LEASE AGREEMENT CA1395: COMPREHENSIVE OFFICE LEASE FOR CALIFORNIA MULTI-TENANT OFFICE PARK TENANT $99.95
OFFICE LEASE AGREEMENT
This Lease is made as of _________________, by and between COMMERCIAL PROPERTY LANDLORD, INC., a __________________ corporation ("Landlord"), and AGREEABLE TENANT, INC., a _________________ corporation ("Tenant").
SUMMARY OF BASIC LEASE INFORMATION
TERMS OF LEASE
2.2 Premises: ________ rentable (________ usable) square feet of space located on the ___________ floor of the Building, as further set forth in Exhibit A to the Office Lease.
3. Lease term
3.1 Length of Term:
3.2 Lease Commencement Date:
3.3 Rent Commencement Date:
3.4 Lease Expiration Date:
4. Base Rent
[specify base rent]
5. Tenant's Share Approximately _______%
6. Permitted Use General offices uses
7. Security Deposit
8. Address of Tenant
9. Address of Landlord
PREMISES. BUILDING. PROJECT. AND COMMON AREAS
1.1 PREMISES, BUILDING, PROJECT AND COMMON AREAS
1.1.1 The Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in Section 2.2 of the Summary (the "Premises"). The outline of the Premises is set forth in Exhibit A attached hereto and has the number of rentable square feet as set forth in Section 2.2 of the Summary. The parties hereto agree that the lease of the Premises is upon and subject to the terms, covenants and conditions herein set forth, and Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all of such terms, covenants and conditions by it to be kept and performed and that this Lease is made upon the condition of such performance. The parties hereto hereby acknowledge that the purpose of Exhibit A is to show the approximate location of the Premises in the "Building," as that term is defined in Section 1.1.2, below, only, and such Exhibit is not meant to constitute an agreement, representation or warranty as to the construction of the Premises, the precise area thereof or the specific location of the "Common Areas," as that term is defined in Section 1.1.3, below, or the elements thereof or of the access ways to the Premises or the "Project," as that term is defined in Section 1.1.2, below. Except as specifically set forth in this Lease and in the Tenant Work Letter attached hereto as Exhibit B (the "Tenant Work Letter"), Landlord shall not be obligated to provide or pay for any improvement work or services related to the improvement of the Premises. Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Premises, the Building or the Project or with respect to the suitability of any of the foregoing for the conduct of Tenant's business, except as specifically set forth in this Lease and the Tenant Work Letter. The taking of possession to the Premises by Tenant shall conclusively establish that the Premises were at such time in good and sanitary order, conditions and repair, excepting latent defects that are not readily discoverable by Tenant prior to possession in the exercise of ordinary care. Within thirty (30) days following the execution of this Lease, Tenant may, at its option, remeasure the Premises. In the event the actual rentable square footage of the Premises, as certified by Tenant's architect or contractor, is less than the square footage for the Premises set forth in Section 2.2 of the Summary, all rents and additional charges to be paid under this Lease shall be adjusted accordingly. The rentable square footage of the Premises shall be measured in accordance with the Building Owners and Management Association Method, approved by the American National Standards Institute (ANSI/BOMA Z65.1 -1996, as amended).
1.1.2 The Building and The Project. The Premises are a part of the building set forth in Section 2.1 of the Summary (the "Building"). The Building is part of an office project known as "________ Business Park." The term "Project," as used in this Lease, shall mean (i) the Building and the Common Areas, (ii) the land (which is improved with landscaping, parking facilities and other improvements) upon which the Building and the Common Areas are located, and (iii) two other office buildings located adjacent to the Building (commonly known as Building __ and Building __) and the land upon which such adjacent office buildings are located.
