THIS LEASE dated this 28 th day of February, 2009 between Henry Amalgamated, LLC, the Lessor and Brownstone Publishing, LLC, the Lessee.
1. Description of Premises.
The Lessor hereby leases and demises offices and parking areas in the Firehouse Complex known as the following to the Lessee: See Exhibit ‘A’ attached hereto and made a part hereof.
2. Use of Premises.
To be used for general offices and related uses.
For a term of five (4) years, commencing March 1, 2009.
The monthly rental shall be $37,630.00
All rent due hereunder shall be paid monthly, in advance, on or before the first day of each month beginning March 1, 2009.
In the event Lessor fails to receive the monthly rental on or before the first day that said rent is due and payable, and said monthly rental is not paid within five (5) days following Lessee’s receipt of written notification from Lessor that said monthly rental is due and payable and remains unpaid, Lessee shall pay to Lessor a five (5%) percent late charge on unpaid rental installment.
The parties hereto further covenant with each other as follows:
5. Vacation of Premises.
The Lessee will promptly pay the rent at the time and in the manner aforesaid, and at the expiration of the term will peacefully yield up to the Lessor said premises in as good order and repair as when delivered of the Lessee, damage by fire, casualty, war or insurrection, riot or public disorder, or act upon the part of any governmental authority, ordinary wear and tear, and damage by the elements excepted
6. Use and Occupation.
The Lessee covenants that no waste or damage shall be committed upon or to the demised premises, that the premises shall be used for the purposes hereinabove stated, and shall not be used or permitted to be used for any other purpose, that said premises shall not be used for any unlawful purpose and no violations of law or ordinance shall be committed thereon, that no advertisement or notice will be affixed to any part of the building without the consent of the Lessor and that any additions or improvements placed upon the premises by either party during the term, except the movable property of the Lessee, shall be the sole property of the Lessor.
Lessee agrees to comply at all times with any recommendations of Lessee’s insurance company arising out of or relating to Lessee’s use of the demised premises, to pay for any and all expenses arising out of compliance with such recommendations, and to do nothing in its use of said premises or allow anything to be done or any substance kept on said premises which would operate to increase the fire hazard.
7. Assignments and Sub-Letting.
The Lease shall not be assigned, or the demised premises underlet, without the written consent of the Lessor hereon endorsed, which consent shall not be unreasonably withheld, and such consent having been given, the Lessee shall, nevertheless, remain primarily liable to perform all covenants and conditions hereof and to guarantee such performance by its assignee or subtenant.
If Lessee shall abandon or vacate said premises before the end of the term or any other event happen entitling Lessor to take possession thereof, Lessor will make reasonable efforts to take possession of the premises and relet same without such action being deemed an acceptance of a surrender of this lease, or in any way terminating the Lessee’s liability hereunder, and Lessee shall remain liable to pay the rent herein reserved, less the net amount realized from such reletting, after deduction of any expenses incident to such repossession and reletting.
9. Damage or Destruction.
The fire and extended casualty insurance for the demised premises shall be the responsibility of the Lessor, to have the demised premises insured and pay for the cost of the insurance premiums.
If the demised premises should be damaged or destroyed by fire or other cause, the Lessor, at its expense with the approval of the Lessee shall promptly repair and restore the demised premises to substantially the same condition and configuration the demised premises were in prior to the damage or destruction.
If the demised premises should be damaged or destroyed by fire or other cause, then the entire rents herein provided, or a fair equitable portion thereof, shall be abated until such time as the demised premises are repaired and restored. The term of this lease shall be extended for a period equal to any period during which there has been a complete abatement of rent.
If the demised premises should be damaged or destroyed by fire or other cause to such an extent that the demised premises are rendered unusable and cannot reasonably be repaired as determined by the opinion of a qualified licensed architect or registered engineer mutually appointed by Lessor and Lessee, then Lessee, shall have the right and option to cancel this lease by giving the Lessor notice of such election within thirty (30) days after the occurrence of such damage or destruction and this lease shall terminate not later than thirty (30) days after the date such notice is given, with the specific date of termination to be at the Lessee’s option.
10. Transfer by Operation of Law.
In event Lessee or any part thereof come into possession of any receiver, assignee, trustee in bankruptcy, sheriff, or other officer, by and through any court process, or by operation of law, Lessor may at his option terminate this lease at any time thereafter by notice to said Lessee and may accept rent from such receiver, trustee, assignee or officer without affecting or impairing his rights to terminate this lease at any time thereafter or impairing any other right of Lessor under this lease.
