OFFICE LEASE
THIS LEASE is made in duplicate this 7th day of January, 19
93,by and between Sheridan Park 7 Partners, a Colorado Limited
Partnership , hereinafter called "Lessor", and Good Times
Restaurants Inc. , hereinafter called "Lessee",
WITNESSETH:
That in consideration of the payment of the rent and the
keeping and performance of the covenants and agreements by Lessee,
as hereinafter set forth, Lessor has agreed to lease and hereby
does lease and demise unto Lessee the premises known and described
as suite number 330, consisting of approximately 5,658
rentable square feet, as described on Exhibit A attached hereto and
made a part hereof by reference, hereinafter called the "Leased
Premises", and being a part of that building located at ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ , hereinafter called the
"Building".
TO HAVE AND TO HOLD the same, with all the appurtenances,
unto Lessee, from 12 o'clock noon on the 1st day of April ,
1993, for, during and until 12 o'clock noon on the 1st day of
April , 1998, hereinafter the "Lease Term" at and for a
rental for the full term aforesaid in the sum of Three Hundred
Fifty Thousand Seven Hundred Ninety Six & 00/100 Dollars ($
350,796.00), payable in installments, the initial payment being the
sum of Five Thousand Six Hundred Fifty Eight and 00/100 Dollars
($5,658.00), together with rent adjustments as set forth
hereinafter, due upon execution of this Lease. Thereafter
installments of see paragraph 44 for rent schedule Dollars ($ -------)
per month, together with rent adjustments as set forth
hereinafter, the first such installment being due and payable on
the first calendar month following the month in which falls the
first day of this Lease with other installments being due and
payable on the first day of each and every calendar month of said
term thereafter until the full payment of the total sum shall be
made. Base Rental Rate shall mean $ 12.00 per rentable square
foot of the Leased Premises. All rentals shall be paid without
notice at the office of Lessor in accordance with Paragraph 4
below. Any rentals or other amounts to be paid under the terms of
this Lease, if not paid within five (5) days of due date, shall, at
Lessor's sole discretion, accrue a late charge of five percent
(5%).
1. SERVICES
Lessor agrees, without extra charge, except as provided below,
during the period Lessee shall occupy the Leased Premises under the
terms hereof, to furnish such heated or cooled air to the Leased
Premises during ordinary business hours as may in the judgement of
Lessor and in compliance with all applicable government
regulations, be reasonably required for the comfortable use and
occupancy of the Leased Premises; to provide the use of passenger
elevators, if applicable, for access and egress to and from the
Leased Premises at all times during ordinary business hours; to
provide janitorial service for the Leased Premises (including such
window washing as may in the judgment of Lessor be reasonably
required); and to cause electric current to be supplied for
lighting the Leased Premises and public halls, but it is understood
that Lessee shall use such electric current as shall be supplied by
Lessor only for lighting and standard office equipment and shall
pay on demand to Lessor for the waste of electric current or
unreasonable or extraordinary demand. Therefore, Lessee shall pay
Lessor as additional rent the cost of electrical current for any
non-standard office equipment. Portable cooling and heating units
are not permitted. Lessor shall pay the cost of replacing light
bulbs or tubes used in Lessor's ceiling fixtures in the Leased
Premises.
1A.Additional and After - hour Services:
Lessor shall not be obligated to furnish any services or utilities,
other than those stated above. If Lessor elects to furnish
services or utilities requested by Lessee in addition to those
listed or at times other than those stated, Lessee shall pay to
Lessor the prevailing charges for such services and utilities,
within 10 days after billing. If Lessee fails to make any such
payment, Lessor may, without notice to Lessee and in addition to
Lessor's other remedies under this Lease, discontinue any or all of
such additional or after-hour services. No such discontinuance of
any service shall result in any liability of Lessor to Lessee or be
considered an eviction or a disturbance of Lessee's use of the
Premises.
2. INTERRUPTION OR DISCONTINUANCE OF LESSOR'S SERVICE.
Lessee agrees that Lessor shall not be liable for failure to supply
any such heating, air conditioning, elevator, janitor or lighting
service, during any period when Lessor uses due diligence to supply
such services, it being understood that Lessor reserves the right
temporarily to discontinue such services, or any of them, at such
times as may be necessary by reason of accident, unavailability of
employees, repairs, alterations or improvements, or whenever by
reason of strikes, lockouts, riots, acts of God or any other
happening beyond control of Lessor, Lessor is unable to furnish
such services.
3. QUIET ENJOYMENT
Lessor agrees to warrant and defend Lessee in the quiet enjoyment
and possession of the Leased Premises during the term of this
Lease.
4. PAYMENT OF RENT
Lessee agrees to pay all rents and sums to be paid to Lessor
hereunder at the times and in the manner herein provided. Rental
checks will be made payable to the order of: DENCOL/Sheridan Park
7 and be paid at: ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇
▇▇▇▇▇. Lessor reserves the right to change the party to whom
payment will be made and the address of the same by providing 15
days prior written notice to Lessee.
Lessee's covenants to pay rental and other sums due under this
Lease are independent of any other covenant, condition, provision
or agreement herein contained, and said rental payments shall not
be subject to offsets or deductions of any kind by Lessee.
4A.Returned Check Fee:
A fee of the greater of $25.00 or actual cost associated to the
returned check shall be paid by the Lessee to the Lessor for any
returned check.
5. DEPOSIT
Lessee, concurrently with the execution of this Lease, has
deposited with Lessor and shall keep on deposit at all times during
the term of this Lease, the sum of Five Thousand Six Hundred Fifty
Eight and 00/100 Dollars ($ 5,658.00 ) for the purpose hereinafter
set for, to be held by Lessor at: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ , in a non-interest bearing account. If
at any time during the term of this Lease, Lessee shall be in
default in the performance of any of the terms, provisions,
covenants or conditions of this Lease, Lessor shall have the right
to apply said deposit, or so much thereof as may be necessary,
toward the reimbursement for any physical damage to the Leased
Premises and for any attorney's fees and legal costs incurred by
Lessor by reason of such default; and in the event such deposit
shall be diminished by any such payment from or application of the
same, Lessee shall and will forthwith pay to Lessor, or its agent,
as Lessor may request, such sum as shall be necessary to restore
said deposit to the original amount mentioned above. If the amount
of said deposit shall be insufficient to pay, reimburse and fully
discharge such expenses and damages, Lessee shall be and remain
liable for the balance thereof remaining unpaid, and shall pay the
amount of such deficiency to Lessor. After the termination of the
Lessee's tenancy, Lessor shall return to Lessee such part or
portion of said deposit as shall not be required to pay, discharge
and reimburse Lessor for the said expenses and damages.
