LEASE AGREEMENT AZ101: COMPREHENSIVE PRO-LANDLORD MULTI-TENANT ARIZONA LEASE FOR OFFICE COMPLEX WITH FITNESS CENTER $99.95
This Lease (“Lease”) is made as of _________________, by and between COMMERCIAL PROPERTY LANDLORD, INC., a __________________ corporation (“Landlord”), and AGREEABLE TENANT, INC., a _________________ corporation (“Tenant”).
In consideration of the rents and covenants hereinafter set forth, Landlord hereby leases to Tenant and Tenant hereby rents from Landlord the following described Premises, upon the following terms and conditions:
1. FUNDAMENTAL LEASE PROVISIONS
The Premises is identified on that certain space plan dated ______, which is attached hereto as Exhibit A and incorporated herein. The “Building” in which the premises is located, together with its Common Areas (as defined in Article 28) and the Parking Areas shown on Exhibit B attached hereto, are sometimes hereinafter collectively referred to as the “Project.”
1.2. Floor Area: Rentable Area: approximately ______ square feet.
1.3. Term: _____ (___) years
The term of this Lease shall commence on the Commencement Date and end on the Termination Date (the “Term”) unless the same shall be sooner terminated as hereinafter provided.
1.4 Option to Extend: N/A
1.5. Annual Basic Rent: Annual Basic Rent shall be payable in twelve (12) equal monthly installments in advance on the first day of each month, according to the following schedule:
Lease Months Annual Basic Rent Monthly Payment
_______ – _______ $ $
Tenant shall pay Tenant’s Pro Rata Share of all Expenses that exceed Landlord’s Base Cost together with other items of Expense as set forth in Article 4. Tenant’s Pro Rata Share is _____%. The Base Cost shall be equal to all real property taxes and Operating Expenses for the calendar year 20___ (“Base Cost”). (Article 4)
After-Hours HVAC Charges payable by Tenant shall be subject to change during the Term of the Lease, but are initially set at $_______ per hour
Prepaid Rent: N/A
Security Deposit: Amount:
1.10. Landlord’s Address For Notices:
1.11. Tenant’s Address For Notices: To the Premises.
Tenant’s Broker: (Section 8)
1.13. Guarantee: N/A
1.14. Parking: _____ (___) covered, reserved parking spaces at $____ per month per space.
1.15 Permitted Uses: General Office Purposes and no other.
1.16 Tenant Improvement:
Landlord will provide new building standard carpet, but will provide no other improvements to the Premises.
The foregoing Fundamental Lease Provisions are an integral part of this Lease, and each reference in the body of the Lease to any of the Fundamental Lease Provisions shall be construed to incorporate all of the terms set forth above with respect to such Provisions.
In the event of the inability of Landlord to deliver possession of the Premises to Tenant on the Commencement Date, this Lease shall not be void or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom, but in such event the Term shall not commence until such time as Landlord tenders delivery of possession of the Premises to Tenant with Landlord’s work therein, if any, substantially completed. Should Landlord tender possession of the Premises to Tenant prior to the Commencement Date and Tenant elects to accept such prior tender, the Term shall thereupon commence and such prior occupancy shall be subject to all of the terms of this Lease, including the payment of rent and other expenses.
3. ANNUAL BASIC RENT
a. Upon commencement of the Term, Tenant agrees to pay the Annual Basic Rent to Landlord in equal monthly installments, as set forth in Article 1 above. In the event the Term commences or ends on a day other than the first or last day of a calendar month respectively, then the Annual Basic Rent for such periods shall be prorated. In addition to said Annual Basic Rent, Tenant agrees to pay (i) on a monthly basis all governmental taxes or impositions which are due and payable by Landlord on account of, attributed to, or measured by Annual Basic Rental or other additional charges payable by Tenant except general income, transfer, estate and inheritance taxes, and (ii) Tenant’s Pro Rata Share of the Operating Expense Adjustments, as that term is defined below. Said Annual Basic Rent, taxes and Operating Expenses shall be paid without demand, proration, deduction or offset, in lawful money of the United States at the time of payment, at the office of Landlord or to such other person or at such other place as Landlord may from time to time designate in writing. Tenant shall pay as additional rent to Landlord, upon demand, Tenant’s Pro Rata Share of any parking charges, utilities surcharges, or any other costs levied, assessed or imposed by, or at the direction of, or resulting from statutes or regulations, or interpretations thereof, promulgated by any governmental authority in connection with the use or occupancy of the Project.
4. OPERATING EXPENSE ADJUSTMENTS
(a) Operating Expense Adjustments means the increase in the actual property taxes and Operating Expenses for the Project over the Base Cost. Property taxes shall include all taxes or special assessments levied on or which become a lien against the Project. “Operating Expenses” shall be determined by taking into account for the Project all costs, expenses, liability and obligations for ownership, maintenance and operation of said Project, including but not limited to (a) normal management costs, including but not limited to management fees, and reasonable salaries of a building management and maintenance staff, (b) all labor costs involved in operation and maintenance, (c) cost of equipment, supplies and materials (new and/or replacement), (d) cost of utilities including but not limited to gas, sewer, water and electricity and refuse, garbage and trash removal, collection and disposal, (e) upkeep and maintenance of elevators, (f) upkeep and maintenance of the Parking Areas, (g) plumbing, electrical, heating and air conditioning costs including expenses of operation, repair, replacement and maintenance, (h) landscaping and landscape maintenance costs, (i) cleaning and other care, including cleaning provided for tenants and occupants, (j) insurance costs and premiums and (k) all other costs which can properly be considered expenses of operating and maintaining the Project, including but not limited to any costs incurred in complying with any and all environmental, remedial and other laws, ordinances, rules, regulations, requirements, directions, guidelines and orders now or hereafter in effect from time to time such as, by way of example only, governmental requirements relative to installation of energy saving devices, pollution controls, or similar type items. With respect to any calendar year during the Term of this Lease in which the Project is not occupied to the extent of 95% of the Rentable Area, the Operating Expenses for such period for purposes hereof shall be increased to the amount which would have been incurred had the Project been occupied to the extent of 95% of the Rentable Area thereof.
