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Exhibit 10.3
AGREEMENT OF
LEASE
BETWEEN
FV OFFICE PARTNERS II,
L.P.
AND
TRAFFIC.COM, INC.
PORTIONS OF FIRST AND SECOND
FLOORS
851 DUPORTAIL ROAD
CHESTERBROOK CORPORATE CENTER
TREDYFFRIN TOWNSHIP
CHESTER COUNTY
PENNSYLVANIA
TABLE OF
CONTENTS
Article
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Page
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| 1. |
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Parties |
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| 2. |
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Demise |
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| 3. |
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Term |
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| 4. |
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Fixed Rent; Tenant Energy Costs;
Annual Operating Costs; Lease Taxes |
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| 5. |
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Covenant to Pay Rent and Additional
Rent; Late Charge |
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| 6. |
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Use |
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| 7. |
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Assignment and
Subletting |
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| 8. |
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Improvement of the
Premises |
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| 9. |
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Alterations |
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| 10. |
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Rules and Regulations |
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| 11. |
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Fire or Other Casualty |
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| 12. |
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Landlord's Right to
Enter |
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| 13. |
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Insurance |
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| 14. |
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Repairs and Condition of
Premises |
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| 15. |
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Compliance with Law |
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| 16. |
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Services |
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| 17. |
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Notice of Breakage, Fire,
Theft |
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| 18. |
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Release of Landlord |
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| 19. |
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Mechanics' and Other
Liens |
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| 20. |
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Intentionally Omitted |
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| 21. |
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Defaults—Remedies |
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| 22. |
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Remedies Cumulative |
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| 23. |
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Excepted from Premises |
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| 24. |
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Lease Subordinated |
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| 25. |
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Condemnation |
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| 26. |
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Paramount Lease |
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| 27. |
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Notices |
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| 28. |
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Definition of "the
Landlord" |
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| 29. |
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Definition of "the
Tenant" |
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| 30. |
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Estoppel Certificate; Mortgagee
Lease Comments |
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| 31. |
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Severability |
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| 32. |
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Miscellaneous |
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| 33. |
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Brokers |
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| 34. |
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Security Deposit |
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| 35. |
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Letter of Credit |
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| 36. |
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Roof Mounted Equipment |
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| 37. |
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Option to Renew |
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| 38. |
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Additional Space |
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| 39. |
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Exterior Signage |
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| 40. |
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Quiet Enjoyment |
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| 41. |
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Rights of Mortgage
Holder |
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| 42. |
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Whole Agreement |
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Hearing Waiver and Certification |
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i
Exhibits
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| "A1" |
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Phase I Floor Plan |
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| "A2" |
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Phase II Floor Plan |
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| "B" |
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Description of the Land |
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| "C" |
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Memorandum of Commencement
Date |
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| "D" |
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Space Plan |
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| "E" |
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Standard Tenant Work |
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| "F" |
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Cleaning Specifications |
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| "G" |
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Rules and Regulations |
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| "H" |
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Form of Letter of Credit |
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| "I" |
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Rooftop Equipment |
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| "J" |
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Form of Landlord's Consent to
Sublease |
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| "K" |
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Additional Space |
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| "L" |
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Additional Rider |
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ii
AGREEMENT OF
LEASE
1.
Parties.
This Lease is
made this 14th day of June, 2000, by and between FV OFFICE
PARTNERS II, L.P., a limited partnership organized and
existing under the laws of Delaware, whose address is
Suite 200, 851 Duportail Road, Wayne, PA 19087 (hereafter
called "Landlord"), and TRAFFIC.COM, INC., a corporation
organized and existing under the laws of the state of Delaware
whose present address is 207 House Avenue, Suite 104,
Camp Hill, PA 17011 (hereinafter referred to as
"Tenant").
It is hereby
agreed by and between Landlord and Tenant, intending to be legally
bound, for themselves and for their respective heirs, executors,
administrators, successors and assigns, in the manner following, it
being understood that the Premises are demised under and subject to
the following covenants, all of which are also to be regarded as
strict legal conditions:
2.
Demise.
-
(a) Landlord
does hereby lease and demise to Tenant and Tenant does hereby hire
and take from Landlord, for the term and subject to the provisions
hereof, the Premises (the "Premises") as outlined below on the
first and second floors of the building (hereinafter referred to as
the "Building") known as 851 Duportail Road, occupying or to occupy
the parcel of land bounded as described on Exhibit "B"
attached hereto (the "Land"). The Building and Land are sometimes
collectively referred to in this Lease as the
"Property".
(b) It
is the expectation of Landlord and Tenant that the space in the
Building to be leased by Landlord to Tenant will become available
for Tenant's occupancy in two phases.
(c) The
first phase will be comprised of approximately 22,936 rentable
square feet located on the first floor and second floors of the
Building ("Phase I Premises") and designated as "Phase I"
on the plan attached hereto as Exhibit "A1".
(d) The
second phase will be comprised of approximately 7,522 rentable
square feet located on the first floor of the Building
("Phase II Premises") and designated as "Phase II" on the
plan attached hereto as Exhibit "A2".
(e) The
Phases are hereinafter sometimes collectively referred to as the
"Premises".
3.
Term.
-
(a) The
demise of the Phase I Premises shall be for the term
(hereinafter referred to as the "Phase I Term") commencing on
the earlier of September 1, 2000 or the date Tenant or anyone
claiming under or through Tenant first occupies Phase I
Premises (the "Phase I Commencement Date") and ending, without
the necessity of notice from either party to the other, five
(5) years from and after the Phase I Commencement Date if
the Phase I Commencement Date shall be the first day of a
month, or if the Phase I Commencement Date shall be other than
the first day of the month, then from and after the first day of
the month next following the Phase I Commencement Date (the
"Maturity Date").
(b) The
demise of the Phase II Premises shall be for the term
(hereinafter referred to as the "Phase II Term") commencing on
the earlier of April 1, 2001 or the date Tenant or anyone
claiming under or through Tenant first occupies Phase II
Premises (the "Phase II Commencement Date") and ending,
without the necessity of notice from either party to the other, on
the Maturity Date.
(c) The
Phase I Term and Phase II Term are hereinafter sometimes
collectively referred to as the "Term".
1
The Premises
shall be deemed ready for occupancy on the date the work to be
performed by Landlord in the Premises in accordance with this Lease
shall have been substantially completed notwithstanding that
insubstantial details of construction, mechanical adjustment, or
decoration remain to be performed, the non-completion of which
would not materially interfere with Tenant's use of the Premises;
and
(d) Landlord
shall give Tenant five (5) days prior notice of the date the
Premises will be ready for occupancy. Landlord agrees to give
Tenant periodic progress reports with respect to the improvement of
the Premises and a good faith estimate of the date the Premises
will be ready for occupancy.
