STATE OF COLORADO
COUNTY OF EL PASO
This Lease agreement, made and entered into by and between XXXXX AND XXXXX
XXXXX hereinafter referred to as "Landlord", and SPECTRANETICS CORPORATION
hereinafter referred to as "Tenant";
WITNESSETH
1. LEASED PREMISES AND TERM: In consideration of the obligation of Tenant to
pay rent as herein provided, and in consideration of the other terms,
provisions and covenants hereof, Landlord hereby demises and leases to Tenant
and Tenant hereby takes from Landlord certain premises situated within the
County of El Paso, State of Colorado, more particularly described as follows:
APPROX. 24,576 SQ. FEET CONSISTING OF THE BUILDING LOCATED AT 0000 XXXXX
XXXXXXX XXXXXX, XXXX. XXXXXXX, XXXXXXXX, 00000, WITH A LEGAL DESCRIPTION
OF: XXX 0, XXXXXXX XXXXXXXXXX XXXX A SUB. OF XXX 0, XXXXX 0, XXXX. XXXXXXX,
XXXXXXXX
together with all rights, privileges, easements, appurtances (sic), and
immunities belonging to or in any way pertaining to the said premises and
together with the building and other improvements erected and/or to be
erected upon said demised premises, as the hereto attached floor plans marked
as Exhibit "A".
To Have and to Hold the same for a term commencing on the "completion
date" as hereinafter defined, and ending 48 months thereafter except that in
the event the "completion date" is a date other than the first day of the
calendar month, said term shall extend for a period of N/A months in addition
to the remainder of the calendar month during which the "completion date"
occurs. The "completion date" shall be the date upon which the building and
other improvements erected and to be erected upon the demised premises shall
have been completed in accordance with Exhibit A. Landlord shall notify
Tenant in writing, as soon as Landlord deems said building and other
improvements to be completed and ready for occupancy as aforesaid. In the
event that said building and other improvements have not in fact then been
completed as aforesaid, Tenant shall notify Landlord in writing of its
objections. Landlord shall have a reasonable time after delivery of such
notice in which to take such corrective action as may be necessary, and shall
notify Tenant in writing as soon as it deems such corrective action has been
completed so that said building and other improvements are completed and
ready for occupancy as aforesaid. Taking of possession by Tenant shall be
deemed conclusively to establish that said building and other improvements
have been completed in accordance with Exhibit A attached hereto and that the
premises are in good and satisfactory condition, as of when possession was so
taken, except for latent defects.
2. RENT AND SECURITY DEPOSIT:
(a) Tenant agrees to pay to Landlord rent for said premises at the rate
of ($29,491.20) TWENTY NINE THOUSAND FOUR HUNDRED NINETY ONE AND 20/100
Dollars per quarter on a net, net, net rental basis. One such quarterly
installment shall be due and payable on the "completion date" and a like
quarterly installment shall be due and payable on or before the first day of
each succeeding calendar quarter during the hereby demised term; provided
that if the "completion date" should be a date other than the first day of a
calendar quarter there shall be due and payable on the "completion date" as
rent for the balance of the calendar quarter during which the "completion
date" shall fall a sum equal to that portion of the rent for a full quarter
as herein provided which the number of days from the "completion date" to the
end of the calendar quarter during which the "completion date" shall fall
bears to the total number of days in such quarter and all succeeding
installments of rent shall be payable on or before the first day of each
succeeding calendar quarter during the hereby demised term as first above
provided, Tenant agrees, at the time of execution of this lease to deposit
with the Landlord the cash sum of ($5,982.40) FIFTY NINE HUNDRED EIGHTY TWO
AND 40/100 Dollars as a security deposit.
(b) Other remedies for nonpayment of rent notwithstanding, if the
monthly rental payment is not received by Landlord on or before the tenth day
of the month for which it is due, Tenant shall pay Landlord interest on the
overdue amount at the rate of 1-1/2 percent per month from the day the amount
became due until the date it actually is received by Landlord.
