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6C(4) Lease for 131 S. Michigan St
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6C(4) Lease for 131 S. Michigan St
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8/18/2010 9:23:54 AM
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3.1. Initial Term. The "Commencement Date" shall commence on the earlier of: (i) that date which is <br />two (2) months after the Delivery Date (as defined in Section 4.1); or (ii) the date on which Tenant opens its <br />business in the Premises to the public, whichever is earlier. The Initial Term shall end on that date which is Tlm-ee <br />(3) Lease Years after the Commencement Date, unless earlier terminated in accordance with the provisions of this <br />Lease (the "Termination Date"). Tenant hereby covenants that within five (5) days after the Commencement Date, <br />it shall execute the Commencement Certificate attached hereto as Exhibit E and made a part hereof, and deliver it to <br />Landlord. <br />3.2. Extension Options. Provided that no Event of Default, as hereinafter defined, or any facts which <br />with the giving of notice or passage of time, or both, would constitute an Event of Default, exists at the time of the <br />exercise of any option to extend the Term hereof or exists at the end of the Initial Terns, Tenant may renew this <br />Lease and extend the Initial Tenn hereof for one (])additional period of Three (3) years (such Three (3) year period <br />being referred to as an "Extended Tenn"), on the same terms and provisions as provided in this Lease (except that <br />the Modified Gross Rent due in such Extended Terns shall be subject to negotiation), by delivering written notice of <br />the exercise of such option to extend to Landlord not later than one hundred and eighty (180) days before the <br />expiration of the Initial Tenn of this Lease. If Tenant fails to exercise its option to extend the Term hereof in the <br />time periods set forth in this Section 3.2. all such option to extend shall immediately terminate and have no further <br />force or effect, without further notice from Landlord. Any reference in this Lease to the "Tern1" shall mean the <br />hlitial Term as it may be extended pursuant to this Section ?. <br />3.3. Holding Over. If Tenant fails to surrender the Premises upon the expiration of the Term or earlier <br />termination of the Lease (it being agreed that Tenant shall not be permitted to so hold over without Landlord's <br />written consent), Tenant shall pay Landlord for each day of such holding over a sum equal to one hundred and <br />twenty-five percent (125%) of the Modified Gross Rent payable during the preceding Lease Year prorated for the <br />number of days for such holding over, plus Tenant's Pro Rata Share of all other amounts which Tenant would have <br />been required to pay hereunder had this Lease been in effect (the '`Holdover Rent"). If Tenant holds over without <br />Landlord's written consent for a period in excess of thirty (30) days without any action from Landlord to dispossess <br />Tenant, Tenant shall be deemed to occupy the Premises on a tenancy from month-to-month at the Holdover Rent, <br />and all other teens and provisions of this Lease shall be applicable to such period. At any time, either party may <br />terminate such tenancy from month-to-month upon written notice delivered to the other party at least thirty (30) days <br />in advance. Tenant hereby ~~~aives any and all notice to ~~-hich Tenant may otherwise be entitled under the laws of <br />the State of Indiana (the "State") as a prerequisite to a suit against Tenant for unlawful detention or possession of the <br />Premises. Tenant shall Indenmify, as hereinafter defined, Landlord from any Loss, as hereinafter defined, resulting <br />from such hold over, including without limitation any liability incurred by Landlord to any succeeding tenant of the <br />Premises. <br />ARTICLE IV. <br />CONSTRUCTION <br />4.1. Landlord's Work. Landlord shall perform the work described in Exhibit D, attached hereto and <br />made a part hereof (the "Landlord's ~~-ork") substantially in accordance with the plans and specifications for <br />Landlord's Work. as such plans and specifications may be modified by Landlord as appropriate to complete <br />Landlord's Work (the "Plans"). The "Deliverv Date' shall be the date upon which Landlord's Work is substantially <br />complete in accordance ~~~ith the Plans. subject to delineated "punch-lisf~ items that do not prevent Tenant from <br />using the Premises for the purpose of: (a) conducting its normal business operations; or (b) completing Tenant's <br />Work, as hereinafter defined. On the Delivery Date. Tenant shall have full occupancy of the Premises, subject to all <br />of the terms and conditions of this Lease. Landlord shall correct any "punch-list' items within sixty (60) days after <br />the Delivery Date. <br />4.2. Tenants ~~-ork. <br />(a) Plans. Within sixty (60) days after the Effective Date, Tenant shall submit to Landlord two (2) <br />copies of the complete plans and specifications (the "Tenant's Plans") for the work Tenant deems necessary to <br />prepare the Premises for occupancy by the Tenant (the "Tenant's Work"). Within thirty (30) days after Landlord's <br />receipt of Tenant's Plans. Landlord shall notify Tenant of any failures of the Tenant's Plans to meet with Landlord's <br />
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