EMDEON BUSINESS SERVICES
LLC
The following is a summary of
certain portions of this Lease.
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Solomon
Airpark, LLC
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4539 Trousdale
Drive
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Nashville, TN
37204
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Attn: Gregory
G. Turner
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With a copy
to:
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White &
Reasor, PLC
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One American
Center
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3100 West End
Avenue, Suite 1100
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Nashville, TN
37203
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Attn: John W.
Stone, III
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Emdeon Business
Services LLC
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3055 Lebanon
Road, Suite 1000
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Nashville, TN
37214
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Attn: Real
Estate Director
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With a copy to:
General Counsel
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[Same
Address]
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And with a copy
to:
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Bass Berry
& Sims, PLC
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315 Deaderick
Street, Suite 2700
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Nashville, TN
37237
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Attn: D. Mark
Sheets
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See definition
in Section 2(a)
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See definition
in Section 2(b)
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Thirty
(30) days after Commencement Date
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180 months
after Rent Commencement Date
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See
Exhibit D
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Solomon
Development, LLC
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Colliers Turley
Martin Tucker
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It is
understood that the foregoing is intended as a summary of the Lease
for convenience only and if there is a conflict between the above
summary and any provision of the Lease hereinafter set forth, the
latter shall control.
All capitalized
terms not otherwise defined in this Lease that are defined in the
Construction Agreement attached to this Lease as
Exhibit C , shall have the meanings assigned to such
terms in the Construction Agreement.
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1.
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1
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2.
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2
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3.
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3
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4.
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Use of Building; Compliance with Legal
Requirements
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4
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5.
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Taxes, Assessments and Association
Fees
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5
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6.
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Insurance Coverage; Waiver of
Subrogation
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6
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7.
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8
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8.
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Compliance, Utilities, Janitorial
Services
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9.
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Alterations and Improvements
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9
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10.
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Trade Fixtures and Other Personal
Property
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10
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11.
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11
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12.
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Landlord’s Right of Entry
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11
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13.
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12
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14.
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13
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15.
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15
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16.
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15
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17.
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16
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18.
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16
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19.
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Estoppel Certificates; Financial
Statements
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17
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20.
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Events of Default by Tenant
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17
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21.
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18
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22.
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19
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23.
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19
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24.
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Tenant’s Indemnification
Obligations
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20
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25.
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Landlord’s Indemnification
Obligations
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21
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26.
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21
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27.
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22
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28.
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22
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29.
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22
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30.
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23
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31.
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23
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32.
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Waiver of Security Interest
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23
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33.
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Landlord’s Environmental Representations
and Warranties
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23
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34.
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Acquisition Closing and Contingency
Periods
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24
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35.
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Subdivision of Airpark Parcel
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24
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36.
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24
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THIS LEASE
AGREEMENT (the “ Lease ”), made and entered into
as of August 24, 2009, by and between SOLOMON AIRPARK, LLC, a
Tennessee limited liability company (“ Landlord
”) and EMDEON BUSINESS SERVICES LLC, a Delaware limited
liability company (“ Tenant ”),
(a) Landlord
hereby leases to Tenant and Tenant hereby leases from Landlord,
(i) the tract of real property described on
Exhibit A attached hereto, including and subject to all
improvements thereto, all rights, privileges, easements, servitude,
right-of-ways, and appurtenances belonging or appurtenant thereto
(the “ Land ”) and (ii) the Shell Building
and the Land Sitework (the Building, the Land Sitework and the Land
being collectively referred to herein as the “
Property ”). The Land is part of the approximately
twenty-one (21) acre parcel of land described on
Exhibit B attached hereto (the “Airpark
Parcel”)
(b) Landlord
agrees to construct the Shell Building and the Land Sitework in
accordance with the Construction Agreement attached hereto as
Exhibit C (the “ Construction Agreement
”) and made a part hereof for all purposes. Landlord agrees
to commence construction of the Shell Building and the Land
Sitework following the closing (the “Acquisition
Closing” ) of Landlord’s acquisition of the Airpark
Parcel and to complete such construction in accordance with the
Construction Agreement.
(c) Landlord
hereby covenants that Tenant shall peaceably and quietly hold and
enjoy the Property throughout the Term (as hereinafter defined) on
and subject to all of the provisions and conditions of this Lease;
and, subject to the performance by Landlord of its obligations
under the Construction Agreement, Tenant shall accept the Property
from Landlord on the Completion Date (as defined in the
Construction Agreement).
(d) Landlord
represents and warrants that it has the full power and authority to
execute this Lease and that, following the Acquisition Closing, it
will own the Land in fee simple and will grant the estate demised
herein, subject only to the liens and encumbrances described in
Exhibit F (collectively, the “ Permitted
Encumbrances ”).
(e) As long
as Tenant is entitled to possession of the Property, Tenant shall
have the exclusive right to use any parking areas, driveways,
sidewalks, and other site improvements on the Property as they may
exist from time to time, subject to the Permitted
Encumbrances.
(f) Landlord
acknowledges and agrees that prior to the date hereof, Landlord has
delivered to Tenant true and complete copies of any surveys, title
policies (including copies of the Permitted Encumbrances) and
environmental reports in its possession.
(g) Ingress
and egress to the Land shall be provided to Airpark Center East
substantially as outlined in the site plan attached hereto as
Exhibit G .
(h) Landlord
and Tenant acknowledge that Tenant, Landlord, the Land and the
Airpark Parcel are subject to the terms and conditions of the
Declaration of Covenants, Conditions, Restrictions, Reservations
and Easements for Airpark East, of record as instrument
20011115-0125662, Register’s Office of Davidson County,
Tennessee, as amended by the First Amendment to Declaration of
Covenants, Conditions, Restrictions, Reservations and Easements for
Airpark East, of record as instrument 20080109-0002825,
Register’s Office of Davidson County, Tennessee (as amended,
the “Declaration” ). Landlord agrees that,
except as Landlord may be required by the terms of the Declaration,
in no event shall Landlord agree to any amendment or modification
to the Declaration, or consent to any matter under the Declaration,
that could adversely affect the rights, or increase the
obligations, of Tenant hereunder, including, without limitation,
any action that (i) grants any easement that could interfere
with the operations of Tenant, or (ii) grants any access
easements or other rights of ingress or egress to third parties
onto or through the Property. Landlord agrees to (x) promptly
provide Tenant with copies of any notices that Landlord may give or
receive pursuant to the Declaration, and (y) cast any votes as
a member of the Association (as defined in the Declaration) with
respect to the Property, as directed by Tenant. Landlord represents
and warrants that it has or will receive all necessary approvals
required pursuant to the Declaration in order to construct the
improvements described in the Construction Plans (as defined in the
Construction Agreement).