1.1.3 Common Areas. Tenant shall have the non-exclusive right to use in common with other tenants in the Project, and subject to the rules and regulations referred to in Article 5 of this Lease, those portions of the Project which are provided, from time to time, for use in common by Landlord, Tenant and any other tenants of the Project (such areas are collectively referred to' herein as the "Common Areas"). The Common Areas shall consist of the "Project Common Areas" and the "Building Common Areas." The term "Project Common Areas," as used in this Lease, shall mean the portion of the Project designated as such by Landlord. The term "Building Common Areas," as used in this Lease, shall mean the portions of the Common Areas located within the Building designated as such by Landlord. The manner in which the Common Areas are maintained and operated shall be at the sole discretion of Landlord and the use thereof shall be subject to such rules, regulations and restrictions as Landlord may make from time to time. Landlord reserves the right to close temporarily, make alterations or additions to, or change the location of elements of the Project and the Common Areas. At no time during the Term shall Landlord materially interfere with or impair any of the following: (a) access to or from the Premises; and (b) the number of parking spaces available to Tenant and its employees and invitees.
2.1 Initial Term. The terms and provisions of this Lease shall be effective as of the date of this Lease. The initial term of this Lease (the "Lease Term") shall be as set forth in Section 3.1 of the Summary, shall commence on the date set forth in Section 3.2 of the Summary (the "Lease Commencement Date"), and shall terminate on the date set forth in Section 3.3 of the Summary (the "Lease Expiration Date") unless this Lease is sooner terminated as hereinafter provided. For purposes of this Lease, the term "Lease Year" shall mean each consecutive twelve (12) month period during the Term; provided, however, that the first Lease Year shall commence on the Rent Commencement Date and end on the last day of the eleventh month thereafter and the second and each succeeding Lease Year shall commence on the first day of the next calendar month; and further provided that the last Lease Year shall end on the Lease Expiration Date. Notwithstanding the foregoing Lease Commencement Date, Landlord shall provide access to the Premises to Tenant's computer technicians as soon as practicable to permit the installation of Tenant's computer network wiring, terminals and circuits prior to the completion of wall, ceiling and floor coverings. Tenant's personnel shall not interfere with or delay the progress of Landlord's installation of Tenant Improvements in the Premises. In addition, upon substantial completion of the tenant improvements (as defined in Exhibit B), if feasible and not likely to delay or hinder the completion of the Tenant Improvements, Tenant may begin to move its furniture, fixtures and equipment into the Premises.
2.2 RENEWAL TERM.
2.2.1 Renewal Options. Tenant shall have the right (each a "Renewal Option") to extend the term of this Lease for two (2) additional periods of five (5) years each (each a "Renewal Term") commencing immediately upon the expiration of the then-current Term. Tenant must have exercised the first of the two Renewal Options in order to exercise its rights with respect to the second Renewal Option. Each Renewal Term shall be upon all of the terms and conditions of this Lease except that (i) Base Rent during the first Renewal Term shall be equal to ninety five percent (95%) of the product of (x) the "Fair Market Rate" (defined below) at the time such Renewal Option is exercised and (y) the rentable square footage of the Premises as set forth in Section 2.2 of the Summary, and (ii) Base Rent during the second Renewal Term shall be equal to the product of (x) the Fair Market Rate at the time the second Renewal Option is exercised and (y) the rentable square footage of the Premises as set forth in Section 2.2 of the Summary. As used herein, the term "Fair Market Rate" shall mean the average of the annual rental rates then being charged in the Foothill Ranch submarket for comparable space for leases commencing on or about the time of Tenant's exercise of the applicable Renewal Option, taking into consideration use, location and floor level of the applicable building, the location, quality and age of the building, leasehold improvements or allowances provided, rental concessions (such as abatements, lease assumptions or takeovers and moving expenses), the date that the particular rate under consideration became effective, the term of the lease under consideration, the extent of services provided thereunder, applicable distinctions between "gross" leases and "net" leases and any other relevant term or condition in making such evaluation.
2.2.2 Each Renewal Option may be exercised only by notice of exercise given by Tenant to Landlord at least six (6) months prior to the expiration of the then current Term. Failure to timely deliver such notice of exercise shall be deemed a forfeiture of such Renewal Option and any remaining unexercised Renewal Option. In addition, no Renewal Option may not be exercised if Tenant is in uncured material default under this Lease as of the date of Tenant's exercise of such Renewal Option or on the first day of any Renewal Term.