3. TAXES AND INSURANCE: As additional rent, Tenant shall pay to
Landlord on the first day of each month 1/12 Tenant's pro rata share of the
estimated real property tax on the Leased Premises for the current year plus
1/12 Tenant's pro rata share of the current premium for any liability or
casualty insurance carried by Landlord on the Leased Premises. If the actual
real property tax is greater than that estimated by Landlord, Tenant shall
pay the excess amount within thirty days after billing by Landlord. If the
actual real property tax is less than that estimated by Landlord, Landlord
shall refund the overpayment to Tenant within thirty days after payment of
the tax by Landlord. As used in this paragraph, "real property tax" shall
mean any form of assessment (both general and special), levy, penalty, or tax
(other than estate or inheritance tax) imposed by any authority having direct
or indirect power tax any legal or equitable interest of Landlord in the
Leased Premises, including any tax on rent (other than income tax) in lieu of
or in addition to normal real property taxes or assessments. Any such
billing by Landlord to Tenant that is not paid within 30 days shall bear
interest at 1-1/2% per month. Tenant may, at its sole cost and expense (in
its name or in the name of Landlord, or in the name of both, as it may deem
appropriate) dispute and contest the real property tax, and in such case,
said disputed tax must be paid prior to being contested. Tenant acknowledges
the right to contest solely for a refund. Should the real property tax
contested be held valid, Tenant shall pay all items, court costs, attorney's
fees, interest and penalties relating thereto.
4. COMPLETION DATE: Landlord shall with reasonable diligence prosecute
the completion of the improvements to the end that the scheduled "completion
date" will be on or before June 01, 1997 except for delays due to
unavailability of material, unusual weather conditions, war, transportation
failures, other circumstances beyond the control of Landlord and coercion of
materialmen and labor organizations. All buildings and other improvements
shall be of sound construction and shall in every respect comply with all
governmental laws, ordinances, regulations, and other requirements, which may
govern construction of the same.
5. CHARACTER OF OCCUPANCY: The demised premises shall be used only for
the purpose of receiving, storing, shipping, and selling products, materials
and merchandise made and/or sold by Tenant, and for such other lawful
purposes as may be incidental thereto. Tenant shall at its own cost and
expense obtain any and all licenses and permits necessary for such use.
Tenant shall comply with all governmental laws, ordinances and regulations
applicable to the use of the demised premises, and shall promptly comply with
all governmental orders and directives for the correction, prevention, and
abatement of nuisances in or upon, or connected with the demised premises,
all at Tenant's sole expense. Tenant shall not permit the Leased premises
(sic) to be used in any way which would, in the opinion of Landlord, be extra
hazardous on account of fire or otherwise or which would in any way increase
or render void the fire insurance on the Leased Premises.
6. PRORATION: Whenever the term "pro rata" shall occur in this lease it
shall refer to N/A (or N/A%) of the total building as Tenant's responsibility.
7. REPAIRS AND MAINTENANCE: Tenant shall, at its own cost and expense,
keep in good repair and condition the interior and exterior of the Leased
Premises. Tenant's obligation shall extend to the entire Leased Premises,
including but not limited to the roof, exterior walls, gutters, glass, heating,
ventilation and air conditioning systems, plumbing, pipes, fixtures and other
equipment, except that Landlord shall correct any latent defects due to faulty
construction which may exist at the time Tenant takes possession of the leased
Premises. Tenant also agrees to maintain at its sole expense all grounds,
landscaping, and parking areas. Unless otherwise agreed by Landlord and Tenant,
all grounds, landscaping, and parking area maintenance and repair shall be
performed by Landlord and Tenant shall be billed for its pro rata share of such
expense. If either Landlord or Tenant fails to perform any duty described
above, the other may give notice of such failure. If the duty is not performed
by the responsible party within thirty days after notice (or within a reasonable
shorter period in the case of emergency), the other party may perform the repair
or maintenance work and charge the responsible party for any expense incurred.
The responsible party promptly shall pay the expense incurred. Landlord and
landlord's agents and representatives shall have the right to enter and inspect
the demised premises at any time during reasonable business hours, for the
purpose of ascertaining the condition of the demised premises or in order to
make such repairs as may be required to be made by Tenant or Landlord under the
terms of this Lease. At the termination of this Lease, Tenant shall deliver up
the leased premises with all improvements located thereon, except as provided in
Paragraph Eight hereof, in good repair and condition, and will deliver all keys
thereto at the office of the Landlord.
8. ALTERATIONS: Tenant shall not make any major alterations, additions,
or improvements to the demised premises without the prior written consent of
Landlord, which consent shall not be unreasonably withheld. Tenant may, without
the consent of Landlord but at its own cost and expense and in a good
workmanlike manner make such minor alterations, additions, or improvements or
erect, remove, or alter such partitions, or erect such shelves, bins, machinery,
and trade fixtures as it may deem advisable, without altering the basic
character of the building or improvements, and in each case complying with all
applicable governmental laws, ordinances, regulations, and other requirements.