(i) Subject
to Landlord’s rights to subdivide the Airpark Parcel as
described in Section 35 below, Landlord shall not amend,
modify or terminate the Permitted Encumbrances (other than the
Declaration), or allow any new encumbrances with respect to the
Property to be created, without the prior written consent of
Tenant.
(a) The term
of this Lease (the “ Initial Term ”) shall begin
on the Commencement Date and end on the last day of the one hundred
eightieth (180th) full calendar month following the Rent
Commencement Date. Thus, unless the Commencement Date falls on the
first day of a calendar month, the Initial Term will also include
the initial partial calendar month immediately following the
Commencement Date.
(b) The
“ Commencement Date ” shall be the earlier to
occur of:
(1) One Hundred
and Fifty (150) days from the Completion Date, or
(2) the date on
which Tenant first begins to occupy the Building for the conduct of
its business (excluding occupancy for the sole purpose of
constructing the Tenant Finish or installing Tenant’s
furniture, fixtures, workstations and equipment).
(c) On the
Commencement Date, Tenant shall execute a written agreement to
confirm the actual calendar dates on which the Commencement Date
and the Rent Commencement Date (as defined in Section 3 below)
occur. Tenant shall take possession of the Property on the
Commencement Date and surrender the Property to Landlord at the
expiration of the Term or earlier termination of this Lease free of
waste and in as good a condition as on the Commencement Date except
for reasonable wear and tear, casualty, condemnation and repairs
that are Landlord’s responsibility under this
Lease.
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(d) Provided
Tenant is not then in default hereunder beyond applicable periods
of grace and/or notice and cure, Tenant may at its option renew
this Lease for two (2) successive five (5) year periods
(each a “ Renewal Term ”; and if so exercised by
Tenant, collectively with the Initial Term, the “ Term
”)) commencing on the first day after the Initial Term or the
then-previous Renewal Term, as applicable, upon all terms,
conditions, and obligations set forth herein. Tenant shall provide
Landlord with notice at least twelve (12) months before the
expiration of the Initial Term or the then-previous renewal term,
as applicable, if it desires to exercise any of said
options.
(e) Notwithstanding
the foregoing, Tenant shall be entitled to enter the Property prior
to the Commencement Date in order to construct and install the
Tenant Finish in accordance with the terms of the Construction
Agreement.
3.
Rent .Commencing on the Rent Commencement Date and
continuing throughout the Term of this Lease, Tenant shall pay rent
to Landlord in accordance with the following provisions:
(a) Tenant
shall pay minimum annual rent (the “ Minimum Rent
”) in monthly installments in advance on or before the first
day of each calendar month during the Initial Term and the Renewal
Terms in the amounts reflected in Exhibit D hereto (as
the same may be adjusted pursuant to the Construction Agreement).
Landlord reserves the right to apply any partial rental payment to
the full amount due without waiving its right to collect the
balance. Landlord’s acceptance of any partial rental payments
in no way relieves Tenant of its obligation to pay rent in
full.
(b) The
installments of Minimum Rent for any initial partial calendar month
shall be prorated based on actual days elapsed and shall be paid in
advance on the Rent Commencement Date.
(c) The
“ Rent Commencement Date ” shall be thirty
(30) days following the Commencement Date.
(d) Except as
expressly provided to the contrary in this Lease or in the
Construction Agreement, installments of Minimum Rent shall be
payable without notice, demand, reduction, setoff, or other
defense. Installments of Minimum Rent and payments of other sums
owing to Landlord pursuant to this Lease shall be made to Landlord
at 4539 Trousdale Drive, Nashville, TN 37204, Attn: Gregory G.
Turner, or at whatever other account or address that Landlord may
designate from time to time by written notice to Tenant. Upon
exercise by Tenant of its rights set forth in Section 17 of
the Construction Agreement, Tenant shall be entitled to exercise
the offset rights described therein.
(e) From and
after the Rent Commencement Date and during the Term of this Lease,
Tenant shall pay all costs, charges, expenses, taxes, assessments
and insurance premiums that are required to be paid by Tenant
hereunder, which shall be deemed, for the purposes of securing the
collection thereof, to be additional rent due and owing hereunder
(“ Additional Rent ”). Additional Rent shall be
paid directly to the party(s) owed such amounts unless
otherwise provided in this Lease.
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(f) If any
installment of Minimum Rent or Additional Rent, or any other sum
due and payable pursuant to this Lease, remains unpaid for more
than five (5) days after Tenant receives written notice from
Landlord that such amount is past due, Tenant shall pay Landlord a
late payment charge equal to the greater of (i) Fifty and
No/100 Dollars ($50.00), or (ii) five percent (5%) of the
unpaid installment or other payment. The late payment charge is
intended to compensate Landlord for administrative expenses
associated with responding to late payment, and shall not be
considered liquidated damages or interest. All rent and other sums
of whatever nature owed by Tenant to Landlord under this Lease that
remain unpaid for more than ten (10) days after Tenant
receives written notice from Landlord that such amount is past due
shall bear interest from the date due until paid at the lesser of
(y) four percent (4%) in excess of the prime rate of interest
reported in The Wall Street Journal (or its
successors) in effect from time to time, or (z) the maximum
interest rate per annum allowed by law.
4. Use of
Building; Compliance with Legal Requirements .
(a) Tenant
shall use the Building for general office and data center uses and
for no other purposes. Tenant shall not commit or allow waste to be
committed in the Building or elsewhere on the Property, and shall
not do or allow to be done in the Building or elsewhere on the
Property anything that shall constitute a nuisance or detract in
any way from the reputation of the Property as a first-class real
estate development. Tenant shall allow no noxious or offensive
odors, fumes, gases, smoke, dust, steam or vapors, or any loud or
disturbing noise or vibrations to originate in or be emitted from
the Building. Tenant shall comply with all laws, ordinances, and
regulations of any governmental authority relating to
Tenant’s use or occupancy of the Building, with the
reasonable requirements of insurance underwriters or rating bureaus
applicable to the Property, and with the following
requirements:
(b) Tenant
may use and store office equipment and supplies that contain small
quantities or low concentrations of Hazardous Materials so long as
they are properly used and stored within the Building, properly
disposed of by Tenant at a location other than the Property, and do
not require any governmental license or permit. Except as permitted
in the preceding sentence, no use, generation, storage, treatment,
transportation, or disposal of any Hazardous Material shall occur
or be permitted to occur in connection with Tenant’s use and
occupancy of the Building or any other portion of the Property.
