxxxx Xxxxxxxx 00000
or at such other addresses as the parties may from time to time designate in
writing in the manner provided in this Paragraph.
22. NON-DISTURBANCE AGREEMENT. This Lease is subject and subordinate to
any first or existing mortgage which constitutes a lien on the Leased Property,
and this Lease is also subordinate to all renewals, modifications,
consolidations, replacements and extensions of said mortgages.
23. ESTOPPEL CERTIFICATES. Each party shall, at any time and from time
to time, as requested by the other party, upon not less than ten (10) days prior
notice, execute and deliver to the requesting party a statement certifying that
this Lease in unmodified and in full force and effect (or if there have been
modifications, that the same is in full force and effect as modified and stating
the modifications), certifying the dates to which the rent and additional sums
due hereunder have been paid, stating whether or not, to the best knowledge of
the party giving the statement, the requesting party is in default in
performance of any of it's obligations under this Lease, and, if so, specifying
each such default of which the party giving the statement shall have knowledge.
24. MODIFICATIONS. There have been no representations, covenants or
warranties by either party to the other which qualify, impair, modify or
eliminate any terms, representations, covenants or warranties contained herein.
No amendment to this Lease shall be effective unless the same shall be reduced
to writing and signed by the parties hereto.
25. REMEDIES. The specific remedies to which Landlord or Tenant may
resort under the terms of this Lease are not cumulative and are not intended to
be exclusive of any other remedies or means of redress to which they may be
lawfully entitled in case of any breach or threatened breach by either of them
of any provision of this Lease.
26. SUCCESSION. All of the terms, covenants, and conditions of this
Lease or any extension, amendment or modification thereto, shall inure to the
benefit of and be binding upon the respective heirs, administrators, successors
and assigns of the parties hereto.
27. GOVERNING LAWS. This Lease shall be construed in accordance with,
and performance hereunder shall be governed by, the laws of the State of South
Carolina.
28. LIENS. Tenant will not permit to be created nor to remain
undischarged any lien, encumbrance, or charge (arising out of any work of any
contractor, mechanic, laborer or material man or any mortgage, conditional sale,
or security agreement) which might be or become a lien or encumbrance or charge
upon the premises or any part thereof or the income therefrom, and Tenant will
not suffer any other matter or thing whereby the estate, right and interest of
Landlord in the premises or any part thereof might be impaired. If any lien or
notice of lien on account of an alleged debt of Tenant or any notice of contract
by a party engaged by Tenant or Tenant's contractor to work on the premises
shall be filed against the premises or any part thereof, Tenant, within ten (10)
days after notice of the filing thereof, will cause the same to be discharged of
record by payment, deposit, bond, order of a court of competent jurisdiction or
otherwise. If Tenant shall fail to cause such lien or notice of lien to be
discharged within the period aforesaid, then, in addition to any other right or
remedy, Landlord may, but shall not be obligated to, discharge the same either
by paying the amounts claimed to be due or by procuring the discharge of such
lien by deposit or by bonding proceedings, and in any such event Landlord shall
be entitled, if Landlord so elects, to compel the prosecution of an action for
the foreclosure of such lien by the lienor and to pay the amount of the
judgement in favor of the lienor with interest, costs, attorneys' fees and
allowances. Any amount so paid by Landlord and all costs and expenses including
attorneys' fees, incurred by Landlord in connection therewith, together with
interest thereon at the maximum legal rate from the respective dates of
Landlord's making of the payment or incurring of the cost and expense shall
constitute additional rent payable by Tenant under this lease and shall be paid
by Tenant to Landlord on demand.
29. SECURITY. As security for the faithful performance by Tenant of all
the terms and conditions of this lease on Tenant's part to be performed, Tenant
has deposited with Landlord the sum of Four Thousand Two Hundred and Fifty
Dollars ($4,250.00). Such amount shall be returned to Tenant, without interest,
within thirty (30) days after the day set forth for the expiration or sooner
termination of the term herein if Tenant has fully and faithfully carried out
all of the terms, covenants, and conditions of this lease on its part to be
performed. Landlord shall have the right to apply any part of said deposit to
cure any default of Tenant, including, but not limited to, damages and payment
of rent. The application of said deposit shall be at the sole discretion of
Landlord. It is expressly understood that this remedy is in addition to all
other remedies vested in Landlord.