In the event the property in which the Leased Premises is
located is sold or otherwise conveyed, or a new management agent is
named by Lessor, said security deposit may be transferred by Lessor
to the new owner of the property or new management agent, and
notice thereof shall be given to Lessee.
6. INSURANCE
(1) Lessee, at its expense, shall maintain in force during the
Term: comprehensive general liability insurance, which shall
include coverage for personal liability, contractual liability,
bodily injury, death and property damage, all on an occurrence
basis with respect to the business carried on in or from the
Premises and Lessee's use and occupancy of the Premises, with
coverage for any one occurrence or claim of not less than
$1,000,000 or such other amount as Lessor may reasonably require
upon not less than six months' prior written notice, which
insurance shall include Lessor as an additional named insured and
shall protect Lessor in respect of claims by Lessee as if Lessor
were separately insured;
(2) Lessor agrees to maintain adequate insurance on said
building, including amounts sufficient to restore tenants
structural improvements (excluding trade fixtures or equipment).
All insurance required to be maintained by Lessee shall be on
terms with insurers reasonably acceptable to Lessor. Each policy
shall contain an undertaking by the insurer that no material change
adverse to Lessor or Lessee will be made, and the policy will not
lapse or be canceled, except after not less than 30 days' prior
written notice to Lessor of the intended change, lapse or
cancellation. Lessee shall furnish to Lessor, if and whenever
requested by it, certificates or other evidences acceptable to
Lessor as to the insurance from time to time effected by Lessee and
its renewal or continuation in force.
(3) Lessor and Lessee waive any and all rights to recover
against the other or against any occupant of the building for any
loss or damage to such waiving party arising from any cause covered
by any insurance policy carried by such party. Each party will
deliver to the other, appropriate waiver of subrogation rights
endorsements to all such policies.
7. RENT ADJUSTMENTS--CONSUMER PRICE INDEX
8. RENT ADJUSTMENTS--OPERATING COST INCREASES
Lessee covenants and agrees to pay as Additional Rental an
amount equal to Lessee's proportionate share of any increase in the
amount of "Direct Operating Expenses" and "Real Estate Taxes" as
said terms are hereinafter defined. (a) DIRECT OPERATING
EXPENSES: All direct costs of operation and maintenance determined
by standard accounting practices which shall include all costs,
expenses and disbursements of every kind and nature which Lessor
shall pay or become obligated to pay in connection with the
management, operation, maintenance, replacement and repair of all
buildings, improvements and land comprising the Building and of the
personal property, fixtures, machinery, equipment, systems and
apparatus located in or used in connection therewith. By way of
illustration, Direct Operating Expenses shall include but not be
limited to the following: electricity, lamps, fluorescent tubes,
ballasts, steam, fuel, utility costs, utility taxes, water
(including sewer charges and/or rental), casualty and liability
insurance, repairs and cleaning, janitorial supplies, management
fees, service contracts with independent contractors, telephone,
grounds maintenance, stationary advertising, equipment necessary
for the maintenance and operation of the Building, reasonable
reserves for operating expenses, salaries, wages, payroll charges
and/or taxes, worker's compensation, hospitalization, medical,
surgical, and general welfare benefits (including life insurance)
and pension payments of employees of Lessor engaged in the
operation and maintenance of the Building of which the Demised
Premises form a part.
("Direct Operating Expenses" shall not include depreciation
on the Building of which the Demised Premises are a part or
equipment therein, loan payments, real estate brokers commissions,
or capital expenditures for tenant finish expenses for other
tenants or capital improvements to said building.)
(b) Real Estate taxes shall mean and include all general and
special taxes and assessments levied upon or assessed against the
Building. If at any time during the term of this Lease the method
taxation of real estate prevailing at the time of execution hereof
shall be or has been altered so as to cause the whole or any part
of the taxes now or hereafter levied, assessed or imposed upon
Lessor wholly or partially as a capital levy or measured by the
rents received therefrom, then such new or altered taxes
attributable to the Demised Premises shall be deemed to be included
within the term "Real Estate Taxes" for the purpose of this
paragraph, except that such shall not be deemed to include any
enhancement of said tax attributable to other income or other
ownerships of Lessor. Lessee shall in no event be responsible to
reimburse Lessor for any general income tax liabilities incurred by
Lessor.
(c) If the Direct Operating Expenses and Real Estate Taxes,
respectively, paid or incurred by the Lessor for any year on
account of the operation or maintenance of the Building of which
the Demised Premises are a part are in excess of the actual
Direct Operating Expenses and Real Estate Taxes for the Building
for the calendar year (hereinafter called the "Base Year"),
then the Lessee shall pay such excess amount multiplied by the
Lessee's approximate proportionate share of the net rentable square
footage of the Building. Lessee's approximate proportionate share
is of the Building is %.
Lessor shall by the end of the first calendar quarter of
each year during the term of the Lease, determine if the Direct
Operating Expenses and Real Estate Taxes paid or incurred by Lessor
exceed the actual cost to operate the Building during the Base
Year. Lessor shall then give Lessee a written statement of said
increase and statement of the additional rent payable by Lessee
hereunder. (Failure by Lessor to give such statement shall not be
deemed to constitute a waiver by Lessor of its right to require an
increase in rent.) Lessee shall pay, either in a lump sum or with
the permission of Lessor in four equal quarterly installments, the
amount of any increases due hereunder. Lessee, upon prior written
notice to Lessor and at Lessee's sole cost and expense, shall be
entitled to inspect Lessor's books and records for the Building to
confirm any rental adjustments as contemplated herein. Such right
of inspection shall be limited to one (1) inspection per year and
Lessee under no circumstances shall be entitled to withhold or
delay payment of Additional Rent hereunder until Lessee inspects or
completes his inspection of Lessor's books and records. At no time
shall the rental amount be less than the base rental amount.
(d) Even
though the term of the Original Lease has expired and Lessee has
vacated the Demised Premises, when the final determination is made
of Lessee's share of Direct Operating Expenses and/or Real Estate
Taxes for the year in which this Lease terminates, Lessee shall
immediately pay any Additional Rent due for expenses paid by
Lessor.
(e) In
the event the term of this Lease shall expire or be terminated on
a day other than the last day of the year, then the Additional Rent
due hereunder for the then current year may be estimated by Lessor
in its discretion and shall be prorated and payable by Lessee upon
Lessor's demand.