“ Hazardous Material ” shall mean any toxic or
hazardous waste, material, or substance or any other substance that
is prohibited, limited, or regulated as a health or environmental
hazard by any governmental or quasi-governmental authority, or that
even if not so regulated, could reasonably be expected to or does
pose a hazard to the environment or to the health and safety of the
occupants of the Building or others.
(c) No
portion of the Building or the Property shall be used or occupied
for anything that is unusually hazardous on account of fire or
other risks, without Landlord’s prior written consent and
evidence that such use or occupancy is covered under Tenant’s
insurance pursuant to Section 6 below.
(d) Tenant
shall substantially comply with all requirements of the Americans
with Disabilities Act and implementing regulations applicable to
its use and occupancy of the Building other than requirements
relating solely to the design and construction of the Shell
Building, the compliance of which shall be the sole responsibility
of Landlord, including,
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without
limitation, the physical structure of the roof, foundation,
stairwells, elevators, doorways and exterior walls of the Shell
Building.
(e) Tenant
shall ensure that its agents, employees, contractors and invitees
comply with this Section 4 and with the Building Rules
attached hereto as Exhibit E . In the event of any
conflict with the Building Rules, the provisions in the main body
of this Lease shall control.
5. Taxes,
Assessments and Association Fees .
(a) Except as
set forth herein, Tenant shall pay as Additional Rent prior to
delinquency:
(1) all taxes and
governmental assessments which may be levied upon or assessed
against the Property during the Term;
(2) all taxes and
governmental assessments of every kind and nature whatsoever
arising in any way from the use, occupancy or possession of the
Property during the Term;
(3) all taxes
levied upon or assessed against Tenant’s personal property
situated in the Building (“ Tenant’s Property
”);
(4) all sales and
similar taxes (if any) that may be levied or assessed against the
Rent; and
(5) all dues and
assessments assessed against the Property by the Association
pursuant to the Declaration (“ Association Fees
”).
To that end,
Landlord shall not be required, except as set forth herein, to pay
any taxes, governmental assessments or Association Fees whatsoever
which relate to or may be assessed against this Lease, the Rent and
other amounts due hereunder, the Property or Tenant’s
Property; provided, however, any taxes, governmental assessments or
Association Fees which may be levied or assessed against the
Property for a period that includes the Commencement Date or the
date on which the Term expires shall be prorated between Landlord
and Tenant as of such date; provided further that if the Property
has not been subdivided from the remainder of the Airpark Parcel,
then the allocation between the Property and the remainder of the
Airpark Parcel for Association Fees and taxes relating to the Land
shall be based on acreage and any tax attributable to improvements
located solely on the Property shall be allocated to the Property.
Landlord agrees to provide to Tenant, within ten (10) Business
Days after its receipt thereof, any tax bills, invoices and other
legal or governmental notices relating to the Property that
Landlord receives. Notwithstanding any terms of this Lease to the
contrary, nothing contained in this Section 5 or elsewhere in
this Lease shall obligate Tenant to pay (i) any income,
profit, franchise, excise or similar taxes that may be imposed upon
or assessed against Landlord with respect to the Property, the Rent
or income derived from this Lease, under any law now in force or
hereafter enacted, or (ii) to pay any inheritance, estate,
succession, gift or any form of property transfer tax or
indebtedness tax which may be assessed or levied against Landlord
or any mortgagee of Landlord (excluding any real estate assessments
based on value after a transfer to a third party).
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(b) Upon
request by Landlord, Tenant shall provide Landlord with copies of
all paid tax receipts relating to the Property. Tenant may, at its
option, contest in good faith and by appropriate and timely legal
proceedings any tax, assessment or Association Fees relating to the
Property; provided, however, Tenant shall indemnify and hold
Landlord harmless from any loss or damage resulting from any such
contest, and all expenses of the same (including, without
limitation, all reasonable attorneys’ fees and court and
other costs) shall be paid solely by Tenant. Landlord shall, at the
request of Tenant, execute or join in the execution of any
instruments or documents necessary in connection with such contest
or proceedings, but Landlord shall incur no cost or obligation
thereby.
6.
Insurance Coverage; Waiver of Subrogation
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(a) Tenant,
at its expense and as Additional Rent hereunder, shall throughout
the Term of this Lease and any extension or renewal thereof, keep
the Shell Building and the Tenant Finish insured with (i)
“Special Form Causes of Loss” coverage (as such
term is used in the insurance industry), at least as broad as the
most current ISO Special Cause of Loss Form, including coverage for
glass breakage, vandalism and malicious mischief, and
builder’s risk (if the improvements on the Land are to be
substantially refurbished or rebuilt pursuant to the terms of this
Lease) for one hundred percent (100%) of the insurable replacement
value of the Shell Building and Tenant Finish with no co-insurance
penalty, with any deductible in excess of One Hundred Thousand and
No/100 Dollars ($100,000.00) to be approved by Landlord (provided
that deductibles related to insurance coverage for earthquakes,
windstorms and floods may exceed One Hundred Thousand and No/100
Dollars ($100,000.00) at Tenant’s discretion), and
(ii) coverage for “Demolition and Increased Cost of
Construction” resulting from enforcement of any law or
ordinance with limits of not less than Ten Million and No/100
Dollars ($10,000,000).
(b) Tenant
shall maintain throughout the Term of this Lease and any extension
or renewal thereof, at its own expense and as Additional Rent,
commercial general liability insurance covering the Property at
least as broad as the most commonly available ISO Commercial
General Liability policy form (occurrence basis) covering bodily
injury, property damage and personal and advertising injury, for
the joint benefit of and insuring Tenant and Landlord, with limits
of not less than One Million Dollars ($1,000,000.00) per
occurrence, with a general aggregate of not less than Two Million
Dollars ($2,000,000.00) and a “following form” umbrella
liability policy or excess liability policy in an amount of not
less than Three Million Dollars ($3,000,000.00) per occurrence,
with any deductible or self-insured retention in excess of Three
Hundred Fifty Thousand Dollars ($350,000.00) to be approved by
Landlord.
(c) Tenant
shall maintain throughout the Term of this Lease and any extension
or renewal thereof, at its own expense, business interruption
insurance covering risk of loss due to the occurrence of any of the
hazards insured against under Tenant’s “all risk”
coverage insurance and providing coverage in an amount sufficient
to permit the payment of Rent, taxes, insurance and operating
expenses payable hereunder for a period (in such case) of not less
than twelve (12) months.
