Common use of Storage Premises Clause in Contracts

Storage Premises. Landlord hereby demises and leases to Tenant and Tenant hereby hires and takes from Landlord storage premises ("Storage Premises") containing approximately 6,145 square feet of usable area. The Storage Premises are located in the lower level of the Building and are substantially as shown on Exhibit E hereto. Said demise of the Storage Premises shall be upon all of the same terms and conditions of this Lease except: (1) The Term Commencement Date in respect of the Storage Premises shall be the Term Commencement Date in respect of the original Premises demised to Tenant under this Lease. (2) The Base Rent payable in respect of the Storage Premises shall be $9.00 per usable square foot of the Storage Premises per year for the first five (5) years of the Term, and $10.00 per usable square foot of the Storage Premises per year for the remainder of the initial Term. The Base Rent payable in respect of the Storage Premises during any extended term shall be based upon the fair market rental value of the Storage Premises as of the commencement date of such extended term, as determined by Landlord. (3) The Storage Premises shall be leased by Tenant "as-is", in the condition in which the Storage Premises are in as of the Term Commencement Date in respect of the Storage Premises, without any obligation on the part of Landlord to prepare or construct the Storage Premises for Tenant or to provide any allowance or contribution with respect thereto. Notwithstanding the foregoing, Landlord shall, at its expense, (a) deliver the Storage Premises in broom-clean condition, (b) touch-up the interior walls of the Storage Premises with paint, as needed, and (c) if not previously installed, install demising partitions to separate the Storage Premises from the remainder of the space on the lower level of the Building. (4) Tenant shall have no obligation to make payments on account of Operating Costs or Landlord's Tax Expense in respect of the Storage Premises. (5) Landlord shall have no obligation to provide any services to the Storage Premises other than heat and air conditioning appropriate for storage space (which Tenant acknowledges may be at a level below the specifications set forth in paragraph 1(a) of Exhibit B hereto) and electricity for the electric lighting fixture in the Storage Premises. (6) Tenant shall have no right to additional parking spaces or passes by reason of the demise of the Storage Premises. (7) Tenant shall use the Storage Premises for storage purposes in connection with its use of the Premises demised under this Lease and for no other purposes whatsoever.

Storage Premises. Landlord The Lease is hereby demises and leases to Tenant and Tenant hereby hires and takes from Landlord storage premises ("Storage Premises") containing approximately 6,145 square feet of usable area. The Storage Premises are located in amended so that the lower level term of the Building and are substantially as shown on Exhibit E hereto. Said demise of Lease with respect to the Storage Premises shall be upon all coterminous with the Term of the same Lease as to the Premises, subject to adjustment and earlier termination as set forth in the Lease. As of July 1, 2006, the Base Rent payable by Tenant with respect to the Storage Premises during the term of the Lease with respect to the Storage Premises, as hereby extended, shall be the then current fair market rental rate for comparable space in buildings of comparable class, age and size located within the vicinity of the Building as determined by Landlord, in Landlord’s reasonable discretion. On or before December 31, 2005, Landlord shall deliver to Tenant a written notice (“Landlord’s Storage Notice”) specifying the Base Rent rate per rentable square foot per annum for the Storage Premises. Tenant shall have ten (10) days following delivery of Landlord’s Storage Notice to notify Landlord in writing (“Tenant’s Storage Notice”) of (i) Tenant’s agreement with the Base Rent rate proposed by Landlord or (ii) Tenant’s disagreement with Landlord’s Base Rent rate, in which event Base Rent shall be determined as provided below. Tenant’s failure to timely deliver Tenant’s Storage Notice shall be deemed acceptance by Tenant of the Base Rent rate proposed by Landlord. If Tenant sends a timely notice disagreeing with Landlord’s proposed Base Rent rate, Landlord and Tenant shall attempt to agree on such rate within fifteen (15) days of Tenant’s Storage Notice. If Landlord and Tenant are unable to reach agreement within fifteen (15) days after Landlord’s receipt of Tenant’s Storage Notice, then such rate shall be determined as follows. A. If Landlord and Tenant are unable to reach agreement on the such rate within said fifteen (15) day period, then within fifteen (15) days thereafter, Landlord and Tenant shall each simultaneously submit to the other in a sealed envelope its good faith estimate of the such rate. If the higher of such estimates is not more than one hundred five percent (105%) of the lower, then such rate shall be the average of the two. Otherwise, the dispute shall be resolved by broker arbitration in accordance with (B) below. B. Within fifteen (15) days after the exchange of estimates, the parties shall select as an arbitrator an independent licensed real estate office/sales broker with at least ten (10) years of experience in sales and leasing of office space in the metropolitan area in which the Building is located (a “Qualified Broker”). If the parties cannot agree on a Qualified Broker, then within a second period of ten (10) days, each shall select a Qualified Broker and within ten (10) days thereafter the two appointed Qualified Brokers shall select a third Qualified Broker and the third Qualified Broker shall be the sole arbitrator. If one party shall fail to select a Qualified Broker within the second ten (10) day period, then the Qualified Broker chosen by the other party shall be the sole arbitrator. C. Within twenty (20) days after submission of the matter to the arbitrator, the arbitrator shall determine such rate by choosing whichever of the estimates submitted by Landlord and Tenant that the arbitrator judges to be more accurate or a rental rate between high and low number that reflects market rental, as determined by the arbitrator. The arbitrator shall notify Landlord and Tenant of its decision, which shall be final and binding. If the arbitrator believes that expert advice would materially assist him, the arbitrator may retain one or more qualified persons to provide expert advice. The fees of the arbitrator and the expenses of the arbitration proceeding, including the fees of any expert witnesses retained by the arbitrator, shall be split between Landlord and Tenant. Each party shall pay the fees of its respective counsel and the fees of any witness called by that party. Tenant’s use of the Storage Space shall be subject to the terms and conditions of this Lease except: (1) The Term Commencement Date in respect of the Storage Premises shall be the Term Commencement Date in respect of the original Premises demised to Tenant under this Lease. (2) The Base Rent payable in respect of the Storage Premises shall be $9.00 per usable square foot of the Storage Premises per year for the first five (5) years of the Term, and $10.00 per usable square foot of the Storage Premises per year for the remainder of the initial Term. The Base Rent payable in respect of the Storage Premises during any extended term shall be based upon the fair market rental value of the Storage Premises as of the commencement date of such extended term, as determined by Landlord. (3) The Storage Premises shall be leased by Tenant "as-is", in the condition in which the Storage Premises are in as of the Term Commencement Date in respect of the Storage Premises, without any obligation on the part of Landlord to prepare or construct the Storage Premises for Tenant or to provide any allowance or contribution with respect thereto. Notwithstanding the foregoing, Landlord shall, at its expense, (a) deliver the Storage Premises in broom-clean condition, (b) touch-up the interior walls of the Storage Premises with paint, as needed, and (c) if not previously installed, install demising partitions to separate the Storage Premises from the remainder of the space on the lower level of the Building. (4) Tenant shall have no obligation to make payments on account of Operating Costs or Landlord's Tax Expense in respect of the Storage Premises. (5) Landlord shall have no obligation to provide any services to the Storage Premises other than heat and air conditioning appropriate for storage space (which Tenant acknowledges may be at a level below the specifications set forth in paragraph 1(a) of Exhibit B hereto) and electricity for the electric lighting fixture in the Storage Premises. (6) Tenant shall have no right to additional parking spaces or passes by reason of the demise of the Storage Premises. (7) Tenant shall use the Storage Premises for storage purposes in connection with its use of the Premises demised under this Lease and for no other purposes whatsoever.