Agenda - 11-03-1986 - Laserfiche WebLink

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10 TENANT: The owner for the time being of the leasehold estate created by this Lease.whether I be the original tenant.or any I L . . assignee under a toad assignment.and if it any time Hate thin one individual or fern comprises tenant,such work shall mesa such individuals and emus Cody and mealy. (ml LANDLORD: The owner for the time being of the Demised Premises,whether It be the original Lacked or any successors In tide, and if a cry time more than one individual or fpm comprises Landlord such word)hag mean such individuals and firmte jointly ad sever*, ARTICLE 0 PREMISES AND TERM 2.01 Premises.Subject to the tents and conditions hereof,Landlord dots dams.unto said tenant and Tart doer take from Landlord for the lease term the Demised Premises,together with reasonable rights of access.Ingress and egress,and rights to jolt tree of Such Periling areas. driveway..sidewalks and other comma areas as Landlord shat provide born time to time,which rights dial be in common With Larelotd and other dairtvg under Lanclord and shall be to use such area only for tM txepase s designated by Landk ct Lanegord hereby reserves the right 'at any time to make alterations or adddiora to and to bead additional stores on the braiding it which the Demised Premises are minuend and to bard screening the same.Landlord also resetvet the right to coreiruct other teaidieigs or improuamen4 in the Shopping Center of which the Demised Premises are a pan from time to time and to make alterations thereof or addelicas thereon and to demobeh any of such buidrg or buik3asga and to build wracking the sane and to construct double dedcs or elevated parking keen. 2.02 TERM OF LEASE The phrase "Term'or"Lease Tara",as used in this lease.shall be the initial tam of this Lease and termed tams of this tease. ARTICLE IN RENTAL • 3.01 ANNUAL MINRMUM RENT: Tennant shed on the firs day of the lease and each aerial anniversary date thereafter pay to Landlord,at such place as Lan lord shall designate in writing from time to tine,the annual minimum rent.Notwithstanding the above,if the tenant is not is ddault wider the terms of this Lease,the tenant may pay the annual mihisaen rent It equal mwohy instalkswees,on the Brat day of a calendar monthe then the annual mircnwm rent for such month shag be prorated upon a dilly basis and shall be payable upon the date of occupancy.If at any time during the lease term the ternary is in deeauh under any terra a this lease.the Lanford sisal have the right to accelerate the payment a the Asunuaf Pills* um Rent that is or would be due during the lease term and to demand.colect and receive from the tenant the Annual Minimum Ray that a or would be due during the lope tent.The tenant shall pay to the Landlord the remelting balance a the Armco(Mire um Rent that is or would be due during the lease term within ten(101 days of the date during of demand d lee same from the Landlord 3.02 PERCENTAGE RENTAL Its addtion to the,annual henmimun Rental let reinabove specified,with respect to any lease year during the lease tam in which Tenant's Gross Sales shag exceed the sum of IA 1 . . .1 (hereanalter.referred to as dw"minimum basis of sates").Tenant shat pay to Landlord as addnonal rental an amount equal to the Percentage Rental.Percentage Rental shag be paid on or before the twangy-at(21st)day following the end of each lease year.For the curposes of this Uwe,a lease year"shall be each successive period of twevee(12)consecutive calendar months from the last day of the month it which the lease team shag commerce.Sales for any period preceding the Cast lease year shag be included in Gross Sales recorded(or the fast lease year. Tenant shall,on or before the nvemyrfast(210)day fallowing the end of each lease year or"lesser period"deriver to Landlord a statement sworn to be Terwt or Of Tenant is a cerporationl by Tenant's chief financial ncial circa.certifying the true amount of Gross Sales fa such lease year or'leerrer period".The tan'lesser period".as used herein.shag be any period beginning on the fast(1st)day of any lease year and endig,by reason of the termination*this Lease,prior to the end of such lease year.In the event that a period d more or less than twek"(12) months shag be so required to be included in any such statement.that the nwimwm basis of sales shag be proportionately increased or decreased as the case maybe.Concurrently with the delivery of such stasemenl,Tamara will pay to Landlord the amount a Percentage Rental shown thereon to be due.En the event Tenant sublets any space or any deparon tat.Landlord or its representatives shag also be furnished such statement from subtenants or departments. Landlord a its duly authorized represntaue may.an regular blames*days and within reasonable.office hours,inspect tenant's records of gsossaaes eider at the Demised Prmnises or elsewhere as designated by Tenant,provided sch inspection is made within twelve(12)meths alter a statement of sales is furnished Landlord by Tenant and is linked to the period covered by such statement.Said records shall be kept in accordance with generally accepted ccountirgprpcasks.Any cdaimby Landlord for revision of any statement of saes or for Percentage Rental must be made it arising to Tenant within twelve 112)months alter the dale such stationer of sales is mailed to larelrxd(otherwise it shag be deemed saved by Landlord).If Landlord's aulit sisal disclose a deficiency in Percentage Rental paid far any base year,Taunt shall prompt ly pay suchde&iencit*toget her with interest at the rate of tent lush percent Per amrsm:if such deficiency's Ave MI percent of more,Tenant steal promptly pay to Landlord,Mad/Man to the amount stated above,the cost of such audit.The farwaradng by Tenant of any grossly inaccurate statement shag constitute a default wider this Lease and shag entitle Landlord,immediately and with/an notice to exercise any or at)of the remedies set(whin Article IX heron Landlord rase hold in confidence all information obtained from Tenant's records except in any psoceedag by or action to collect the cost of such audit deficsency or with respect to a sale.mortgage or leaseback of the shopping center of winch the Demised Premises are a pan. 3.03 SECURITY DEPOSIT: - Tenant has delimited with Landlord the sum of One Thousand Four Hundred Deleadafte 1st 44n an Said deposit shall be held by landlord,without Nearly k1r intace as security lea the faithful performance bit Tenant d all the tern"at this • Lease-If any of the rant herein rescind or any other charge payable by Tenant to Landlord dial be overdue and wiped or should ld Landlord make payments on behhaa of the Tenant,or i(Tenant should(asl to perform my of the terms d this Lease.then Landlord may.et its option and • without pretue ice to any other remedy which Landlord may have an=ant thereof.appropriate and apply said antis depositor so much thereof as may be necessary to compensate Llydksrd toward the payment a rem.addtional charge oe loam damage s+sstaned by Landlord due to such breach on the pan of Tena nc and Tame shall forthwith upon damsel reshot*saidsecurity to the original sum deposued.5h auld Tenant comply with al of said leans and proohpdy pay al of the rent as it fails due and al other charges payable by Tenant to Landlord.said deposit shall be returned in full to Tenant at the end of the term.In the event of bankruptcy a other cred*'debecr proceedings agsint Tenant, as seetrties steal be deemed to be applied fist to the payment of rent and oiler charges due Landlord for al periods prior to the filings such proceeding,.L ana:ne's anetefagee sus mot be fiabie for security deposits unless it actually receives them. 2