(d) Tenant
shall maintain throughout the Term of this Lease and any extension
or renewal thereof, at its own expense, all-risk property insurance
on all personal property of Tenant located in on the Property for
the full replacement value thereof (“ Tenant’s
Contents
6
Policy ”). Such policy shall contain an agreed
amount endorsement in lieu of a co-insurance clause.
(e) All
insurance companies providing the coverage required under this
Section 6 shall be selected by Tenant, shall be rated A minus
(A-) or better by Best’s Insurance Rating Service (or
equivalent rating service if not available) and shall be licensed
to write insurance policies in the state in which the Land is
located. A temporary (not exceeding 90 days) downgrade in an
insurance company’s rating below A minus shall not disqualify
such insurance company. Tenant shall provide Landlord with copies
of all policies or certificates of such coverage (using ACORD 28
for property insurance) for the insurance coverages referenced in
this Section 6 and all commercial general liability and
umbrella liability or excess liability policies shall name Landlord
(and if Landlord is either a general or limited partnership, its
general partners) and any mortgagee designated by Landlord by
written notice from Landlord to Tenant sent in accordance with the
requirements of this Lease, as additional insured(s) thereunder.
Any such coverage for additional insureds shall be primary and
non-contributory with any insurance carried by Landlord or any
other additional insured thereunder. All property insurance
policies (except the Tenant’s Contents Policy) shall name
Landlord as a loss payee as Landlord’s interests may appear,
and shall provide that all losses shall be payable as herein
provided. All such policies of insurance shall provide that the
amount thereof shall not be reduced and that none of the
provisions, agreements or covenants contained therein shall be
modified or canceled by the insuring company or companies without
thirty (30) days prior written notice being given to Landlord.
All proceeds of property and casualty policies shall be paid by
check payable to Landlord to be held in trust and disbursed
pursuant to Section 13(d) herein. Such policy or policies of
insurance may also cover loss or damage to Tenant’s Property,
and the insurance proceeds applicable to Tenant’s Property
shall not be paid to Landlord or any mortgagee but shall accrue and
be payable solely to Tenant. In the event of a casualty that is
covered by insurance Tenant is required to maintain under this
Section 6 (or would have been covered if Tenant had maintained such
insurance), Tenant shall be responsible for any deficiency between
the replacement cost of the Shell Building and Tenant Finish and
the amount actually paid by the insurance company.
(f) Each of
Landlord and Tenant hereby waives all claims or other rights of
recovery against the other and its agents, employees, and
contractors for any loss or damage to any portion of the Property,
or to any personal property or fixtures thereon, by reason of fire
or other loss to the extent such loss is covered by the insurance
required under this Section 6 or reimbursed by other insurance
held by such party, regardless of cause or origin, including
negligence, gross negligence, or misconduct of the other party or
its agents, employees, or contractors, and covenants that no
insurer shall hold any right of subrogation against such other
party. Landlord and Tenant shall each advise its insurers of the
foregoing waiver and such waiver shall be a part of the respective
policies of property and casualty insurance maintained by Landlord
and Tenant.
(g) Landlord
shall have the right, exercisable at any time, but not more
frequently than once every five (5) years, by giving written
notice to Tenant, to require Tenant to increase the limit and
coverage amount of the Commercial General Liability policy that
Tenant is required to maintain pursuant to this Section 6 by
amounts that are equivalent to the increase in the Consumer Price
Index – All Urban Consumers (All Items, 1982-4=100) for the
period elapsed since the date of this Lease, or the last
adjustment, as applicable. This subsection (g)
7
shall not be
enforceable unless, at the time of such adjustment, Tenant’s
net worth, as disclosed in the most recent financial statements
delivered to Landlord, is less than One Hundred Million Dollars
($100,000,000).
7.
Maintenance and Repair .
(a) During
the Term hereof, Landlord shall (i) maintain the roof
structure and membrane, the foundation, all structural elements,
and the exterior walls of the Shell Building in good repair,
reasonable wear and tear excepted, and (ii) resurface the
driveways and parking lots, as reasonably necessary to maintain
such driveways and parking lots in good repair. Landlord shall also
be responsible for any maintenance and repair of the Shell Building
and the Land Sitework generally (including, without limitation, the
heating and cooling systems, lighting fixtures, plumbing and all
other utility lines and mechanical systems) during the first three
hundred sixty-five (365) days following the Rent Commencement Date
and for the correction of defects in the original design or
construction of the Shell Building, structural or foundation
defects and defects in the exterior skin system or window systems
that result from structural or foundation defects.
(b) Except as
set forth in Subsection (a) above and in the Construction
Agreement attached as Exhibit C hereof, Tenant agrees
that Landlord shall have no obligation under this Lease to provide
any services or make any repairs or replacements (including the
replacement of obsolete components) to the Building, or any
alteration, addition, change, substitution or improvement thereof
or thereto. The terms “repair” and
“replacement” include, without limitation, the
replacement of any portions of the Shell Building which have
outlived their useful life, as determined by Landlord in its
reasonable discretion, during the Term of this Lease (or any
extension or renewal thereof). Upon the expiration or earlier
termination of this Lease, Tenant shall remain responsible for, and
shall pay to Landlord, any cost, charge or expense for which Tenant
is otherwise responsible for hereunder attributable to any period
(prorated on a daily basis) prior to the expiration or earlier
termination of this Lease.
(c) Tenant
shall, subject to Subsection (a) above, during the Term of
this Lease (i) maintain the Property clean, free of refuse,
and in good order and repair, subject to normal wear and tear (and
subject to provisions hereof relating to condemnation and
casualty); (ii) not commit waste or impair the Property;
(iii) keep all waste and drain pipes open within the Building,
(iv) provide for routine professional maintenance and repairs
to heating and cooling systems, lighting fixtures (including
replacement of bulbs), plumbing and all other utility lines within
the Building, (vi) professionally maintain the doors, windows,
plate glass, exterior lighting, driveways and parking lots
(including sealing and striping, but excluding resurfacing),
landscaping and irrigation, sidewalks, life-safety systems, and all
mechanical and electrical equipment and systems in the Building in
good order and repair; and (vii) promptly notify Landlord in
writing of any defective or dangerous condition actually known to
an officer of Tenant or any material adverse changes to the
Property, such as material changes in any environmental condition,
including the presence of biocontaminants, such as, without
limitation, mold, and promptly undertake reasonable remediation
(and preventative) actions in connection with any such
environmental condition originating on the Property as a result of
Tenant’s use and occupancy of the Property. Landlord shall
not be liable for mold-related injuries or illness unless caused by
defects in the original design or construction of the Shell
Building. Tenant’s failure to
8
notify (to the
extent required above) Landlord of such conditions and/or to make
the required corrective repairs (to the extent required above)
shall also result in Tenant’s being liable for the cost to
remediate any subsequent damage. Notwithstanding the foregoing
maintenance and repair obligations of Tenant, during the last two
(2) years of the Term, the cost of any repair or replacement
in excess of $5,000 (a “ Major Repair or Replacement
”) shall be amortized on a straight-line basis over the
useful life of such Major Repair and Replacement, and Tenant shall
only be responsible for the portion of such cost that is amortized
during the Term and Landlord shall be responsible for any
unamortized balance.