11. Eminent Domain.
If a substantial portion of the premises are condemned or taken by any public authority under the power of eminent domain, either Lessor or Lessee shall have the right as of the day possession shall be taken by such public authority to terminate this Lease by notice thereof to the other, in writing, and rent shall be paid to the date of such possession or proportionate refund made by the Lessor if rent has been paid in advance. If neither party shall elect to terminate the Lease by reason of such condemnation, the rent shall be reduced by the proportion of the floor area of the premises taken by such condemnation, and Lessor shall make all necessary repairs or alterations so as to constitute the remaining premises a complete architectural unit. All compensation awarded or paid for any taking or acquiring under the power or threat of eminent domain, whether for the whole or a part of the Premise, shall be sole property of Lessor, whether such damages shall be awarded as compensation for diminution in the value to the leasehold or to the fee of the Premise or otherwide, and Lessee hereby assigns to Lessor all of Lessee’s right, title and interest in and to any and all such compensation; provided, however, that Lessor shall not be entitled to any award specifically made to Lessee, for loss of business, taking of Lessee’s, (excluding its interest under this Lease), to the extent of the cost to Lessee, less depreciation.
Major alterations, additions or improvements to the demised premises shall be made by the Lessee without the prior written consent of the Lessor which consent shall not be unreasonably withheld. The Lessor reserves the right, before approaching any such alterations, additions or improvements that require the Lessee to furnish to Lessor a good and sufficient bond, conditioned that it will save Lessor harmless from the payment of any claims either by way of damages or liens. All of such alterations, additions or improvements shall be made solely at the expense of the Lessee, unless otherwise agreed, and Lessee agrees to protect, indemnify and save harmless the Lessor on account of any injury to third person or property, by reason of any such alterations, additions or improvements, and to protect, indemnify and save harmless the Lessor from the payment of any claim of any kind or character on account of bills for labor or material in connection therewith.
13. Lessor’s Inspection and Notice to Relet.
The Lessor shall have access to the demised premises at all reasonable times for the purposes of inspection or for making such improvements, repairs and alterations as Lessor may reasonably deem expedient, or for showing the premises to others. Furthermore, the Lessor may at any time within ninety (90) days preceding the expiration of the term of this lease affix to any suitable part of the premises a notice for letting and keep the same affixed without hindrance or molestation.
14. Right on Default.
If the Lessee shall neglect or fail to perform or observe any of the covenants contained herein, on Lessee’s part to be observed and performed, for thirty (30) days after notice by the Lessor of such breach, the Lessor may lawfully enter the premises or any part thereof and repossess the same, and expel the Lessee and those claiming under and through Lessee and remove Lessee’w effects, without being deemed guilty of any manner of trespass and upon entry as aforesaid, this lease shall terminate and shall wholly expire; provided, however, such cure period shall be only ten (10) days with respect to Lessee’s covenant to pay rent. The Lessee covenants that in case of such termination Lessee will indemnify the Lessor against all loss of rent during the residue of the term fees, which the Lessor may incur by reason of such termination, less any rent received by the lessor in connection with the reletting of said premises.
15. Non-Waiver Clause.
No waiver by Lessor of any default by Lessee shall be effective unless in writing or operate as a waiver of any other default or of the same default on a future occasion. Lessor’s acceptance of rent shall not be deemed a waiver as to any proceeding default.
16. Lessor’s Remedies.
All remedies of Lessor shall be cumulative to the full extent allowed by applicable law. No delay or omission on the part of Lessor in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by Lessor of any right or remedy shall preclude other or further exercise thereof, or of any other right or remedy.
It is agreed that a holding over beyond the expiration of the term herein specified shall operate as an extension of this lease from month-to-month only, with the monthly rent increasing 125% with Lessee or Lessor to give thirty (30) days written notice at the end of any month to terminate the month-to-month extension. No holdover shall be permitted without the written consent of the Lessor.
18. Light and Air.
It is agreed that this lease does not grant a continuance of light and air over any property adjoining the leased premises.
19. Lessor’s Non-Liability.
It is agreed that the Lessor shall not be liable to the Lessee or any other person on the demised premises or in the building by the Lessee’s consent, invitation or license, exp