(f) Amounts payable by Lessee according to this Paragraph 8
will be payable as rent, without deduction or offset. If Lessee
fails to pay any amounts due according to this Paragraph 8, Lessor
will have all the rights and remedies available to it on account of
Lessee's failure to pay rent.
9. CHARACTER OF OCCUPANCY
Lessee agrees to occupy the Leased Premises as business offices
only and to use them in a careful, safe and proper manner; to pay
on demand for any damage to the Leased Premises caused by misuse or
abuse of the Leased Premises by Lessee, its agents or employees, or
by any other person entering upon the Leased Premises under express
or implied invitation of Lessee; not to use or permit the Leased
Premises to be used for any purposes prohibited by the laws of the
United States or any applicable state, county, or city law,
statute, regulation or ordinance; and not to commit waste nor
suffer nor permit waste to be committed nor permit any nuisance on
or in the Leased Premises.
10. ALTERATIONS BY LESSOR
Lessee agrees to permit Lessor at any time to enter the Leased
Premises to examine and inspect the same or make such repairs,
additions or alterations as Lessor may deem necessary or proper for
the safety, improvement or preservation thereof, and it is
expressly understood that Lessor shall at all times have the right
at its election to make such alterations or changes in other
portions of the Building as it may from time to time deem necessary
and desirable, as long as such alterations and changes do not
unreasonably interfere with Lessee's use and occupancy of the
Leased Premises.
11. ALTERATIONS BY LESSEE
Lessee agrees to make no alterations in or additions to the Leased
Premises without first obtaining the written consent of Lessor; and
all alterations, additions or improvements made by either party at
the expense of the Lessee (except only movable office furniture not
attached to the Building) shall be deemed a part of the real estate
and the property of Lessor and shall remain upon and be surrendered
with the Leased Premises as a part thereof, without molestation,
disturbance or injury at the end of said term, whether by lapse of
time or otherwise. At its option, Lessor may require removal of
all improvements made by Lessee to the Leased Premises and that the
Leased Premises be returned to their condition at the time this
Lease was executed. In the event Lessee makes any additions,
alterations or improvements in excess of $1,000.00, a performance
bond shall be posted by the Lessee insuring the Lessor against any
liability for mechanic's liens.
Lessee shall not permit any lien or claim for lien of any
mechanic, laborer or supplier or any other lien to be filed against
the Complex, the Building, the Common Areas, the land which
comprises the Complex, the Premises, or any part of such property
arising out of work performed, or alleged to have been performed
by, or at the direction of, or on behalf of Lessee. If Lessee
fails to have such lien or claim for lien so released or to deliver
such bond to Lessor, Lessor without investigating the validity of
such lien, may pay or discharge the same and Lessee shall reimburse
Lessor upon demand for the amount so paid by Lessor, including
Lessors expenses and attorneys' fees.
12. REPAIRS
Lessee agrees to keep the Leased Premises in as good order,
condition and repair as when they were entered upon, loss by fire
(unless caused by negligence of Lessee, its agents, employees or
invitees), inevitable accident or ordinary wear excepted.
12A.Lessor's Maintenance:
Lessor, at its expense, shall maintain and make necessary repairs
to the structural elements and exterior windows of the Building and
the Common Areas, and the electrical, plumbing, heating,
ventilation and air conditioning systems therein during regular
business hours, except that:
(1)Lessor shall not be responsible for the maintenance, repair
or replacement of any such systems which are located within the
Premises and are supplemental or special to the Building's standard
systems, whether installed pursuant to the Work Agreement or
otherwise; and
(2) The cost of performing any of said maintenance or repairs
caused by the negligence of Lessee, its employees, agents,
servants, licensees, subtenants, contractors or invitees, or the
failure of Lessee to perform its obligations under this Lease,
shall be paid by Lessee except the extent of insurance proceeds, if
any, actually collected by Lessor with regard to the damage
necessitating such repairs; and
(3) Lessor shall not be responsible for the repair of any
floor coverings. The Lessor shall also not be responsible for the
repair or maintenance of any wall finish or covering within the
demised area; and
(4) Lessee agrees, at its expense, to use chair pads for all
areas with carpeting to protect said carpet in the demised
premises.
13. ASSIGNMENT AND SUBLETTING
Lessee shall not assign this Lease or any right hereunder or sublet
the Leased Premises or any part thereof, nor permit any persons
other than Lessee and its employees to operate in said Leased
Premises without the prior written consent of Lessor, which consent
shall not be unreasonably withheld for assigning or subletting to
a tenant whose occupancy and use of the Leased Premises is
compatible with the use and overall plan of Lessor. Lessor shall
have the absolute right to withhold its consent to an assignment or
subletting of the Leased Premises if Lessee is in breach of this
Lease. A consent to any assignment of this Lease or any subletting
of said Leased Premises shall not constitute a waiver or discharge
of the provisions of this paragraph with respect to a subsequent
assignment or subletting.
In the event Lessor consents to any assignment of this Lease
or subletting of the Leased Premises, and as a condition thereto,
Lessee shall pay to Lessor fifty percent (50%) of all profit
derived by Lessee from such assignments or subletting. For
purposes of the foregoing, profit shall be deemed to include, but
shall not be limited to, the amount of all rent payable by such
assignee or sublessee in excess of the Base Rental Rate and any
adjustments thereto as defined in Paragraphs 7 and 8 above. If a
part of the con-sideration for such assignment or subletting shall
be payable other than in cash, the payment to Lessor shall be in
cash for its share of any non-cash consideration based upon the
fair market value thereof.
In the event a sublease or assignment is made as herein
provided, Lessee shall pay Lessor a charge of TWO HUNDRED AND
00/100 DOLLARS ($200.00) in order to reimburse Lessor for all of
the necessary legal and accounting services required in order to
accomplish such assignment or subletting.
14. ASSIGNMENT OR SALE BY LESSOR
In the event Lessor shall assign this Lease and/or sell or convey
the Building, the same shall operate to release Lessor from any
future liability upon any of the covenants or conditions, express
or implied, herein contained in favor of Lessee, and in such event
Lessee agrees to look solely to the successor in interest of Lessor
in and to this Lease. This Lease shall not be affected by such
assignment or sale, and Lessee agrees to attorn to the purchaser or
assignee.
15. INJURY TO PERSON OR PROPERTY
Lessee agrees to neither hold nor attempt to hold Lessor liable for
injury or damage, either proximate or remote, occurring through or
caused by any repairs, alterations, injury or accident to the
Leased Premises, whether by reason of the negligence or default of
the owners or occupants thereof, or any other person, or otherwise,
nor liable for any injury or damage occasioned by gas, smoke, rain,
snow, defective electric wiring or breaking or stoppage of the
plumbing or sewerage upon or in the Leased Premises.
