|
__________________________________________________________________________________________________________________________________________________________________________________________
OFFICE LEASE
between
UCB TECHNOLOGIES, INC.
Landlord
and
CAREGUIDE, INC.
Tenant
__________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________
755 JEFFERSON ROAD
ROCHESTER, NEW YORK
LEASE SUMMARY
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Date:
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September 29, 2006
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Landlord:
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UCB TECHNOLOGIES, INC., a New York
corporation
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Tenant:
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CAREGUIDE, INC. a Delaware corporation
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|
Premises and Floor(s):
[Section 1.1(b)]
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Escalating up to approximately 26,753 rentable
square feet located on the fourth (4 th ) floor of the
building located at 755 Jefferson Road, Town of Rochester,
NY
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|
Area of the Premises:
[Section 1.2]
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Floor(s)
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Year
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Rentable Area
|
|
|
|
|
4
|
1
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18,076
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|
|
|
|
4
|
2
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22,011
|
|
|
|
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4
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3 – 11
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26,753
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|
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Lease Term:
[Section 2.1]
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Eleven (11) years
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Commencement Date:
[Section 2.1]
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November 1, 2006, subject to Tenant's right of
access to the Premises fifteen (15) days prior to the Commencement
Date for purposes of Tenant installations and preparation for
business operations.
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Rent Commencement:
[Section 2.1]
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May 1, 2007
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Expiration Date:
[Section 2.1]
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October 31, 2017
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Base Rental:
[Section 3.1]
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|
|
|
|
Portion of
Lease Term [1]
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Annual Base
Rental/RSF
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RSF
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Annual
Base Rental
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Monthly
Base Rental
|
|
|
|
|
11/01/06 - 04/30/07
05/01/07 – 10/31/07
|
$0.00
$16.00
|
18,076
18,076
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$0.00
$289216
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$0.00
$24,101
|
|
|
|
|
11/01/07 – 10/31/08
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$16.00
|
22,011
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$352,176
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$29,348
|
|
|
|
|
11/01/08 – 10/31/11
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$16.00
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26,753
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$428,048
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$35,670
|
|
|
|
|
11/01/11 – 10/31/17
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$17.00
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26,753
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$454,801
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$37,900
|
|
|
|
|
|
|
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Rent Credit:
[Section 3.1]
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$133,756.00, to be applied equally over the thirty
(30) month period following the Rent Commencement, in the amount of
$4,458.83 per month.
|
|
|
|
|
|
|
|
|
|
|
|
|
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_________________________
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[1]
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This date will be set at six months from the Lease
Commencement Date.
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Security Deposit:
[Section 3.4]
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Years 1 – 3: Letter of Credit or similar
instrument equal to $200,000
Year 4: Letter of Credit or similar instrument equal
to $160,000
Year 5: Letter of Credit or similar instrument equal
to $128,000
Year 6: Letter of Credit or similar instrument equal
to $102,400
Year 7: Letter of Credit or similar instrument equal
to $81,920
Year 8: Letter of Credit or similar instrument equal
to $65,536
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|
Landlord’s Address for the mailing of
payments:
[Section 3.5]
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UCB Technologies, Inc.
1950 Lake Park Drive
Smyrna Georgia 30080
Attn: Finance Department
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Use:
[Section 5.1]
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General office use
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Tenant’s Broker and Address for
Notices:
[Section 9.1]
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CB Richard Ellis/New York and CB Richard
Ellis/Rochester
120 Corporate Woods, Suite 210
Rochester, New York 14623
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|
Tenant’s Address for Notices:[Section
9.2]
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CareGuide, Inc.
755 Jefferson Road, Floor 4
Rochester, New York 14623
Attn: Ann Boughtin, Chief Operating
Officer
|
|
Landlord’s Address for
Notices:
[Section 9.2]
Landlord’s Broker and Address for
Notices:
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UCB Technologies, Inc.
1950 Lake Park Drive
Smyrna Georgia 30080
Attn: General Counsel
CB Richard Ellis/Rochester, NY
120 Corporate Woods, Suite 210
Rochester, NY 14623
|
|
Landlord’s Allowance:
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Except as otherwise provided in this Lease, Tenant
agrees to accept the space in an “As Is” condition and
Landlord shall have no obligation to make or pay for an
improvements, modification or alterations thereto.
|
|
Operating Expenses Base
Year: [Section 3.3]
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First 12 months of Tenant’s
Occupancy
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Pro Rata Share
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Tenant’s pro rata share for lease term year 1
shall be 17.11%, calculated based on a Premises size of 18,076
square feet and Building leaseable area of 105,651 square feet.
Tenant’s Pro Rata Share for lease term year 2 shall be
20.83%, calculated based on a Premises size of 22,011 square feet
and Building leaseable area of 105,651 square feet. Tenant’s
Pro Rata Share for lease term years 3-11 shall be 25.32%,
calculated based on a Premises size of 26,753 square feet and
Building leaseable area of 105,651 square feet.
