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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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approval. Tenant shall, within ten (10) days after receipt of any such notice, cause the Tenant's Plans to be revised <br />to the extent necessary to obtain Landlord's approval and to be resubmitted for Landlord's approval. When <br />Landlord has approved the original or revised Tenant's Plans, Landlord shall initial and return one (1) set of <br />approved Tenant's Plans (the "Approved Plans") to Tenant. Tenant shall not commence Tenant's Work until <br />Landlord has approved Tenant's Plans, which approval shall not be unreasonably withheld. <br />Landlord's review and approval of Tenant's Plans shall not be deemed to be an assumption of <br />responsibility by Landlord for the accuracy, sufficiency or propriety of Tenant's Plans, pursuant to applicable laws, <br />rules, ordinances or regulations. If the Approved Plans are changed as a result of conditions placed on Tenant as a <br />prerequisite to obtaining a permit, Tenant shall submit such changes to Landlord for approval, and Tenant shall not <br />proceed further with the affected portions of Tenant's Work until Landlord has approved the changes. Such changes <br />as are approved by Landlord shall become part of the Approved Plans. <br />(b) Performance. Tenant shall, in a maimer consistent with the Approved Plans: (i) install its <br />leasehold improvements, trade fixtures and equipment; and (ii) complete all other Tenant's Work. Prior to <br />performing Tenant's Work, Tenant shall: (i) obtain all permits, licenses and approvals required for Tenant to <br />perform Tenant's Work; and (ii) deliver to Landlord: (a) copies of such permits, licenses and approvals; and (b) <br />evidence reasonably satisfactory to Landlord that Tenant has procured workers' compensation, builder's risk, <br />general liability, and personal and property damage insurance as Landlord reasonably may require. Tenant shall: (i) <br />perform Tenants Work: (a) in accordance with the Approved Plans and all permits, licenses and approvals; and (b) <br />in a good and workmanlike manner and in compliance with all applicable laws, statutes, and/or ordinances and any <br />applicable governmental rules, regulations, guidelines, orders, and/or decrees (the "Laws"); (ii) ensure that all <br />contractors, subcontractors, laborers and suppliers performing work or supplying materials are paid in full; and (iii) <br />observe and perform all of its obligations under this Lease (except its obligation to pay Rent) at all times after the <br />Delivery Date through the Commencement Date. <br />(c) Reserved. <br />ARTICLE V. <br />RENT. <br />5.1. Rent. Commencing Sixty (60) days after the Commencement Date. Tenant shall pay to Landlord, <br />in lawful United States currency without notice, demand. deduction, set-off, counterclaim or recoupment, and <br />without relief from valuation or appraisement laws. the Modified Gross Rent, as set forth in Section 1.2, which <br />includes the Basic Rent plus the Additional Rent charges (as herein defined) (collectively, the "Modified Gross <br />Rent'), together with any sales, use, or other taxes assessed thereon for the use and occupancy of the Premises. <br />Modified Gross Rent shall be paid in equal monthly installments coimnencing as provided herein and thereafter <br />during the entire Tern1 or Extended Term on or before the first day of each calendar month, in advance. Tenant's <br />obligations under this Section 5.1 shall survive the Termination Date. <br />5.2. Additional Rent. Commencing as provided in Section 5.1, Tenant shall pay to Landlord, as <br />additional rent (the "Additional Rent'). all other sums. charges, and payments required to be paid by Tenant to <br />Landlord under this Lease. whether or not the same are designated as Additional Rent including, but not limited to, <br />Tenants Pro Rata Share of the Center Expenses. as defined in Section 5.7(a). If any sum or charge is not paid at the <br />time provided in this Lease, then it shall be collectible as Additional Rent with the next monthly installment of Basic <br />Rent: provided that nothing contained herein shall be deemed to suspend or delay the payment of such sum or <br />charge. or to limit any right or remedy of Landlord with respect to its nonpayment. <br />53. Late Charee. Any amount of Modified Gros: Rent that is overdue shall bear interest at the lesser <br />of: (a) the maximum rate payable by Tenant under State law: or (b) the rate of eighteen percent (18°/0) per annum <br />from the date when such amount is due and payable under this Lease until the date paid. If any amount of Modified <br />Gross Rent is paid more than five (5) days after its due date. then Landlord shall be entitled to a late payment fee of <br />One Hundred Dollars (~ 100.00) in addition to the interest charge set forth in this Section 5.3. <br />5.4. Common Expenses. <br />
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