16. INDEMNITY TO LESSOR
Lessee agrees to indemnify and save Lessor harmless of and from all
liability for damages or claims against Lessor on account of
injuries to the person or property of any other tenant in the
Building or to any other person rightfully in the Building for any
purpose whatsoever, where the injuries are caused by the negligence
or misconduct of Lessee, its agents, servants or employees, or of
any other person entering upon the Leased Premises under express or
implied invitation of Lessee or where such injuries are the result
of the violation of laws or ordinances, governmental orders of any
kind, or any of the rules and regulations provided for in this
Lease. Lessor shall indemnify Lessee the same.
17. ESTOPPEL CERTIFICATE
Lessee agrees that from time to time upon not less than ten (10)
days prior written request by Lessor, Lessee (or any permitted
assignee, sublessee, licensee, concessionee or other occupant of
the Premises claiming by, through or under Lessee) will deliver to
Lessor, a statement in writing signed by Lessee certifying (a) that
this Lease is unmodified and in full force and effect (or if there
have been modifications, that this Lease as modified is in full
force and effect and identifying the modifications); (b) the dates
to which the rent and other charges have been paid; (c) that Lessor
is not in default under any provision of this Lease, or, if in
default, the nature thereof in detail; (d) that Lessee is in
occupancy and paying rent on a current basis with no rental offsets
or claims; (e) that there has been no prepayment of rent other than
that provided for in this Lease; (f) that there are no actions,
whether voluntary or otherwise, pending against Lessee under the
bankruptcy laws of the United States or any State thereof, and (g)
such other matters as may be required by a prospective purchaser of
the Building. Lessee's failure to deliver such a statement within
the specified time shall be conclusive upon Lessee that this Lease
is in full force and effect, without modification except as may be
represented by Lessor, that there are no uncured defaults in
Lessor's performance and that not more than one month's rental has
been paid in advance.
18. SURRENDER AND NOTICE
Lessee agrees to surrender and deliver possession of the Leased
Premises promptly at the expiration of this Lease, or in the case
of the termination of this Lease by Lessor by reason of a breach in
any one or more of the covenants or agreements hereof, upon three
(3) days notice after Lessor follows the required legal process.
19. ACCEPTANCE OF PREMISES BY LESSEE
Lessor and Lessee agree that the taking possession of the Leased
Premises by Lessee shall be conclusive evidence as against Lessee
that said premises were in good and satisfactory condition when
possession was taken (except for latent defects).
20. FIRE, RESTORATION OF PREMISES
Lessor and Lessee agree that if the Leased Premises, or the
Building shall be so damaged by fire or other casualty as to render
the Leased Premises wholly untenantable, and if such damage shall
be so great that a competent architect, in good standing and
selected by Lessor, shall certify in writing to Lessor and Lessee
that the Leased Premises with the exercise of reasonable diligence,
cannot be made fit for occupancy within ninety (90) days from the
happening thereof, then this Lease shall cease and terminate from
the date of the occurrence of such damage; and Lessee thereupon
shall surrender to Lessor the Leased Premises and all interest
therein hereunder, and Lessor may reenter and take possession of
the Leased Premises and remove Lessee therefrom. Lessee shall pay
rent, duly apportioned, up to the time of such termination of this
uch termination of this
ventilation and air conditioning systems therein during regular
the Leased Premises can be made tenantable
within said ninety (90) day period from the happening of such
damage, then Lessor shall repair the damage so done with all
reasonable speed and the rent shall be abated only for the period
during which Lessee shall be deprived of the use of the Leased
Premises by reason of such damage and the repair thereof.
If the Leased Premises, without the fault of Lessee, shall be
slightly damaged by fire or other casualty, but not so as to render
the same untenantable, Lessor, after receiving notice in writing of
the occurrence of the injury, shall cause the same to be repaired
with reasonable promptness; and in such event, there shall be a
proportionate abatement of the rent.
If the fire or other casualty causing injury to the Leased
Premises or other parts of the Building shall have been caused by
the negligence or misconduct of the Lessee, its agents, servants or
employees, or if any other person entering upon the premises under
express or implied invitation of Lessee, such injury shall be
repaired by Lessor at the expense of Lessee, to the extent that
such damage is not covered by insurance.
In case the Building throughout be so damaged, whether by fire
or otherwise (though said Leased Premises may not be affected) that
Lessor within sixty (60) days after the happening of such damage
shall decide not to reconstruct, rebuild, or raze the Building,
then upon thirty (30) days' notice in writing to that effect given
by Lessor to Lessee, this Lease shall cease and terminate from the
date of the occurrence of said damage, and Lessee shall pay the
rent, properly apportioned up to such date, and both parties hereto
shall be discharged of all further obligations hereunder.
21. EMINENT DOMAIN, TERMINATION OF LEASE
If the Leased Premises or such portion thereof as shall render the
remaining portion unusable by the Lessee for its intended purpose
shall be taken by right of eminent domain, then this Lease, at the
option of either party, shall forthwith cease and terminate, and
the current rent shall be properly apportioned to the date of such
taking; and in such event Lessor shall receive the entire award for
the lands and improvements so taken.
22. BREACH OF LEASE
If default shall be made in the payment of any sum to be paid by
Lessee under this Lease, and such default shall continue for five
(5) days, or default shall be made in the performance of any of the
other covenants or conditions which Lessee is required to observe
and to perform, and such default shall continue for twenty (20)
days, or if the interest of Lessee, under this Lease shall be
levied upon under execution, or other legal process, or if any
petition shall be filed by or against Lessee to declare Lessee a
bankrupt, for the reorganization or rehabilitation of Lessee or to
delay, reduce or modify Lessee's debts or obligations, if any, or
modify Lessee's capital structure if Lessee be a corporation or
other entity, or if Lessee be declared insolvent according to law,
or if any assignment of Lessee's property shall be made for the
benefit of creditors, or if a receiver or trustee is appointed for
Lessee or Lessee's property, or if Lessee shall abandon the Leased
Premises during the term of this Lease or any renewals or
extensions thereof, then Lessor may treat the occurrence of any one
or more of the foregoing events as a breach of this lease (provided
that no such levy, execution, legal process or petition filed
against Lessee shall constitute a breach of this Lease if Lessee
shall reasonably contest the same by appropriate proceedings and
shall remove or vacate the same within twenty (20) days from this
date of its creation, service or filing).