(e) For
purposes of determining the date when the Premises are ready for
occupancy (and, correspondingly, the Phase I or Phase II
Commencement Date and the date from which rent shall commence to
accrue), there shall not be considered the duration of any delay
which is caused by:
-
(i) changes
in the work to be performed by Landlord in readying the Premises
for Tenant's occupancy, which changes shall have been requested by
Tenant after the approval by Landlord and Tenant of Tenant
Construction Plans (as defined in Article 8(f) of this
Lease);
(ii) delays,
not caused by Landlord, in furnishing materials or procuring labor
required by Tenant for installations or work in the Premises which
are not encompassed within Standard Tenant Work (as that term is
defined in Article 8(g) of this Lease);
(iii) any
failure by Tenant, without regard to any grace period applicable
thereto, to furnish any required plan, information, approval or
consent (including, without limit, Tenant Construction Plans)
within the required period of time; or
(iv) the
performance of any work or activity in the Premises by Tenant or
any of its employees, agents or contractors. The Premises shall be
deemed ready for occupancy (and rent shall commence to accrue) on
the date the Premises would have been ready but for the causes
described in this subparagraph (d).
(f) When
the Phase I Commencement Date is established, Landlord and
Tenant shall promptly execute and acknowledge a memorandum, the
form attached hereto as Exhibit "C" of the Commencement Date
and the date of expiration of the Term.
(g) If
the Tenant or any person claiming through the Tenant shall have
continued to occupy the Premises after the expiration or earlier
termination of the Term or any renewal thereof, and if the Landlord
shall have consented in writing to such continuation of occupancy,
such occupancy (unless the parties hereto shall have otherwise
agreed in writing) shall be deemed to be under a month-to-month
tenancy. The month-to-month tenancy shall continue until either
party shall have notified the other in writing, at least ninety
(90) days prior to the end of any calendar month, that the
party giving such notice elects to terminate the month-to-month
tenancy at the end of that calendar month, in which event, such
tenancy shall so terminate. If such occupancy shall have continued
without Landlord's written consent, then such occupancy shall be in
violation of this Lease, in which event, Tenant (i) shall be
liable for any and all losses, claims, costs, expenses and damages
suffered or incurred by Landlord (including, without limit thereto,
court costs and counsel fee), whether foreseen or unforeseen as a
result of such continued occupancy, and Landlord shall have all of
the rights and remedies available under this Lease, or at law or in
equity, for such violation and, without limitation of the foregoing
clause(i), (ii) will indemnify and hold harmless Landlord from
and against all claims and demands made by succeeding tenants
against Landlord, founded upon delay by Landlord in delivering
possession of the Premises to such succeeding tenant. The rental
payable with respect to each monthly period of any month-to-month
tenancy (and to each monthly period of continued occupancy which
may occur without Landlord's consent) shall equal one hundred fifty
percent (150%) of the Fixed Rent payable under Article 4(b),
which
2
would have been payable had this Lease been
renewed for a period of twelve (12) full calendar months
following the expiration or termination of the Term in the absence
of this subparagraph (f). Any month-to-month tenancy arising
with Landlord's consent shall be upon the same terms and subject to
the same conditions as those which are set forth in this Lease,
except as otherwise set forth in this subparagraph (f),
provided that if the Landlord shall have given to the Tenant, at
least thirty (30) days prior to the expiration or earlier
termination of the Term or any renewal thereof or prior to the end
of any month of a month-to-month tenancy, written notice that the
Tenant's occupancy following such month or expiration or
termination (as the case may be) shall be subject to such
modifications of the terms and conditions of this Lease (including
any provision relating to the amount and payment of rent) as are
specified in such notice, the Tenant's occupancy following such
month or expiration or termination (as the case may be) shall be
subject to the provisions of this Lease as so modified.
4.
Fixed Rent; Tenant Energy
Costs; Annual Operating Costs; Lease Taxes.
Lease
Period
|
|
Annual
Rent
|
|
Minimum Fixed
Monthly Rent
|
| Phase I Commencement
Date - Phase II Commencement Date |
|
$ |
642,208.00 |
|
$ |
53,517.33 |
| Phase II Commencement
Date - 12th Month of Term |
|
$ |
852,824.00 |
|
$ |
71,068.67 |
| 13th Month - 24th
Month |
|
$ |
875,667.50 |
|
$ |
72,972.29 |
| 25th Month - 36th
Month |
|
$ |
898,511.00 |
|
$ |
74,875.92 |
| 37th Month - 48th
Month |
|
$ |
921,354.50 |
|
$ |
76,779.54 |
| 49th Month - 60th
Month |
|
$ |
944,198.00 |
|
$ |
78,683.17 |
-
-
(iii) The
Fixed Rent and all other sums payable to Landlord pursuant to or by
reason of this Lease shall be payable to Landlord at the office of
Landlord, c/o Fox Realty Co., 851 Duportail Road,
Suite 200, Chesterbrook, PA 19087, or to such other person and
at such other place as Landlord may from time to time designate in
writing.
(iv) The
first monthly installment of Fixed Rent shall be paid at the time
of the signing of this Lease.
3
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(v) If
the Term begins on a day other than the first day of a month, Fixed
Rent from the Commencement Date until the first day of the
following month shall be prorated and shall be payable in advance
on the first day of the Term and, in such event, the installment of
Fixed Rent paid at the signing of this Lease shall be applied to
the Fixed Rent due for the first full calendar month of the
Term.
(c)
Tenant's Proportionate
Share. As used in
this Lease, "the square foot area of the Premises" shall be deemed
to be Twenty Two Thousand Nine Hundred Thirty Six (22,936) square
feet for Phase I and Thirty Thousand Four Hundred Fifty Eight
(30,458) square feet for Phases I and II, "the total square
foot area of the Building" shall be deemed to be Forty One Thousand
Four Hundred Forty Eight (41,448) square feet and "Tenant's
proportionate share" shall refer to the percentage relationship
between the foregoing, namely 55.337% for Phase I and 73.485%
for Phases I and II. Landlord reserves the right to change
Tenant's square footage in accordance with BOMA-American National
Standard Z65.1-1996, provided, however, that upon any such change
in the square footage of the Premises, the square footage of the
Building shall also be revised in compliance with BOMA-American
National Standard Z65.1-1996. Tenant recognizes that, as used in
this Lease, the total square foot area of the Premises includes a
share of the common areas of the Building.
(d)
Tenant Energy
Costs.
-
(i) The
term "Tenant Energy Costs" shall mean the costs to Landlord of
furnishing to the respective areas of the Property electric energy
or other utility services, except water and sewer (including taxes
or fuel adjustment or transfer charges and other like charges
regularly passed on to the consumer by the public utility
furnishing electric energy to the Property).