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__________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________________________________________________________________________
755 JEFFERSON ROAD
OFFICE LEASE
TABLE OF CONTENTS
Page
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I
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PREMISES AND OTHER DEFINITIONS
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1
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1.1
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Premises
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1
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1.2
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Area of the Premises
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1
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1.3
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Operating Expenses
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1
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1.4
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Prime Rate
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3
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1.5
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Property Taxes
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3
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II
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TERM, ASSIGNMENT AND SUBLETTING
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3
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2.1
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Term
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3
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2.2
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Tenant Acceptance Agreement
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3
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2.3
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Removal of Tenant’s Property
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4
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2.4
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Holding Over
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4
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2.5
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Assignment and Subleasing
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4
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2.6
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Transfer of Tenants
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5
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2.7
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Cancellation Option
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5
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2.8
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Renewal Option
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5
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2.9
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Right of First Refusal
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6
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2.10
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Expansion Space
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7
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2.11
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Termination Option
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7
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III
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RENT, RENT ADJUSTMENT AND DEPOSITS
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7
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3.1
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Base Rental
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7
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3.2
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Rental Adjustment
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7
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3.3
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Operating Expenses
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7
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3.4
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Security Deposit
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8
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3.5
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Payments
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8
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3.6
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Rent for Partial Months
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8
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IV
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PREPARATION, MAINTENANCE AND REPAIR OF
PREMISES
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9
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4.1
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Repairs by Tenant
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9
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4.2
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Repairs by Landlord
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9
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4.3
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Alterations by Tenant
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9
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4.4
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Discharge of Liens
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9
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TABLE OF CONTENTS
(continued)
Page
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4.5
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Damage and Destruction
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9
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4.6
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Eminent Domain
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11
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4.7
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Reports of Defects
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11
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4.8
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Landlord’s Right to Enter Premises
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11
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V
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USE AND SERVICES
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12
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5.1
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Use
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12
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5.2
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Services
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12
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VI
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COMPLIANCE WITH LAWS
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13
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6.1
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Tenant’s Compliance with Laws
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13
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6.2
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Building Alterations
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13
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6.3
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Taxes Payable by Tenant
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14
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6.4
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Landlord’s Compliance with Laws
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14
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VII
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INSURANCE, LIABILITY AND INDEMNIFICATION
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14
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7.1
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Insurance
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14
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7.2
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Waiver of Subrogation
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14
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7.3
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Indemnity
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14
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7.4
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Liability of Landlord
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15
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7.5
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Limitation of Liability
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15
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VIII
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EVENTS OF DEFAULT AND RELATED
REQUIREMENTS
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15
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8.1
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Default and Remedies
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15
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8.2
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Insolvency or Bankruptcy
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18
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8.3
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Late Payments
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19
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8.4
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Attorneys’ Fees for Collection
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19
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8.5
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No Waiver of Rights
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19
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IX
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MISCELLANEOUS PROVISIONS
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19
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9.1
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Broker
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19
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9.2
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Addresses and Notices
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19
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9.3
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Entire Agreement and Exhibits
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19
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9.4
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Subordination and Attornment
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20
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9.5
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Estoppel Certificate/Amendment
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20
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9.6
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Severability
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21
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9.7
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Captions
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21
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9.8
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Successors and Assigns
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21
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9.9
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New York Law
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21
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9.10
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Time is of the Essence
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21
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\
TABLE OF CONTENTS
(continued)
Page
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9.11
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Execution
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21
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9.12
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Force Majeure
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21
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9.13
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Multiple Tenants
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21
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9.14
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Mutual Warranty of Authority
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21
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9.15
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Parking Rights
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22
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9.16
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No Recordation of Lease
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22
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9.17
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Hazardous Substances
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22
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9.18
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Names
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23
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9.19
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Shared Communications Services
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23
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9.20
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Ownership and Management Disclosure
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23
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9.21
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Effect of Lease Termination
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23
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9.22
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Signage
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23
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9.23
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Furniture
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23
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9.24
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Amenities
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23
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9.25
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Quiet Enjoyment
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23
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9.26
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Special Stipulations
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23
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9.27
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Back-Up Power
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23
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9.28
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Further Landlord Representations
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23
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X
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Payment OF PROPERTY TAXES
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23
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\
__________________________________________________________________________________________________________________________________________________________________________________________
SCHEDULE OF EXHIBITS
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Exhibit
“A ”
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Floor Plan(s)
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Exhibit
“B ”
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Tenant Acceptance Agreement
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Exhibit
“C ”
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Cleaning Specifications
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Exhibit
“D ”
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Rules and Regulations
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Exhibit
“E ”
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Special Stipulations
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Exhibit 9.23
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Furniture Inventory
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Exhibit 9.4
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Form Subordination, Non-Disturbance and Attornment
Agreement
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Exhibit “F”
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Hazardous Substances
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__________________________________________________________________________________________________________________________________________________________________________________________
iv
__________________________________________________________________________________________________________________________________________________________________________________________
755 JEFFERSON ROAD
OFFICE LEASE
THIS LEASE AGREEMENT (the “Lease”) is
dated as of September 29, 2006 and made by and between the
undersigned Landlord and the undersigned Tenant.
W I T N E S S E T H T H A
T:
Landlord, for and in consideration of the rents,
covenants, agreements and stipulations herein contained, to be
paid, kept and performed by Tenant, has leased and rented, and by
these presents hereby leases and rents unto Tenant, and Tenant
hereby leases upon the terms and conditions herein contained, the
Premises described in Section 1.1(b) below, with no easement
for light or air included in the Premises. This Lease shall create
the relationship of landlord and tenant between Landlord and
Tenant; and Tenant has only a usufruct which is not subject to levy
and sale. So long as Tenant shall observe and perform the covenants
and agreements binding on it hereunder and subject to the terms and
provisions hereof, Tenant shall at all times during the Lease Term
(as hereinafter defined) peacefully and quietly have and enjoy
possession of the Premises.
This Lease shall be applied and construed in a
commercially reasonable manner. Whenever herein the consent,
approval or concurrence of either Landlord or Tenant shall be
required for action or forbearance by the other party, it is agreed
that such consent, approval or concurrence shall not be
unreasonably withheld, delayed or conditioned, except as to matters
specified as being in the discretion or sole discretion of the
party from which the consent, approval or concurrence is required.
Discretionary consent, approval or concurrence may be withheld,
delayed or conditioned without regard to any standard of
reasonableness.
I
PREMISES AND OTHER
DEFINITIONS
Terms not defined in this Lease shall have the
respective meanings set forth in the Lease Summary attached as a
preamble hereto, and incorporated herein by this reference. Unless
the context otherwise specifies or requires, the following terms
shall have the meanings herein specified:
|
|
1.1
|
Premises . Terms used
in defining Premises are:
|
(a) The
term “Building” shall mean 755 Jefferson Road,
Rochester, New York, 14623, which consists of an office building
with four floors for office space.
(b) The
term “Premises” shall mean that portion of the Building
located on the floor(s) of the Building specified in the Lease
Summary, which portion is shown on the floor plan(s) attached
hereto as Exhibit “A” together with a non-exclusive
right in common with others to use and enjoy those common areas or
portions of the Building, including but not limited to driveways,
sidewalks, parking lots, hallways, corridors, trash rooms,
mechanical and electrical rooms, storage rooms, stairways,
entrances, exits, elevators, restrooms, lobbies, stairs, loading
docks, pedestrian walks, roofs and basements, janitor’s and
storage closets within the Building and all other common rooms and
common facilities within the Building (collectively, the "Common
Areas"). Upon any expansion or contraction of the Premises pursuant
to the terms of this Lease or other agreement of the parties, the
term “Premises” shall be deemed to apply to such space
as adjusted by such expansion or contraction.
1.2
Area of the Premises .
The “Rentable Area” of the Premises for all purposes of
this Lease shall be the agreed quantity of square footage so
designated in the Lease Summary.
1.3
“Operating Expenses ” shall mean all costs paid or incurred by Landlord in
the management, operation, maintenance, repair and security of the
Building (but not of any complex in which the Building is located)
in a prudent, businesslike and commercially reasonable manner,
including, and expressly limited to, the following:
(a) Costs
and expenses for the maintenance and repair (but not the
replacement) of Building and the mechanical (including HVAC),
electrical, plumbing and elevator systems used in connection
therewith.