23. REMEDIES UPON BREACH
In the event of a breach of this Lease by Lessee, default interest
of 18% per annum, compounded annually, shall accrue on all overdue
sums and Lessor may have any one or more of the following described
remedies,in addition to all other rights and remedies provided at
law or in equity:
(a) Lessor may terminate this Lease by written notice and
forthwith repossess the Leased Premises and be entitled to recover
as damages a sum of money equal to the total of (I) the cost of
recovering the Leased Premises, including Lessor's attorney's fees;
(II) the unpaid rent earned at the time of termination; (III)
default interest of 18% per annum, compounded annually, on all
overdue sums; (IV) damages for the wrongful withholding of the
Leased Premises by Lessee; and (V) any other sum of money and
damages owed by Lessee to Lessor.
(b) Lessor may retake possession of the Leased Premises and
shall have the right, but not the obligation, without being deemed
to have accepted a surrender thereof, and without terminating this
Lease, to relet the Leased Premises for the remainder of the term
provided for herein; and if the rent received through such
reletting does not at least equal the rent provided for herein,
Lessee shall pay and satisfy any deficiency between the amount of
the rent so provided for and that received through reletting; and,
in addition thereto, Lessee shall pay all reasonable expenses
incurred in connection with any such reletting, including, but not
limited to, the cost of renovating, altering and decorating for a
new occupant, and any and all leasing commissions paid for such
reletting.
24. PREMISES LEFT VACANT--LESSOR MAY TAKE
POSSESSION
Lessor and Lessee agree that if Lessee shall abandon or vacate the
Leased Premises before the end of the term of this Lease, Lessor
may, at its option and without notice, and using such force as may
be necessary, enter the Leased Premises, remove any signs of Lessee
therefrom, and relet the same, or any part thereof, as Lessor may
see fit for the account of Lessee, without thereby voiding or
terminating this Lease, and, for the purpose of such reletting,
Lessor is authorized to make any repairs, changes, alterations or
additions in or to the Leased Premises, as may in the opinion of
Lessor, be necessary or desirable for the purpose of such
reletting, and if a sufficient sum shall not be realized from such
reletting (after payment of all the costs and expenses of such
repairs, changes or alterations, and the expense of such reletting
and the collection of rent accruing therefrom) to equal the
aggregate monthly rental agreed for the balance of this Lease Term
or for any renewal period to be paid by Lessee under the provisions
of this Lease, then Lessee agrees to pay such total deficiency upon
demand therefore, and if no other rental can be obtained after
reasonable effort by Lessor for a period of sixty (60) days after
Lessee's breach as contemplated herein, then Lessee shall be liable
for the total rental due for the balance of the period from the
date of such default.
25. REMOVAL OF LESSEE'S PROPERTY
Lessor and Lessee agree that if Lessee shall fail to remove all
effects from the Leased Premises upon the abandonment thereof or
upon the termination of this Lease for any cause whatsoever,
Lessor, at its option, may remove such effects in any manner that
it shall choose, and store them without liability to Lessor for
loss or damage thereof, and Lessee agrees to pay Lessor on demand
any and all expenses incurred in such removal, including court
costs and attorney's fees and storage charges on such effects for
any length of time they shall be in Lessor's possession; or Lessor,
at its option, without notice, may sell said effects, or any of
them, at private sale and without legal process, for such prices
as Lessor may obtain, and apply the proceeds of such sale upon any
amounts due under this Lease from Lessee to Lessor and upon the
expense incident to the removal and sale of said effects, rendering
the surplus, if any, to Lessee.
26. LIEN ON LESSEE'S FURNISHINGS
27. CONSTRUCTIVE EVICTION--NOTICE REQUIREMENT
If Lessee believes that Lessor has or is committing an act or acts
which constitute constructive eviction, Lessee must provide Lessor
with written notice specifying the act or acts which allegedly
constitute a constructive eviction, and Lessor shall have ten (10)
days from the receipt of said notice to cure the alleged
constructive eviction. Lessee shall not exercise his legal rights
to assert a constructive eviction until Lessor's ten (10) day cure
period has expired, and Lessee shall be deemed to have conclusively
waived its rights to assert a constructive eviction if he abandons
the premises before the cure period has expired.
28. NO IMPLIED SURRENDER OR WAIVER
Lessor and Lessee agree that no act or thing done by Lessor or its
agents during the term of this Lease shall be deemed an acceptance
of a surrender of the Leased Premises, and no agreement to accept
a surrender of the Leased Premises shall be valid, unless the same
be made in writing and subscribed by Lessor. The mention in this
Lease of any particular remedy shall not preclude Lessor from any
other remedy Lessor might have, either in law or in equity, nor
shall the waiver of any violation of any covenant or condition
contained in this Lease or any of the rules and regulations set
forth herein, or hereafter adopted by Lessor, prevent a subsequent
act, which would have originally constituted a violation, from
having all the force and effect of any original violation. In case
it should be necessary or proper for Lessor to bring any action
under this Lease or to place this Lease with an attorney for the
enforcement of any of Lessor's right hereunder, then Lessee agrees
in each and any such case to reimburse Lessor for Lessor's
reasonable attorney's fees and legal expenses, including, but not
limited to, in-house legal expenses. The receipt by Lessor of rent
with knowledge of the breach of any covenant in this Lease, shall
not be deemed a waiver of such breach. The failure to enforce any
of the rules and regulations set forth herein, or hereafter
adopted, against Lessee and/or any other Lessee in the Building
shall not be deemed a waiver of such rules and regulations or any
thereof. The receipt by Lessor of rent from any assignee,
subtenant, or occupant of the Leased Premises shall not be deemed
a waiver of the covenant contained in this Lease against assignment
and subletting, or an acceptance of the assignee, subtenant or
occupant as Lessee, or a release of Lessee from the further
observance of performance by Lessee of the covenants in this Lease
to be observed and performed by the Lessee. No provisions of this
Lease shall be deemed to have been waived by Lessor unless such
waiver be in writing and signed by Lessor.
29. RELOCATION TO OTHER SPACE IN THE BUILDING OR OFFICE PARK
30. FIRST RIGHT OF REFUSAL
31. HOLDING OVER--TENANCY MONTH TO MONTH
Lessor and Lessee agree that if after the expiration of this Lease,
Lessee shall remain in possession of the Leased Premises and
continue to pay rent and without any express agreement as to such
holding over, then such holding over shall be deemed to be a
tenancy from month to month, and Lessee shall be regarded as a
tenant from month to month, subject to all the terms and conditions
of this Lease, except that Lessor may, upon Lessee's holding over
and at Lessor's sole discretion, and upon written notice to Lessee
by Lessor, at any time adjust the monthly rental rate to an amount
equal to one and one half (1 1/2) times the last monthly rental
amount.