(ii) For
and with respect to each calendar year of the Term (and any
renewals or extensions thereof) including, without limit, the first
calendar year during which the Term of this Lease shall have
commenced, there shall accrue, as additional rent under this Lease
and be paid within fifteen (15) days after Landlord shall have
given to Tenant a statement or statements of the amount due,
Landlord's costs in such calendar year of supplying such quantity
of electric energy as is; (A) consumed by Tenant in the
Premises, including, without limitation, such electric energy as is
consumed by Tenant in connection with the operation of the heating,
ventilating and air-conditioning systems serving only the Premises,
as such consumption shall have been shown on the meters referred to
in Article 16(a)(viii) of this Lease, together with any
administrative costs incurred by Landlord by reason thereof, and
(B) Tenant's Proportionate Share, as defined in
Article 4(c) of this Lease, of Landlord's costs in such
calendar year of supplying electric energy and other utility
service (excluding water and sewer), as is supplied to all
non-tenanted areas of the Property in connection with the operation
of the Property together with any administrative costs incurred by
Landlord by reason thereof.
(iii) The
method and timing (but not more frequently than monthly) of billing
such costs of Landlord shall be determined by Landlord, using
reasonable accounting principles, it being understood that it is
not intended that Landlord derive any profit from the supplying of
electric energy or other utility service.
(e)
Annual Operating
Cost.
-
(i) The
term "Annual Operating Costs" shall mean the actual costs to
Landlord of operating and maintaining the Property (including,
without limit, all improvements thereto and fixtures and equipment
therein or thereon) during each calendar year of the Term (and any
renewals or extensions thereof) including, without limit, the first
calendar year during which the Term of this Lease shall have
commenced, excluding Tenant Energy Costs (as
hereinbefore
4
-
-
defined). Such costs shall include, by way of
example rather than of limitation, (1) charges or fees for,
and taxes on, the furnishing to the Property of water and sewer
service, electric energy (excluding the supply of electric energy
included in Tenant Energy Costs) and, if the Building systems
should be converted to receive the same, steam or fuel and other
utility services; (2) costs of elevator service and charges or
fees for maintenance of the Property, planting, replanting and
janitorial service, trash removal, policing, cleaning, restriping,
resurfacing, maintaining and repairing all walkways, roadways,
parking areas forming part of the Property, maintaining all
landscaped areas of the Property; (3) charges or fees for any
necessary governmental permits; (4) wages, salaries and
benefits of employees of Landlord or any management company engaged
by Landlord in connection with the Building, management fees,
overhead and expenses; (5) the cost of premiums for hazard,
rent, liability, workmen's compensation and other insurance upon
the Property or portions thereof; (6) costs arising under
service contracts with independent contractors;
(7) professional and consulting fees including, without limit,
legal and auditing fees; (8) repairs, replacements and
improvements to the Property which are appropriate for the
continued operation of the Building as a first class office
building; (9) all real estate taxes and assessments, general
or special, ordinary or extraordinary, foreseen or unforeseen,
(other than "Lease Taxes" as defined in Article 4(i) of this
Lease) assessed or imposed upon the Property (collectively,
"Taxes"); if, due to a future change in the method of taxation, any
franchise, income, profit or other tax, however designated, shall
be levied or imposed in substitution, in whole or in part, for (or
in lieu of) any tax or addition or increase in any tax which would
otherwise be included within the definition of Taxes, such other
tax shall be deemed to be included within Taxes as defined in this
Lease; and (10) the cost of all other items which, under
standard accounting practices, constitute operating or maintenance
costs which are attributable to the Property or any portion
thereof. The term "Annual Operating Costs" shall not include:
depreciation on the Building or equipment; interest on mortgage
encumbrances; ground rents; income taxes; salaries of executive
officers of Landlord; commissions payable to leasing brokers; and
expenditures for capital improvements, except (1) those which
under generally applied real estate practice are expensed or
regarded as deferred expenses and (2) capital expenditures
required by law, in either of which cases the cost thereof shall be
included in Annual Operating Costs for the calendar year in which
the cost shall have been incurred and subsequent calendar years, on
a straight line basis, to the extent that such items are amortized
over an appropriate period, but not more than ten (10) years,
with an interest factor equal to two percent (2%) plus the prime
rate at the time Landlord shall have incurred said costs. The prime
rate shall mean the rate of interest per annum announced from time
to time by First Union Bank, N.A. or its successor as its prime
lending rate (or if such prime lending rate is discontinued, such
comparable rate as Landlord reasonably designates by notice to
Tenant).
(ii) If
Landlord shall have purchased any item of capital equipment or
shall have made any capital expenditure designed to result in
savings or reductions in Annual Operating Costs or Tenant Energy
Costs applicable to leased space generally, then the costs of
having purchased such equipment and such capital expenditures shall
be included in Annual Operating Costs for the calendar year in
which the costs shall have been incurred and subsequent calendar
years, on a straight line basis, to the extent that such items are
amortized over such period of time as reasonably can be estimated
as the time in which such savings or reductions in Annual Operating
Costs are expected to equal Landlord's costs for such capital
equipment or capital expenditure, with an interest factor equal to
the prime rate at the time of Landlord's having incurred said
costs. If Landlord shall have leased any such items of capital
equipment designed to result in savings or reductions in Annual
Operating Costs, then the rental and other costs paid pursuant to
such leasing shall be included in Annual Operating Costs for the
calendar year in which they shall have been incurred.
5
-
(iii) The
term "Base Operating Costs" shall mean the Annual Operating Costs
for the calendar year 2000.
(iv) For
and with respect to each calendar year of the Term (and any
renewals or extensions thereof) excluding, however, the first
calendar year during which the Term of this Lease shall have
commenced, there shall accrue, as additional rent hereunder, and be
paid within thirty (30) days after Landlord shall have given
to Tenant a statement or statements of the amount due, Tenant's
Proportionate Share of the increase, if any, of Annual Operating
Costs over Base Operating Costs.
(v) Anything
contained in the foregoing provisions of this Article 4 to the
contrary notwithstanding, in any instance in which the Tenant shall
have agreed in this Lease or otherwise to provide any item or items
of Annual Operating Costs partially or entirely at its own expense,
in calculating and allocating increases in Annual Operating Costs
over Base Operating Costs pursuant to the foregoing provisions of
this subsection, Landlord shall make appropriate adjustments, using
reasonable accounting principles, so as to avoid allocating to the
Tenant the same such item or items of the Base Operating Costs and
Annual Operating Costs (partially or entirely, as aforesaid) being
provided to other tenants by Landlord at Landlord's expense.
Subject to the preceding sentence, if during all or part of any
calendar year, Landlord shall not furnish any item or items of
Annual Operating Costs to any portions of the Building because such
portions are not occupied or because such item is not required or
desired by the tenant of such portion or such tenant is itself
obtaining and providing such item or for other reasons, then, for
the purposes of computing the additional rent payable hereunder,
the amount of Annual Operating Costs for such period shall be
deemed to be increased by an amount equal to the additional costs
which would normally have been incurred during such period by
Landlord if it had at its own expense furnished such item to such
portion of the Building.