(b) At its election, Landlord may by each December 15 during the Term deliver to Tenant a statement of the estimated property taxes and Operating Expenses for the calendar year immediately following the date of such statement. Landlord’s failure to deliver to Tenant such statement by such date, however shall not constitute a bar to Landlord’s recovery of Operating Expenses and property taxes. On execution of this Lease, Landlord may also give Tenant an estimate of the annual Operating Expenses and property taxes from the Commencement Date through December 31 of the calendar year in which the Term commences. If the estimated property taxes and Operating Expenses are projected to exceed the Base Cost, Tenant shall pay to Landlord with each payment of the Annual Basic Rent, as additional rent hereunder, an amount equal to one-twelfth (1/12) of the product of the estimated property taxes and Operating Expenses for such calendar year (less the Base Cost) multiplied by Tenant’s pro rata share.
(c) The Term “property taxes” as used herein shall include any local, state or federal capital levy, franchise tax, revenue tax, income tax, or profits tax of Landlord to the extent such levy, tax or impost is in lieu of or a substitute for any other levy, tax or impost now or later in existence upon or with respect to the Project which, if such other levy, tax or impost were in effect, would be payable by Tenant under the provisions hereof.
(d) Within one hundred twenty (120) days after December 31 of each calendar year, the total of the actual property taxes and Operating Expenses for the said calendar year just completed shall be determined on an accrual basis. The increase, if any, of the said taxes and Operating Expenses over the Base Cost shall be thus determined, and the difference, i.e., the actual amount of such increased taxes and Operating Expenses for the said preceding calendar year just completed multiplied by Tenant’s Pro Rata Share, shall be due from and payable by Tenant to Landlord within thirty (30) days after the date of notice made in writing from Landlord to Tenant. Landlord’s failure to deliver to Tenant such statement within said 120 day period, however shall not constitute a bar to Landlord’s recovery of Operating Expenses and property taxes. For the calendar year in which the Term commences, Landlord shall reasonably prorate Tenant’s share of any such increase. For the calendar year in which the Term expires or is terminated, Landlord shall reasonably project and prorate Tenant’s share of any such increase, which share shall thereupon be due and payable. No refunds will be made in the event Tenant’s Pro Rata Share of the actual Operating Expenses and/or property taxes for any calendar year are less than the operative Base Cost. If Tenant’s monthly payments of estimated property taxes and Operating Expenses during the previous calendar year exceed Tenant’s share of the actual increase in property taxes and Operating Expenses, Landlord shall credit the excess toward the next rental payment due from Tenant to Landlord hereunder.
5. SECURITY DEPOSIT
The Security Deposit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease. If Tenant defaults with respect to any provision of this Lease, Landlord may (but shall not be required to) use, apply or retain all or any part of this Security Deposit for the Payment of any rent or any other sum in default, or for the payment of any other amount which Landlord may spend or become obligated to spend by reason of Tenant’s default or to compensate Landlord for any other loss or damage which Landlord may suffer by reason of Tenant’s default. If any portion of said deposit is so used or applied, Tenant shall, upon demand therefor, deposit cash with Landlord in an amount sufficient to restore the Security Deposit to its original amount and Tenant’s failure so to do shall be a breach of this Lease. Landlord shall not be required to keep the Security Deposit separate from its general funds, and Tenant shall not be entitled to interest on such deposit. If Tenant shall fully and faithfully perform every provision of this Lease to be performed by it, the security deposit or any balance thereof shall be returned to Tenant (or, at Landlord’s option, to the last permitted assignee of Tenant’s interests hereunder) at the expiration of the Term, provided that Landlord may retain one-half of the Security Deposit until such time as any amount due from Tenant in accordance with Article 4 hereof has been determined and paid in full.
Tenant shall continually use the Premises for general office purposes and shall not use or permit the Premises to be used for any other purpose. Tenant shall not use or occupy the Premises in violation of the certificate of occupancy issued for the Building, nor in violation of the laws, ordinances, directions, orders, regulations or requirements which are now or hereafter in effect from time to time of the United States of America, the State of Arizona or the local municipal or county governing body or other lawful authorities having jurisdiction thereover, and Tenant shall promptly comply with any and all such laws, ordinances, directions, orders, regulations and requirements which shall, by reason of the nature of Tenant’s use or occupancy of the Premises, impose any duty upon Tenant or Landlord with respect to the Premises or with respect to the use or occupation thereof. Tenant shall not do or permit to be done anything which will invalidate or increase the cost of any fire, extended coverage or any other insurance policy covering the Building and/or property located therein and shall comply with all rules, orders, regulations and requirements of any board of fire underwriters or any other organization performing a similar function. Tenant shall promptly upon demand reimburse Landlord for any additional premium charged for such policy by reason of Tenant’s failure to comply with the provisions of this Article. Tenant shall not do or permit anything to be done in or about the Premises which will in any way obstruct or interfere with the rights of other tenants or occupants of the Building, or injure or annoy them, or use or allow the Premises to be used for any improper, immoral, unlawful or objectionable purpose, nor shall Tenant cause, maintain or permit any nuisance in, on or about the Premises. Tenant shall not commit or suffer to be committed any waste in or upon the Premises. Certain specific uses are prohibited as set forth in the Rules and Regulations as amended from time to time. A copy of the current Rules and Regulations is attached hereto as Exhibit I and incorporated herein.
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