(d) Subject
to Subsection (a) above, Tenant shall inspect and maintain
professional preventative maintenance programs, subject to
Landlord’s reasonable approval and in accordance with all
material local, state, or federal regulations, for all major
Building systems, including but not limited to (i) the fire
alarm panel and devices, including a contract with a reputable
monitoring company providing round-the-clock monitoring of the fire
alarm system (ii) the sprinkler system including backflow
device, (iii) the fire extinguishers, (iv) the emergency
lighting system, and (v) domestic water and irrigation water
backflow.
(e) Landlord
agrees that it shall enforce all warranties with respect to the
Shell Building against the providers of such warranties.
8.
Compliance, Utilities, Janitorial Services
.
(a) Tenant,
at its expense, shall promptly and substantially comply with all
material municipal, county, state, federal and other governmental
requirements and regulations pertaining to the use and occupancy of
the Building, whether now in effect or enacted during the Term of
this Lease or any extension or renewal thereof; will procure and
maintain in substantial compliance all permits, licenses and other
authorizations required for the use of the Building or any part
thereof then being made by Tenant and for the lawful and proper
installation, operation and maintenance by Tenant of all equipment
and appliances necessary or appropriate for the operation and
maintenance of the Property; and shall substantially comply with
all Permitted Encumbrances. Notwithstanding the foregoing, Landlord
shall be solely responsible for the original design and
construction of the Shell Building being in compliance with the
foregoing requirements, regulations, permits, licenses and
Permitted Encumbrances.
(b) Tenant
shall contract directly for and directly pay all charges for heat,
water, gas, sewage, electricity, telephone, janitorial services,
trash removal and other utilities used or consumed at the Property.
Absent Landlord’s gross negligence or willful misconduct,
Landlord shall not be liable for any interruption or failure in the
supply of any such utility service to the Property.
9.
Alterations and Improvements .
(a) Tenant
may make alterations, additions, or improvements to the Building or
the Property that do not affect the exterior of the Building and
that have a cost expected to be less than or equal to one hundred
thousand dollars ($100,000) per alteration, addition or improvement
(not including the cost of related equipment) without the prior
written consent of Landlord. Tenant shall obtain Landlord’s
consent prior to making any alteration, addition, or
improvement
9
that affects
the exterior of the Building or that is expected to have a cost in
excess of one hundred thousand dollars ($100,000) per alteration,
addition or improvement (not including the cost of related
equipment), which consent shall not be unreasonably withheld,
conditioned, or delayed.
(b) Tenant
shall give Landlord notice of its intent to make alterations,
additions, or improvements to the Building that have a cost
expected to exceed $25,000 per alteration, addition or improvement
project at least ten (10) Business Days prior to commencing
such work, except in the event of an emergency, in which case such
notice shall be given as soon thereafter as practical.
(c) In
connection with any alterations, additions, or improvements to the
Building or the Property made by Tenant, Tenant shall comply with
all reasonable requirements of Landlord relating to
(i) compliance with the Declaration (including obtaining
required approvals from the Committee (as defined in the
Declaration)), building codes and other laws, (ii) the
protection of the integrity, condition and proper functioning of
the roof, walls, foundations, and other structural elements of the
Building and of the Building’s mechanical, electrical, and
plumbing systems and equipment, (iii) the employment and
bonding of contractors, (iv) insurance, (v) the
preservation of the value of the Building and (vi) other
related matters as reasonably determined by Landlord. All
alterations, additions or improvements, including without
limitation all partitions, walls, railings, carpeting, floor and
wall coverings, and other fixtures (excluding Tenant’s trade,
food service and kitchen fixtures and/or equipment) made by, for,
or at the direction of Tenant shall become the property of Landlord
when made, and shall remain upon the Property at the expiration or
earlier termination of this Lease. Notwithstanding anything to the
contrary herein, Tenant shall have the right to access the roof of
the Building from time to time for the purposes of installing,
operating and maintaining up to three (3) telecommunication
dishes, including, without limitation, wireless internet and
television dishes; provided that Tenant shall not be permitted to
do anything upon the roof of the Building which would void or
impair the roof warranty.
(d) Tenant
shall be responsible for the construction of all Tenant Finish, at
its sole expense.
10. Trade
Fixtures and Other Personal Property .Any trade fixtures
installed in the Building at Tenant’s expense shall remain
Tenant’s personal property, and Tenant shall have the right
at any time during the Term of this Lease to remove such trade
fixtures (provided that any damage to the Building or Property
caused by such removal shall promptly be repaired by Tenant, normal
wear and tear, casualty and condemnation excepted). On or before
the expiration of the Term or earlier termination of this Lease,
Tenant shall remove all trade fixtures and other personal property
of Tenant from the Building, repair any damage to the Building or
Property caused by removal of its trade fixtures and other personal
property (normal wear and tear, casualty and condemnation
excepted), and leave the Building in a broom-clean condition free
of waste, refuse, or debris. If Tenant fails to do so, Landlord may
(i) retain, store, or dispose of such trade fixtures and other
personal property however Landlord chooses without liability of any
kind to Tenant, (ii) repair any damage to the Building or
Property caused by removal of such trade fixtures and other
personal property, and (iii) clean the Building and properly
dispose of all such waste, refuse, or debris; and all costs and
expenses incurred by Landlord in connection with
10
the foregoing
shall be payable by Tenant to Landlord on written demand. The
following property shall be considered part of the permanent
improvements to the Building owned by Landlord, not trade fixtures
of Tenant, and shall not be removed from the Building by Tenant
under any circumstances (except for Tenant’s specialty
equipment and fixtures, including, without limitation, computer
servers, generators and paralleling gear, air cooled chillers, UPS
system and associated distribution equipment, chilled water CRAC
units, phone equipment and glycol loops, which shall be considered
property of Tenant and may be so removed): (a) HVAC systems,
fixtures, or equipment (except for supplemental data/server room
HVAC equipment); (b) lighting fixtures or equipment;
(c) carpeting, other permanent floor coverings, or raised
flooring; (d) paneling or other wall coverings;
(e) plumbing fixtures and equipment; and (f) permanent
shelving affixed to the Building.
