Exhibit 10.23
Office & Storage
COMMERCIAL LEASE
| 1. |
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PARTIES: PSC Management Limited Partnership, a Texas limited
partnership ( “ Landlord ”
) agrees to lease to Perot Services Company, LLC, a Texas
limited liability company ( “ Tenant
” ) the property described in Section 2
below. |
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| 2. |
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PREMISES AND PROPERTY: The “ Premises
” are (a) that certain 24,970 square feet of the 3rd
Floor of the H&J Building (the “ Building
” ) more particularly identified on the attached
Exhibit B (the “ Office
Space ” ) and (b) that certain 754 square
feet in Rooms L120I-1, L1201-2 and Ml 108, as more particularly
identified on the attached Exhibit C (the“
Storage Space ” ), both located on a
portion of the property described as Lot 1 Block A, Atlantic
Richfield Subdivision and located at 2300 West Plano Parkway, City
of Plano, in Collin County, Texas (the “
Project ” ), such portion being more
particularly described on the attached Exhibit A.
together with any improvements, furniture, fixtures, telephone
equipment and any other property located thereon. All property
leased by this Lease is hereinafter referred to as the “
Property ”. The “ Agreed Rentable Area
of the Project ” shall mean 729,107
square feet. The “ Agreed Rental Area of the Office
Space ” shall mean 22,186 square feet. Landlord and
Tenant agree that so long has H. Ross Perot, Sr. (“
HRP ”) is a member of the board of
directors of Landlord, no Rent (hereinafter defined) shall be
payable by Tenant with respect to the 2,784 rentable square feet of
the Office Space used as HRP’s office. If and when HRP is no
longer a member of the board of directors of Landlord, the Agreed
Rentable Area of the Office Space shall automatically increase to
24,970 square feet. Tenant may expand the Office Space leased
hereby to include the portion of the Project more particularly
described on the attached Exhibit E, together with
any improvements, furniture, fixtures, telephone equipment and any
other property located thereon, at the same rental rate per square
foot, by giving Landlord at least 90 days prior written notice
of such expansion. |
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| 3. |
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AMENITIES: Tenant shall be entitled to (i) the use of one
reserved, secured parking space and 54 reserved parking spaces
located at the Project at locations identified on the attached
Exhibit D; (ii) use of all facilities at the
Project (including without limitation, lobbies, pedestrian ways,
public corridors, the cafeteria, fitness center, jogging track and
other common areas) on the same basis as employees of Perot Systems
Corporation (“ PSC ”): and (iii) use
of the board room and theater at the Project, subject to
coordinating scheduling with PSC (it being agreed that PSC shall
have first rights with respect to the board room and theater). |
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| 4. |
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TERM: This Lease is effective on the date hereof. However, the
term of this Lease begins on October 1, 2007
(the “ Commencement Date ”)
and ends on September 30, 2015 (subject to earlier
termination as hereinafter provided). Tenant shall use the Office
Space only for general office purposes and the Storage Space for
storage purposes only. So long as Tenant is not then in default
hereunder, Tenant may terminate this Lease for any reason upon
120 days’ prior written notice from Tenant to
Landlord. Either party may terminate this Lease as to the Storage
Space early by delivering 30 days’ prior written notice
to the other party. At such time as this Lease terminates as to the
Storage Space, the Storage Space shall automatically be deleted
from the definition of the “Premises” and the Rent
shall automatically be reduced by the amount of the Storage
Rent. |
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| 5. |
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RENTAL: During the term of this Lease, and beginning on the
Commencement Date, Tenant agrees to pay Landlord, without offset or
demand, at such place as Landlord shall designate, a monthly amount
equal to $40,927.48 (the “ Rent
”), which is the total of (a) a monthly
“ Basic Rent ” (herein so
called) of $30,505.75, which is a rate of $16.50 per square foot of
the Agreed Rentable Area of the Office Space, (b) a monthly
Electrical Expense (hereinafter defined of $5,916.27, which is a
rate of $3.20 per square foot of the Agreed Rentable Area of the
Office Space, (c) a monthly Network/Telecommunications Support
Services Expense (hereinafter defined of $4,159.88, which is a rate
of $2.25 per square foot of the Agreed Rentable Area of the Office
Space, and (d) a monthly “ Storage
Rent ” (herein so called) of $345.58. For the
purposes of this Lease, “ Electrical
Expense” shall mean the charges for electrical
current supplied to the Office Space. Additionally,
“ Network/Telecommunications Support Services
Expenses” shall mean the charges for
telecommunications services and local network services supplied to
the Office Space by Landlord in accordance with Section 19
below. If the number of square feet of rentable area in the Office
Space increases in accordance with Section 2 above, the Basic
Rent, the Electrical Expense and the Network/Telecommunications
Support Services Expense shall be increased accordingly. Landlord
and Tenant agree that the Electrical Expense rate (x) shall be
$3.20 per square foot as set forth above for the first five years
of the term of this Lease and (y) shall be reviewed at the end of
the fifth year of this Lease and adjusted to the then current
market rate for the final three years of the term of this Lease.
Landlord and Tenant also agree that such adjusted Electrical
Expense rate shall be based on Landlord’s utility contract
agreements for the Project. At such time as the Electrical Expenses
rate is adjusted, the amount of Rent shall be |
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adjusted accordingly. Landlord and Tenant shall enter into an
amendment to this Lease setting forth such adjusted Electrical
Expense rate and adjusted Rent. |
| 6. |
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BROKER’S COMMISSION: Landlord shall pay to Cushman &
Wakefield of Texas, Inc. a fee per separate agreement for services
relating to this Commercial Lease. |
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| 7. |
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SECURITY DEPOSIT: None. |
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| 8. |
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ALTERATIONS/REPAIRS: Tenant hereby accepts delivery of the
Premises in its current AS-IS condition, WITH ALL FAULTS. Tenant
acknowledges that Tenant has inspected the Premises and Tenant
hereby accepts the Premises (including the suitability of the
Premises for the permitted use) for all purposes. Tenant hereby
acknowledges and agrees that Landlord shall not be required to make
any modifications or alterations to the Premises, provided that the
foregoing shall not relieve Landlord from any of its express repair
obligations under this Lease. At its expense, Landlord agrees to
maintain and, upon receipt of written notice from Tenant requesting
repairs, to promptly repair the roof, foundation, HVAC, life
safety, sprinkler, elevators, electrical, gas, plumbing and other
mechanical systems of the Building, exterior walls, including all
windows and doors, and the interior of the Premises, including all
fixtures, walls, ceilings, floors, appliances and equipment that
are part of the Premises. At its expense, Tenant shall repair or
replace any damage or injury done to the Premises or any other part
of the Project caused by Tenant, Tenant’s agents, employees,
licensees, invitees or visitors, and upon the termination of this
Lease deliver the Property in good repair and condition, reasonable
wear and tear and damage by fire only excepted. Tenant shall not
make any material alterations, additions or improvements to the
Property without t |
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