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LEASE AGREEMENT 415: PRO-TENANT LEASE ADDENDUM WITH EXCLUSIONS TO THE DEFINITION OF OPERATING COSTS $39.95

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Lease Related Agreements
LA415

Product Overview

This Lease Addendum is a pro-tenant list of specific items that are excluded from the landlord drafted definition of operating expenses.

Operating expense definitions drafted by the landlord are generally extremely broad in scope, and frequently include items that tenants find objectionable. This pro-tenant addendum is designed to fix that problem.

Number of Single Spaced Pages: 14

 

Quick Look

Lease Addendum-- Exclusions to Operating Costs

 

THIS LEASE ADDENDUM (the "Addendum"), is made and entered into this _____ day of ________, 20__, by and between COMMERCIAL PROPERTY LANDLORD, INC., hereinafter referred to as "Landlord," and AGREEABLE TENANT, INC., hereinafter referred to as "Tenant," and modifies that certain lease (the "Lease") of even date herewith.

WITNESSETH:

In consideration of the covenants, terms, conditions, agreements, and payments as hereinafter set forth, the parties hereto covenant and agree as follows:

Notwithstanding anything to the contrary contained in the definition of Operating Costs, Operating Costs shall not include:

1. Any ground lease rental;

2. Costs of capital improvements and equipment; except for those (a) acquired to reduce Operating Costs, amortized at an annual rate reasonably calculated to equal the amount of Operating Costs actually saved in each calendar year throughout the Lease Term (as determined at the time Landlord elected to proceed with the capital improvement or acquisition of the capital equipment to reduce Operating Costs), together with interest at the actual interest rate incurred by Landlord, or (b) made after the Commencement Date that are required under any governmental law or regulation that was not in effect as of the date of this Lease (which shall be amortized, including interest on the unamortized cost at the actual interest rate, if any, incurred by Landlord, over its useful life as reasonably determined by Landlord), or (c) necessary in order to operate the Building at the same quality level as prior to such replacement;

3. Costs incurred by Landlord for the repair of damage to the Building, to the extent that Landlord is reimbursed by insurance proceeds (or any other source whatsoever);

4. Costs, including architectural, permit, license and inspection costs, incurred with respect to the installation of tenant improvements made for tenants or other occupants in the Building or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants of the Building;

5. Depreciation, amortization and interest payments, except as otherwise provided in this Addendum and except on materials, tools, supplies and vendor-type equipment purchased by Landlord to enable Landlord to supply services Landlord might otherwise contract for with a third party where such depreciation, amortization and interest payments would otherwise have been included in the charge for such third party's services, all as determined in accordance with generally accepted accounting principles, consistently applied, and when depreciation or amortization is permitted or required, the item shall be amortized over its reasonably anticipated useful life;

6. Marketing costs including leasing commissions, attorneys' fees in connection with the negotiation and preparation of leases, space planning costs, and other costs and expenses incurred in connection with lease, sublease and/or assignment negotiations and transactions with present or prospective tenants or other occupants of the Building;

7. Costs incurred by Landlord for alterations which are considered capital improvements and replacements under generally accepted accounting principles, consistently applied, except as permitted in Subsection (2) and (3) above;

8. Costs of a capital nature, including, without limitation, capital improvements, capital repairs, capital equipment and capital tools, all as determined in accordance with generally accepted accounting principles, consistently applied, except as permitted in Subsection (2) above;

9. Expenses in connection with services or other benefits which are not offered to Tenant or for which Tenant (or any other Tenant) is charged directly;

(continued)


End of Excerpt

 

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