(f)
Partial Year.
If only part of any calendar
year shall fall within the Term, the amount computed as additional
rent with respect to such calendar year under the provisions of
subsection (c) of this Article shall be prorated in proportion
to the portion of such calendar year falling within the Term (but
the expiration or termination of the Term prior to the end of such
calendar year shall not impair the Tenant's obligation under this
Lease to pay such prorated portion of such additional rent with
respect to that portion of such year falling within the Term, which
shall be paid on demand, as aforesaid).
(g)
Payment of Estimated
Increase. Anything in this Lease to the contrary
notwithstanding, the Landlord shall be entitled to make from time
to time during the Term, a reasonable estimate of the amount of
additional rent which may become due under this Lease with respect
to any calendar year and to require the Tenant to pay to the
Landlord, at the time and in the manner in which the Tenant is
required under this Lease to pay the monthly installment of the
Fixed Rent with respect to such month, with respect to each
calendar month during any such calendar year, one-twelfth (
1 / 12 ) of the amount which Landlord
shall have estimated will become payable on account of increases in
Annual Operating Costs. In such event, Landlord shall cause the
actual amount of the additional rent to be computed and a statement
thereof sent to the Tenant within one hundred twenty
(120) days following the end of the calendar year; the Tenant
or the Landlord, as the case may be, shall, within fifteen
(15) days after such statement is sent to Tenant, pay to the
other the amount of any deficiency or overpayment, respectively,
therein.
(h)
Disputes.
Any statement furnished to
Tenant by Landlord under the preceding paragraph or other
provisions of this Article shall constitute a final determination
as between Landlord and Tenant of the additional rent due from
Tenant for the period represented thereby unless Tenant, within
ninety (90) days after a statement is furnished, shall have
given a notice to
6
Landlord that Tenant disputes the correctness of
the statement, specifying in detail the basis for such assertion.
Pending resolution of such a dispute, Tenant shall pay the
additional rent in accordance with the statement furnished by
Landlord. Landlord agrees, upon prior written request, during
normal business hours to make available for Tenant's inspection, at
Landlord's offices, Landlord's books and records which are relevant
to any items in dispute.
(i)
Lease Tax.
If federal, state or local
law now or hereafter imposes any tax, assessment, levy or other
charge (other than any income tax) directly or indirectly upon the
Landlord with respect to this Lease or the value thereof, or upon
the Tenant's use or occupancy of the Premises, or upon the rent,
additional rent or any other sums payable under this Lease or upon
this transaction, except if and to the extent that the same are
included in the Annual Operating Costs (all of which are herein
called "Lease Taxes") the Tenant shall pay to the Landlord, as
additional rent hereunder and upon demand, the amount of such tax,
assessment, levy or other charge, unless the Tenant shall be
prohibited by law from paying such tax, assessment levy or other
charge, in which event the Landlord shall be entitled, at its
election, to terminate this Lease by written notice to the
Tenant.
5.
Covenant to Pay Rent and
Additional Rent; Late Charge.
Tenant shall,
without prior demand, notice, setoff or deduction, pay the Fixed
Rent and all other sums which may become due by Tenant under this
Lease, at the times, at the places and in the manner provided in
this Lease. All such other sums shall be payable as additional rent
for all purposes whether or not they would otherwise be considered
rent. If any payment or any part thereof to be made by Tenant to
Landlord pursuant to the terms of this Lease shall have become
overdue for a period in excess of thirty (30) days, such grace
period limited to no more than two (2) occurrences in any
twelve (12) month period, after written notice to Tenant, a
late charge of five cents ($.05) for each dollar so overdue may be
charged by Landlord for the purpose of defraying the expense
incident to handling such delinquent payment, together with
interest from the date when such payment or part thereof was due at
the Lease Interest Rate (defined below) or such lesser amount or
rate, if any, as represents the maximum amount or rate Landlord
lawfully may charge in respect of Tenant in such circumstances.
Nothing herein shall be construed as waiving any rights of Landlord
arising out of any defaults of Tenant by reason of Landlord's
assessing or accepting any such late payment, the late charge and
interest provided herein is separate and apart from any rights
relating to remedies of the Landlord after default by Tenant in the
performance or observance of the terms of this Lease. Without
limiting the generality of the foregoing, if Tenant shall be in
default in the performance of any of its obligations under this
Lease, Landlord may (but shall not be obligated to do so), in
addition to any other rights it may have in law or equity, cure
such default on behalf of Tenant and Tenant shall reimburse
Landlord upon demand for any sums paid or costs incurred by
Landlord in curing such default, including interest thereon at the
Lease Interest Rate or such lesser rate as represents the maximum
rate Landlord lawfully may charge in respect of Tenant in such
circumstances, reasonable attorney's fees and other legal expenses,
including also the said late charge and interest on all sums paid
and costs incurred by Landlord as aforesaid, which sums and costs
together with late charge and interest thereon shall be deemed
additional rent hereunder. As used in this Lease, the "Lease
Interest Rate" shall mean four percent (4%) plus the prime
rate.
6.
Use.
The Premises
are to be used only by Tenant for general office and broadcast
purposes and for no other purpose. Tenant shall not use or occupy
the Premises or any part thereof, or permit the Premises or any
part thereof to be used or occupied, other than as specified in the
sentence immediately preceding. Tenant shall permit its employees,
invitees and guests to park only automobiles, or similarly sized
vehicles, on the Property. Such parking shall be unreserved and be
limited to Tenant's proportionate share of the Premises.
7
7.
Assignment and
Subletting.
-
(a) The
Tenant shall not assign this Lease or sublet or underlet the
Premises or any part thereof, or permit any other person or entity
to occupy the Premises or any part thereof, except to Internet
Capital Group, T.L. Ventures and Safeguard Scientifics without on
each occasion first obtaining the written consent thereto of the
Landlord, which consent shall not be unreasonably withheld. An
assignment within the meaning of this Lease is intended to
comprehend not only the voluntary action of Tenant, but also any
levy or sale on execution or other legal process against Tenant's
goods or other property of the leasehold, and every assignment of
assets for the benefit of creditors, and the filing of any petition
or order or any adjudication in bankruptcy or under any insolvency,
reorganization or other voluntary or compulsory procedure, and the
calling of a meeting of creditors, and the filing by or against
Tenant of any petition or notice for a composition with creditors,
and any assignment by operation of law. For purposes of the
foregoing, a transfer, by any person or persons controlling the
Tenant on the date hereof, of such control to a person or persons
not controlling the Tenant on the date hereof shall be deemed to be
an assignment of this Lease.
