LEASE AGREEMENT ID101: SINGLE TENANT NET IDAHO LEASE FOR OFFICE, LIGHT INDUSTRIAL, OR MANUFACTURING PROPERTY $99.95
This Lease (“Lease” or “Agreement”) is made as of _________________, by and between COMMERCIAL PROPERTY LANDLORD, INC., a __________________ corporation (“Landlord”), and AGREEABLE TENANT, INC., a _________________ corporation (“Tenant”). In this Agreement, Landlord and Tenant are sometimes referred to collectively as the "Parties" and individually may be referred to as "Party."
1. BASIC PROVISIONS ("BASIC PROVISIONS").
1.1 ADDENDA AND EXHIBITS. Addendum or Addenda and Exhibits which are referenced in this Lease and which are intended to be attached, are a material part of this Lease.
1.2 PREMISES. This Agreement is made to memorialize all of the terms and conditions whereby Landlord shall lease to Tenant and Tenant shall lease from Landlord that certain parcel of real property described as:
See Attached Exhibit "A"
hereinafter the "Premises." The Premises shall include all existing buildings, all attachments and improvements situate thereon. The Premises are commonly referred to as _______________________________
1.3 TERM. (a) The term of this Lease shall be for a period of exactly _______ (__) years (the "Term") commencing ______________, hereinafter the Lease "Commencement Date," and ending exactly ten years thereafter ("Expiration Date"), unless otherwise terminated in accordance with this Agreement.
(b) OPTION TO EXTEND. 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.
1.4 BASE RENT. Throughout the Term, Tenant shall pay to Landlord the base rent sum of $_____________ per month. The monthly rent sum, including future adjustments, is known as "Base Rent." Base Rent shall be due and payable on the first (1st) day of each month commencing upon the Commencement Date.
1.5 ADJUSTMENT TO BASE RENT. The parties agree the Base Rent shall increase three percent (3%) annually commencing _______________, and shall increase by such amount every anniversary thereafter during the term hereof, including any extensions thereof.
1.6 PERMITTED USE. The Premises may be used as offices, light industrial or manufacturing ("Permitted Use").
1.7 INSURANCE. Tenant shall maintain, at its sole and separate cost, a policy or policies of insurance, covering the Premises against casualty damage and Premises liability as more particularly described in this Agreement. This cost shall be in addition to Base Rent.
1.8 REAL ESTATE TAXES AND ASSESSMENTS. Tenant shall, at its sole and separate cost, pay all of the real property taxes and assessments assessed or levied against the Premises as more particularly described in this Agreement. This cost shall be in addition to Base Rent.
1.9 MAINTENANCE, REPAIRS AND REPLACEMENTS. Tenant shall, at its sole and separate cost, provide to the Premises all maintenance, routine and non-routine, and make all repairs including all replacements of Premises systems as are necessary to preserve the Premises in the condition, less normal wear, that exists at the Commencement Date as more particularly described in this Agreement. This cost shall be in addition to Basic Rent.
1.10 GUARANTORS. The parties agree there shall be no guarantors.
2.1 LETTING. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Premises, for the Term, at the rental, and upon all of the terms, covenants and conditions set forth in this Lease.
2.2 CONDITION OF PREMISES AND TENANT'S ACCEPTANCE. Landlord shall deliver the Premises to Tenant in "as is" physical condition, and Landlord shall not be required to make any repairs, alterations or improvements to the Premises. Tenant accepts the condition of the Premises "as is" and is not relying upon the Landlord with regard to any aspect of condition.
3.1 TERM. The Commencement Date, Expiration Date and Original Term of this Lease are as specified in Paragraph 1.3.
4.1 BASE RENT. Tenant shall pay Base Rent and other rent or charges as set forth herein, as the same may be adjusted from time to time, to Landlord in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease and without the receipt of an invoice or demand for the Rent that is due. Payment of Base Rent and such other charges shall be made to Landlord at its address stated herein or to such other persons or at such other addresses as Landlord may from time to time designate in writing to Tenant.
4.2 PAYMENT OF OTHER EXPENSES AS ADDITIONAL RENT. Unless first paid by the Tenant, in the manner described below, Tenant shall pay to Landlord, during the Term, and in addition to the Base Rent, all Expenses incurred and paid by Landlord, including but not limited to real estate taxes and water district assessments assessed against the Premises, fire and extended coverage insurance premiums for a policy to insure against a casualty loss on the Premises and for the Landlord's Premises liability coverage (in amounts required by this Lease), and all maintenance, repairs, and replacements necessary to maintain the Premises according to the terms of this Lease, whether or not repairs/replacements might be deemed capital improvements rather than Expenses by traditional accounting principles. The Landlord shall not be entitled to increase base rent or any other amount due under this Lease agreement should Landlord elect to engage a management company to manage the property. Any management fees incurred as the result of engaging a management company shall be the sole responsibility of Landlord.
The Parties intend that the following Expenses shall be paid directly by Tenant as follows:
(a) REAL ESTATE TAXES AND ASSESSMENTS. On or before the due date of each Tax and Assessment Invoice but before the delinquency due date, whichever period is the shorter period of time. Tenant shall provide written proof of such payments to Landlord in the form of copies of the checks made out for such payment upon the completion of such payments.
Landlord shall provide Tenant copies of any and all Tax and Assessment notices and invoices immediately upon receipt, but in any event at least 30 days prior to the due date, to ensure Tenant has the maximum time available to make any appeals or payments. In the event Landlord fails to deliver such Tax and Assessment notices and invoices, Landlord shall be responsible for any all late fees or penalties assessed. Landlord agrees to use its best efforts to assist Tenant in the appeal of any property tax assessments which Tenant deems excessive.
(b) INSURANCE PREMIUMS. On or before the payment due date specified in each insurance premium invoice but before the delinquency due date, whichever period is the shorter period of time. Tenant shall cause Landlord to be named as an additional insured and/or shall take reasonable steps to ensure that Landlord is provided a notice of cancellation should the premiums become delinquent.
(c) MAINTENANCE AND REPAIRS/REPLACEMENTS. All maintenance and repair expenses shall be paid by Tenant before delinquency and according to the terms and conditions set out in this Lease.
5.1 PERMITTED USES.
(a) Tenant shall use and occupy the Premises only for the Permitted Use set forth in Paragraph 1.6, or any other legal use that is authorized by the Landlord. Tenant shall not use or permit the use of the Premises in a manner that is unlawful, creates waste or a nuisance, or that causes damage to the Premises or neighboring premises or properties.
(b) Tenant may sublet any part of the Premises to any other person or entity without the prior written consent of the Landlord, however, Tenant shall provide reasonable notice to Landlord of subletting. Tenant shall not assign this lease in its entirety without the prior written consent of the Landlord. Execution of this Agreement by Landlord constitutes written consent for a sublease of a portion of the Premises to ______________ as to that portion of the Premises which ________________ occupies at the time Landlord becomes the owner of the Premises. Notwithstanding the foregoing, Tenant shall be authorized to assign this Lease to any of its subsidiaries or affiliates or as part of a merger or acquisition without prior written consent of the Landlord.
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