LEASE AGREEMENT 1521: LEASE FOR DOWNTOWN FURNITURE STORE IN RETAIL COMPLEX WITHOUT PERCENTAGE RENT $99.95
LEASE AGREEMENT FOR FURNITURE STORE
This Lease is made as of _________________, by and between COMMERCIAL PROPERTY LANDLORD, INC., a __________________ corporation ("Landlord"), and AGREEABLE RETAIL TENANT, INC., a _________________ corporation ("Tenant").
A. Landlord owns that certain real property commonly known as _______________, located in the City of __________ and County of _______________, ____________ and more particularly described in EXHIBIT A-1 attached hereto (together with the Building (as described below) and any and all buildings and improvements thereon, the "Real Property").
B. Tenant desires to lease from Landlord and Landlord desires to lease to Tenant a portion of that certain building commonly known as ___________, which building is located at _______________________________ and is included within _______________ and contains approximately _______ rentable square feet of rentable area (as hereinafter defined).
C. As hereinafter used in this Lease, the term "Project" shall mean the entire _______________ complex, as shown on the plat attached hereto as EXHIBIT A-2, and the term "Building" shall mean ___________.
NOW, THEREFORE, Landlord and Tenant hereby covenant and agree as follows:
1. BASIC LEASE INFORMATION
The following is a summary of basic lease information. Each term or matter in this Article 1 shall be deemed to incorporate all of the terms set forth hereinbelow pertaining to such matter or item and to the extent there is any conflict between the provisions of this Article 1 and any more specific provision of this Lease, such more specific provision shall control.
ADDRESS OF LANDLORD:
NOTICE ADDRESS FOR TENANT:
SUITE AND/OR FLOORS: (Article 2) ________ Floor
RENTABLE AREA OF PREMISES: Approximately ________ rentable square feet
(Article 3) _______ (___) years following the Commencement Date.
[insert base rent]
USE: (Article 6) The retail sale of furniture and such other uses specified in Section 6.1 below.
SECURITY DEPOSIT: (Article 29) None
OTHER: Option to Extend (Article 35)
Subject to the terms, covenants and conditions set forth in this Lease, Landlord hereby leases to Tenant and Tenant hereby hires from Landlord those premises (the "Premises") in the Building which shall be the space enclosed by the demising walls, and which is approximately delineated on the floor plan attached hereto as EXHIBIT B.
3. TERM; ACCEPTANCE OF THE PREMISES
3.1 The Premises are leased for a term (the "Term") commencing (the "Commencement Date") on the earlier of (a) _____________ (the "Scheduled Commencement Date"), or (b) the date on which Tenant first occupies all or any portion of the Premises for the conduct of its business, and expiring on ______________ (the "Expiration Date"). If Landlord does not tender possession of the Premises to Tenant on or before the Scheduled Commencement Date, for any reason whatsoever, Landlord shall not be liable for any damage thereby, this Lease shall not be void or voidable, and Tenant shall not be liable for rent until Landlord tenders possession of the Premises to Tenant. In no event shall any failure by Landlord to tender possession of the Premises on or before the Scheduled Commencement Date extend the Term of this Lease.
3.2 Promptly following the Commencement Date, Landlord will deliver to Tenant a notice in substantially the form attached hereto as EXHIBIT C identifying the Commencement Date, a copy of which notice shall be executed by Tenant and promptly returned to Landlord.
3.3 Tenant hereby agrees to accept the Premises in an "As Is" condition. Without limiting the foregoing, Tenant's rights in the Premises are subject to all local, state and federal laws, regulations and ordinances governing and regulating the use and occupancy of the Premises and subject to all matters now or hereafter of record. Tenant acknowledges that neither Landlord nor Landlord's agents have made any representation or warranty as to: (i) the present or future suitability of the Premises for the conduct of Tenant's business, (ii) the physical condition of the Premises, (iii) the expenses of operation of the Premises, (iv) the safety of the Premises, whether for the use of Tenant or any other person, including without limitation, Tenant's employee's, agents, invitees or customers, or (v) any other matter or thing affecting or related to the Premises. Tenant specifically agrees that Landlord has no duty to make any disclosures concerning the fitness of the Premises for Tenant's intended use and Tenant expressly waives any duty which Landlord may have to make any such disclosures. Tenant shall, prior to delivery of the Premises, inspect the Premises and become thoroughly acquainted with its condition, and Tenant hereby acknowledges that the taking of possession of the Premises by Tenant shall be conclusive evidence that the Premises are in good and satisfactory condition at the time such possession is so taken.
3.4 Notwithstanding anything to the contrary contained herein, Landlord agrees that it shall, at its sole cost and expense, remove the tile floor in the existing kitchen of the Premises if such removal and/or remediation is required by Tenant's initial Alterations.
4. RENT; ADDITIONAL CHARGES
4.1 Tenant will pay to Landlord during the Term the annual Base Rent specified in Article 1 as the same may be adjusted pursuant to Section 4.2 (herein called the "Base Rent"). Commencing on the Rent Commencement Date, the Base Rent will be payable in equal consecutive monthly installments, as specified in Article 1, on or before the first day of each month, in advance, at the address specified for Landlord in Article 1, or such other place as Landlord may designate in writing, without any prior demand and without any deductions or setoff, except as expressly specified herein. If the Rent Commencement Date occurs on a day other than the first day of a calendar month, or the Expiration Date occurs on a day other than the last day of a calendar month, then the rental for such fractional month will be prorated based on a thirty (30) day month.
4.2 Tenant shall pay to Landlord all charges and other amounts required under this Lease (herein called "Additional Charges") as additional rent, including, without limitation, the charges for Taxes and Expenses as provided for in Article 5. All such Additional Charges will be payable to Landlord as additional rent at the place where the Base Rent is payable. Landlord will have the same remedies for a default in the payment of any Additional Charges as for a default in the payment of Base Rent.
4.3 If Tenant fails to pay any Base Rent or Additional Charges within five (5) days after the date the same is due and payable, such unpaid amounts will be subject to a late payment charge equal to the greater of five hundred dollars ($500) or five percent (5%) of the unpaid amounts in each instance. The late payment charge has been agreed upon by Landlord and Tenant, after negotiation, as a reasonable estimate of the additional administrative costs and detriment that will be incurred by Landlord as a result of any such failure by Tenant, the actual costs thereof being extremely difficult if not impossible to determine. The late payment charge constitute liquidated damages to compensate Landlord for its damages resulting from such failure to pay and shall be paid to Landlord together with such unpaid amounts. Acceptance of such late payment charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights or remedies granted under this Lease.
4.4 Any amount due to Landlord, if not paid when due, shall bear interest from the date due until paid at the highest rate legally permitted; provided that interest shall not be payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid by Tenant to the extent such interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default hereunder by Tenant.
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