LEASE AGREEMENT 741: NET LEASE FOR LARGE OFFICE AND WAREHOUSE TENANT IN UPSCALE FLEX INDUSTRIAL PARK $99.95
OFFICE AND WAREHOUSE 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").
Landlord, for and in consideration of the rents, covenants and agreements hereinafter reserved and contained on the part of Tenant, its successors and assigns, to be paid, kept, observed and performed, does hereby lease, rent, let and demise unto Tenant, and Tenant does hereby take and hire, upon and subject to the conditions and limitations hereinafter contained, that certain space (the "Premises") shown and designated on the Site Plan attached as EXHIBIT A hereto (the "Site Plan") in Building One (the "Building") and containing approximately ___________ square feet of rentable floor area consisting of approximately ___________ square feet of office space and ________ square feet of warehouse space as set forth in the Floor Plan attached as EXHIBIT A-1 hereto. The area of each respective space shall be certified by Landlord's architect. The Premises are part of the property known as __________________ (the "Park"), shown on the Site Plan and situated in the City of ____________, County of ________ and State of ________, described in EXHIBIT B attached hereto and made a part hereof, and Tenant is also hereby granted the non-exclusive license to use, in common with Landlord and other tenants of the Park and their respective officers, directors, licensees, permittees, and customers, all Common Areas (as hereinafter defined) of the Park as the same may exist from time to time.
TERM OF LEASE
SECTION 1.1 TERM OF LEASE. The initial term of this Lease shall commence on the Commencement Date (as defined in Section 2.2), and shall end ten (10) years thereafter. The initial term of the Lease, as set forth above, is sometimes hereinafter referred to as the "Initial Term." Any reference to the term of this Lease or similar reference shall be a reference to the Initial Term together with any renewal terms (if any) of this Lease or any extensions to or modifications of the Initial Term. Tenant shall not be liable to Landlord for the payment of Basic Rent (as hereinafter defined) until the Commencement Date as defined in Section 2.2.
SECTION 1.2 OPTION TO RENEW. Tenant shall have the right, subject to all provisions of this Section 1.2, to extend the term of this Lease for Two (2) consecutive and successive periods of five (5) years, each of which is a "Renewal Term" and all of which are sometimes collectively the "Renewal Terms", provided that:
(a) This Lease is in full force and effect and Tenant is not in default in the performance of any of the terms, covenants and conditions herein contained, subject to any notice required hereunder, if any, and any applicable grace or cure period, if any, at the time of exercise of the right of renewal or at the time set for commencement of the Renewal Term;
(b) Tenant shall exercise its right to each of the Renewal Terms provided herein, if at all, by notice to Landlord in writing of its election to exercise the right to renew the terms of this Lease, at least one hundred eighty (180) days prior to the Commencement Date of the Renewal Term being exercised; and
(c) Each Renewal Term shall be upon the same terms, covenants and conditions as provided in this Lease; provided, however, that the monthly Basic Rent shall be one hundred percent (100%) of the then "fair market rent" (defined below) for the premises. For purposes of this Lease, "fair market rent" shall mean the rental rate per rentable square foot that willing, non-equity, non-renewal tenants are paying for comparable space (as allocated between the office space and warehouse space) in the Park and in comparable buildings in the _____________ area for leases having a five-year term. Landlord shall advise Tenant in writing of Landlord's determination of fair market rent for the premises not later than thirty (30) days after Tenant exercises its renewal right. Within thirty (30) days after receive Landlord's determination of fair market rent, Tenant shall notify Landlord in writing whether or not Tenant accepts Landlord's determination of fair market rent. If Tenant disagrees with Landlord's determination of fair market rent, Tenant shall advise Landlord of Tenant's determination of fair market rent in the notice required pursuant to the preceding sentence. If Tenant fails to notify Landlord within such thirty-day period, then Tenant's notice exercising its renewal rights under this Section 1.2 shall be deemed null and void, unless otherwise agreed in writing by Landlord and Tenant. If Tenant does not accept Landlord's determination of fair market rent, and Tenant has given the notice required above, the parties shall promptly meet and attempt to resolve their differences. If the parties have not agreed on the fair market rent within thirty (30) days after Tenant has exercised its renewal right, then, unless otherwise agreed in writing by the parties, the parties shall submit the matter to arbitration in accordance with the terms described below. The last day of such sixty-day period shall be referred to in this Lease as the "Arbitration Commencement Date." The arbitration will be conducted by a single MAI real estate appraiser who has been active over the five-year period ending on the Arbitration Commencement Date in the appraisal of office and warehouse properties in the ___________________ area. In the event that the parties cannot agree upon the appraiser, the appraiser will be appointed by the Seattle office of the American Arbitration Association upon the application of either party. Within thirty (30) days after the selection of the appraiser, the appraiser shall determine the fair market rent. The arbitrator shall have no power to modify the provisions of this Lease. The determination of the arbitrator will be final and binding upon Landlord and Tenant. The cost of the Arbitration will be paid by Landlord if the fair market rent is ninety percent (90%) or less than the fair market rent specified in the notice given by Landlord to Tenant; by Tenant if the fair market rent is one hundred ten percent (110%) of more than the fair market rent specified in the notice given by Tenant to Landlord; and otherwise shall be shared equally by Landlord and Tenant.