(b) If
Tenant proposes to assign this Lease or sublet all or any portion
of the Premises to any party other than Internet Capital Group,
T.L. Ventures and Safeguard Scientifics, Tenant shall, prior to the
proposed effective date thereof (the "Effective Date"), deliver to
Landlord a copy of the proposed agreement and all ancillary
agreements including Landlord's Consent to Sublease attached as
Exhibit "J" with the proposed assignee or subtenant, as
applicable. Landlord shall then have all the following rights, any
of which Landlord may exercise by written notice to Tenant given
within thirty (30) days after Landlord receives the foregoing
documents:
-
(i) With
respect to a proposed assignment of this Lease, the right to
terminate this Lease on the Effective Date as if it were the
scheduled expiration date of the Term (the "Expiration
Date");
(ii) With
respect to a proposed subletting of the entire Premises, the right
to terminate this Lease on the Effective Date as if it were the
Expiration Date;
(iii) With
respect to a proposed subletting of more than twenty-five percent
of Premises, the right to terminate this Lease as to the portion of
the Premises affected by such subletting on the Effective Date, as
if it were the Expiration Date, in which case Tenant shall promptly
execute and deliver to Landlord an appropriate modification of this
Lease in form satisfactory to Landlord in all respects;
(iv) Landlord
may consent to the proposed assignment or sublease on such terms
and conditions as Landlord may reasonably require, including
without limitation, the execution and delivery to Landlord by the
assignee of an assumption of liability agreement in form
satisfactory to Landlord, including an assumption by the assignee
of all of the obligations of Tenant and the assignee's ratification
of an agreement to be bound by all of the provisions of this Lease,
including the warrants of attorney to confess judgment in assumpsit
and in ejectment; or, in the case of a sublease, the execution and
delivery by the subtenant of a written agreement with Landlord, in
such form and with such terms, covenants and conditions as may be
required by Landlord;
(v) Landlord
may withhold its consent to the proposed assignment or sublease,
provided, however, that if Landlord declines to exercise one of the
options set forth in items (i) through (iii) above, Landlord will
not unreasonably withhold its consent so long as the identity,
reputation and financial strength of the proposed assignee or
subtenant, and the proposed use of the Premises, are reasonably
acceptable to Landlord; provided further, however, that Landlord
shall in no event be required to consent to any sublease of space
for rent and other
8
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charges less than those that the sublessor is
required to pay or any assignment or subletting to a proposed
assignee or subtenant that is (w) a government or any
subdivision, agency or instrumentality thereof, (x) a school,
college, university or educational institution of any type (whether
for profit or non-profit), (y) an employment, recruitment or
temporary help, service or agency or (z) another tenant of
Landlord in the Building; or
(vi) In
the event that Landlord does consent to the assignment or
subletting, Tenant shall have ninety (90) days from its
receipt of Landlord's notice thereof to enter into the proposed
sublease or assignment with the prospective subtenant or assignee
described in Tenant's notice to Landlord. If such sublease or
assignment has not been executed within such time period and with
such identified assignee or subtenant, the consent given by
Landlord shall be considered to have been withdrawn.
(c) No
assignment or sublease, whether with or without the Landlord's
consent, shall in any way relieve or release the Tenant from
liability for the performance of all terms, covenants and
conditions of this Lease.
(d) In
the event of any sublease or assignment by Tenant of its interest
in the Premises or this Lease or any portion thereof, whether or
not consented to by Landlord, each monthly installment of Fixed
Rent payable hereunder with respect to the Premises or the portion
thereof subject to such subletting or assignment shall be increased
by an amount equal to (i) in the case of any subletting, the
Excess Rent (defined below) for such portion; and, in the case of
any assignment, the Excess Rent payable by the assignee as
amortized on a monthly basis over the remaining Term of this Lease
with interest at the Lease Interest Rate (defined at Article 5
hereof). As used herein, "Excess Rent" shall mean a sum equal to
fifty percent (50%) of the amount by which the rent and other
charges or other consideration paid by Tenant by any subtenant or
assignee exceeds the pro rata portion, for each month of such
subletting or assignment, of the Fixed Rent and additional rent for
such space then payable for such month by Tenant to Landlord
pursuant to the provisions of this Lease in the absence of this
subsection (d), less
the portion applicable to such month, when amortized
from the dates incurred over the remaining term of the sublease or
assignment, of Tenant's cost of improvements made or paid for by
Tenant to satisfy the needs of the subtenant, and legal fees,
leasing commissions and similar capital costs incurred by Tenant in
connection with the assignment or subletting.
(e) If,
pursuant to the exercise of the Landlord's option in 7(b)(iii)
above, this Lease terminates as to only a portion of the Premises,
the Fixed Rent and Tenant's Proportionate Share for the additional
rent shall be adjusted in proportion to the portion of the Premises
affected by such termination, as determined by Landlord; and
Tenant, within ten (10) days after demand, shall pay to
Landlord Landlord's cost of any alterations necessary to separate
such portion of the Premises from the remainder of the Premises,
plus ten percent (10%) for Landlord's overhead. Landlord and Tenant
shall each pay fifty percent (50%) of the cost of demising
partitions required to separate the Premises.
(f) If
Landlord exercises any of its options under section 7(b)(i),
(ii) or (iii), Landlord may then lease the Premises or any portion
thereof to Tenant's proposed assignee or subtenant, as the case may
be, without liability whatsoever to Tenant.
(g) In
addition to, and not in lieu of, any other rights and remedies
available to Landlord therefor, Landlord shall have the right to
terminate this Lease if Tenant seeks to assign, or underlet the
Premises without first obtaining Landlord's written consent. In the
event that Landlord exercises said right to terminate, said
termination shall become effective on the date set forth in
Landlord's written notice.
9
8.
Improvement of the
Premises.
-
(a)
Landlord's Preliminary
Plans. Landlord
has heretofore delivered to Tenant for use by Tenant and/or its
architect or engineer, an architectural floor plan with respect to
the Premises, a copy of which is attached to this lease as
Exhibit "D," and such structural, electrical and mechanical
plans and specifications with respect to the Building as Tenant may
reasonably require for proper and expeditious preparation of the
plans and specifications to be furnished by Tenant as hereinafter
provided. The receipt of all such information is hereby
acknowledged by Tenant.