(b) Cleaning
and janitorial costs and expenses, including window cleaning
expenses and the replacement of light bulbs and glass for the
Building.
|
|
(c)
|
Landscaping and grounds maintenance costs and
expenses.
|
(d) Utility
costs and expenses including, without limitation, those for
electricity and other fuels and forms of power or energy, water
charges, sewer and waste disposal.
(e) Costs
and expenses of redecorating, repainting and recarpeting the Common
Areas of the Building;
(f) Cost
of wages and salaries to employees or agents of Landlord engaged in
the reasonable management, operation, maintenance, repair and
security of the Building, and so-called fringe benefits, including
social security taxes, unemployment insurance taxes, costs for
providing coverage for disability benefits, costs of any pensions,
hospitalization, welfare or retirement plans or any other similar
or like expense incurred under the provisions of any collective
bargaining agreement, and cost of uniforms.
(g) Reasonable
charges of any independent contractor which, under contract with
the Landlord or its manager or representatives, does any of the
work of operating, maintaining, repairing or providing security for
the Building.
(h) Legal
and accounting fees and expenses, but only to the extent such fees
and expenses are incurred in connection with or related to seeking
or obtaining reductions in and/or refunds of Property Taxes,
provided any such reductions and/or refunds are credited to and
passed on to Tenant on a pro-rata basis.
(i) Landlord’s
insurance costs and expenses for property/casualty insurance and
general liability insurance carried by Landlord with respect to the
Building, provided such insurance coverage and the premiums paid
therefore are reasonable and justified as compared to like office
buildings in the Rochester, New York metropolitan area.
(j) All
costs of security and security systems at the Building, including,
without limitation: (i) the reasonable wages of all employees
engaged in the security of the Building; (ii) all supplies,
materials, equipment, and devices used in the security of the
Building; and (iii) all service or maintenance contracts with
independent contractors for the security of the Building including,
without limitation, alarm service, personnel, security guards,
watchmen, and any other security personnel.
(k) Provided
Landlord contracts with an independent third-party property
management company to manage the Building consistent with standards
of Class-A office space in Rochester, New York, a management fee
not to exceed three percent (3%) of the gross annual base rent
(excluding all additional rent items) paid by tenants in the
Building
Operating Expenses shall not include
(i) depreciation on the Building other than depreciation on
exterior window blinds provided by Landlord and carpeting in public
corridors and common areas, or any components thereof;
(ii) tenant improvement costs or allowances or free rent
concessions; (iii) real estate brokers’
commissions;
2
(iv) replacement of any mechanical (including
HVAC), electrical, plumbing or elevator system serving the
Building; (v) replacement of any structural component of the
Building, including but not limited to the foundation(s), exterior
walls, or roof of the Building; (vi) capital improvements or
additions, or interest thereon; (vii) the cost of special
services rendered to a particular tenant of the Building; (viii)
costs incurred in connection with preparing the Building for
multiple tenant occupancy, or creating or reworking existing
parking, or creating entrances into Common Areas; (ix) interest on
and the amortization of debts (and costs and charges incurred in
connection with such financings including, without limitation, any
mortgage recording tax); (x) legal fees, appraisal fees or
accountants fees incurred by Landlord in connection with the
negotiation and preparation of agreements between Landlord and
third parties affecting the Building (including new or renewal
leases and/or loan documents) or in enforcing Landlord's rights
under such agreements or legal or accounting fees in connection
with tax returns, tax reporting or accounting; (xi) refinancing
costs; (xii) the cost of any repairs or replacements made to the
Building (including space occupied by Tenant or other tenants) that
were made as a result of the negligence or misconduct of Landlord
or any other tenant; (xiii) costs or repairs or replacements
incurred by reason of fire or other casualty or condemnation,
except for the amount of any insurance deductible not to exceed
$250,000 for any individual occurrence; (xiv) advertising and
promotional expenditures; (xv) any expenditure paid to any person
or entity affiliated with Landlord or principals of Landlord to the
extent it exceeds the amount paid for similar services that would
have been paid in an arms length transaction with any unrelated
third-party; (xvi) any cost or service furnished to tenants that is
separately reimbursable to Landlord other than through Operating
Expenses; (xvii) ground rent or any other payments paid under
ground leases or superior leases; (xviii) any costs incurred for
the purpose of effecting a sale or any other capital transaction
involving, the Building or land or any other real property
(including state transfer tax), whether or not any such transaction
is consummated; (xix) payment of any amounts to any person seeking
recovery for breaches of contract, negligence or other torts
committed by Landlord, including any related attorney fees and
disbursements; (xx) costs of installing, operating and maintaining
any specialty facility such as a child care center or conference
center; (xxi) any costs related to signage for the Building; (xxii)
any late charge, fine or penalty paid by Landlord; (xxiii) costs
incurred due to the negligence, willful misconduct, or breach of
lease or other agreement by any other tenant in the Building;
(xxiv) costs of disputes that Landlord has with any employees or
any third parties, including any other tenants or any mortgagee;
(xxv) costs to comply with any existing violation or to cure an
existing condition in, under or around the Building; (xxvi)
expenses for which Landlord will receive separate reimbursement,
credits, or rebates; (xxvii) lease takeover costs or other costs
connected with leases in the Building; (xxviii) costs to expand or
alter the Building or any other expansions; (xxix) costs incurred
with the removal or encapsulation or other treatment of hazardous
materials; (xxx) any rent loss or reserves for bad debts and the
rental value of any office located in the Building and utilized by
the personnel of either Landlord or Landlord's affiliates or
managing agents; (xxxi) costs associated with the operation of a
cafeteria in the Building.; and (xxxii) costs of acquiring,
leasing, insuring, restoring, removing, or replacing sculptures and
paintings, or other artworks in the Building.
1.4
“Prime Rate ” shall mean the rate of interest announced from time to
time by Bank of America, N.A. as its prime rate of interest. An
increase or decrease in the Prime Rate shall result in a
corresponding increase or decrease in the rate of interest being
charged hereunder and shall take effect on the day the increase or
decrease in the Prime Rate is made effective. In the event that
Bank of America, N.A. shall abandon or abolish the practice of
publishing the Prime Rate, or should the same become
unascertainable, Landlord shall designate a comparable reference
rate which shall then be deemed to be the Prime Rate under this
Lease.
