Product Overview This lease form is for a tenant leasing an entire medical office building for a medical clinic. The 10 year lease is gross in character, and there are no specific reference to taxes and operating costs as they are apparently included in the minimum rentals payable by the tenant. The rental is subject to a percentage increase during the 10 year term and the form contains an option to renew for one additional 5 year term. Number of Single Spaced Pages: 14

 

Excerpt

This Lease is made as of _________________, by and between COMMERCIAL PROPERTY LANDLORD, INC., a __________________ corporation ("Landlord"), and AGREEABLE MEDICAL TENANT, INC., a _________________ corporation ("Tenant").

In consideration of the terms, covenants and conditions herein set forth, Landlord and Tenant hereby covenant and agree as follows:

1. DESCRIPTION OF PREMISES. Landlord hereby leases to Tenant, and Tenant hereby hires and takes from Landlord, the land as described on Exhibit A attached hereto and incorporated herein and the building located thereon (hereinafter collectively called the "Leased Premises"), together with any and all easements, appurtenances, rights and privileges belonging to the Leased Premises.

2. TERM. The initial term of this lease shall be for a period of ten (10) consecutive years commencing upon the Rental Commencement Date as defined in Paragraph 4.

3. OPTION TO RENEW. Provided that the Tenant is in good standing and is not in default under any of the terms of this Lease (which default shall be determined at the time of the exercise of its option hereunder and as of the effective date of the extension term), Tenant shall have the option to renew this Lease for one (1) additional term of five (5) years. All other terms and conditions as set forth in this Lease shall apply to the option period (except for the option to renew and rent which is to be negotiated). Tenant must exercise the option to renew in writing on or before one hundred twenty (120) days prior to the expiration of the original term of this Lease but not earlier than three hundred sixty-five (365) days prior to the expiration of the original term. Rental rate for option term shall be agreed upon within thirty days of the notice to renew. If Tenant fails to renew this Lease, Landlord will give Tenant thirty (30) days notice that they have a right to renew the Lease and Tenant will have the longer of the remaining days in the above one hundred twenty (120) days or thirty (30) days to exercise the option to renew.

4. RENTAL:

A. BASE RENT. Tenant shall pay monthly rent (hereinafter "Base Rent") for the Leased Premises. Commencing __________, the base rent will be $_______ per month. The monthly rent will be increased by three (3%) percent annually beginning __________.

B. LATE PAYMENT. Any payment not received by its due date shall result in a five (5%) percent charge to Tenant which shall be due and payable immediately to Landlord.

C. OPERATION OF BUSINESS. If Tenant, at any time after the commencement of this Lease, fails to keep the premises open for business, it will keep the premises clean and maintained and well lit. Furthermore, if Tenant fails to keep the premises open for business, Tenant will diligently and reasonably pursue releasing of the premises and agrees that Landlord may assist Tenant with such releasing. The Base Rent shall be paid in monthly installments in advance on or before the first day of each month, partial months being prorated. The obligation to pay Rent shall begin on the earlier of the date of this Lease (the "Rental Commencement Date"). In the event the Rental Commencement Date is any day other than the first day of the month, the monthly rental for the first month shall be a prorated amount.

Rent payments shall be made payable to Landlord and delivered to the Landlord at ___________________________ until Tenant is notified otherwise by Landlord.

5. SIGNAGE. Tenant shall be entitled to signage allowable by the applicable provisions of the city in which the Leased Premises are located (“City”) and City rules, regulations and ordinances.

6. USE OF THE PREMISES. Tenant shall only use the Leased Premises as a medical office building without the written consent of Landlord. Such use and any other use which Landlord consents to shall be in compliance with all applicable laws, rules, regulations and ordinances of every governmental body or agency whose authority extends to the Leased Premises.

7. QUIET ENJOYMENT. Landlord warrants and covenants that it is the owner of and is in lawful possession of the Leased Premises and covenants and agrees that Tenant shall have quiet enjoyment of the Leased Premises and the rights granted in this Lease provided Tenant complies with each and all of the terms of this Lease.

(continued)

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