32. PAYMENTS AFTER TERMINATION
Lessor and Lessee agree that no payments of money by Lessee to
Lessor after the termination of this Lease, in any manner, or after
the giving of any notice (other than a demand for payment of money)
by Lessor to Lessee, shall reinstate, continue or extend the term
of this Lease or affect any notice given to Lessee prior to the
payment of such money, it being agreed that after the service of
notice or the commencement of a suit or after final judgment
granting Lessor possession of the Leased Premises, Lessor may
receive and collect any sums of rent due, or any other sums of
money due under the terms of this Lease, and the payment of such
sums of money, whether as rent or otherwise, shall not waive said
notice, or in any manner affect any pending suit or any judgment
theretofore obtained.
33. COMPLETION OF THE LEASED PREMISES
Lessor and Lessee agree that the Leased Premises will be finished
in accordance with the terms, specifications, and conditions
contained in the "Tenant Work Letter" attached as Exhibit B to this
Lease. The certificate of the architect (or company) in charge of
the construction or preparation of the Leased Premises shall
control conclusively the date upon which the Leased Premises are
ready for occupancy. Lessor and Lessee also agree that for the
purpose of completing or making repairs or alterations in any
portion of the Building, Lessor may use one or more of the street
entrances, the halls, passageways and elevators of the Building;
provided, however, that there shall be no unnecessary obstruction
of the right of entry to the Leased Premises while the same are
occupied. It is mutually understood and agreed, however, that
anything to the contrary or apparent contrary herein, acceptance of
possession of the Leased Premises shall be conclusive evidence as
against Lessee that the Leased Premises are complete and
satisfactory whether all of the Building shall be completed or not.
34. AUTHORITIES FOR ACTION--NOTICE
Lessor and Lessee agree that Lessor may act in any matter provided
for in this Lease by its President, Vice President or its Building
Manager, and any notice to be given to Lessor as provided for in
this Lease, shall be delivered in writing in person to its
President, Vice President or its Building Manager or sent to its
address as herein set forth or subsequently modified. Any notice
to be given Lessee under the terms and provisions of this Lease
shall be in writing and may be given in person to the chief
official of Lessee located in the Leased Premises or sent to Lessee
by mail at its principal office in the Building.
35. RULES AND REGULATIONS
Lessor and Lessee agree that the following rules and regulations
shall be and are hereby made a part of this Lease, and Lessee
agrees that its employees and agents, or any others permitted by
Lessee to occupy or enter the Leased Premises, will at all times
abide by said rules and regulations and that a default in the
performance and observance thereof shall operate the same as any
other defaults herein:
(a) The sidewalks, entries, passages, corridors, stairways and
elevators of the Building shall not be obstructed by Lessee or its
agents or employees, or be used for any purpose other than ingress
and egress to and from the Leased Premises.
(b) (1) Furniture, equipment or supplies shall be moved in or
out of the Building only upon the elevator and/or through the
access designated by Lessor and then only during such hours and in
such manner as may be prescribed by Lessor.
(2) No safe or article of property, the weight of which may,
in the opinion of Lessor, constitute a hazard or danger to the
Building or its equipment, shall be moved into the premises.
(3) Safes and other equipment, the weight of which is not
excessive shall be moved into, from or about the Building only
during such hours and in such manner as shall be prescribed by
Lessor, and Lessor shall have the right to designate the location
of such articles in the Leased Premises.
(c) No sign, advertisement, or notice shall be inscribed,
painted or affixed on any part of the inside or outside of the
Leased Premises or the Building unless approved by Lessor as to
color, size, style and location; but there shall be no obligation
or duty on Lessor to allow any sign, advertisement or notice to be
inscribed, painted or affixed on any part of the inside or outside
of the Leased Premises or of the Building. Original building
standard suite sign will be prepared for Lessee by the sign writer
appointed by Lessor, the cost of the sign to be paid by Lessor. A
directory in a conspicuous place, with the name of Lessee, will be
provided by Lessor, with the original building standard directory
strips being paid for by Lessor. Any necessary revision in the
building standard suite sign and directory strip, will be made by
Lessor within a reasonable time after notice from Lessee of the
error or change making the revision necessary; such revisions being
at the sole expense of Lessee. No furniture shall be placed in
front of the Building or in any lobby or corridor without the prior
written consent of Lessor. Lessor shall have the right to remove
all non-permitted sign and furniture, without notice to Lessee, at
the expense of Lessee.
(d) Lessee shall not do or permit anything to be done in the
Leased Premises, or bring or keep anything therein, which will in
any way increase the cost of fire insurance for the Building, or on
property kept therein, or in any way injure or annoy them, or
conflict with the laws relating to fire, or with any regulations of
the fire department, or with any insurance policy upon the Building
or any part thereof, or conflict with any applicable fire or health
law, statute, regulation or ordinance.
(e) Lessee shall not employ any person or persons other than
the janitor of Lessor for the purpose of cleaning or taking care of
the Leased Premises without the written consent of Lessor. Lessor
shall not be responsible to Lessee for any loss of property from
the Leased Premises, however occurring, or for any damage done to
Lessee's furniture or equipment by the janitor or any of his staff,
or by another person or persons whomsoever, except that Lessor
agrees to be liable for any such damage caused by its employees
occasioned, in Lessor's opinion, by unusual events, such liability,
however, not to exceed in the aggregate, for each successive period
of twelve months, one-half of one percent of the rent payable
during each such period. Any person or persons employed by Lessee
for the purpose of cleaning or taking care of the Leased Premises,
with the written consent of Lessor, must be subject to and under
the control of the janitor of the Building, in all things in the
Building and outside of the Leased Premises. The janitor of the
Building may at all times keep a pass key, and he and other agents
of Lessor shall at all times be allowed admittance to Leased
Premises.
(f) Water closets and other water fixtures shall not be used
for any purpose other than that for which the same are intended,
and any damage resulting to the same from misuse on the part of
Lessee, its agents or employees, shall be paid for by Lessee. No
person shall waste water by tying back or wedging the faucets in
any manner.
(g) No animals, except handicapped assistance animals, shall
be allowed in the offices, halls, corridors and elevators in the
Building. No person shall disturb the occupants of this or
adjoining buildings or premises by the use of any radio or musical
instrument or by the making of loud or improper noises.
(h) Bicycles or other vehicles shall not be permitted in the
offices, halls, corridors and elevators in the Building, nor shall
any obstruction of sidewalks or entrances of the Building be
permitted. Bicycles shall not be locked to trees, downspouts,
signs or other portions of the Building or surrounding premises.
