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Triple Net Commercial Lease

Triple Net Lease Agreement

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 This Triple Net Lease Agreement involves


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Governing Law: Florida     Date: 3/16/2006
Industry: Communications Services     Sector: Services

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                                                                                                                              Exhibit 10.42



This Triple Net Lease is made and entered into this 7th day of September, 2000, at Pensacola, Florida, by and between CORDOVA ASSOCIATES, LLC, a Florida limited liability company or its assigns, (hereinafter referred to as “Lessor”), and NT Corporation, a Delaware corporation, (hereinafter referred to as “Lessee”).




WHEREAS, Lessor is the owner of an 80,000 square foot building located on the property described in Exhibit A, attached and incorporated by reference and which building, together with the parking facilities specifically assigned to Lessee as described herein are hereinafter referred to as “Leased Premises”.


WHEREAS, Lessee desires to lease the Leased Premises from the Lessor and Lessee desires to lease the Leased Premises to the Lessee;


NOW THEREFORE, in consideration of the foregoing and in consideration of their covenants, terms, and conditions hereinafter expressed, the parties hereto agree as follows.






Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Leased Premises; to be used only as an office building and corporate headquarters for Lessee’s communications business and in accordance with uses normally incident thereto and for no other purpose, for the term of 180 months, commencing on the Commencement Date (which shall be the earlier of the date Lessee first occupies any portion of the Leased Premises or the date a certificate of occupancy is issued for the Lessee’s initial occupancy), and ending on the 15 th annual anniversary of the Commencement Date which is the “Expiration Date”. For the first five (5) years of the term the annual rental shall be $16.00 per square foot of the Leased Premises; for the second five (5) years of the term (years 6-10 inclusive) the annual rental shall be $17.50. per square foot of the Leased Premises; and for the third five (5) years of the term (years 11-15, inclusive) the annual rental shall be $19.00 per square foot of the Leased Premises; and throughout the term all rental payments shall be net of all taxes, maintenance, and insurance, all of which shall be paid by Lessee. Annual rental shall be paid by Lessee in equal monthly installments along with any and all applicable sales or use taxes.



The parties acknowledge that the Leased Premises consists of 80,000 square feet. Beginning on the Commencement Date rental shall be based on 40,000 square feet until the earlier of: (i) the date Lessee occupies any portion of the remaining 40,000 square feet; or (ii) the date a certificate of occupancy is issued for Lessee’s occupancy of such remaining 40,000 square feet, at which time rental shall be based on 80,000 square feet.




Lessee shall pay Lessor at such place as the Lessor shall designate from time to time in writing, the aforesaid monthly rental payments plus sales or use taxes thereon, without demand, set-off, off-set, counterclaim or deduction of any kind, each in advance due on or before the first day of each calendar month during aforesaid term: Rental for any portion of a calendar month shall be pro-rated on a daily ratable basis.









Lessee agrees to and shall secure at its expense from a good and responsible company or companies doing business in the State of Florida, and maintain during the entire term of this Lease, the following coverages all of which shall name Lessor as an additional insured:



fire and extended casualty coverage insurance in an amount not less than one hundred (100%) percent of the value as determined by Lessor in its discretion of the Leased Premises and other improvements installed from time to time in, on or about the Leased Premises.




Public liability insurance in an amount determined appropriate by the Lessor for loss from an accident resulting in bodily injury to or death of persons, and for loss from an accident resulting in damage to or destruction of property.



Workers Compensation Insurance as and to the extent required by Florida law.




Casualty insurance for the replacement value of Lessee’s equipment, furnishing, fixtures, and assets located in, on or about the Leased Premises.



Lessee shall, on demand provide evidence of such insurance to the Lessor. Each of the policies required of the Lessee shall expressly provide that such policies shall not be canceled or altered without ten (10) days prior written notice to the Lessor.




Lessee agrees that, in the event of loss due to any of the perils for which it has agreed to provide insurance, Lessee will look solely to its insurance for recovery.



If the Lessee at any time during the term hereof should fail to secure or maintain the forgoing insurance, the Lessor shall be permitted to obtain such insurance on the Lessee’s name as the agent of the Lessee, and shall be reimbursed by the Lessee for the cost of the insurance premiums. The Lessee shall pay the Lessor interest on paid insurance premiums at the highest lawful rate, computed from the date the premiums have been paid until reimbursement to Lessor has been made.




Proceeds from any policy or policies relating to coverage of the Leased Premises shall be payable to the Lessor, who shall use such proceeds as provided below.