2.2.3 Landlord shall notify Tenant of the proposed Base Rent for the applicable Renewal Term, calculated in accordance with Section 2.2.1, within fourteen (14) days after receiving Tenant's exercise notice. If Tenant does not object to Landlord's Base Rent amount within fourteen (14) days after receiving Landlord's notice, Landlord's proposed Base Rent amount shall be binding on the parties, in which event the parties shall enter into an amendment to this Lease reciting such Base Rent Amount for such Renewal Term. However, if Tenant objects within such fourteen (14) day period, the parties shall negotiate in good faith a mutually agreeable rate for Base Rent. If the parties have not agreed prior to the date four (4) months before the commencement of the applicable Renewal Term, within ten (10) days after such date each party, at its cost, and by giving notice to the other party, shall appoint a real estate appraiser with MAI designation and at least five years' commercial appraisal experience in the area in which the Premises is located to appraise the Premises and determine the Fair Market Rate for the Premises, taking into consideration the factors described in Section 2.2.1 above. If one party does not appoint an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser, and the Fair Market Rate so determined by that appraiser shall be the Fair Market Rate for purposes of this Section. If two appraisers are appointed by the parties as stated above, they shall independently establish the Fair Market Rate for the Premises. If the appraisers agree, the Fair Market Rate shall be the fair rental value of the Premises as agreed by the two appraisers. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, the Fair Market Rate shall be the fair rental value for the Premises as determined by the average of the two appraisals if the higher of the two appraisals is no greater than 110% of the lower of the two appraisals. If, however, the higher of the two appraisals is more than 110% higher than the lower appraisal, the two appraisers shall promptly appoint a third appraiser who shall appraise the Premises and independently determine the Fair Market Rate (taking into consideration the factors described in Section 2.2.1 above). Each of the parties shall bear one half of the cost of appointing the third appraiser and of paying the third appraiser's fee. The third appraiser shall have the qualifications stated above and shall further be a person who has not previously acted in any capacity for either party, unless otherwise agreed by the parties. Within thirty (30) days after the selection of the third appraiser, the Fair Market Rate shall be established as the fair rental value of the Premises as determined by an average of the three appraisers; provided, however, that if the low appraisal and/or the high appraisal are/is more than ten percent lower and/or higher than the middle appraisal, the low appraisal and/or the high appraisal shall be disregarded. If only one appraisal is disregarded, the remaining two appraisals shall be added together and their total divided by two to establish the Fair Market Rate. If both the low appraisal and the high appraisal are disregarded as stated in this paragraph, the middle appraisal shall establish the Fair Market Rate for the Premises during the applicable Renewal Term. Notwithstanding the foregoing, in the event Tenant is not satisfied with the ultimate Fair Market Rate determination, Tenant may cancel its option and shall pay the costs of all appraisers.
2.2.4 Base Rent shall increase on each anniversary of the first day of each Renewal Term to an amount equal to 103% of the Base Rent in effect during the immediately preceding twelve (12) months, payable monthly and otherwise in accordance with Article 3 below.
2.3 Refurbishment Allowance. Landlord shall provide to Tenant an improvement allowance of up to ________ Dollars ($___) per useable square foot of the Premises in connection with each validly exercised Renewal Option. Such allowance shall be used only for cosmetic refurbishment to the Premises such as paint and carpet and may not be applied by Tenant toward Rent or other sums due hereunder. Such allowance shall be paid by Landlord to Tenant within thirty-five (35) days following completion of such refurbishment and Landlord's receipt of invoices and unconditional lien releases from all mechanics and materialmen providing labor or materials to the Premises in connection therewith.
2.4 Term of this Lease. The Lease Term and any Renewal Term validly exercised by Tenant hereunder, unless sooner terminated pursuant to the terms hereof, shall be referred to herein collectively as the "Term."
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