(b)
Tenant's
Plans. Tenant
shall have prepared, using a space planner designated by Tenant, at
Tenant's expense, and shall deliver to Landlord for its approval
(which shall not be unreasonably withheld) one mylar and two
blackline prints of the complete and final descriptive information
and drawings described in Paragraph E 1 of
Exhibit "E" hereto and three (3) copies of the
specifications, prepared by such space planner ("Tenant's Layout
Plans") for the construction and finishing of the Premises for
Tenant's occupancy. Tenant's plans shall be signed and sealed by an
architect licensed by and registered in the Commonwealth of
Pennsylvania. Tenant's Layout Plans shall conform to the plans and
specifications heretofore submitted by Tenant and applicable laws
and requirements of public authorities and shall designate, among
other things, the locations of and specifications for all plumbing,
electrical and mechanical equipment to be installed in the
Premises, all partitions, doors, lighting fixtures, electric
receptacles and switches, telephone outlets and special air
conditioning, floor coverings and other improvements to be
installed by Landlord. Tenant's Layout Plans shall be subject to
Landlord's review and approval, which approval shall not be
unreasonably withheld, and shall be deemed modified to take account
of any changes reasonably required by Landlord. Concurrently with
delivery of Tenant's Layout Plans to Landlord, Tenant shall by
notice to Landlord in writing designate a single individual who
Tenant agrees shall be available to meet and consult with Landlord
at the Premises as Tenant's representative respecting the matters
which are the subject of this Article 8 and who, as between
Landlord and Tenant, shall have the power to legally bind Tenant,
in making requests for changes, giving approval of plans or work,
giving directions to Landlord or the like, under this
Article 8.
(c)
Engineering
Plans. Landlord
shall prepare at Tenant's expense and shall deliver to Tenant
mechanical and electrical engineering drawings and specifications
("Engineering Plans"), based on Tenant's Layout Plans (and such
pertinent additional information as shall have been submitted by
Tenant with Tenant's Layout Plans or as requested by Landlord), as
may be required to complete the Premises in accordance with
Tenant's Layout Plans. Within three (3) business days after
submission to Tenant by Landlord of Engineering Plans, Tenant shall
give its written approval thereof if the same are in substantial
conformity with or a direct extension of Tenant's Layout Plans. The
Engineering Plans shall be deemed to have been approved by Tenant
unless Tenant shall have notified Landlord to the contrary within
three (3) business days after Landlord shall have submitted
them to Tenant, stating in which respects said Engineering Plans
fail to conform with Tenant's Layout Plans. The Engineering Plans
shall be deemed to have been approved by Tenant if they are
returned by Tenant with specified changes noted and such changes
are made, whether or not approval is thereafter specifically noted
on the Engineering Plans so changed.
(d)
Certain
Changes. Tenant
shall pay to Landlord on demand the amount of Landlord's reasonable
architectural and engineering fees:
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(i) resulting
from any changes made in the Engineering Plans at Tenant's request
after they have been deemed accepted by Tenant as
aforesaid,
(ii) necessitated
as a result of changes in Tenant's Layout Plans made after Landlord
shall have released them to its engineers, or
10
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(e)
Restricted
Changes. Should
Tenant desire to make changes to any approved plans which, in the
commercially reasonable judgment of Landlord, are so substantial as
to cause postponement of the Phase I or Phase II Commencement Date
reasonably anticipated by Landlord, then, without prejudice to the
provisions of Article 3(b) hereof, Landlord shall have the
right to refuse to permit the making of such changes unless and
until Tenant shall have committed in writing, in a manner
reasonably satisfactory to Landlord, to pay to Landlord on the date
rent would have commenced hereunder in the absence of such delay, a
sum of money equivalent to the rent for the Premises for the period
during which Tenant would have been obligated to pay rent to
Landlord had not the Phase I or Phase II Commencement Date been so
delayed. Furthermore, no change requested by Tenant, whether or not
substantial, shall be effective unless and until (in addition to
any other conditions thereto as herein specified) Landlord and
Tenant shall agree in writing upon the basis for any additional
cost or credit to Tenant on account thereof.
(f)
Completion by Landlord;
Changes . Landlord
shall, in a good and workmanlike manner, cause the Premises to be
improved and completed in accordance with the Tenant's Layout Plans
and the Engineering Plans ("Tenant Work") (such plans are
hereinafter together called the "Tenant Construction Plans").
Landlord reserves the right however.
-
(i) to
make substitutions of material of equivalent grade and quality when
and if any specified material shall not be readily and reasonably
available and
(ii) to
make changes necessitated by conditions met in the course of
construction, provided that Tenant's approval of any substantial
change shall first be obtained (which approval shall not be
unreasonably withheld or delayed so long as there shall be general
conformity with Tenant's Layout Plans).
(g)
Standard Tenant Work;
Special Tenant Work . In the completion and preparation of
the Premises in accordance with the Tenant Construction Plans,
Landlord agrees to perform at its own expense, not to exceed the
Tenant Work Allowance (as hereinafter defined) those items of the
work set forth on the schedule attached hereto as Exhibit "E"
(herein referred to as "Standard Tenant Work"), to the extent
required by the Tenant Construction Plans. All work to be performed
by Landlord in addition to or in substitution for Standard Tenant
Work is hereinafter referred to as "Special Tenant Work". Tenant
agrees that Tenant Construction Plans shall be provided to Landlord
by June 9, 2000. Landlord shall advise Tenant within three
(3) business days after receipt of Tenant Construction Plans
which items of construction shall be considered Special Tenant Work
and which items of construction that will need to be removed or
restored by Tenant at Tenant's sole cost and expense at the
expiration or earlier termination of this Lease. All Special Tenant
Work shall be furnished, installed and performed by Landlord,
utilizing a general contractor or construction manager ("Landlord's
Contractor") selected by Landlord (which may be an affiliate of
Landlord or a partner in Landlord or an affiliate of a partner in
Landlord) for and on behalf of Tenant and at Tenant's sole expense,
based on "Landlord's Cost." "Landlord's Cost" shall be deemed to
mean Landlord's out-of-pocket contract or purchase price for
materials, labor and services (including, without limit, any
reasonable contractor's fee for the contractor's overhead and
profit and charges for cutting, patching, cleaning up and removal
of waste and debris), plus architects' and engineers' fees, plus
the product obtained by multiplying all of the foregoing by three
percent (3%) for Landlord's expenses and profit in handling the
Special Tenant Work. Notwithstanding anything herein, Tenant's
telephone and data wiring and cabling (hereinafter called the
"Direct Tenant Work") shall be installed in accordance with the
Tenant Construction Plans by contractors contracting with Tenant
and not with Landlord. At the expiration or earlier termination of
this Lease, Tenant, at its sole cost and expense, shall remove all
telephone and data
11
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wiring and shall repair all damage to the
Premises caused by the installation or removal of such
wiring.
(h)
Payment for
Work . Tenant
shall pay Landlord for all Special Tenant Work performed by
Landlord from time to time during the progress of the work, within
fifteen (15) days after Landlord shall have given Tenant an
invoice or invoices therefor, in amounts representing Landlord's
Cost of such Special Tenant Work theretofore performed (including,
for this purpose, material for Special Tenant Work purchased and
delivered to the Building to the date of the invoice), less the
amounts theretofore paid by Tenant on account. Upon presentation of
the final invoice, the total amount of the Landlord's Cost shall be
subject to verification by Tenant, and Tenant shall have reasonable
access to Landlord's cost records relative thereto.