1.5
“Property Taxes ” shall mean the following: (a) personal property ad
valorem taxes imposed upon the furniture, fixtures, machinery,
equipment, apparatus, systems and appurtenances used in connection
with the Building for the operation thereof; (b) real estate
ad valorem taxes, assessments, impact fees, sewer charges and
transit taxes; and (c) any other federal, state or local
governmental charge, general, special, ordinary or extraordinary
(but not including income or franchise taxes or any other taxes
imposed upon or measured by Landlord’s income or profits,
unless the same shall be imposed in lieu of real estate ad valorem
taxes) which may now or hereafter be levied or assessed against the
Building and the land underlying the Building or the rents derived
from the Building (in the case of special taxes or assessments
which may be payable in installments, only the amount of
installments paid during a calendar year shall be included in the
taxes for that year).
3
II
TERM, ASSIGNMENT AND
SUBLETTING
2.1
Term . Landlord
represents and warrants that to its knowledge as of the
Commencement date, the Building, including its structural integrity
and any and all systems serving the Building, including but not
limited to HVAC, plumbing, electrical, utility, elevators, water,
and sewer, are all in good working condition. Except as otherwise
provided above and elsewhere in Lease, Tenant takes and accepts the
Premises from Landlord in their present condition and as suited for
the use intended by Tenant, for the term described below (the
“Lease Term”). The Lease Term shall commence on the
date specified in the Lease Summary as the Commencement Date (the
“Commencement Date”) and shall end at 6:00 p.m.
Rochester local time on the date specified in the Lease Summary as
the Expiration Date (the “Expiration Date”). The rental
and other payments due hereunder from Tenant shall commence on the
Rent Commencement Date. If for any reason whatsoever Landlord
cannot deliver possession of the Premises to Tenant on the
Commencement Date, this Lease shall not be immediately void or
voidable, nor shall Landlord be liable to Tenant for any resulting
loss or damages. If Landlord is unable to deliver possession of the
Premises by the Commencement Date set forth in the Lease Summary
for any reason other than delay caused by Tenant, the Commencement
Date and the Expiration Date shall both be postponed by the number
of days that delivery of possession of the Premises is so delayed.
Such deferral shall be Tenant’s sole remedy for
Landlord’s failure to deliver possession of the Premises.
Except as aforesaid, no delay of possession shall operate to
relieve Tenant of Tenant’s obligations to Landlord (including
the payment of rent and other amounts) as provided in this Lease.
Notwithstanding the foregoing, if possession of the Premises has
not been delivered to Tenant within sixty (60) days following the
Commencement Date, for any reason whatsoever, Tenant, at its option
at any time thereafter but prior to the delivery of possession, may
terminate this Lease by notice to the Landlord, and Landlord and
Tenant shall thereupon be released from all obligations under this
Lease.
2.2
Tenant Acceptance Agreement
. Within twenty (20) days after the date on
which Tenants takes occupancy of the Premises (“Occupancy
Date”), Tenant shall execute and deliver to Landlord a Tenant
Acceptance Agreement in the form attached hereto as Exhibit
“B”. Tenant may state in such Tenant Acceptance
Agreement any defects in the Premises remaining to be repaired or
completed by Landlord, and Tenant thereby shall preserve its
objection to such listed defects. Tenant shall have waived
objection to any defects not so listed in the Tenant Acceptance
Agreement except that Tenant shall retain the right to object to
latent defects not subject to detection upon reasonable inspection
of the Premises prior to occupancy thereof, provided that
objections to latent defects not disclosed in writing to Landlord
within thirty (30) days subsequent to Tenant’s discovery
of such latent defect shall be deemed waived.
2.3
Removal of Tenant’s Property
. Upon or prior to the termination of this Lease,
Tenant shall remove from the Premises and the Building all of its
personal property and trade fixtures, and peaceably surrender the
Premises to Landlord in a clean and ready to occupy condition. Such
property of Tenant not so removed from the Premises or the Building
upon the termination of this Lease shall be considered abandoned by
Tenant and may be disposed of by Landlord in any manner whatsoever
without accounting to Tenant for same or being liable in any way to
Tenant for such disposition. All costs of removal incurred by
Landlord shall be at Tenant’s expense, payable upon demand by
Landlord. This provision shall survive expiration or early
termination of this Lease. Upon surrender of possession of the
Premises, Tenant shall deliver to Landlord all keys to the
Premises.
2.4
Holding Over . In no
event shall there be any renewal of this Lease by operation of law,
and if Tenant remains in possession of the Premises after the
termination of this Lease without written authorization executed by
Landlord and Tenant, but with the acquiescence or consent of
Landlord, Tenant shall be deemed to be occupying the Premises under
a month-to-month periodic tenancy at a monthly rental equal to one
hundred fifty percent (150%) of the Base Rental as adjusted by
Rental Adjustment in effect during the last month of the Lease
Term, plus all additional rental provided for in this Lease, and
otherwise subject to all the covenants and provisions of this Lease
insofar as the same are applicable to a month-to-month periodic
tenancy. Landlord and Tenant agree that any such periodic tenancy
may be terminated by thirty (30) days prior written notice by
either party to the other party. If Tenant remains in possession
after termination of this Lease without Landlord’s
acquiescence or consent, Tenant thereupon shall be deemed a
tenant-at-sufferance subject to summary eviction as provided by
law.
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2.5
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Assignment and Subleasing .
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(a)
Assignment . Tenant
will not assign this Lease without first obtaining the prior
written consent of Landlord, which consent shall not be
unreasonably withheld, conditioned or delayed so long as the
proposed assignee (i) shall have a credit rating greater than or
equal to Tenant (based upon certified financial statements
delivered to Landlord); and (ii) shall be qualified to occupy space
and conduct its business under the zoning regulations which govern
occupancy of the Building. Notwithstanding anything in this Section
2.5(a) to the contrary, Tenant shall have the right, upon ten (10)
days' written notice to Landlord, to assign this Lease to an
Affiliate (as hereinafter defined). No assignment hereunder shall
relieve Tenant from any obligation under this Lease
(b)
Subletting . Upon ten
(10) days' prior written notice to Landlord, Tenant may sublet the
Premises, or any portion thereof, to any party, including but not
limited to an Affiliate (as hereinafter defined), provided,
however, that the use contemplated under such sublease must comply
with this Lease and applicable law and no such subletting shall
limit or release Tenant from any obligations hereunder. Within ten
(10) days after receipt of said notice, if Tenant is subletting
more than fifty percent (50%) of the Premises, Landlord shall have
the right to recover and take back (together with a release of
Tenant from the obligations related thereto), all of the Premises
being offered by Tenant for sublet from the Tenant. In the event
Landlord does not exercise its right to recover and take back all
of said Premises offered by Tenant for sublet within ten (10) days
from receipt of said notice, Tenant may sublet that portion of the
Premises.