At the termination of this Lease, Tenant shall, if Landlord so elects, remove
all alterations, additions, improvements, and partitions erected by Tenant and
restore the premises to their original condition, otherwise such improvements
shall be delivered up to Landlord with the premises. All shelves, bins,
machinery, and trade fixtures installed by Tenant may be removed by Tenant at
the termination of this Lease if Tenant so elects, and shall be so removed if
required by Landlord. All such removals and restorations shall be accomplished
in a good workmanlike manner so as not to damage the primary structure or
structural qualities of the buildings and other improvements situated on the
demised premises.
9. SIGNS: Tenant shall have the right to install such signs as it may
desire upon the roof and exterior walls of said building subject to Landlord's
prior written approval and subject to any applicable governmental laws,
ordinances, regulations, and other requirements. Tenant shall remove all such
signs at the termination of this Lease. Such installations and removals shall
be made in such manner as to avoid injury, defacement, or overloading of the
buildings and other improvements.
10. UTILITIES: Tenant shall pay all charges incurred for any utility
services metered to his demised premises or for Tenant's pro rata share of the
utility services provided to the demised premises, and billed to Tenant by
Landlord.
11. LEASE ASSIGNMENT OR SUBLETTING: Tenant shall not have the right to
assign this Lease or to sublet the whole or any part of the demised premises,
unless prior written approval of Landlord is obtained. Not withstanding any
such assignment or subletting Tenant shall at all times remain fully responsible
and liable for the payment of the rent herein specified and for compliance with
all of its provisions under the terms, provisions, and covenants of this Lease.
Upon the occurrence of an "event of default" as herein defined, if the demised
premises or any part thereof are then assigned or sublet, Landlord, in addition
to any other remedies herein provided or provided by law, may at its option
collect directly from such assignee or subtenant all rents becoming due to
Tenant under such assignment, or sublease and apply such rent against any sums
due to it by Tenant hereunder, and no such collection shall be construed to
constitute a novation or a release of Tenant from the further performance of its
obligations hereunder, Landlord shall also have the right to assign any of its
rights under this Lease.
12. INSURANCE, LIABILITY AND PROPERTY: Landlord shall not be liable to
Tenant or Tenant's employees, agents, or visitors, or to any other person
whomsoever, for any injury to person or damage to property on or about the
demised premises, caused by the negligence or misconduct of Tenant, its agents,
servants, or employees, or of any other person entering upon the premises under
express or implied invitation of Tenant, or caused by leakage of gas, oil, water
or steam or by electricity emanating from the premises, or due to any other
cause whatsoever, and Tenants (sic) agrees to indemnify Landlord and hold it
harmless from any loss, expense, or claims arising out of any such damage or
injury. Tenant shall throughout the demised term, at its sole cost and expense,
provide and keep in force with responsible insurance companies satisfactory to
Landlord and to any mortgagee under a mortgage constituting a lien upon the
demised premises, public liability and property damage insurance, the liability
limits of all said insurance shall be a minimum of $500,000.00 single limit,
protecting Landlord and any such mortgage as well as Tenant against liability to
any employees or servants of Tenant or to any other person whomsoever arising
out of or in connection with Tenant's use of the leased premises or the
condition of the leased premises. Tenant is to furnish Landlord with
certificate of liability.
Landlord shall, at Tenants (sic) expense, procure and maintain at all times
during the term of this Lease a policy or policies of insurance covering loss or
damage to the premises (exclusive of Tenant's trade fixtures and equipment),
providing protection against all perils included within the classification of
fire, extended coverage, vandalism, malicious mischief.
13. DAMAGE OR DESTRUCTION: In the event improvements on the premises are
damaged by any casualty which is covered under an insurance policy required to
be maintained pursuant to Paragraph 12, then Landlord may, at Landlord's option,
either (a) repair such damage as soon as reasonably possible at Landlord's
expense, in which event this Lease shall continue in full force and effect, or
(b) give written notice to Tenant within thirty (30) days after the date of
occurrence of such damage of Landlord's intention to cancel and terminate this
Lease as of the date of the occurrence of the damage. In the event Landlord
elects to terminate this Lease, Tenant shall have the right within ten (10) days
after receipt of the required notice to notify Landlord in writing of Tenant's
intention to repair such damage at Tenant's expense, without reimbursement from
Landlord, in which event this Lease shall continue in full force and effect, and
Tenant shall proceed to make such repairs as soon as reasonably possible. If
Tenant does not give such notice within the ten (10) day period this Lease shall
be cancelled and terminated as of the date of the occurrence of such damage. If
the premises are totally destroyed during the term of this Lease from any cause
whether or not covered by the insurance required under Paragraph 12 (including
any destruction required by any authorized public authority), this Lease shall
automatically terminate as of the date of such total destruction.