In the event of sale of the Building or lease of the land on which it
stands subject to this lease, Landlord shall have the right to transform the
security to the purchaser and Landlord and his agent shall be released by Tenant
from all liability for the return of such security and Tenant shall look to new
landlord solely for the return of the said security. It is agreed that this
provision shall apply to every transfer or assignment made of the security to a
new landlord. The security deposited under this lease shall not be mortgaged,
assigned, or encumbered by Tenant without the written consent of Landlord. In
the event of any authorized assignment of this by Tenant the said security
deposit shall be deemed to be held by Landlord as deposit made by the assignee
and Landlord shall have no further liability with respect to the return of said
security deposit to Tenant.
30. COMMISSIONS. Landlord and Tenant acknowledges the service of Xxxxxx
Companies as Real Estate Broker in this transaction and in the consideration of
the effort of said broker in obtaining Tenant herein, the Landlord does hereby
agree to pay said broker for services rendered, commissions on the rental of the
demised premises in accordance with their separate agreement. Both parties agree
that no other broker is involved in connection with this lease.
31. ERECTION AND REMOVAL OF SIGNS. Tenant may only upon the Landlord's
prior approval place suitable signs on leased premises for the purpose of
indicating the nature of the business carried on by Tenant in said premises;
provided, however, that such signs shall be in keeping with other signs in the
district where the leased premises are located; Tenant agrees to exonerate, save
harmless, protect, and indemnify Landlord from and against any and all losses,
damages, claims, suits, or actions and all costs and expenses including
reasonable attorney's fees, in connection therewith, arising from any damage or
injury to persons or property caused by an erection and maintenance of such
signs or parts thereof, and insurance coverage for such signs shall be included
in the public liability policy which Tenant is required to furnish. The location
and size of such signs shall be approved by Landlord prior to their erection,
and shall not damage the leased premises in any manner. At the termination of
this Lease, Landlord may require that Tenant remove its sign, and any damage to
the premises caused by removal shall be promptly repaired by Tenant.
32. RELOCATION. In the event Landlord determines to utilize the demised
premises for other purposes during the term of the Lease, Tenant agrees to
relocate to other space in the building to be designated by Landlord, provided
such other space is of equal or larger size than the demised premises, and has
substantially the same number of exterior windows and other amenities. Landlord
shall pay all reasonable out-of-pocket expenses incurred by Tenant in any such
relocation, including the expenses of moving and reconstruction of all Tenant
and Landlord improvements. In the event of any such relocation, this Lease shall
continue in full force and effect without any change in the terms or other
conditions, but with the new location substituted for old location described in
Paragraph 1, page 1 of this Lease.
33. ADDITIONAL PROVISIONS. Insofar as the following provisions conflict
with any other provision in this lease the following controls:
A. Base Rentals: The Tenant shall pay the following base
rentals which do not include the payments of the Taxes and
Assessments and Fire Insurance by Tenant in accordance with
Paragraphs 6 and 8:
B. Common Area Maintenance: The Tenant shall pay an amount of
$0.0625 per month to the Landlord toward common area
maintenance throughout the term of the lease. If the common
area maintenance charges exceed $0.75 per year, Tenant will
pay the increased difference.
C. Interior Upfit: Landlord agrees to upfit Tenant space in
accordance with exhibit A.
D. Parking: Up to 60 spaces will be provided on the premises by
Landlord at no additional cost to Tenant.
E. Option to Terminate:
After 36th month with payment of $30,476.00
After 48th month with payment of $16,476.00
F. Option: Tenant has one 3 year option at rates to be
negotiated.
Effective Date Rate Monthly Rent Annual Rental
------------------ -------------------- --------------------- ------------------
12-1-98 $8.50 $4,250.00 $51,000.00
12-1-99 $8.50 $4,250.00 $51,000.00
12-1-00 $8.50 $4,250.00 $51,000.00
12-1-01 $8.50 $4,250.00 $51,000.00
12-1-02 $8.50 $4,250.00 $51,000.00
IN WITNESS WHEREOF, each party hereto has caused this Lease to be
executed, all as of the date first above written.
Witness Landlord:
----------------- By
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Its
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Date
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Witness Tenant:
----------------- By
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Its
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Date
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