LEASE AGREEMENT 1609: GROUND LEASE FOR FREESTANDING RETAIL STORE INCLUDING ADJACENT PARCEL TO BE ACQUIRED BY LANDLORD $49.95
GROUND LEASE AGREEMENT
This Lease (“Lease”) is made as of _________________, by and between COMMERCIAL PROPERTY LANDLORD, INC., a __________________ corporation (“Landlord”), and AGREEABLE TENANT, INC., a _________________ corporation (“Tenant”).
1. DEMISED PREMISES. Effective upon satisfaction or waiver of the contingencies set forth in Articles 40 through 43 inclusive hereof, Landlord hereby demises unto Tenant and Tenant rents from Landlord a certain parcel of land containing approximately two and one-half (2 1/2) acres (the "demised premises") which premises are located at ___________________________ in _________, _________. The demised premises consist of certain real property presently owned by Landlord and described in Exhibit A-1 attached hereto (the "Landlord’s Parcel") and certain real property presently owned by another party and described on Exhibit A-2 attached hereto (the "Adjacent Third Party Parcel"). Landlord will exercise its reasonable best efforts to acquire the Adjacent Third Party Parcel prior to this Lease becoming effective, in accordance with the provisions of Article 42 hereof.
Tenant shall demolish any existing structures located on the demised premises, and construct thereon a building containing approximately twenty-five thousand (25,000) square feet of floor area ("Tenant's Building") together with a loading dock, trash compactor, dumpster pad, parking lot and other site improvements as generally depicted on the site plan attached hereto as Exhibit B (Tenant's Building and all other improvements on the demised premises being collectively referred to herein as the "Improvements"). Tenant shall have the right to change the configuration and/or location of Tenant's Building so long as Tenant's Building substantially conforms to the depiction on Exhibit B. Upon expiration or sooner termination of this Lease, title to the Improvements shall automatically vest in Landlord. The demised premises and the Improvements are collectively referred to herein as the "Property".
2. TERM AND OPTIONS TO EXTEND.
(a) Initial Term. The term of this Lease shall commence upon the "Rent Commencement Date," as that term is defined in Article 8 hereof, and shall terminate on the 31st day of January following the twentieth (20th) anniversary of the Rent Commencement Date (the "Initial Term").
(b) Option Periods. Tenant shall have eight (8) successive options to extend the term of this Lease for an additional period of five (5) years (hereinafter called "Option Period") on each such option, such extended term to begin respectively upon the expiration of the term of this Lease or of this Lease as extended and the same terms and conditions as herein set forth shall apply to each such extended term, except for the Annual Rent which shall be adjusted as set forth on Exhibit C. Upon the expiration of the eighth (8th) Option Period, Tenant shall have no further option to extend the term of this Lease.
(c) Exercise of Option Periods. Tenant shall not have the right to exercise an Option Period at any time while Tenant is in default of this Lease. If Tenant shall elect to exercise an Option Period, it shall do so by giving written notice to Landlord not less than six (6) months prior to the expiration of the term of this Lease or of this Lease as extended; notwithstanding the foregoing, if Tenant does not exercise any Option Period in the time period or in the manner provided in this Article, such Option Period shall nevertheless continue in full force and effect and shall not lapse until fifteen (15) days after Tenant (and Tenant's Leasehold Mortgagee (as defined in Article 22), if any) has received written notice from Landlord that such deadline has passed and that Landlord has not received such notice.
(d) Definition of "Lease term". The phrase "Lease term," as used in this Lease, shall mean the Initial Term of this Lease and any extension thereof pursuant to this Article 2.
(e) Restrictions on Exercise of Options. Landlord acknowledges that following the mutual execution and delivery of this Lease, Tenant intends to assign this Lease to a limited liability company (the "Developer") which will construct Tenant's Building and thereafter lease Tenant's Building and the demised premises to Tenant. In connection with such assignment Tenant, Developer and Tenant will execute and deliver an Assignment of Ground Lease (the "Assignment") substantially in the form attached hereto as Exhibit E, which Assignment contains restrictions on the Developer's and any subsequent assignee's exercise of Option Periods. Landlord agrees to execute and deliver the Acknowledgement and Consent to the Assignment to Tenant and Developer within ten (10) days following full execution of the Assignment and written request and to be bound by the terms thereof, including but not limited to the restrictions on exercise of the Option Periods set forth therein.
3. ANNUAL RENT - ADDITIONAL RENT.
(a) Annual Rent. Tenant shall, during the Lease term, pay to Landlord, at such place as Landlord shall designate in writing, from time to time, without demand therefor, and without deduction or offset except as specifically permitted in this Lease, the amounts set forth on Exhibit C ("Annual Rent"), unless abated or diminished as hereinafter provided. Annual Rent shall be paid in equal monthly installments on the first day of each month, in advance, commencing upon the first day of the Lease term; provided, however, in the event the first day of the Lease term shall not be the first day of a calendar month, then the Annual Rent for such month shall be prorated on a daily basis.
(b) Additional Rent. All amounts which Tenant is required to pay pursuant to this Lease (other than Annual Rent), together with any fine, penalty, interest and costs which may be added for nonpayment or late payment thereof, shall constitute additional rent (referred to herein as "Additional Rent"). If Tenant fails to pay any Additional Rent due under this Lease, then Landlord shall have the right to pay the same and shall have all of the rights, powers and remedies with respect thereto as are provided herein or by law in the case of nonpayment of Annual Rent.
(c) Net Lease. Except as otherwise set forth in this Lease, Landlord shall not be required to make any payment of any kind with respect to the Property nor shall Landlord be required to incur any obligation or liability with respect to this Lease or the ownership, construction, operation, maintenance or repair of the Property.
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