If the premises are partially destroyed or damaged during the last six (6)
months of the term of this Lease, Landlord may, at Landlord's option, cancel and
terminate this lease (sic) as of the date of the occurrence of the damage by
giving written notice to Tenant of Landlord's election to do so within thirty
(30) days after the date of occurrence of such damage by fire or other cause, or
to make any restoration or replacement of any panelings, decorations, office
fixtures, partitions, railings, ceilings, floor covering, equipment, machinery
or fixtures or any other improvements or property installed in the premises by
Tenant or at the direct or indirect expense of Tenant. Tenant shall be required
to restore or replace same in the event of damage.
If the premises are partially destroyed or damaged and Landlord or Tenant
repairs them pursuant to this Lease, the rent payable hereunder for the period
during which such damage and repair continues shall be abated in proportion to
the extent which Tenant's use of the premises is impaired. Except for abatement
of rent, if any, Tenant shall have no claim against Landlord for any damage
suffered by reason of such damage, destruction, repair or restoration. If
Landlord shall be obligated to repair or restore the premises and shall not
commence such repair or restoration within ninety (90) days after such
obligation shall accrue, Tenant may, at Tenant's option, cancel and terminate
this Lease by written notice to Landlord at any time prior to the commencement
of such repair or restoration. In such event this Lease shall terminate as of
the date of such notice.
14. EMINENT DOMAIN:
(a) If the whole or any substantial part of the demised premises should be
taken for any public or quasi-public use under any governmental law, ordinance
or regulation or by right of eminent domain or by private purchase in lieu
thereof, this Lease shall terminate and the rent shall be abated during the
unexpired portion of this Lease, effective when the physical taking of said
premises shall occur. Separate awards, for damages to the respective interests
of Landlord and Tenant hereunder shall be made, and each shall be entitled to
receive and retain such awards as shall be made to it, and the termination of
this Lease shall not affect the rights of the respective parties to the awards.
(b) If less than a substantial part of the demised premises should be
taken for any public or quasi-public use under any governmental law, ordinance
or regulation, or by right of eminent domain, or by private purchase in lieu
thereof, this Lease shall not terminate, but the rent payable hereunder during
the unexpired portion of this Lease shall be reduced to such extent as may be
fair and reasonable under all of the circumstances. Separate awards shall be
made in such event for damages to the respective interests of Landlord and
Tenant hereunder.
15. HOLDING OVER: Should Tenant, or any of its successors in interest,
hold over the leased premises (sic), or any part thereof, after the expiration
of the term of this Lease, unless otherwise agreed in writing, such holding over
shall constitute and be construed as tenancy from month to month only, at a
rental equal to the rent paid the last month of the term of this Lease plus
twenty percent (20%) of such amount.
16. TENANT DEFAULT: The following events shall be deemed to be events of
default by Tenant under this lease:
(a) Tenant shall fail to pay any installment of the rent hereby reserved
and such failure shall continue for a period of ten (10) days.
(b) Tenant shall fail to comply with any term, provision, or covenant of
this Lease, other than the payment of rent, and shall not cure such failure
within thirty (30) days after written notice thereof to Tenant.
(c) Tenant shall become insolvent, or shall make a transfer in fraud of
creditors, or shall make an assignment for the benefit of creditors.
(d) Tenant shall file a petition under any section or chapter of the
National Bankruptcy Act, as amended, or under any similar law or statute of the
United States or any State thereof; or Tenant shall be adjudged bankrupt or
insolvent in proceedings filed against Tenant thereunder.
(e) A receiver or Trustee shall be appointed for all or substantially all
of the assets of Tenant.
(f) Tenant shall desert or vacate any substantial portion of the premises.
Upon the occurrence of any of such events of default, Landlord shall have the
option to pursue any one or more of the following remedies without any notice of
demand whatsoever:
(i) Terminate this Lease, in which event Tenant shall immediately
surrender the premises to Landlord, and if Tenant fails so to do, Landlord may,
without prejudice to any other remedy which it may have for possession or
arrearages in rent, enter upon and take possession of the leased premises (sic)
and expel or remove Tenant and any other person who may be occupying said
premises or any part thereof, by force if necessary, without being liable for
prosecution or any claim of damages therefor; and Tenant agrees to pay to
Landlord on demand the amount of all loss and damage which Landlord may suffer
by reason of such termination, whether through inability to relet the premises
on satisfactory terms or otherwise, including any damages Landlord may incur
because of special sums expended for fixing up premises for Tenant.