(c) For
purposes off this Section 2.5, an “Affiliate” shall
mean (i) any entity of which Tenant owns and holds a controlling
interest; or (ii) any entity that owns or holds a controlling
interest in Tenant; or (iii) any entity that results from a merger,
acquisition, consolidation or reorganization involving
Tenant.
(d) Tenant
agrees to pay, as additional rental, to Landlord, on demand,
reasonable costs incurred by Landlord (i) in connection with
any request by Tenant for Landlord to consent to any assignment or
subleasing by Tenant, and (ii) in providing any services or
materials to any assignee or sublessee of Tenant.
(e) If,
with the consent of Landlord, the Premises or any part thereof is
subleased, Landlord may, after default by Tenant, collect rent from
the assignee, subtenant or occupant, and apply the net amount
collected to the Base Rental and additional rental herein reserved,
but no such subleasing, occupancy or collection shall be deemed
(i) a waiver of any of Tenant’s covenants contained in
this Lease, (ii) the acceptance by Landlord of the subtenant
as Tenant, or (iii) the release of Tenant from further
performance by Tenant of its covenants under this Lease.
(f) Landlord’s
approval of or consent to an assignment or sublease transaction
shall not operate to release Tenant from its liability hereunder,
and shall not affect Landlord’s rights under this
Section 2.5 as to any subsequent proposed assignment or
sublease.
(g) Tenant
covenants and agrees to deliver to Landlord one (1) fully
executed counterpart of the instruments and documents (including
amendments thereto) evidencing any approved assignment or
subleasing effected pursuant to this Lease. Such delivery shall be
made promptly following the execution of any such instrument or
document.
2.6
Cancellation Option .
Notwithstanding anything to the contrary in Section 2.1, after the
sixth (6th) anniversary of the Commencement Date, Tenant shall have
the option (the “Cancellation Option”) to cancel and
terminate this Lease as to the Premises on the following basis and
conditions: (i) Tenant gives Landlord at least twelve (12)
months prior written notice (the “Cancellation Notice”)
of its election to exercise the Cancellation Option, (ii) the
termination shall be effective at midnight on the cancellation date
specified in the Cancellation Notice (“Cancellation
Date”), and (iii) Tenant shall pay to Landlord a
termination fee in an amount equal to the sum of the unamortized
principal balance of real estate commissions; the unamortized
principal balance of the free rent credited to Tenant during the
six month period prior to the Rent Commencement Date (“Free
Rent”); the unamortized principal balance of the Rent Credit;
and four (4) months Base Rental (collectively, the
“Termination Fee”), to be paid on the date on which
Tenant notifies Landlord that it has elected to exercise the
Cancellation
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Option. The real estate commissions, Free Rent and
the Rent Credit shall be amortized over the Lease Term at 8.5%
annual interest.
2.7
Renewal Option . Tenant
shall have the right to extend (each an "Option to Extend") the
term of this Lease for two (2) additional five (5) year lease terms
(each a “Renewal Term”), upon the following
conditions:
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(a)
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Landlord has not exercised its Option to Rescind (as
defined below);
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(b)
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No event of default has occurred and is continuing
under this Lease;
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(c) Tenant
has not previously assigned the Lease or sublet more than fifty
percent (50%) of the Premises, except to an Affiliate;
(d) Tenant
has delivered to Landlord written notice of its intention to
exercise the option, at least nine (9) months prior to the end of
the Lease Term or first Renewal Term, as applicable;
(e) All
terms and conditions for the Renewal Term shall be the same as in
the Lease, except that (i) the annual Base Rental for the first
Renewal Term shall be $1.50 per rentable square foot greater than
the current Base Rental, and (ii) the Base Rental for the second
renewal period shall be the greater of the then current Base Rental
or ninety percent (90%) of the then current fair market rent, as
negotiated in good faith between the parties;
(f) If
the parties cannot agree upon a fair market rental rate within ten
(10) business days after Tenant’s notice to exercise an
Option to Extend, the fair market rental rate shall be determined
as follows:
(i) Within
ten (10) business days thereafter, Landlord and Tenant shall each
select an appraiser in the person of an experienced real estate
broker, each of whom must have at least ten (10) years leasing
experience in the Rochester, New York market (the
“Market”);
(ii) Within
ten (10) business days thereafter, the two appraisers shall confer
to see if they can agree on the fair market rental rate for space
in the Market, similar to the Premises in size, location and type
of building, including Landlord concessions and tenant
improvements, as of the time the Renewal Term is to begin; and, if
they reach agreement, the rate upon which they agree shall become
the new Base Rental for the second Renewal Term;
(iii) If
within five (5) business days thereafter the two appraisers cannot
reach agreement, then each shall designate the rate which he or she
believes is the appropriate new Base Rental. Unless either the
Landlord agrees to the rate specified by Tenant’s appraiser
or vice versa, the two appraisers shall agree on a third appraiser,
who shall have no less than the minimum experience required of the
initial two appraisers; and
(iv) Within
five (5) business days thereafter, the third appraiser shall
determine which of the two appraisals for the new Base Rental is
closer to the new Base Rental which the third appraiser believes is
the appropriate new Base Rental. Upon such determination, the new
Base Rental selected by the third appraiser shall be
used.
(v) If
Landlord or Tenant fails to comply with the time guidelines in this
Section, then the prevailing market rental submitted by the other
shall automatically apply.
(vi) Each
party shall bear the expense of its own appraiser and shall divide
equally the expense of the third appraiser.
Notwithstanding any provision contained in this
Section 2.7 to the contrary, Landlord shall have the right to
cancel and rescind (the "Option to Rescind") any Option to Extend
provided Landlord delivers Tenant written notice of
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Landlord's election at least eighteen (18) months
prior to the end of the Lease Term or first Renewal Term, as
applicable. In the event Landlord exercises its Option to Rescind,
Tenant shall have the right to terminate this Lease and all of
Tenant's obligations hereunder by providing written notice within
ninety (90) days of Landlord’s exercise of its Option to
Rescind and the effective date of such termination shall be
determined by Tenant but in no event later than the end of the
Lease Term or Renewal Term. Nothing contained in this Section 2.7
or elsewhere in this Lease shall be construed to afford Landlord
any rights or options to terminate the Lease prior to the
Expiration Date of the initial eleven (11) year term.
