LEASE AGREEMENT 1379: LEASE FOR SUPPLEMENTAL PARKING ON ADJACENT PARCEL REQUIRED BY TENANT EXPANSION $49.95
PARKING LEASE AGREEMENT
This Parking Lease Agreement (this "Lease"), is entered into as of ____________, 20__, by and between COMMERCIAL LANDLORD LP., a ___________________ limited partnership ("Landlord") and ACCEPTABLE TENANT, INC.., a Delaware corporation ("Tenant") for the benefit of each other and the City of ___________________, a municipal corporation (the "City"), in reference to the following:
A. Landlord is the owner of fee title to that certain real property commonly known as 1225 Main Street, , ___________________, ___________________, more particularly described on the attached Exhibit A (referred to herein as "1225 Main Street Premises");
B. Third Party LLC, a ___________________ limited liability company ("THIRD PARTY") is the owner of fee title to that certain real property commonly known as Adjacent Premises, ___________________ ___________________, more particularly described on the attached Exhibit B (referred to herein as "Adjacent Premises");
C. Tenant leases 1225 Main Street Premises from Landlord pursuant to a Build-to-Suit Lease dated as of _________, 200_ (the "1225 Main Street Premises Lease"), and leases Adjacent Premises from THIRD PARTY pursuant to a lease dated _______ (the "Adjacent Premises Lease").
D. In the event that Tenant elects to expand its facility at Adjacent Premises ("Tenant’s Proposed Expansion"), the City will require additional parking of up to ___ parking spaces be provided, and one way in which such additional parking can be provided is through the leasing of the required spaces on 1225 Main Street Premises for Tenant's use in connection with its use of its facility at Adjacent Premises;
E. Landlord and Tenant now agree as follows:
NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1. TENANT PARKING LEASE.
(A) PREMISES. Landlord hereby leases to Tenant __________________ parking spaces located in the area described in Exhibit C attached hereto and made a part hereof (the "Tenant’s Parking Area"), for the sole purpose of parking vehicles by employees and invitees of Tenant.
(B) TERM. The term of this Lease shall commence on the date hereof and shall terminate on the date Tenant, or its permitted successor or assignee, ceases to operate its business at Adjacent Premises, ___________________, ___________________.
(C) RENT. Beginning on the date of this Lease, Tenant shall pay to Landlord as rent the amount of $________ per year, payable on the second day of each calendar year; provided, however, that in the event that the 1225 Main Street Premises Lease is terminated for any reason, commencing upon the first day of the first full calendar month following the month in which such termination takes place, and on the anniversary of such date each year during the remainder of the term of this Lease, Tenant shall pay to Landlord an amount equal to $________ (subject to an annual increase of two percent (2%), commencing on the first anniversary date of this Lease and on each such anniversary during the term hereof) multiplied by ____. Additionally, in the event that the 1225 Main Street Premises Lease is terminated, Tenant shall pay, in addition to such rent, its pro rata share of surface parking maintenance costs at 1225 Main Street Premises. For purposes of this section, "pro rata share" shall equal __________%, and "surface parking maintenance costs" shall consist of the recurring expenses of maintaining surface parking at 1225 Main Street Premises, including costs of sweeping, patching, resealing, restriping, lighting, landscaping and insuring the surface parking areas.
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