11. Signs
and Advertising .
(a) Tenant
shall be permitted to install signage as allowed or required by the
City of Nashville, Tennessee. All such signage shall be at
Tenant’s expense except as provided for in the specifications
for construction of the Shell Building as outlined in
Exhibit C – Schedule 1. Upon expiration or
earlier termination of this Lease, Tenant shall remove all exterior
corporate identification signage at its sole expense. Tenant shall
be obligated to repair any damage to the Property resulting from
the installation and removal of such signage, normal wear and tear,
casualty and condemnation excepted.
(b) Landlord
hereby reserves the right to grant an easement in favor of the
Association (as defined in the Declaration) over the area described
as “Proposed Sign Easement” on the Site Plan for the
sole purpose of erecting signage identifying the business park of
which the Land is a part and the various owners and tenants located
therein; provided that such easement shall require that any new
signage and any changes to existing signage with respect to size or
scope be subject to the approval of Tenant, which approval shall
not be unreasonably withheld, conditioned or delayed. In no event
shall Tenant be responsible for the cost and/or maintenance of such
signage except by way of Association Fees.
12.
Landlord’s Right of Entry . Landlord and
persons authorized by Landlord shall have the right to enter the
Building at reasonable times and upon reasonable advance notice to
Tenant for the purposes of making inspections or showing the
Property to prospective purchasers or lenders of the Property, but
only in the accompaniment of an employee of Tenant. During the last
twelve (12) months of the Term, Landlord and persons authorized by
Landlord shall have the right at reasonable times and upon
reasonable notice to show the Property to prospective tenants, but
only in the accompaniment of an employee of Tenant. Notwithstanding
any of Landlord’s rights to enter the Building pursuant to
the terms of this Lease, Landlord shall not cause Tenant to in any
way violate any laws, regulations or ordinances intended to protect
the rights and privacy of confidential patient and billing
information processed in Tenant’s operations, including those
relating to any and all patient and billing records and the
computers and servers that store such records, which at any time,
Tenant shall be able to secure in locked storage units or remove
from the Property.
11
(a) If,
following the Commencement Date, the Building and/or the Property
are damaged or destroyed by fire, flood, tornado or other element,
or by any other casualty and such damage or destruction does not
result in a Total Loss (as hereafter defined), this Lease shall
continue in full force and effect and Landlord shall, as promptly
as possible without consideration for any payoff requirements of a
Mortgagee (if any), restore, repair or rebuild the Shell Building
to substantially the same condition as existed before the damage or
destruction and Tenant shall as promptly as possible restore,
repair or rebuild the Tenant Finish to substantially the same
condition as existed before the damage or destruction, including in
each case any improvements or alterations required due to any
changes in building codes or regulations by any governmental body,
county or city agency.
(b) Notwithstanding
the foregoing, should the Property be damaged or destroyed by any
of the foregoing described casualties within the last twenty-four
(24) months of the original Term (unless Tenant has exercised
its right to renew this Lease) or of any extended or renewed Term
of this Lease, then Tenant shall have the right, exercisable by
written notice to Landlord given within sixty (60) days after
the date of such damage or destruction, to terminate this Lease
effective upon the date of such damage or destruction.
(c) Should
the Property be damaged or destroyed by any of the foregoing
described casualties and the Building is a Total Loss, then Tenant
shall have the right, exercisable by written notice to Landlord
given within sixty (60) days after the date of such damage or
destruction, to terminate this Lease effective upon the date of
such damage or destruction.
(d) If Tenant
does not elect to terminate this Lease as permitted in Subsection
(b) or (c) above, then Landlord shall reconstruct the Shell
Building and Tenant shall reconstruct the Tenant Finish, each to
its condition immediately prior to such damage or destruction;
provided that Landlord acknowledges and agrees that certain aspects
of Tenant’s reconstruction of the Tenant Finish will begin
and continue during Landlord’s reconstruction of the Shell
Building and the parties agree to cooperate and use commercially
reasonable efforts to facilitate reconstruction and minimize
unreasonable interference in the same manner as the initial
construction of the Shell Building and the Tenant Finish as
described in Section 6 of the Construction Agreement. All
proceeds payable by reason of any loss or damage to the Shell
Building or any portion thereof, and insured under any policy of
insurance required by Section 6 of this Lease shall be paid to
Landlord for reconstruction or repair, as the case may be, of any
damage to or destruction of the Shell Building, or any portion
thereof. All proceeds payable by reason of any loss or damage to
the Tenant Finish or any portion thereof, and insured under any
policy of insurance required by Section 6 of this Lease shall be
retained by Tenant for reconstruction or repair, as the case may
be, of any damage to or destruction of the Tenant Finish, or any
portion thereof. Any excess proceeds of casualty insurance covering
the Shell Building and the Tenant Finish remaining after the
completion of the restoration or reconstruction of both the Shell
Building and the Tenant Finish shall be retained by Landlord free
and clear upon completion of any such repair and restoration except
as otherwise specifically provided below in this Section 13.
Notwithstanding the foregoing, if Landlord has not completed the
repair and reconstruction of the Shell Building within nine (9)
months after such damage or destruction, then Tenant shall have the
right, exercisable by written notice to Landlord, to terminate this
Lease; provided, however, that if at the end of such nine (9) month
period Landlord is diligently engaged in the restoration or
reconstruction of the Shell Building, then Tenant shall not have
the right to
12
terminate this
Lease unless Landlord fails to complete the repair and
reconstruction of the Shell Building within twelve (12) months
after the date of such damage or destruction. All rent payable
hereunder shall abate from the date that is nine (9) months
after the date such damage or destruction occurred until Landlord
delivers the Shell Building in accordance with the terms of this
Section 13(d).
(e) If Tenant
terminates this Lease as provided in this Section 13, Landlord
shall be entitled to all of the casualty insurance proceeds paid
with respect to the Building, but not to the proceeds of
Tenant’s Contents Policy or other insurance carried by Tenant
on Tenant’s Property, including, without limitation,
insurance carried by Tenant on Tenant’s personal property,
trade fixtures or any other property that may be removed by Tenant
upon termination of this Lease pursuant to Section 10 above;
provided, however, Tenant shall not have the right to terminate
this Lease unless either (1) (x) the damage or destruction of
the improvements on the Land was caused by a peril which was
insured against as required by the provisions of Section 6
above; (y) at the time of such damage and destruction the said
insurance policies required to be carried by Tenant were in the
amounts required by Section 6 above and in full force and
effect; and (z) Tenant has paid to Landlord the amount of any
deductible or self-insured retention, or (2) the Tenant has
paid to Landlord the amount that would have been paid if the
casualty insurance policy required by the provisions of
Section 6 above had been maintained by Tenant.