2.8
Right of First Refusal . Tenant shall have a one-time right of first refusal on the
leasing of third (3 rd ) floor of the Building. Landlord
shall notify Tenant in writing in the event Landlord and any
third-party execute and exchange a bona fide agreement, letter of
intent, term sheet, letter of understanding or other writing made
in good-faith and concerning a lease agreement for the third (3
rd ) floor of the Building, or any portion thereof. Any
such agreement or understanding between Landlord and any
third-party shall be subject to Tenant's right of first refusal and
Tenant shall have ten (10) business days after receipt of such
written notice to notify Landlord of Tenant’s intent to lease
such space on the same terms and conditions as such prospective
third-party.
2.9
Expansion Space .
During the Term or any Renewal Term, Tenant shall have the right to
lease additional available space in the Building as such space is
available as reasonably determined by Landlord (the
“Expansion Space”). In the event of such an election by
Tenant (except in the case of Tenant’s exercise of its Right
of First Refusal pursuant to Section 2.9 above), Tenant may lease
such additional space at the then current rent rate charged
hereunder, and for a term that coincides and extends for so long as
and equal to the then remaining balance of the Lease Term or any
Renewal Term, provided, however, that in the event less than five
(5) years remain in the Term or any Renewal Term, Tenant may only
elect to lease the Expansion Space if Tenant simultaneously
exercises an Option to Extend. In the event Tenant does exercise
its right to lease Expansion Space, Tenant shall receive a rent
credit equal to $5.00 per rentable square foot of Expansion Space,
pro-rated based upon the difference between the unexpired balance
of the Lease Term and/or any Renewal Term and the initial Lease
Term of eleven (11) years. In the event Tenant elects to exercise
its Renewal Option in order to lease the Expansion Space, Landlord
shall have thirty (30) days to provide Tenant written notice of
Landlord's election to void Tenant's exercise of the Renewal
Option. In the event Landlord delivers no such written notice to
Tenant, Landlord's right to void Tenant's exercise of the Renewal
Option shall expire and be of no further force or effect. In the
event Landlord does elect to void Tenant's exercise of the Renewal
Option and does deliver written notice of the same to Tenant within
said thirty (30) day period, then Tenant shall have a one time
right to terminate this Lease in its entirety to be exercised by
delivering written notice to the Landlord within ninety (90) days
of Landlord’s rejection of Tenant’s election to expand,
the effective date of such termination shall be fifteen (15) months
following delivery of such notice to Landlord and upon such
termination, Tenant shall have no further liability to Landlord
other than any obligations hereunder that survive the termination
of this Lease. In the event that Tenant does not exercise this
right to terminate within ninety (90) days of Landlord’s
rejection of Tenant’s election to expand, then Tenant’s
right to terminate shall be void and of no further force or
effect.
III
RENT, RENT ADJUSTMENT AND
DEPOSITS
3.1
Base Rental . Tenant
shall pay to Landlord an annual base rent in monthly installments
for and during the Lease Term in the amounts specified in the Lease
Summary (the “Base Rental”); provided that Tenant may
elect to increase the Rentable Area of the Premises in advance of
the date set forth on the Lease Summary by providing Landlord sixty
(60) days written notice of Tenant’s intention to increase
such Rentable Area. Upon any such increase, the Base Rental shall
be adjusted accordingly. The monthly installments of Base Rental
shall be paid in advance on the first (1st) day of every
calendar month during the Lease Term.
3.2
Rental Adjustment . The
Base Rental shall be adjusted each anniversary of the Commencement
Date (as the same may be adjusted as set forth in Section 2.1
herein) to the amounts set forth in the schedule set forth in the
Lease Summary (the “Rent Schedule”). Tenant covenants
and agrees to pay Monthly Base Rental throughout the Term of the
Lease as Base Rental becomes adjusted pursuant to the Rent
Schedule.
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3.3
Operating Expenses . In
addition to the Base Rental, Tenant, as additional rental, shall
pay, for each calendar year during the Lease Term, Tenant’s
pro rata share of the total increase, if any, in Operating Expenses
for the next calendar year in question over the Operating Expenses
for the Operating Expenses Base Year designated in the Lease
Summary. The additional rental payable pursuant to this Section 3.3
shall be determined and adjusted in accordance with the following
procedures:
(a) During
each December of the Lease Term, or as soon thereafter as
practicable, Landlord shall give Tenant written notice of its
estimate of additional rental payable under this Section 3.3 for
the ensuing calendar year. On or before the first day of each month
during the ensuing calendar year, Tenant shall pay to Landlord one
twelfth (1/12th) of such estimated amounts together with the Base
Rental, provided that if such notice is not given in December,
Tenant shall continue to pay during the ensuing calendar year on
the basis of the amounts payable during the calendar year just
ended, until the month after such notice is given. If at any time
or times it appears to Landlord that the actual amount payable
under this Section 3.3 for the current calendar year will vary from
Landlord’s estimate by more than five percent (5%), Landlord
may revise, by notice to Tenant, its estimate for such year, and
subsequent payments by Tenant for such year shall be based upon
such revised estimate. Failure to make a revision contemplated by
the immediately preceding sentence shall not prejudice
Landlord’s right to collect the full amounts of additional
rental payable under this Section 3.3.
(b) Within
one hundred twenty (120) days after the close of each calendar year
during the Lease Term, except with respect to the calendar year
during which the Commencement Date occurs, Landlord shall deliver
to Tenant a statement of the adjustments to be made pursuant to
this Section 3.3 for the calendar year just ended certified by
certified public accountants designated by Landlord. If on the
basis of such statement, Tenant is entitled to a refund of any
amount paid in the calendar year just ended in excess of the
estimated payments for that calendar year, Landlord shall credit
such excess to the next payments of additional rental coming due
pursuant to this Section 3.3 or, if the term of this Lease is about
to expire, refund such excess to Tenant if Tenant is not in default
under this Lease (in the instance of an event of default, such
excess shall be held as additional security for Tenant’s
performance, may be applied by Landlord to cure any such event of
default and shall not be refunded until any such event of default
is cured). If on the basis of such statement Tenant owes an amount
that is more than the estimated payments for the calendar year just
ended previously made by Tenant, Tenant shall pay the deficiency to
Landlord within thirty (30) days after delivery of the
statement.
(c) If
the Lease term shall expire on a day other than the last day of a
calendar year, the amount of additional rental payable pursuant to
this Section 3.3 shall be the product of multiplying the additional
rental which otherwise would have been payable for the full
calendar year by a fraction, the numerator of which is the actual
number of days of the calendar year in question included within the
Lease Term, and the denominator of which is three hundred
sixty-five (365). The expiration of this Lease shall not affect the
obligations of Landlord and Tenant pursuant to subsection (b) of
this Section 3.3 to be performed subsequent to such
expiration.