(i) Lessee shall not allow anything to be placed in the
outside window ledges of the Building, nor shall anything be thrown
by Lessee, its agents or employees, out of the windows or doors, or
down the halls, elevator shafts or ventilating ducts or shafts of
the Building. Lessee, except in the case of fire or other
emergency, shall not open any outside window as this interferes
with the proper functioning of the Building air conditioning
system.
(j) No additional lock or locks or security system shall be
placed by Lessee on any door in the Building unless written consent
of Lessor shall first have been obtained, which consent shall not
be unreasonably withheld. A reasonable number of keys to the
Leased Premises and to the toilet rooms will be furnished by Lessor
to Lessee, and neither Lessee, its agents or employees shall have
any duplicate key made. A reasonable charge for extra keys will be
made to Lessee. At the termination of this tenancy, Lessee shall
promptly return to Lessor all keys to offices, toilet rooms or
vaults.
(k) No awnings shall be placed over the windows except by the
prior written consent of Lessor. No inside screening, draping,
shades or blinds shall be hung on or over the windows except by the
prior written consent of Lessor.
(1) If Lessee desires telegraphic, telephonic, or other
electronic connections, Lessor or its agents will direct the
installers as to where and how the wires may be introduced, and
without such directions, no boring or cutting for wires will be
permitted. Any such installation and connection shall be made at
Lessee's expense.
(m) Whenever heat generating machines or equipment, including
telephone equipment, are used in the leased premises, and such
machines or equipment affect the temperature otherwise maintained
by the air conditioning system, Lessor reserves the right to
install supplemental air conditioning units in the Leased Premises.
The cost of such installation, operation and maintenance of such
supplemental air conditioning, shall be paid by Lessee upon demand
by Lessor.
(n) Lessee shall not install or operate any steam or gas
engine or boiler, or carry on any mechanical business in the Leased
Premises. The use of oil, gas or flammable liquids for heating,
lighting or any other purpose is expressly prohibited. Explosives
or other articles deemed extra hazardous shall not be brought into
the Building.
(o) Any painting or decorating as may be agreed to be done by,
and at the expense of Lessor, shall be done during regular working
hours; should Lessee desire such work done on Sundays, holidays or
outside of regular working hours, Lessee shall pay for the extra
costs thereof.
(p) Except normal picture hanging and except as otherwise
permitted by Lessor, Lessee shall not ▇▇▇▇ upon, paint signs upon,
cut, drill into, drive nails or screws into, or in any way deface
the walls, ceilings, partitions or floors of the Leased Premises or
of the Building, and any defacement, damage or injury caused by
Lessee, its agents or employees shall be paid for by Lessee.
(q) Lessor shall at all times have the right, by its officers
or agents, to enter the Leased Premises, to inspect and examine the
same, and to show the same to persons wishing to lease them, and
may at any time within ninety (90) days prior to the termination of
this lease, place upon the doors and windows of the Leased Premises
the notice "For Rent", which notice shall not be removed by Lessee.
(r ) Lessor reserves the right to make other reasonable rules
and regulations, or amend these rules and regulations, as Lessor's
judgment may from time to time be necessary and desirable for the
safety, care and cleanliness of the Leased Premises, and for the
preservation of good order thereof.
(s) No overnight parking or storing of vehicles shall be
permitted.
36. SUBORDINATION
Lessor and Lessee agree that this Lease is subject to, and
subordinate to, all ground or underlying leases and to all present
mortgages affecting the real estate on which the Building is
located and the Building of which the Leased Premises is a part,
and to all renewals and extensions thereof, and to any mortgage or
mortgages which may hereafter be executed affecting the same.
37. AMENDMENT OR MODIFICATION
Lessee acknowledges and agrees that it has not relied upon any
statement, representation, agreement or warranty except such as is
expressed herein, and that no amendment or modification to this
Lease shall be valid or binding unless expressed in writing and
executed by Lessor and Lessee in the same manner as in the
execution of this Lease.
38. SEVERABILITY CLAUSE
If any clause or provision of this Lease is illegal, invalid or
unenforceable under present or future laws effective during the
term of this Lease, then and in that event, it is the intention of
Lessor and Lessee that the remainder of this Lease shall not be
affected thereby, and it is also the intention of Lessor and Lessee
that in lieu of each clause or provision of this Lease that is
illegal, invalid or unenforceable there be added as a part of this
Lease a clause or provision as similar in terms to such illegal,
invalid or unenforceable clause or provision as may be possible and
be legal, valid and enforceable. The
caption of each paragraph hereof is added as a matter of
convenience only and shall be considered to be of no effect in the
construction of any provision or provisions of this Lease.
39. SUCCESSORS AND ASSIGNS
All terms, conditions and covenants to be observed and performed by
Lessor and Lessee shall be applicable to and binding upon their
respective heirs, administrators, executors, successors and
assigns.
40.ADDENDUM
Where there is an Addendum to this Lease, if there are any
conflicts between the provisions of the Addendum and the provisions
of this Lease, the provisions of the Addendum shall control.
41.BROKERS
Lessee warrants that it has not dealt with any real estate broker
or agent in connection with the negotiation of this Lease to whom
a real estate commission might be due, or who might have an
interest in this transaction, except DENCOL Real Estate Services,
Inc. and ▇▇▇▇▇▇▇ Realty Corporation. .
Lessee agrees to indemnify and hold harmless Lessor and the
Manager from and against any and all liabilities and claims for
commissions and fees arising out of a breach of the foregoing
representation. Lessor shall be responsible for the payment of all
commissions to the broker, if any, specified in this Article, based
upon the leasing commission policy of Lessor applicable to the
Complex as of the date of this Lease.
▇▇.▇▇▇▇▇ COUNSEL
No representation or recommendation is made by the real estate
broker or its agents or employees as to the legal sufficiency,
legal effect, or tax consequences of this Lease, or the
transactions relating thereto. It is recommended that the Lessee
employ an attorney prior to executing this Lease to review the
Lease and provide legal counsel.
▇▇.▇▇▇▇ OF ACCEPTANCE
This Lease is conditioned upon the acceptance by Lessee and
delivery to Lessor of an executed Lease on or before January 8,
1993.
▇▇.▇▇▇▇ SCHEDULE
Year One thorugh Three = $12.00 per square foot - $5,658.00
per month.
Year Four and Five = $13.00 per square foot - $6,129.00 per
month.