(f) If Tenant
defaults in its obligation to carry insurance in the amounts
required under Section 6 above, then, prior to Tenant’s
termination of this Lease and in addition to the requirements set
forth in the preceding Subsection (e), Tenant shall be obligated to
pay toward said reconstruction or to Landlord the difference
between the amount of insurance actually carried and the amounts
required to be carried under Section 6.
(g) The
Building shall be deemed a “ Total Loss ” if as
a result of damage or destruction:
(1) the Building
is rendered untenantable or unsuitable, in Tenant’s
reasonable opinion, for continued use in the normal conduct of
Tenant’s business and Landlord has not provided written
assurances to Tenant within thirty (30) days following such
damage or destruction that the Shell Building can be restored or
reconstructed to its condition prior to such damage or destruction
within one hundred eighty (180) days following the date of
such damage or destruction; or
(2) the
restoration or reconstruction of the Shell Building is not
permitted by then existing laws or governmental regulations
applicable to the restoration or reconstruction of the improvements
on the Land.
(a) If all or
substantially all of the Property is condemned or is sold in lieu
of condemnation, then this Lease shall terminate on the day prior
to the date the condemning authority takes possession. In such
case, all condemnation or sale proceeds shall be the exclusive
property of the Landlord, except that Tenant shall be entitled to
any portion of such condemnation or sale proceeds that are
attributable to Tenant’s loss of business, relocation
costs,
13
Tenant’s
personal property, trade fixtures and equipment (including any
items of property that Tenant is entitled to remove upon a
termination of this Lease pursuant to Section 10
above).
(b) If less
than all of the Property is so condemned or sold (whether or not
the Building is affected) and in Tenant’s reasonable
judgment, the Property cannot be restored to an economically viable
condition, including, without limitation, a reduction in the
parking available at the Property to a number that is less than 75
parking spaces, or if the Tenant’s access to the Property is
so condemned or sold and Tenant no longer has reasonably adequate
access to the Property, then Landlord shall either commit within
fifteen (15) days that it will promptly replace the parking,
provide new access reasonably satisfactory to Tenant or otherwise
restore the Property to an economically viable condition reasonably
satisfactory to Tenant, or Tenant may terminate this Lease by
written notice to Landlord effective on the day prior to the date
the condemning authority takes possession.
(c) If this
Lease is terminated by reason pursuant to the foregoing, then
Landlord shall be entitled to receive the entire award in any such
condemnation or sale in lieu thereof, and Tenant hereby assigns to
Landlord all of its right, title and interest in and to all and any
part of such award, provided, however, Tenant shall be entitled to
receive any award specifically made to reimburse Tenant for loss of
business, Tenant’s relocation costs, and Tenant’s
personal property, trade fixtures and equipment (including any
items of property that Tenant is entitled to remove upon a
termination of this Lease pursuant to Section 10
above).
(d) If this
Lease is not so terminated by Tenant, and without consideration for
any requirements of a Mortgagee of the Property to apply the
condemnation award to reduce the Mortgage debt,, Landlord shall
promptly restore or repair the Property and the Tenant Finish
(except those items of Tenant’s Property which Tenant is
permitted to remove under the terms of this Lease) to substantially
the same condition as existed immediately prior to such
condemnation insofar as is reasonably possible, and in no event
shall such replacement or restoration exceed six (6) months.
To the extent it is not reasonably possible for Landlord to restore
or replace the Property to substantially the same condition as
existed immediately prior to such condemnation, the Minimum Rent
shall be adjusted equitably. Notwithstanding the foregoing, if
Landlord has not completed the repair and reconstruction of the
Shell Building and Tenant Finish as required by this Section 14(d)
within nine (9) months after such condemnation, Tenant shall
have the right, exercisable by written notice to Landlord, to
terminate this Lease; provided, however, that if at the end of such
nine (9) month period Landlord is diligently engaged in the repair
and reconstruction of the Shell Building and the Tenant Finish (to
the extent required above), then Tenant shall not have the right to
terminate this Lease unless Landlord fails to complete the repair
and reconstruction of the Shell Building and the Tenant Finish (to
the extent required above) within twelve (12) months after the
date of such condemnation or sale. All rent payable hereunder shall
abate from the date that is nine (9) months after the date
such condemnation or sale occurred until Landlord delivers the
Shell Building and the Tenant Finish (to the extent required above)
in accordance with the terms of this Section 14(d).
(e) If the
award shall exceed the amount spent or to be spent promptly to
effect such restoration, repair or replacement, such excess shall
unconditionally belong to Landlord and shall be paid to Landlord.
Tenant shall not be entitled to, and expressly waives and assigns
to
14
Landlord, all
claims for any compensation for condemnation; provided, however, if
Tenant is permitted by applicable law to maintain a separate action
that will not reduce condemnation awards or proceeds to Landlord,
Tenant shall be permitted to pursue such separate action, but only
for loss of business, relocation costs, Tenant’s personal
property, trade fixtures and equipment (including any items of
property that Tenant is entitled to remove upon a termination of
this Lease pursuant to Section 10 above).
15. No
Abatement of Rent . Except as set forth in Section 13(d)
and 14(d) above, in the event this Lease is not terminated as
provided in Sections 13 and 14 above, the Minimum Rent and
other sums payable hereunder shall continue to be due and payable
hereunder during the lesser of (i) the period of repair or
restoration of the Shell Building or (ii) the period of
coverage under the business interruption insurance that Tenant is
required to carry pursuant to Section 6.
16.
Transfers by Tenant .
(a) Without
the prior written consent of Landlord in each instance, which
consent will not be unreasonably withheld, conditioned or delayed,
Tenant shall not do any of the following (as used in this Section,
a “ Transfer ”):
(1) assign this
Lease or any estate or interest therein, except to an affiliate
controlled by or under common control with Tenant (an “
Affiliate ”);
(2) enter into any
sublease of the Building for a term that extends beyond the Term of
this Lease.
Permissible
reasons for Landlord’s withholding consent include (but are
not limited to) the following: (i) the proposed use of the
Building is not permitted by this Lease, would negatively affect
insurance or environmental risks, or would otherwise negatively
impact the Property in any material respect; (ii) the
creditworthiness of the proposed transferee is unacceptable to
Landlord in Landlord’s commercially reasonable business
judgment; and (iii) the proposed use or occupancy would
require alterations or additions to the structure or exterior of
the Building to comply with applicable laws, ordinances, and
regulations that are not being paid for by Tenant or its assignee.