(d) Tenant
acknowledges that in determining Tenant’s pro rata share of
Tenant’s Operating Expenses, Landlord has assumed it will
operate the Building during the hours of 7:00 a.m. to 7:00 p.m.,
Monday through Friday. Landlord shall, at Landlord’s cost,
install three (3) sub-meters to monitor electrical consumption for
after hours use. Meter 1 shall be located at utility chase (0-4020)
and Meter 2 shall be located at utility chase 0-4190 and Meter 3
shall be located in the mechanical room (1-1031) and will monitor
the chilling units and the air handling units for the entire office
building. Tenant shall pay fifty percent (50%) of the cost
associated with the provision of utilities for the Tenant’s
extended hours of operation for Meters 1 and 2, and twelve and one
half percent (12.5%) of the cost associated with the provision of
utilities for the Tenant’s extended hours of operation for
Meter 3. Any amounts billed to Tenant under this Section 3.3(d)
shall reflect Landlord's actual average cost of purchasing
electricity for the Building, inclusive of all discounts if
discounts are received by Landlord. Payments for such additional
services shall be deemed additional rental due from
Tenant.
(e) Upon
no less than ten (10) business days’ written notice, Tenant
shall have the right to audit the books and records of Landlord for
the two (2) preceding years; provided that Landlord shall
not
8
be required to provide access to books and records
if such books or records do not pertain to Landlord’s
Operating Expenses. Tenant may only exercise this audit right once
in any two-year period. Upon the completion of such audit(s),
Landlord and Tenant shall make the appropriate adjustments based on
the results of such audit(s). If such audit reveals that Landlord
has charged Operating Expenses in an amount equal to or greater
than seven percent (7%) above the actual Operating Expenses
incurred by Landlord during any given lease year, then Landlord
shall reimburse Tenant for the cost incurred in performing said
audit, such cost not to exceed $3,000.00, and further provided that
Tenant shall not be permitted to retain an audit firm who is paid a
contingency fee or commission based on the amount of reimbursement
calculated or obtained.
(f) Landlord
releases Tenant from any obligation to pay its pro rata share of
any Operating Expense not billed to Tenant within two (2) years of
the date the same is incurred and paid by Landlord.
(g) Landlord
has considered and hereby represents to Tenant that the material
components of Operating Expenses during the Operating Expenses Base
Year (including utilities, gas and electric; common area
maintenance; janitorial; and Property Taxes) will equal, in the
aggregate, approximately $8.90 per rentable square foot (the
"Additional Rent Estimate"). Notwithstanding any provision in this
Lease to the contrary, in no given year during the Term or any
Renewal Term shall the pro rata share of Operating Expenses charged
to Tenant exceed the pro rata share of Operating Expenses paid by
Tenant in the immediately preceding year by more three percent
(3.0%). In determining the Additional Rent Estimate, Landlord has
assumed and "grossed up" the occupancy rate in the Building to be
ninety percent (90%) and no such increase in the occupancy rate in
the Building (including Tenant's expansion within the Building)
shall result in an increase in the Operating Expenses charged to
Tenant.
3.4
Security Deposit . As
security for the full and faithful performance and observance by
Tenant of its covenants and obligations under this Lease, Tenant
has posted or will post within two (2) business days hereof, a
certain letter of credit more particularly described in the Lease
Summary (the "Letter of Credit" or the “Security
Deposit”). It is agreed and acknowledged by Tenant that the
Letter of Credit is not an advance or future payment of rent or a
measure of Landlord’s damages in the case of a Default by
Tenant. Upon the occurrence of a Default under this Lease, Landlord
may draw upon the Letter of Credit to the extent required for the
payment of any Base Rental and additional rental or any other sum
as to which Tenant is in default or for the payment of any other
damage, injury, expense or liability resulting from a Default.
Following any such draw on the Letter of Credit, Tenant shall
restore and/or replace the Letter of Credit to the amount set forth
and then required under the Lease Summary. In the event no Default
has occurred and is continuing as of the expiration of the
ninety-sixth month following the Commencement Date, Landlord shall
release and waive in writing any right, title and interest of
Landlord in the Letter of Credit and return the same to Tenant. In
the event of a sale of the Building or a lease of the Building,
subject to this Lease, Landlord shall be released from all
liability for the return or release of the Letter of Credit as long
as the purchaser assumes the obligations of Landlord under this
Lease, including but not limited to those obligations related to
the Letter of Credit set forth in the Lease Summary and this
Section 3.4. This provision shall apply to every transfer or
assignment made of the Letter of Credit to a new
landlord.
3.5
Payments . Tenant shall
pay to Landlord all Base Rental, additional rent and all other
charges due and owing by Tenant under this Lease without deduction
or set off, in legal tender, at the address specified in the Lease
Summary for the mailing of payments, or as otherwise directed from
time to time by Landlord.
3.6
Rent for Partial Months . A prorated monthly installment, based on a thirty (30)
day month, shall be paid in advance (i) on the Rent
Commencement Date for any fraction of a month if the Lease Term
begins on any day other than the first (1st) day of any month
and (ii) on the first (1st) day of the final month of the
Lease Term for any fraction of a month if the Lease Term shall
terminate on any day other than the last day of any
month.
IV
PREPARATION, MAINTENANCE AND REPAIR OF
PREMISES
4.1
Repairs by Tenant .
Tenant shall at its own expense keep the Premises in good repair
and tenantable condition and indemnify Landlord against any loss,
damage or expense arising by reason of any failure of
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Tenant so to keep the Premises in good repair and
tenantable condition or due to any act or neglect of Tenant, its
agents, employees, contractors, invitees, licensees, tenants or
assignees. If Tenant fails to perform, or cause to be performed,
such maintenance and repairs, then at the option of Landlord, in
its sole discretion, any such maintenance or repair may be
performed or caused to be performed by Landlord and the cost and
expense thereof charged to Tenant, and Tenant shall pay the amount
thereof to Landlord on demand as additional rental.
4.2
Repairs by Landlord .
Landlord shall at its own expense unless otherwise provided herein
keep and maintain in good order and repair, subject to normal wear
and tear, casualty to and condemnation of the Building (excluding
the Premises and other portions of the Building leased to other
tenants), including without limitation, the Common Areas, the
mechanical, plumbing, electrical and elevator systems and the
structural components of the Building (including the roof,
foundations and glass exterior surfaces of the Building), and shall
be responsible for maintaining such areas in accordance with all
applicable laws, rules, statutes, ordinances and codes during the
Term. In the event that Landlord fails to commence such maintenance
within fifteen (15) days of receipt of written notice from Tenant,
Tenant shall have the right to perform such maintenance and charge
the costs therefore to Landlord, provided, however, that the cost
of any such repairs or maintenance to the foregoing necessitated by
the intentional acts or omissions, negligence or gross negligence
of Tenant, or its agents, employees, contractors, invitees,
licensees, tenants or assignees, however, shall be reimbursed by
Tenant to Landlord upon demand as additional rental.