(i)
Access; Acceptance of
Work . Landlord
shall afford Tenant and its employees, agents and contractors
access to the Premises, at reasonable times prior to the Phase I or
Phase II Commencement Date and at Tenant's sole risk and expense,
for the purposes of inspecting and verifying the performance of
Tenant Work, and shall advise Landlord promptly of any objection to
the performance of such work. Access for such purposes shall not be
deemed to constitute possession or occupancy. Landlord shall
promptly undertake and diligently prosecute the correction of any
defective work of which it is notified as aforesaid. On the Phase I
or Phase II Commencement Date, it shall be conclusively deemed that
all work theretofore performed by or on behalf of Landlord and not
objected to by Tenant as aforesaid was satisfactorily performed in
accordance with and meeting the requirements of this Lease, except
for items on the punch list which Landlord shall use commercially
reasonable efforts to complete within thirty (30) days. The
foregoing presumption shall not apply, however, to latent defects
in such work which could not reasonably have been discovered
theretofore, provided Tenant notifies Landlord thereof within
thirty (30) days after occupancy.
(j) Landlord
shall provide Tenant an allowance of Five Hundred Seventy Three
Thousand Four Hundred Dollars ($573,400.00) to be used for all hard
and soft costs associated with the improvement of the Phase I
Premises and an allowance of One Hundred Sixty Two Thousand Nine
Hundred Seventy Six Dollars and Sixty Seven Cents ($162,976.67) to
be used for all hard and soft costs associated with the improvement
of the Phase II Premises (collectively the "Tenant Work
Allowance").
9.
Alterations
.
No alterations,
additions or improvements shall be made to the Premises or any part
thereof by or on behalf of Tenant without first submitting a
detailed description thereof to Landlord and obtaining Landlord's
written approval, which approval shall designate whether the
alterations, additions or improvements shall remain at the Premises
or shall be removed at the cost of Tenant before the expiration or
sooner termination of this Lease. Landlord, at Landlord's option,
shall have the right to provide construction management for and on
behalf of Tenant at Tenant's sole expense constituting ten percent
(10%) of the alteration's total cost. Notwithstanding anything to
the contrary in this Lease, all alterations, additions or
improvements made by Tenant and all fixtures attached to the
Premises shall become the property of Landlord and remain at the
Premises or, at Landlord's option, after written notice to Tenant,
any or all of the foregoing which may be designated by Landlord
shall be removed at the cost of Tenant before the expiration or
sooner termination of this Lease and in such event Tenant shall
repair all damage to the Premises caused by the installation or
removal. Notwithstanding anything to the contrary in this Lease,
unless otherwise requested by Landlord in writing, Tenant shall
remove all Direct Tenant Work (defined at Article 8(g) hereof)
and shall repair all damage to the Premises caused by the
installation or removal of such Direct Tenant Work. Tenant shall
not erect or place, or cause or allow to be erected or placed, any
sign, advertising matter, lettering, stand, booth, showcase or
other article or matter in or upon the Premises and/or the premises
of which the Premises are a part,
12
without the prior written consent of Landlord.
Tenant shall not place weights anywhere beyond the safe carrying
capacity of the structure.
10.
Rules and
Regulations .
The rules and
regulations attached to this Lease, and such additions or
modifications thereof as may from time to time be made by Landlord
upon written notice to Tenant, shall be deemed a part of this
Lease, as conditions, with the same effect as though written
herein, and Tenant also covenants that said rules and regulations
will be faithfully observed by Tenant, Tenant's employees, and all
those visiting the Premises or claiming under Tenant.
11.
Fire or Other
Casualty .
If, during the
term of this Lease, or any renewal or extension thereof, the
Building is so damaged by fire or other casualty that the Premises
are rendered unfit for occupancy (whether or not the Premises are
damaged), then, at Landlord's and/or Tenant's option, the Term of
this Lease upon written notice from Landlord and/or Tenant given
with thirty (30) days after the occurrence of such damage,
shall terminate as of the date of the occurrence of such damage. In
such case, Tenant shall pay the rent apportioned to the time of
such termination and Landlord may enter upon and repossess the
Premises without further notice. If Landlord does not elect to
terminate the Term of this Lease, Landlord, subject to reasonable
delays for insurance adjustments and to delays caused by matters
beyond Landlord's reasonable control, will repair whatever portion,
if any, of the Premises or of the Building serving the Premises
which may have been damaged and Landlord may enter and possess the
Premises for that purpose; while the Tenant is deprived of the
Premises, all Rent shall be suspended in proportion to the number
of square feet of the Premises rendered untenantable. If the
Premises or the Building shall be damaged so that such damage does
not render the Premises unfit for occupancy, Landlord will repair
whatever portion, if any, of the Premises or of the Building
serving the Premises which may have been damaged and Tenant will
continue in possession and rent will not be apportioned or
suspended. Notwithstanding any other provisions of this
Article 11, (a) if any damage is caused by or results
from the negligence of Tenant, those claiming under Tenant, or
their employees or invitees, respectively, rent shall not be
suspended or apportioned and Tenant shall pay, as additional rent
upon demand, the cost of any repairs, made or to be made, of such
damage and of any restorations, made or to be made, as a result of
such damage, (b) Landlord shall have no duty to repair or
replace any personal property, or any of Tenant's fixtures or
equipment or any alterations, improvements or decorations made by
Tenant, or any Direct Tenant Work (defined at Article 8(h)
hereof), (c) Landlord shall have no liability to Tenant for,
and Tenant shall not be entitled to terminate this Lease by virtue
of, any delays in completion of repairs and (d) Landlord shall
have the right to terminate this Lease upon giving written notice
to Tenant at any time within thirty (30) days after the date
of the damage if the Premises is damaged by fire or other casualty
during the last six (6) months of the Term unless Tenant,
having the right to renew the Term pursuant to an express provision
contained in this Lease, has effectively extended the Term for a
term in excess of one (1) year following the occurrence of the
fire or other casualty.
12.
Landlord's Right to
Enter .
Tenant will
permit Landlord, Landlord's agents or employees or any other person
or persons authorized in writing by Landlord to enter the Premises
at any time with commercially reasonable notice, except during
emergencies, provided such entry does not interfere with Tenant's
use of the Premises, for the purpose of:
-
(a) inspecting
the Premises;
(b) making
alterations, improvements or repairs to the Building or for any
purpose in connection with the operation or maintenance of the
Building; and
13
13.
Insurance
.
(a) Tenant
will not do or commit any act or thing, or suffer or permit any act
or thing to be done or committed, as a result of which any policy
of insurance of any kind on or in connection with the Property
shall become void or suspended, or the insurance risk on the
building or any other portion of the Property shall (in the opinion
of the insuring companies) be rendered more hazardous. Tenant shall
pay as additional rent the amount of any increase of premiums for
such insurance, resulting from any breach of this
covenant.
