LEASE AGREEMENT CA101: GROSS LEASE FOR CALIFORNIA COMMERCIAL MANUFACTURING PROPERTY WITH ANNUAL CPI INCREASES $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”).
This Lease is made with reference to the following facts and objectives:
(a) Landlord is the owner of the premises described in Paragraph 1 and Exhibit "A," which consists, generally, of approximately _________ square feet of manufacturing/warehouse/office.
(b) Tenant is willing to lease the premises from Landlord pursuant to the provisions stated in this Lease.
(c) Tenant wishes to lease the premises for the purposes of manufacture and assembly of _____________________________.
(d) Tenant has examined the premises and is fully informed of their condition.
THE PARTIES HERETO AGREE AS FOLLOWS:
1. PREMISES. Landlord hereby leases to Tenant and Tenant hereby hires and takes from Landlord, upon the terms and conditions herein set forth, the real property located at:
and more particularly described in Exhibit "A," together with the building and other improvements located on the real property ("premises").
(a) The term of this Lease shall be ______ years _______ months and shall commence on the 1st day of _____________, and end on ________________, inclusive.
(b) If Landlord is unable to deliver possession of the premises to Tenant, by the date specified above for the commencement of the term of this Lease, neither Landlord nor its agent shall be liable for any damage caused thereby, nor shall this Lease thereby become void or voidable, and the term herein specified shall, in such case, commence upon the date of delivery of possession of the premises to Tenant and shall terminate _____ years _____ months thereafter. In such event, Tenant shall not be liable for any rent until such time as Landlord shall deliver possession of the premises to Tenant.
(c) Renewal Options. Tenant, provided it is not in default, has the right to extend the initial term of this Lease for two extension periods, each extension for a period of three years. To exercise its option to extend, Tenant must notify Landlord in writing 180 days prior to the end of the lease term then in effect. If Tenant fails to so notify, Landlord may lease the existing premises to another party.
3. ACCEPTANCE OF PREMISES. Tenant's taking possession of the premises on commencement of the term shall constitute Tenant's acknowledgement that the premises are in good condition.
4. RENT. Tenant agrees to pay to Landlord, as rent for the premises, the sum of ______________________________________ Dollars ($__________) per month, in advance, on the first day of the term of this Lease and on the first day of each calendar month thereafter during the term. Rent for any partial month shall be prorated at the rate of 1/30th of the monthly rent per day. All installments of rent shall be paid at the address to which notices to Landlord are given, or at such other place as may be designated in writing, from time to time by Landlord, in lawful money of the United States and without deduction or offset for any cause whatsoever. In addition, Tenant agrees to pay to Landlord a late payment of ten percent (10%) of the amount due for any payment received later than the seventh day of each calendar month.
5. RENT ADJUSTMENTS. The monthly rent provided for in Paragraph 4 ("minimum monthly rent") shall be subject to adjustment at the commencement of the second year of the term and each year thereafter, including renewal options if exercised by Tenant (the "adjustment date"), as follows:
The base for computing the adjustment is the Consumer Price Index for All Urban Consumers (CPI-U) for the U.S. City Average for All Items, 1982-84=100, or the successor of that Index, as published by the Bureau of Labor Statistics, U.S. Department of Labor ("Index"), which is published for the month nearest the date of commencement of the term ("Beginning Index"). If the index published nearest the adjustment date ("Extension Index") has increased or decreased over the Beginning Index, the minimum monthly rent will be set by multiplying the minimum monthly rent set forth in Paragraph 4 by a fraction, the numerator of which is the Extension Index and the denominator of which is the Beginning Index. In no case shall the minimum monthly rent be less than the minimum monthly rent set forth in Paragraph 4. On adjustment of the minimum monthly rent as provided in this Lease, the parties shall immediately execute an amendment to the Lease stating the new minimum monthly rent.
If the Index is changed so that the base year differs from that used as of the month immediately preceding the month in which the term commences, the Index shall be converted in accordance with the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued or revised during the term, such other government index or competition with which it is replaced shall be used in order to obtain substantially the same results as would be obtained if the Index had not been discontinued or revised. ANNUAL CPI ADJUSTMENTS SHALL BE MADE ON _____________ 1ST, BEGINNING ________.
6. SECURITY DEPOSIT. On execution of this Lease, Tenant shall deposit with Landlord the sum of _________________________ Dollars ($_________) as a security deposit for the performance by Tenant of the provisions of this Lease. If Tenant is in default, Landlord can use the security deposit, or any portion of it, to cure the default or to compensate Landlord for all damage sustained by Landlord resulting from Tenant's default. Tenant shall immediately, on demand pay to Landlord a sum equal to the portion of the security deposit expended or applied by Landlord as provided in this paragraph so as to maintain the security deposit in the sum initially deposited with Landlord. If Tenant is not in default at the expiration or termination of this Lease, Landlord shall return the security deposit to Tenant. Landlord's obligations with respect to the security deposit are those of a debtor and not a trustee. Landlord can maintain the security deposit separate and apart from Landlord's general funds or can commingle the security deposit with Landlord's general and other funds. Landlord shall not be required to by Tenant interest on the security deposit.
7. PERSONAL PROPERTY TAXES. Tenant shall pay before delinquency all taxes, assessments, license fees, and other charges that are levied and assessed against Tenant's trade fixtures or personal property installed or located in or on the premises, and that become payable during the term. On demand by Landlord, Tenant shall furnish Landlord with satisfactory evidence of these payments.
8. REAL PROPERTY TAXES. Landlord shall pay all real property taxes and general and special assessments ("real property taxes") levied and assessed against the premises; provided, however, that Tenant shall pay to Landlord any increase in real property tax assessed by reason of Tenant's activities or additional improvements placed upon the Premises by Tenant or at Tenant's request.
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