4.3
Alterations by Tenant .
Except as otherwise provided in this Lease, Tenant shall make no
structural alterations or additions of any kind in or to the
Premises without first obtaining Landlord’s prior written
consent, not to be unreasonably withheld or delayed; provided that
Landlord’s consent shall not be required for any future
re-carpeting, re-painting, installation of interior offices or
demising walls, or any other decorative or non-structural
alterations to the Premises. Upon completion of any alterations,
Tenant shall deliver to Landlord a complete and reproducible copy
of the “as-built” architectural drawings of the
alterations to the extent that such alterations involve the
relocation of walls, doors or other permanent or semi-permanent
improvements. Any alterations made by Tenant, including but not
limited to those requiring Landlord's approval (“Tenant
Improvement”) shall be at the sole expense and liability of
Tenant, and Tenant’s indemnity in Subsection 7.3(d)
hereof shall apply to any contractors engaged by Tenant in
connection therewith. Landlord shall have the right to take
depreciation with respect to the Tenant Improvements to the extent
of the Landlord’s Allowance and Tenant shall have the right
to take depreciation with respect to Tenant Improvements to the
extent that it contributes towards the cost of Tenant Improvements
in excess of Landlord’s Allowance. Tenant shall be solely
responsible for completing any such alterations in accordance with
all applicable codes. In the event Landlord fails to respond to
Tenant's request for approval of an alteration within ten (10)
business days, such alteration shall be deemed approved.
4.4
Discharge of Liens .
Tenant is not authorized to contract for or on behalf of Landlord
for work on or the furnishing of materials to the Premises or any
other part of the Building. Tenant shall discharge of record by
payment, bond or otherwise, within thirty (30) days subsequent
to the date of its receipt of notice thereof from Landlord, any
mechanic’s, laborer’s or similar lien filed against the
Premises or the Building for work or materials claimed to have been
furnished at the instance of Tenant. If Tenant shall fail to cause
such lien or claim of lien to be so discharged or bonded within
such period, in addition to any other right or remedy it may have,
Landlord may, but shall not be obligated to, discharge the same by
paying the amount claimed to be due or by procuring the discharge
of such lien or claim by deposit in court or bonding, and in any
such event, Landlord shall be entitled, if Landlord so elects, to
compel the prosecution of any action for the foreclosure of such
lien or claim by the claimant and to pay the amount of the
judgment, if any, in favor of the claimant, with interest, costs
and allowances. Tenant shall pay as additional rental on demand
from time to time any sum or sums so paid by Landlord and all costs
and expenses incurred by Landlord, including, but not limited to,
reasonable attorneys’ fees in processing such discharge or in
defending any such action.
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4.5
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Damage and Destruction .
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(a) If
the Building or Premises is damaged partially or wholly by fire,
the elements, act of God or other casualty, and if such damage
cannot, in Landlord’s reasonable estimation, be materially
restored within ninety (90) days of such damage, then either
Landlord or Tenant may terminate this Lease as of the date of such
fire or casualty and the Lease Term shall end on such date as if
that date had been
10
originally fixed in this Lease for the expiration of
the Lease Term. Landlord or Tenant shall exercise its option
provided herein by written notice to the other within sixty (60)
days of such fire or other casualty.
(b) If
this Lease is not terminated pursuant to subsection (a) above,
then Landlord, within such ninety (90) day period, shall repair and
restore to a condition substantially the same as existing on the
date of this Lease the Building or Premises, as the case may be
(except that Landlord may elect not to rebuild, and thus terminate
this Lease, if such damage occurs during the last year of the Lease
Term, regardless of any term extension option which is unexercised
at the date of occurrence of the casualty). In the event that
Landlord shall fail to complete such repairs and material
restoration within ninety (90) days after the date of such damage
and Tenant’s use and enjoyment of the Premises is then
materially impaired by the uncompleted restoration, Tenant may at
its option and as its sole remedy terminate this Lease by
delivering written notice to Landlord, whereupon the Lease shall
end on the date of such notice as if the date of such notice were
the date originally fixed in this Lease for the expiration of the
term hereof; provided, however, that if construction is delayed
because of changes, deletions or additions in construction
requested by Tenant, or because of strikes, lockouts, casualties,
acts of God, war, material or labor shortages, governmental
regulation or control or other causes beyond the reasonable control
of Landlord, the ninety (90) day period for restoration, repair or
rebuilding shall be extended for the amount of time Landlord is so
delayed. In no event shall Landlord be required to rebuild, repair
or replace any personal property, equipment or trade fixtures which
belong to Tenant.
(c) If
this Lease is not terminated pursuant to this Section 4.5 and
if the Premises are unfit for occupancy in whole or in part
following such damage, the Base Rental and Rental Adjustment
payable during the period in which the Premises are unfit for
occupancy shall abate and shall be reduced in proportion to the
number of square feet of Rentable Area of the premises rendered
unusable by such damage.
(d) Any
insurance which may be carried by Landlord or Tenant against loss
or damage to the Building or Premises shall be for the sole benefit
of the party carrying such insurance and under its sole control
except that Landlord’s insurance may be subject to control by
the holder or holders of any indebtedness secured by a mortgage or
deed to secure debt covering any interest of Landlord in the
Premises or the Building.
(e) Notwithstanding
anything herein to the contrary, in the event the holder of any
indebtedness secured by a mortgage or deed to secure debt covering
the Premises or Building requires that any insurance proceeds be
paid to it, then Landlord shall have the right to terminate this
Lease by delivering written notice of termination to Tenant within
fifteen (15) days after such requirement is made by any such
holder, whereupon the Lease shall end on the date of such damage as
if the date of such damage were the date originally fixed in this
Lease for the expiration of the Lease Term.
(f) If
any such casualty stated in this Section 4.5 occurs, Landlord
shall not be liable to Tenant for inconvenience, annoyance, loss of
profits, expenses or any other type of injury or damage resulting
from the repair of any such damage, or from any repair,
modification, arranging or rearranging of any portion of the
Premises or any part or all of the Building or for termination of
this Lease as provided in this Section 4.5.
(a) If
all or any substantial part of the Building or of the Premises
should be taken for any public or quasi-public use under
governmental law, ordinance or regulation or by right of eminent
domain, or by private purchase in lieu thereof, and the taking
would prevent or materially interfere with Tenant’s use of
the Premises for the purpose for which it is then being used, this
Lease shall term
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