(b) Tenant
shall maintain throughout the Term, at Tenant's expense, insurance
against loss or liability in connection with bodily injury, death,
property damage and destruction, in or upon the Premises or the
remainder of the Property, and arising out of the use of all or any
portion of the same by Tenant or its agents, employees, officers,
invitees, visitors and guests, under policies of general public
liability or commercial general liability insurance having such
limits as to each as may be reasonably required by Landlord from
time to time, but in any event of not less than Three Million
Dollars ($3,000,000.00) per occurrence and Three Million Dollars
($3,000,000.00) annual aggregate for the Premises alone; and,
without limitation of the foregoing, within thirty (30) days
after Landlord's request, Tenant shall have such annual aggregate
increased (by the same or different policies) to such amount as
Landlord may reasonably request by reason of occurrences during any
policy year. All liability policies shall name as additional
insureds Landlord and Landlord's mortgagees and shall provide that
they shall not be modified or canceled without at least thirty
(30) days prior written notice to Landlord and any other party
designated as aforesaid and shall be issued by insurers of
recognized responsibility licensed to do business in Pennsylvania.
Copies of all such policies certified by the insurers to be true
and complete shall be supplied to Landlord and such mortgagees,
paramount lessors and installment sellers at all times.
(c) Landlord
shall maintain throughout the Term so-called all-risk or fire and
extended coverage insurance upon the Building. The cost of the
premiums for such insurance and of any endorsements thereto shall
be deemed, for purposes of Article 4 of this Lease, to be part
of the costs of operating and maintaining the Property.
(d) Notwithstanding
anything in this Lease to the contrary, each party hereto hereby
releases the other party, its agents and employees to the extent of
the releasing party's actual recovery under its insurance policies,
from any and all liability for any loss or damage which may be
inflicted upon the property of such party, notwithstanding that
such loss or damage shall have arisen out of the negligent or
intentionally tortious act or omission of the other party, its
agents or employees, provided, however, that this release shall be
effective only with respect to loss or damage occurring during such
times as the appropriate policy of insurance of the party so
releasing shall contain a clause to the effect that such release
shall not affect the said policy or the right of the insured to
recover thereunder, each party hereto shall use reasonable efforts
to have such a clause included in its said policies.
14.
Repairs and Condition of
Premises .
At the
expiration or other termination of this Lease, Tenant shall leave
the Premises, and during the Term will keep the same, in good order
and condition, ordinary wear and tear, damage by fire or other
casualty (which fire or other casualty has not occurred through the
negligence of Tenant or those claiming under Tenant or their
employees or invitees respectively) and repairs to be performed by
Landlord under Article 16(a)(v) of this Lease alone
excepted; for that purpose and, except as stated in this Lease,
Tenant will make all necessary repairs and replacements. Tenant
will use every reasonable precaution against fire and will give
Landlord prompt notice of any damage to or accident upon the
Premises. Tenant will also at all times, subject to
Article 16(a)(iv) of this Lease, remove all dirt,
rubbish, waste and refuse from the Premises and at the expiration
or sooner termination of the Term
14
will also have had removed all its property
therefrom, to the end that Landlord may again have and repossess
the Premises. Any of Tenant's property remaining on the Premises on
the date of the expiration or termination of the Term shall be
deemed abandoned by Tenant and may be removed and disposed of in
such manner as Landlord may, at its sole discretion, determine, and
Tenant shall reimburse Landlord, upon demand, for the cost of such
removal and disposal, plus ten percent (10%) for
overhead.
15.
Compliance with
Law .
Tenant shall
comply promptly with all laws and ordinances, including, without
limitation, the Americans With Disabilities Act, and all notices,
requirements, orders, regulations and recommendations (whatever the
nature thereof may be) of any and all the federal, state, county or
municipal authorities or of the Board of Fire Underwriters or any
insurance organizations, associations or companies, with respect to
the Premises and any property appurtenant thereto and any use
thereof; Tenant also agrees that it shall not knowingly do or
commit any act or thing, or suffer to be done or committed any act
or thing anywhere on the Property contrary to any of the laws,
ordinances, notices, requirements, orders, regulations and
recommendations hereinabove referred to in this Article.
Additionally, Landlord hereby represents to Tenant that, as of the
Commencement Date of this Lease, the Premises are in full
compliance with the Americans With Disabilities Act, and all
notices, requirements, orders, regulations and recommendations
(whatever the nature thereof may be) of any and all the federal,
state, county or municipal authorities or of the Board of Fire
Underwriters or any insurance organizations, associations or
companies, with respect to the Premises and any property
appurtenant thereto and any use thereof.
16.
Services
.
15
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agency or organization and which Landlord in good
faith may elect to abide by or shall be required to abide
by;
(ii)
Elevators . Provide passenger elevator service to
the Premises at all times, except for scheduled maintenance and
emergency repair;
(iii)
Access . Furnish to Tenant's employees and
agents access to the Premises at all times, subject to compliance
with such security measures as shall be in effect for the
Building;
(iv)
Janitorial . Provide to the Premises janitorial
service in accordance with the schedule annexed hereto as Exhibit
"F"; any and all additional or specialized janitorial service
desired by Tenant shall be contracted for by Tenant directly with
Landlord's janitorial agent and the cost and payment thereof shall
be and remain the sole responsibility of Tenant; no trash removal
services will be provided by Landlord for the removal of trash or
refuse of a character or quantity not customary for normal office
users, unless Tenant shall first agree to the payment of Landlord's
cost thereof;
(v)
Repairs . Make all structural repairs to the
Building, all repairs which may be needed to the mechanical, HVAC,
electrical and plumbing systems in and servicing the Premises
(excluding repairs to any non-building standard fixtures or other
improvements installed or made by or at the request of Tenant
requiring maintenance of a type or nature not customarily provided
by Landlord to office lessees of the Building), and all repairs to
exterior windows and glass (including caulking and
weatherstripping); in the event that any repair is required by
reason of the negligence or abuse of Tenant or its agents,
employees, invitees or of any other person using the Premises with
Tenant's consent, express or implied, Landlord may make such repair
and the cost thereof, plus ten percent (10%) of such cost for
Landlord's overhead, shall be paid by Tenant to Landlord within
fifteen (15) days after demand, unless Landlord shall have
actually recovered or has the right to recover such cost through
insurance proceeds;
(vi)
Water . Provide hot and cold water, for
drinking, lavatory, toilet and ordinary cleaning purposes, at each
floor;
(vii)
Public Areas . Keep and maintain the public areas and
facilities of the Building clean and in good working order, and the
sidewalks and parking areas adjoining the Building in good repair
and free from accumulations of snow and ice;
(viii)
Electricity . Furnish to Tenant electric energy as
required by Tenant but in no event exceeding the nu
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