Any attempted Transfer without Landlord’s prior written
consent shall be void.
(b) Except as
provided in (a) above, if Tenant requests Landlord’s
consent to a Transfer, Landlord may either approve or disapprove
the Transfer in its reasonable discretion. In connection with each
Transfer request by Tenant, Tenant shall obtain and furnish to
Landlord all documents, financial reports, and other information
Landlord reasonably requires in order to evaluate the proposed
Transfer. Landlord shall advise Tenant of Landlord’s decision
with respect to the requested Transfer within ten (10) days
after receipt of Tenant’s written Transfer request and all
requested supporting materials. If Landlord refuses to consent to a
requested Transfer, this Lease shall nonetheless remain in full
force and effect. The consent of Landlord to one requested Transfer
shall never be construed to waive the requirement for
Landlord’s consent to other Transfers, nor shall any consent
by Landlord or Transfer by Tenant discharge or release Tenant from
any obligations or liabilities to Landlord.
(c) If an
Event of Default by Tenant occurs after any Transfer, Landlord may,
at its option, collect rent directly from the transferee, and
Tenant hereby authorizes any transferee to
15
pay rent
directly to Landlord at all times after receipt of written notice
from Landlord. No direct collection by Landlord from any transferee
shall constitute a novation or release Tenant from its obligations
and liabilities under this Lease.
(d) Tenant
shall provide Landlord a copy of all assignments of this Lease and
subleases of all or any portion of the Building within five
(5) business days following execution of such assignments or
subleases.
(e) Notwithstanding
the foregoing, (i) Tenant shall have the right to mortgage or
otherwise collaterally assign all or any part of its leasehold
estate hereunder, and (ii) the merger or consolidation of
Tenant with any other entity or the direct or indirect transfer of
any stock or other ownership interests in Tenant shall not be
prohibited by this Section 16, and none of the foregoing
events described in this Section 16(e) shall be considered a
Transfer. In connection with such mortgage or collateral
assignment, Landlord will cooperate with reasonable requests of
Tenant or Tenant’s lender for Landlord to execute additional
documents in order for Tenant and Tenant’s lender to obtain
policies of leasehold title insurance, including, without
limitation, owner’s affidavits and general corporate
documentation.
17.
Transfers by Landlord . Landlord shall have the
unrestricted right to sell, assign, mortgage, encumber, or
otherwise dispose of all or any part of the Property or any
interest therein. Upon sale or other disposition of the Property to
a party who assumes the obligations of Landlord under this Lease,
Landlord shall be released and discharged from obligations and
liabilities thereafter accruing under this Lease, and Tenant shall
look solely to Landlord’s successor for performance of the
Lease thereafter. Tenant’s obligations under this Lease shall
not be affected by any sale, assignment, mortgage, encumbrance, or
other disposition of the Property by Landlord, and Tenant shall
enter into a mutually acceptable non-disturbance and attornment
agreement with anyone who thereby becomes the successor to
Landlord’s interest in this Lease.
18.
Subordination . Landlord and Tenant agree that
simultaneous with the Acquisition Closing, the parties shall enter
into a subordination, nondisturbance and attornment agreement with
the Mortgagee that finances Landlord’s acquisition of the
Land (on its own behalf and on behalf of any purchaser at
foreclosure) mutually acceptable to the parties thereto and
complying with the requirements set forth in the next succeeding
sentence. At the option of any existing or future Mortgagee, such
Lease may at any time during its continuation be made superior or
subordinate to the lien of any one or more mortgages affecting the
Property; provided, however, that the foregoing provisions with
respect to such subordination shall not be effective unless such
Mortgagee shall execute with Tenant a non-disturbance and
attornment agreement whereby such Mortgagee (on its own behalf and
on behalf of any purchaser at foreclosure) agrees (a) to
recognize and honor this Lease and Tenant’s rights hereunder,
(b) to not to disturb Tenant’s possession of the
Premises or otherwise interfere with or disturb any of
Tenant’s rights under this Lease, and (c) that all
insurance proceeds and condemnation awards shall be applied as set
forth in this Lease; provided that if Tenant has terminated this
Lease pursuant to a right to do so, any insurance proceeds or
condemnation awards payable to Landlord in accordance with the
terms of this Lease may be used to pay down Landlord’s debt
to such Mortgagee.
16
If a Mortgagee or
any other person acquires title to the Property pursuant to the
exercise of any remedy provided for in a Mortgage granted by
Landlord, Tenant covenants and agrees to attorn to Mortgagee or
such person as its new Landlord, and the Lease shall continue in
full force and effect as a direct lease between Tenant and such
Mortgagee or such other person upon all terms, covenants,
conditions and agreements set forth in the Lease. However, in no
event shall assignee or such person be (i) bound by any
payment of rent made by Tenant to the Landlord for more than one
(1) month in advance; or (ii) bound by any amendment or
modification or termination of the Lease affecting the interest of
Mortgagee made without the written consent of Mortgagee after
notice of such Mortgagee’s Mortgage is delivered to Tenant;
or (iii) liable for any act or omission of any prior landlord
(including Landlord) that is not continuing; or (iv) liable
for any offsets, credits or other claims against rentals for any
prior periods and/or against any other party or landlord (including
Landlord). Tenant agrees to execute all tenant estoppel
certificates and attornment agreements as Mortgagee shall
reasonably require.
19.
Estoppel Certificates; Financial Statements
.
(a) Within
ten (10) days after a written request by Landlord, Tenant
shall deliver an estoppel certificate in such form as is reasonably
requested by Landlord certifying any facts that are then true with
respect to this Lease, including without limitation that this Lease
is in full force and effect, that no default exists on the part of
Landlord or Tenant, that Tenant is in possession, that Tenant has
commenced payment of rent, and that Tenant claims no defenses or
offsets with respect to payment of rent under this Lease. Likewise,
within ten (10) days after a written request by Tenant,
Landlord shall deliver to Tenant an estoppel certificate covering
such matters of fact with respect to Landlord’s obligations
under the Lease as are reasonably requested by Tenant.
(b) Not later
than July 1 of every year during the Term, Tenant shall furnish its
financial statements for the previous calendar year to Landlord. If
such financial statements are audited, then Tenant shall furnish
such audited financial statements to Landlord.
20.
Events of Default by Tenant . Each of the following
constitutes an Event of Default by Tenant (herein so
called):
(a) Tenant
fails or refuses to pay any installment of Minimum Rent or any
other sum payable under this Lease when due, and the failure or
refu
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