CONSTRUCTION OF IMPROVEMENTS
SECTION 2.1 LANDLORD'S IMPROVEMENTS. Landlord agrees to furnish at Landlord's sole cost and expense all of the material, labor, and equipment for the construction of the Premises in accordance with the Outline Specifications which are attached hereto and made a part hereof as EXHIBIT C and the Final Working Drawings (as defined below) ("Landlord's Improvements"). Landlord's Improvements shall be constructed in a good and workmanlike manner in accordance with the Outline Specifications and Landlord agrees to complete the construction thereof in accordance with the applicable building code as it is presently interpreted and enforced by the governmental bodies having jurisdiction thereof. Landlord agrees, at its cost, to cause final plans and specifications to be prepared in accordance with the Outline Specifications and the aforesaid building code and to submit the same to Tenant for its approval. If Tenant objects to any portion of the submitted final plans and specifications, it shall notify Landlord within ten (10) days after receipt of such plans and specifications. Tenant also agrees that it will not withhold its approval except for just and reasonable cause and will not act in an arbitrary or capricious manner with respect to the approval of the final plans and specifications. The Final Working Drawings and specifications shall be approved by Landlord and Tenant by affixing thereon the signature or initials of an authorized officer or employee of each of the respective parties hereto and copies thereof shall be deemed attached to each party's copy of this Lease and made a part hereof as EXHIBIT D (the "Final Working Drawings"). Such EXHIBIT D shall be in lieu of and shall replace EXHIBIT C except as to nonconstruction matters contained in EXHIBIT C such as allowances and exclusions not expressly and specifically superseded by EXHIBIT D. The signature of a Designated Representative (as hereinafter defined) shall be deemed conclusive evidence of the approval indicated by such signature. Landlord agrees to appoint competent personnel to work with Tenant in the preparation of the Final Working Drawings and specifications for the Building and Tenant agrees to appoint an officer or employee of Tenant to work with Landlord in the preparation of the Final Working Drawings and specifications for the Building. When Landlord requests Tenant to specify details or layouts, Tenant shall specify same, subject to the provisions of the Outline Specifications, so as not to delay completion of the Landlord's Improvements. The target date for the delivery of the Premises to Tenant in shell condition is _____________, 200_ (the "Target Delivery Date"), which is the estimated date the Premises will be available to Tenant for Tenant to commence constructing its Tenant Improvements and Landlord will use its reasonable best efforts to deliver by that date. In the event Landlord has not delivered the Premises to Tenant in shell condition (the "Final Delivery Date") by ___________, 200_, then at Tenant's option, Landlord shall pay One Thousand Dollars for each day delivery is delayed beyond the Final Delivery Date; provided, if Landlord is unable to deliver the Premises to Tenant in shell condition by the Final Delivery Date, due to delays caused by Tenant, the Final Delivery Date shall be extended by the number of days of delay experienced by Landlord.
TENANT IMPROVEMENTS. Tenant shall construct its improvements to the Premises ("Tenant Improvements") substantially in accordance with its plans ("Plans") to be submitted to Landlord. Landlord understands that Tenant will be making construction changes from the Plans throughout the Tenant Improvement construction period and that Landlord's approval shall not be required for such adjustments, unless the changes are materially different from the Plans. Tenant agrees to allow the Landlord to submit a bid to construct the Tenant Improvements. Tenant may obtain a maximum of two bids from other contractors which must be approved by Landlord in advance of Tenant's request for bids. The decision to select the contractor to complete the Tenant Improvements shall be based on a bid process. Tenant shall use its sole discretion in selection of the contractor. Landlord shall work with Tenant to efficiently coordinate the completion of the Tenant Improvements (whether or not Landlord is selected as the contractor) with the completion of the Landlord Improvements. The Tenant Improvements shall be constructed in a good workmanlike manner, substantially in accordance with the Plans, and in accordance with the applicable building code as it is presently interpreted and enforced by the governmental bodies having jurisdiction thereof. Tenant agrees to submit the Plans to Landlord for Landlord's approval. Landlord shall have two (2) business days from receipt of the Plans to convey to Tenant any objections thereto. Landlord's failure to object within such two (2) business day period shall be deemed an acceptance of the Plans. Landlord agrees that it will not withhold its approval except for just and reasonable cause and will not act in an arbitrary or capricious manner with respect to approval of the Plans or any changes thereto. Upon completion of the Tenant Improvements and delivery of any applicable lien releases and certificates of occupancy, Landlord will deliver to Tenant the full dollar allowance for the Tenant Improvements as described below:
office space $_______________
warehouse space $_______________
office space design $_______________
In the event that Landlord is selected as a contractor for the Tenant Improvements, Tenant may choose to offset the allowance against the invoices for Tenant Improvements to be completed by Landlord.
SECTION 2.2 POSSESSION OF PREMISES. Tenant shall not be liable to Landlord for the payment of Basic Rent or the payment of any other obligation to be paid by Tenant under this Lease until ________________ (____) days after the date Landlord's Improvements are substantially completed in accordance with Section 2.1 (subject to Punch list items, correction of which do not materially interfere with Tenant's ability to commence construction of the Tenant Improvements, and the elevator, ("Commencement Date"). If the Tenant Improvements are completed earlier than ______ days after the Final Delivery Date, Tenant may occupy the Premises without triggering an earlier Commencement Date. If Tenant is unable to complete the Tenant Improvements within the ______ day period following Landlord's delivery of the Premises due to delays caused by Landlord, the Commencement Date shall be extended one (1) day of each day of delay caused by Landlord. Tenant shall be responsible for Landlord's increased cost of labor and materials if any, and loss of rent, arising out of delay in the completion of the Premises caused by Tenant's failure to comply in a timely manner with the requirements of Section 2.1.
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