Estimated Initial Base Rent. Based upon the Preliminary Total Development Cost Estimate, the initial annual Base Rent that would be initially owing under the Lease would be $35.89/RSF (the “Preliminary Base Rent”), which amount has been determined as set forth in Exhibit J. However, and acknowledge that the initial Base Rent actually payable under the Lease, will be based upon the Total Development Costs actually incurred by but not to exceed, in the aggregate, the amount of the Final Total Development Costs Budget (plus any increases in Total Development Costs incurred as a consequence of requested Changes paid for by and costs resulting from Delay) provided for in Section 3.2 and determined in accordance with Exhibit J.
First Month’s Base Rent. Upon execution hereof by Subtenant, Subtenant shall pay to Sublandlord One Hundred Thirty-Nine Thousand Four Hundred Seventy and 06/100 Dollars ($139,470.06), which shall constitute Base Rent for the first (1st) month of the Term.
Base Term. Commencing on the Expansion Premises Commencement Date, the defined term Base Term on page 1 of the Lease is deleted in its entirety and replaced with the following:
Term for Expansion Space. The term for the Expansion Space shall commence upon August 1, 2013 (the Expansion Date) and shall expire, without the necessity of any notice from either party, on April 30, 2018. Upon the Expansion Date, the Expansion Space shall be considered a part of the Premises for all purposes, except Base Rental shall be payable for the Expansion Space as set forth herein.
Phase 1 Expansion Space Minimum Rent. Notwithstanding anything to the contrary in the Lease, the Minimum Rent to be applied to the Phase 1 Expansion Space shall be $12.00 per rentable square foot and shall increase by two and one-half percent (2.5%) each year upon the anniversary of the Phase 1 Rent Commencement Date as set forth in the table below:
* The Base Rent for the period commencing on November 1, 2021 and continuing through and including October 31, 2023 is calculated based on 159,891 rentable square feet in the Premises, notwithstanding that Tenant is leasing the entire Premises (consisting of 234,892 rentable square feet (such amount of Base Rent that Tenant is not obligated to pay due to such reduced rentable square footage calculation is the "Partial Base Rent Abatement")); provided, however, that Tenant shall pay Tenant's Share of Operating Expenses and Tax Expenses and all other Additional Rent based on 234,892 rentable square feet in the Premises for the entire Lease Term, as amended, and provided further, however, the amortized portion of the Partial Base Rent Abatement shall be repaid by Tenant to Landlord
With respect to periods from and after the 5,003 Expansion Premises Commencement Date, the definition of the term “Base CAM Charge” in Paragraph 47 of the Original Lease shall be deemed to have been modified and amended so as to delete therefrom the reference to the amount “$852.75” and replace same with a corresponding reference to the amount “$1,077.89.” The parties hereby agree that the Base CAM Charge is included in the Rent set forth in [Section 2.3] of this Agreement.
With respect to periods from and after the 5,003 Expansion Premises Commencement Date, the definition of the term “Base Insurance Charge” in Paragraph 59(g) of the Original Lease shall be deemed to have been modified and amended so as to delete therefrom the reference to the amount “$331.63” and replace same with a corresponding reference to the amount “$419.18.” The parties hereby agree that the Base Insurance Charge is included in the Rent set forth in [Section 2.3] of this Agreement.
Except as set forth in this First Amendment: # Tenant shall accept the Expansion Premises in their as-is condition as of the Expansion Premises Commencement Date, subject to all applicable Legal Requirements; # Landlord shall have no obligation for any defects in the Expansion Premises; and # Tenants taking possession of the Expansion Premises shall be conclusive evidence that Tenant accepts the Expansion Premises and that the Expansion Premises were in good condition at the time possession was taken.
Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, subject to the following terms and conditions, the Premises located in the Project and described in the Basic Lease Information and shown on the attached Exhibit A. Landlord reserves the right to make such changes, additions and/or deletions to the Project and/or the common areas and parking or other facilities thereof as it shall determine from time to time. Tenant acknowledges that neither Landlord (nor any employee or agent of Landlord) has made any representation or warranty with respect to the suitability or use of the Premises or Project for Tenants intended Permitted Use or operations. Landlord shall have no liability to Tenant whatsoever in the event Tenant cannot conduct its Permitted Use and/or intended operations in the Premises and in addition to any other requirements set forth in the Lease, Tenant shall be solely responsible for any and all costs that relate or pertain to alterations necessary or appropriate to make the Premises comply with any codes, regulations, laws or ordinances for such Permitted Use or operations. In addition, Tenant shall provide Landlord with copies of any and all licenses or permits of any kind necessary for it to conduct the Permitted Use at the Premises no later than fifteen (15) days after receipt of the same and upon each subsequent renewal.
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