(ii) Enter upon and take possession of the leased premises (sic) and expel
or remove Tenant and any other person who may be occupying said premises or any
part thereof, by force if necessary, without being liable for prosecution or any
claim for damages therefor, and relet the premises and receive the rent
therefor; and Tenant agrees to pay to Landlord on demand any deficiency that may
arise by reason of such reletting.
(iii) Enter upon the leased premises (sic), by force if necessary, without
being liable for prosecution or any claim for damages therefor, and do whatever
Tenant is obligated to do under the terms of this Lease; and Tenant agrees to
reimburse Landlord on demand for any expenses which Landlord may incur in thus
effecting compliance with Tenant's obligations under this Lease, and Tenant
further agrees that Landlord shall not be liable for any damages, resulting to
the Tenant from such action, whether caused by negligence of Landlord or
otherwise.
Pursuit of any of the foregoing remedies shall not preclude pursuit of any
of the other remedies herein provided or any other remedies provided by law, nor
shall pursuit of any remedy herein provided constitute a forfeiture or waiver of
any waiver of any rent due to Landlord hereunder or of any damages accruing to
Landlord by reason of the violation of any of the terms, provisions and
covenants herein contained. No waiver by Landlord of any violation or breach of
any of the terms, provisions, and covenants herein contained shall be deemed or
construed to constitute a waiver of any other violation or breach of any of the
terms, provisions, and covenants herein contained, shall be deemed or construed
to constitute a waiver of any other violation or breach of any of the terms,
provisions, and covenants herein contained. Forbearance by Landlord to enforce
one or more of the remedies herein provided upon an event of default shall not
be deemed or construed to constitute a waiver of such default.
18. ATTORNEY'S FEES: If on account of any breach or default by Tenant in
Tenant's obligations under the terms and conditions of this Lease, it shall
become necessary for Landlord to employ an attorney to enforce or defend any of
Landlord's rights or remedies, hereunder, Tenant agrees to pay any reasonable
attorney's fees incurred by Landlord in such connection.
19. QUIET ENJOYMENT: Landlord warrants that it has full right to execute
and to perform this Lease and to grant the estate leased, and, that Tenant, upon
payment of the required rents and performing the terms, conditions, covenants
and agreements contained in this Lease, shall peaceably and quietly have, hold
and enjoy the Leased Premises during the full term of this Lease as well as any
extension or renewal. However, Tenant accepts this Lease subject and
subordinate to any underlying lease, mortgage, deed of trust or other lien
presently existing upon the Leased Premises. Landlord hereby is irrevocably
vested with full power and authority to subordinate Tenant's interest under this
agreement to any underlying lease, mortgage, deed of trust or other lien
hereafter placed on the Leased Premises, and Tenant agrees upon demand to
execute additional instruments subordinating this Lease as Landlord may require.
If the interest of Landlord under this Lease shall be transferred by reason of
foreclosure or other proceedings for enforcement of any lien, deed of trust or
mortgage on the Leased Premises, Tenant shall be bound to the transferee
(sometimes called the "Purchaser") under the terms, covenants and conditions of
this Lease for the balance of the term remaining, and any extensions or
renewals, with the same force and effect as if the Purchaser were the Landlord
under this Lease. Tenant agrees to attorn to the Purchaser, as its Landlord,
the attornment to be effective and self-operative without the execution of any
further instruments upon the Purchaser succeeding to the interest of the
Landlord under this Lease.
The respective rights and obligations of Tenant and the Purchaser upon the
attornment, to the extent of the then remaining balance of the term of this
Lease, and any extensions and renewals, shall be and are the same as those set
forth in this Lease.
20. NOTICE ADDRESS: Each provision of this instrument or of any
applicable governmental laws, ordinances, regulations and other requirements
with reference to the sending, mailing, or delivery of any payment by Landlord
to Tenant or with reference to the sending, mailing, or delivery of any notice
of the making of any payment by Landlord to Tenant or with reference to the
sending, mailing, or delivery of any notice or the making of any payment by
Tenant to Landlord shall be deemed to be complied with when and if the following
steps are taken:
(a) All rent and other payments required to be made by Tenant to Landlord
hereunder shall be payable to Landlord in El Paso County, Colorado, at the
address hereinbelow set forth or at such other address as Landlord may specify
from time to time by written notice delivered in accordance herewith.
