LEASE AGREEMENT 851: AMENDMENT TO EXPAND AND IMPROVE THE PREMISES (WITH ATTACHED CONSTRUCTION EXHIBIT) AND GRANT OF ADDITIONAL EXPANSION OPTIONS AND EXTERIOR SIGNAGE RIGHTS TO THE TENANT $49.95
THIS LEASE AMENDMENT (the “Amendment”), is made and entered into this _____ day of ________, 200_, by and between COMMERCIAL PROPERTY LANDLORD, INC., hereinafter referred to as "Landlord," and ACCEPTABLE TENANT, INC., hereinafter referred to as "Tenant," and modifies that certain lease (the “Lease”) executed on ________________ by and between Landlord and Tenant.
WHEREAS, Landlord and Tenant entered into that certain Lease Agreement dated _______________ (the "Lease"), wherein Landlord leased to Tenant approximately _____________ square feet of Net Rentable Area (the "Initial Office Space") located on the _____________ (__th) and __________ (__th) floors of the building (the "Building") located at ___________________ in the City of ___________, _________ County, _________ and __________ square feet of Net Rentable Area (the "Storage Space") all as depicted in the Lease; and
WHEREAS, Landlord and Tenant desire to amend the Lease in accordance with the terms and conditions set forth below;
NOW, THEREFORE, for and in consideration of the duties, covenants and obligations of each to the other hereunder, the Leased Premises and other good and valuable consideration, the receipt and sufficiency of which are hereby and acknowledged, Landlord and Tenant hereby agree to amend, and do hereby amend, the Lease as follows (all terms defined in the Lease shall, when used herein, have the same meanings as set forth in the Lease unless otherwise defined herein):
1. Subject to and upon the terms, provisions and conditions set forth in the Lease and this First Amendment, and each in consideration of the duties, covenants and obligations of the other hereunder, Landlord does hereby lease, demise and let to Tenant and Tenant does hereby lease and take from Landlord an additional _______________ (____) square feet of Net Rentable Area located on the __________ (__th) floor of the Building, as reflected on the floor plan attached hereto as EXHIBIT A-1 (the "Additional Office Space"). From and after the Effective Date of this First Amendment, the term "Office Space" as used throughout the Lease shall mean the Initial Office Space and the Additional Office Space, collectively. From and after the Effective Date of this First Amendment, the term "Leased Premises" throughout the Lease shall mean the Initial Office Space, the Additional Office Space and the Storage Space, collectively. Landlord and Tenant hereby stipulate and agree that for all purposes of the Lease the Net Rentable Area of the Initial Office Space, the Additional Office Space and the Storage Space are as stated above, notwithstanding any variations in the actual measurements thereof.
2. The annual Base Rental payable for the Leased Premises pursuant to Section ________ of the Lease shall be as follows:
(a) For the period commencing on the earlier of when ready for occupancy or _____________ and continuing through __________ , (i) __________ Dollars ($______) per square foot of Net Rentable Area within the Office Space and (ii) __________ Dollars ($_____) per square foot of Net Rentable Area within the Storage Space, payable in monthly installments equal to _____________ Dollars ($_________) each, and
(b) For the period commencing on _________ and continuing through _____________, (i) Thirteen and No/100 Dollars ($13.00) per square foot of Net Rentable Area within the Office Space and (ii) ____________ Dollars ($________) per square foot of Net Rentable Area within the Storage Space, payable in monthly installments equal to __________ Dollars ($___________) each.
3. Notwithstanding anything contained in the Lease to the contrary, the "Base Calendar Year" for the Additional Office Space shall be the calendar year __________ . Landlord's good faith estimate of the Actual Operating Expenses for the calendar year __________ is $_____ per square foot of Net Rentable Area.
4. Intentionally Deleted.
5. The Additional Office Space shall be delivered to Tenant, and Tenant shall accept same, in the condition and with only such leasehold improvements, if any, as set forth in EXHIBIT A attached hereto. As used in the Lease, the term "Initial Leasehold Improvements" shall include (a) with respect to the Initial Office Space and the Storage Space, any and all improvements and tenant finish existing in the Initial Office Space and the Storage Space as of the Commencement Date, including all leasehold improvements, if any, as defined and described in Exhibit A attached to the Lease, as well as any and all Alterations (as defined below) and subsequent improvements made to the Initial Office Space and the Storage Space during the term of the Lease and (b) with respect to the Additional Office Space, any and all improvements and tenant finish existing in the Additional Office Space as of the Commencement Date, including all leasehold improvements, if any, as defined and described in EXHIBIT A attached hereto, as well as any and all Alterations (as defined below) and subsequent improvements made to the Additional Office Space during the term of the Lease.
6. Landlord and Tenant hereby acknowledge and agree that the "Commencement Date" occurred on __________ , _________.
7. Expansion Option. (a) Tenant shall have the additional option ("First Expansion Option"), by providing written notice thereof to Landlord (the "First Expansion Election Notice") at any time between ______________ and ____________ to include under this Lease an additional __________ to ___________ square feet of Net Rentable Area on the __________ (__th) Floor of the Building. The amount of additional space to be included under this Lease pursuant to the First Expansion Option shall be identified by Tenant in the First Expansion Election Notice. The actual space to be included under this Lease pursuant to the First Expansion Option shall be designated by Landlord, provided, however, it shall be internally contiguous and contiguous to the then existing Leased Premises and shall have a reasonable configuration (the "First Expansion Space"). Landlord and Tenant shall then enter into an amendment to this Lease to cover such First Expansion Space on the same terms and provisions then in effect under this Lease, except as otherwise provided hereunder and except that (i) the annual Base Rental rate for the First Expansion Space shall be adjusted to reflect the Prevailing Rental Rate as of the date such First Expansion Space will be made available to Tenant, (ii) Landlord shall not be required to provide (but may do so at its option and with Tenant's consent) any improvement allowance, abatement of Rent, or other incentives, inducements or allowances, (iii) Tenant shall be entitled to one additional (1) unreserved parking permit per 680 square feet of Net Rentable Area leased pursuant to such First Expansion Option, at the prevailing market rate therefor as of the addition of such First Expansion Space to the Leased Premises, and thereafter adjust in accordance with any such changes to such market charges, (iv) Tenant shall not have the right to assign its expansion rights to any sublessee of the Leased Premises, nor may any such sublessee exercise such expansion rights, and (v) the First Expansion Space will be provided in its then existing condition (on an "as is" basis; provided, however, Landlord shall remove and dispose of any Existing Asbestos located in the First Expansion Space, other than the Existing Asbestos located on the perimeter columns of the First Expansion Space). The First Expansion Space shall be made available to Tenant between _________ and __________ . Tenant's obligation to commence paying Rent on such First Expansion Space shall commence on the earliest to occur of (1) Tenant's occupancy of such First Expansion Space for the purpose of conducting business therefrom, or (2) sixty (60) days following the delivery of such First Expansion Space by Landlord to Tenant. Landlord shall, at Landlord's cost and expense, be required to make any alterations to the First Expansion Space and the Building which are required by law in order to provide such space to Tenant (i.e. corridors, access, etc.)
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