45. Tenant Improvements:
Owner will provide building standard finish to accommodate the
lessee's layout to be determined by a space plan prepared by
Lessor's space planner. The tenant improvements shall include
all space and construction drawings and not exceed $10.38 per
square foot for the leased space as Lessor costs. Any
approved changes resulting in additional costs shallb e paid
by Lessee prior to occupancy of premises.
46. Moving Allowance:
Lessor will provide Lessee a moving allowance for the actual
cost of the move substantiated by paid invoices, not to exceed
$.72 per rentable square foot of leased space.
47. Option to Renew:
Assuming Lessee is not in default of the Lease, Lessor will
provide Lessee with one, (5) year renewal option at hte then
current prevailing market rate for buildings of comparable
quality and location to SheridanPark 7.
48. Exterior Signage:
Pursuant to Lessor's required specifications and City of
Westminster approval, Lessee will be allowed appropriate
signage on the building exterior at Lessor's sole expense.
See Exhibit "C".
49. Interior Signage:
Lessor shall provide building standard directory and Suite
identification at Lessor's expense for th einitial signage at
occupancy of the space. changes t herafter shall be at
Lessee's expense.
READ AND APPROVED this 12th day of January , ▇▇▇▇ .
▇▇▇▇▇▇▇▇ ▇▇▇▇ 7 Partners, a Colorado limited partnership.
Lessor
By: DENCOL Real Estate Services, Inc. Its Agent
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇, President
▇▇▇▇ ▇. ▇▇▇▇, President
READ AND APPROVED this 12th day of January , 1993 .
Good Times Restaurants Inc. Lessee
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Chief Financial Officer
ATTEST:
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
ADDENDUM "A"
This addendum is attached hereto and forms a part of that certain
Lease dated January 7, 1993, by and between Sheridan Park 7
Partners, hereinafter referred to as "Lessor" and Good Times
Restaurants Inc., hereinafter referred to as "Lessee" covering
5,658 square foot located in Suite 330 at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
1. Paragraph 1:
a. "Ordinary business hours" are considered to be 8 am to 5
pm Monday through Friday, and 8 am to 12 pm Saturday,
excluding holidays.
b. "Standard Office Equipment" shall include those items of
equipment that do not require additional electrical
service; weigh such that requires an excessive floor
load; or generates heat that requires separate cooling or
ventilating over and above the building HVAC system.
2. Paragraph 2:
Should there be a disruption of Lessee's business for a period
in excess of five (5) business days, Lessor shall ▇▇▇▇▇ rent
in the amount of the then current rent being paid by Lessee,
for the period the disruption shall continue.
3. Paragraph 6:
a. "Legal Liability" covers, among other things, persons
authorized to sign and do business on behalf of the
Lessee.
b. "Insurance Against Such Other Perils" is inserted to
cover changes in the insurance industry that may require
changes in Lessee's coverage. The term "reasonably
require" protects the Lessee from unreasonable requests
by Lessor.
4. Paragraph 11:
Excluding tenant improvements done at the time of occupancy of
said Premises.
5. Paragraph 12A:
This paragraph refers to any special or supplemental equipment
installed to accommodate Lessee's needs.
6. Paragraph 14:
This Lease shall remain in full force and effect should such
an assignment or sale be consummated.
7. Paragraph 18:
Add: This time period comes into effect after Lessor has gone
through the required legal procedures.
8. Paragraph 19:
Add: acknowledgement by Lessee that the premises are in
satisfactory condition provided that Lessor is responsible for
any latent defects or uncompleted tenant improvements as
evidenced by a punch list prepared jointly by Lessor and
Lessee.
9. Paragraph 33:
Add: provided that Lessor is responsible for any latent
defects or uncompleted tenant improvements as evidenced by a
punch list prepared jointly by Lessor and Lessee.
10. Paragraph 33:
Add: Lessor shall guarantee substantial completion of the
premises and assure occupancy no later than April 1, 1993.
11. Paragraph 5:
Add: The amount of the security deposit may be applied toward
the last months rent upon Lessee's written notice and Lessor's
inspection of the premises.
12. Paragraph 6:
Add: Lessor at its expense, shall maintain during this Lease
term; liability insurance, fire insurance with extended
coverage, and other insurances on the building and all
property and interest of Lessor in the building with coverage
and amounts including exclusions and deductibles, that is
customarily required for prudent Lessors of comparable
properties in the Metro Denver, Colorado area. Policies for
such insurance shall waive any right of subrogation against
Lessee and all individuals and entities for whom Lessee is
responsible in law.
13. Paragraph 15:
Add: The provisions of this paragraph 15, shall not supersede,
abrogate or impair the waiver of any right of subrogation
against Lessee in Lessor's insurance under paragraph 6 and the
waiver of any right of subrogation against Lessor and Lessee's
insurance under paragraph 6.
EXHIBIT B
TENANT FINISH WORK LETTER
Lessee Good Times Restaurants, Inc. Projected Occupying Date April 1, 1993
Building Name Sheridan Park 7
& Address of ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Demised Premises Suite 330
Lessor's Responsibility for Occupancy Preparation
Preparation of space per Exhibit "A" (space plan), not to exceed $10.28 per
rentable square foot.
Lessee's Responsibility for Occupancy Preparation
Any approved changes resulting in additional cost, shall be paid by Lessee
prior to occupancy of premises.
SPECIFICATIONS/DETAILS OF TENANT FINISH ITEMS
TYPE ROOM DESCRIPTION OF WORK COLOR/PATTERN/MFGR.SPEC. NO.
COST
RES.
Ceiling Existing ceiling in place
Electrical/
Lighting As called for on space plan dated 12/07/92
Flooring To be selected from building standards by Lessee
Phone Outlets As called for on space plan dated 12/07/92
Phone System All ordering & installation of wiring and telephone hook-up
Lessee
Wall Treatment Building standard paint to be selected by Lessee
Window Covering Existing mini blinds
Special
Construction Walls, doors and side lites per space plan
Gross Office Lease - Exhibit B Initial Here
8/86
EXHIBIT "C"
SHERIDAN OFFICE PARK
EXTERIOR SIGNAGE POLICY
1. Minimum Space Requirements: 3,000 square foot net rentable.
2. Minimum Lease Requirements: 3 years.
3. Size Requirements:
18" individual letters, no cursive,
must be block letters, no logos
4. Approval Requirements: Artist rendition must be submitted
and approved by:
A. DENCOL Real Estate Services, Inc.
B. Ownership
C. City/County
5. One (1) sign per tenant.
6. All costs associated with the sign application and approvals
shall be paid by tenant including sign, architectural
drawings, installation, permits, city approval, etc.
7. An additional charge of $50.00 per month will be assessed to
tenant for electrical usage.