If the Leased Premises should be totally destroyed by fire, flood, or other casualty, or if they should be so damaged that rebuilding or repairs cannot reasonably be completed within One Hundred Twenty (120) working days from the date of such loss (within the Lessor’s discretion), then this Lease shall terminate, and rent shall be abated for the unexpired portion of this Lease, effective as of the date of said loss. If rebuilding or repairs can be reasonably completed within One Hundred Twenty (120) working days from the date of said loss (within the Lessor’s discretion), then the Lessor shall, within such time period, undertake to rebuild or repair the Leased Premises and other improvements to substantially the same condition in which they existed prior to such loss, and no adjustment for rent shall be made, unless such repair or rebuilding exceeds the aforesaid One Hundred Twenty (120) day period, in which case rent shall be abated on a daily ratable basis beginning on the first day after the expiration of such One Hundred Twenty (120) day period. If the Leased Premises are partially destroyed so as to render a portion of the Leased Premises untenantable (in Lessor’s discretion), then this lease shall not terminate and Lessor shall undertake to repair or rebuild such portion and rent shall be equitably abated for the untenantable portion until such repair or rebuilding is substantially complete.




Lessor shall not be liable to Lessee for (i) any accident of damage caused by elevators, heating, plumbing, lighting, electrical, sewer, or other utility lines or fixtures, (ii) any accident, injury, or death occurring in connection with the Leased Premises, (iii) or thefts or losses of or damage to any goods, cash, personal effects, automobiles, or personal property stored or placed by Lessee, or Lessee’s employees, agents, visitors, licensees, or invitees, in, on, or about the Leased Premises. Lessee covenants and agrees to indemnify and hold Lessor harmless from and against any and all claims, damages, liabilities, obligations, expenses, costs, causes of action, or other injuries of every kind and every nature arising out of Lessee’s use and occupancy of the Leased Premises, including but not limited to full indemnification for Lessor’s attorneys fees and expenses, including those incurred in enforcing this indemnification obligation.








Lessee shall not commit of suffer to be committed any waste on the Leased Premises, nor shall Lessee maintain, commit or permit the maintenance or condition of any nuisance on the Leased Premises or use the Leased Premises for any unlawful purpose or in any way other than as permitted by private and/or public regulations or restrictions.






Lessee shall maintain the Leased Premises and equipment, fixtures, and improvements therein in a condition fit for their intended use and shall make all necessary repairs including all repairs of the Leased Premises and improvements in, on, or about the Leased Premises occasioned by Lessee’s use of the Leased Premises, including but not limited to maintenance and repair of all heating, cooling, ventilation, plumbing, electrical, utility and sewer systems, and all interior and exterior improvements (including parking lot lighting) regardless of the damages, condition, repair, or actions which necessitate the repair or maintenance. Lessor shall repair and maintain at its cost solely the roof, parking lot surface and basic structural components of the building located on the Leased Premises. All other repairs and maintenance shall be performed by Lessee at its sole cost and expense regardless of the events which necessitate the repair or maintenance.



Lessee shall also have the following affirmative obligations:




To keep the portion of the leased Premises including parking facilities assigned to Lessee as clean and sanitary as the condition of the premises permits.



To dispose from the Leased Premises all rubbish, garbage, and other waste in a clean and sanitary manner.




Not to permit any person on the premises with Lessee’s permission to willfully or wantonly destroy, deface, damage, impair or remove any part of the Leased Premises or the facilities, equipment, improvements, or appurtenances thereto.



To immediately notify the Lessor of any damage or other condition of the Leased Premises or equipment or improvements therein.




To pay when due any and all amounts required under any and all shared maintenance, easement, or license agreements to which the Leased Premises are subject.



To supply the Leased Premises with all utilities required by Lessee for its occupancy and to pay any and all charges related thereto, including the installation, repair, and maintenance of all utility lines, fixtures and equipment.






Lessee hereby accepts the Leased Premises and the building in their present condition as suitable for the use intended by Lessee. Lessee shall not alter or improve the Leased Premises without the prior written consent of the Lessor, and any and all alterations, additions, improvements, and fixtures made or placed in or on said premises including floor and wall coverings, lighting fixtures, window blinds and coverings, and installed equipment and fixtures, shall on expiration, or sooner termination of this Lease, belong to the Lessor, without compensation to the Lessee; provided, however, that Lessor shall have the option to be exercised upon expiration or sooner termination of this Lease, to require Lessee to remove any or all of such additions, improvements, or fixtures. It is contemplated that Lessee shall alter, improve, remodel, and reconstruct the Leased Premises and install fixtures and equipment therein all at Lessee’s sole cost and expense and in a manner reasonably acceptable to Lessor for the purpose of meeting Lessee’s needs. Forty Thousand (40,000) square feet of the Leased Premises shall be improved by Lessee within the first two (2) years of the term and the remainder of the Leased Premises shall be improved within two (2) years thereafter. Any and all improvements constructed by Lessee shall be constructed solely through contractors, subcontractors, architects, engineers and similar construction service providers acceptable to Lessor all at Lessee’s sole cost and expense.



Lessor shall have the right from time to time during the term or any extended term of this Lease to construct in or on the Leased Premises such buildings, improvements, equipment, fixtures, or other facilities as Lessor deems necessary or convenient for Lessor’s purposes.




The parties specifically covenant and agree that the Lessee shall have the right to affix a sign, logo, or other symbol on the exterior of the building if the following conditions are met:




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