|
13
<br /> not received any monthly installment of annual rent or other rent or additional rent due pursuant to this Lease
<br /> within five (5)days of its due date. If any check given in payment of rent is not honored when due, Landlord
<br /> may assess the late fee and may also require that subsequent rent payments be made by certified or
<br /> cashier's check. Landlord's rights under this Section 5 are in addition to and may be exercised cumulatively
<br /> with Landlord's rights and remedies under Section 14 below.
<br /> 6. DEPOSIT. Within ten (10) business days following the expiration of the Inspection Period, Tenant
<br /> shall pay to Landlord the sum of two hundred fifty thousand dollars($250,000.00)as a deposit. The deposit,
<br /> once made, is non-refundable. The equivalent value of such deposit shall be applied to the purchase price
<br /> for the Property if Tenant exercises its purchase option set forth herein. In the event that Tenant terminates
<br /> this Lease during the Inspection Period, Tenant shall have no obligation with respect to the deposit.
<br /> 7. USE OF LEASED PREMISES AND COMPLIANCE WITH LAW. The Leased Premises shall be used
<br /> only for general office purposes, and for no other purposes without the Landlord's prior written consent, such
<br /> consent not to be unreasonably withheld, conditioned or delayed. Tenant shall not use the Leased Premises
<br /> for any unlawful purpose or in any manner that might constitute a nuisance. Tenant shall comply with all land
<br /> use covenants and all ordinances and regulations of governmental authorities applicable to the Leased
<br /> Premises.
<br /> 8. SIGNS. Tenant shall be solely responsible for all signage at the Property. This includes, but is not
<br /> limited to, approvals, cost, installation, maintenance, and repair.
<br /> 9. CARE AND MAINTENANCE. Subject to the provisions of Section 29, Tenant shall, at the Tenant's
<br /> own expense, keep the Rented Space and Property in good condition and shall pay for the repair of any part
<br /> of the Property that needs repair due to wear and tear or damages caused by third parties or the Tenant, its
<br /> agents, employees, invitees, or contractors. Tenant shall make at its sole cost and expense, replacements
<br /> or restorations, in quality equivalent to or better than the original work, as may be required to maintain the
<br /> Rented Space in good repair and condition, ordinary wear excepted. Landlord is not responsible for
<br /> maintenance. Tenant is responsible for all maintenance of interior and exterior spaces, structure and
<br /> structural areas, walls, floors, roof, plumbing, heating and air, and electrical systems. It is the intent of this
<br /> Lease that Tenant have full responsibility for all maintenance and care of the Property and all Buildings
<br /> thereon.
<br /> 10. ALTERATIONS BY TENANT.
<br /> (a) Requirements. Tenant is responsible for all up-fit costs and construction. The Tenant shall
<br /> furnish to the Landlord before commencement of the work or delivery of any materials to the Property all of
<br /> the following:
<br /> (i) all plans and specifications;
<br /> (ii) names and addresses of all contractors;
<br /> (iii) copies of all contracts;
<br /> (iv)all necessary permits;
<br /> (v) an indemnification of Landlord by all contractors in form and amount satisfactory to Landlord; and
<br /> (vi) certificates of insurance from all contractors performing labor or furnishing materials, insuring
<br /> against any and all claims, costs, damages, liabilities and expenses which may arise in
<br /> connection with such alterations.
<br /> Landlord shall not unreasonably withhold, condition or delay its approval of any alterations, up-fit, or
<br /> improvements requested by Tenant, and shall respond to Tenant within fifteen (15) days of receipt of any
<br /> requests for such approval with either its approval or with detailed comments on the reasons for its
<br /> disapproval, with Tenant being permitted to modify its plans and specifications and re-submit the same for
<br /> further approval. Notwithstanding the foregoing, without Landlord's consent, Tenant may make interior
<br /> changes and alterations to the Premises that(i)do not affect the structural integrity of the improvements, (ii)
<br /> do not materially reduce the market value of the Premises, and (iii) do not cost more than $100,000.00 in
<br /> total during any Lease Year.
<br /> (b) Liability. Regardless of who performs any alterations, up-fit, and remediation and
<br /> notwithstanding Landlord's consent thereto, Tenant shall hold the Landlord, its agents and employees
<br /> forever harmless from any and all liabilities of every kind and description which may arise out of or be
<br /> connected in any way with the alterations, up-fit, and remediation. Any mechanic's lien filed against the
<br /> Rented Space or the Property for work or materials claimed to have been furnished to the Tenant shall be
<br /> discharged of record by the Tenant within ten (10) days after filing, at the Tenant's expense. Upon
<br /> completion of such work, Tenant shall furnish Landlord with contractors' affidavits, full and final waivers of
<br /> lien and receipted bills covering all labor and materials expended. Should any claim of lien or lien action be
<br /> filed directly against Landlord Tenant shall indemnify and hold harmless Landlord from such claim or action
<br /> Landlord Tenant
<br /> Initials Initials
<br />
|