(b) All payments required to be made by Landlord to Tenant hereunder shall
be payable to Tenant at the address hereinbelow set forth, or at such other
address within the continental United States as Tenant may specify from time to
time by written notice delivered in accordance herewith.
(c) Any notice or document required or permitted to be delivered hereunder
shall be deemed to be delivered whether actually received or not when deposited
in the United State Mail, postage prepaid, Registered Mail, Return Receipt
Requested, addressed to the parties hereto at the respective addresses set out
opposite their names below, or at such other addresses as they have theretofore
specified by written notice delivered in accordance herewith:
Landlord XXXXX AND XXXXX XXXXX Tenant SPECTRANETICS CORPORATION
POST OFFICE BOX 9601 00 XXXXXXXX XXXXX
XXXX. XXXXXXX, XXXXXXXX 00000 XXXX. XXXXXXX, XXXXXXXX 00000
If and when, included within the term "landlord" as used in this instrument,
there is more than one person, firm, or corporation, all shall jointly arrange
among themselves for their joint execution of such a notice specifying some
individual at some specific address in El Paso County, Colorado, or any other
location, for the receipt of notices and payments to Landlord; if and when,
included within the term "Tenant" as used in this instrument, there is more than
one person, firm, or corporation, all shall jointly arrange among themselves for
their joint execution of such a notice specifying some individual at some
specific address within the continental United States for receipt of notices and
payments to Tenant. All parties included within the terms "Landlord" and
"Tenant", respectively, shall be bound by notices given in accordance with the
provisions of this paragraph to the same effect as if each had received such
notice.
21. OTHER PROVISIONS:
A. See attached addendum for paragraph 24 through 27.
B. The terms, provisions and covenants and conditions contained in this
Lease, shall apply to, inure to the benefit of, and be binding upon the parties
hereto and upon their respective successors in interest and legal
representatives except as otherwise herein expressly provided. Words of any
gender used in this Lease shall be held and construed to include any other
gender, and words in the singular number shall be held to include the plural,
unless the context otherwise requires.
23. CORPORATE RESOLUTION: If this instrument is executed by a
corporation, such execution has been authorized by a duly adopted resolution of
the Board of Directors of such corporation and copy thereof furnished to
Landlord.
Executed the 1st day of Sept. 1997.
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LANDLORD TENANT: (See paragraph 22 above)
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxxx Xxxxxx
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By: /s/ Xxxxx Xxxxx Title: V.P. Manufacturing
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By:
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Title:
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ADDENDUM TO LEASE
24. RENEWAL OPTION: The tenant (sic) shall have the right or option to
renew this Lease for a period of N/A years at the expiration of the term hereof
at a rental to be hereinafter determined, subject to all the conditions and
agreements herein contained; provided, however, that the Tenant shall notify the
Landlord of his election to renew the Lease by giving the Landlord written
notice of such election on or before six (6) months prior to the expiration of
the original term hereof. The base rental shall be computed upon the existing
base rental for the base term together with an increase that may be computed
based upon the Bureau of Labor Statistics Consumer Price Index of all items as
of ____________________. This basis shall be utilized to determine the rental
increase in the same proportion of the Cost of Living Index as it compares on
____________________________ with the date that said Lease term is extended.
25. Tenant acknowledges that late payments by Tenant to Landlord of rent
or other sums due hereunder will cause Landlord to incur costs not contemplated
by this Lease, the exact amount of which would be extremely difficult and
impractical to ascertain. Such costs include, but are not limited to,
processing and accounting charges, and late charges which may be imposed on
Landlord by the terms of any mortgage or trust deed covering the Premises.
Therefore, in the event Tenant should fail to pay any installment of rent or any
sum due hereunder after such amount is due, Tenant shall pay to Landlord as
additional rent a late charge equal to 5% of each such installment or other sum
of $25.00 per month, whichever is greater. A $5.00 charge will be paid by the
Tenant to the Landlord for each returned check.
26. Landlord shall allow Tenant to install, at Tenant's cost, additional
electrical power in the leased space.
27. All snow and ice removal shall be at the Tenant's expense.
ADDENDUM ACKNOWLEDGED:
BY: /s/ Xxxxx X. Xxxxx BY: /s/ Xxxxx Xxxxxx
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Landlord Tenant
BY: /s/ Xxxxx Xxxxx
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