5A(1) Lease for 131 S. Michigan St

Home Browse Search

of the terms and conditions of this Lease. Landlord shall correct any "punch-list" items within sixty (60) days after the Delivery Date. 4.2. Tenant's Work. (a} Plans. Within sixty (60) days after the Effective Date, Tenant shall submit to Landlord two {2) copies of the complete plans and specifications {the "Tenant's Plans") for the work Tenant deems necessary to prepare the Premises for occupancy by the Tenant (the "Tenant's Work"). Within thirty (30) days after Landlord's receipt of Tenant's Plans, Landlord shall notify Tenant. of any failures of the Tenant's Plans to meet with Landlord's approval. Tenant. shall, within ten (10) days after receipt of any such notice, cause the Tenant's Plants to be revised to the extent necessary to obtain Landlord's approval and to be resubmitted for Landlord's approval. When Landlord has approved the orightal or revised Tenant's Plans, Landlord shall initial and return one (1) set of approved Tenant's Plans (the "Approved Plans") to Tenant. Tenant shall not commence Tenant's Worlc until Landlord has approved Tenant's Plans, which approval shall not be unreasonably withheld. Landlord's rev7ew and approval of Tenant's Plans shall not be deemed to be an assumption of responsibility by Landlord for the accuracy, sufficiency or propriety of Tonant's Plans, pursuant to applicable laws, rules, ordinances or regulations. If the Approved Plans are changed as a result of conditions placed on Tenant as a prerequisite to obtaining a permit, Tenant shall submit such changes to Landlord far approval, and Tenant shall not proceed further with the affected portions of Tenant's Work until Landlord has approved the changes. Such changes as are approved by Landlord shall become part of the Approved Plans. (b} Performance. Tenant shall, iu a mamier consistent with the Approved Plans: (i) install its leasehold improvements, trade fixtures and equipment; and {ii) complete all other Tenant's Work. Prior to performing Tenant's Work, Tenant shall: (i) obtain all permits; licenses and approvals required for Tenant to perform Tenant's Work; and (ii) deliver to Landlord: (a) copies of such permits, licenses and approvals; and (b} evidence reasonably satisfactory to Landlord that Tenant has procured workers' compensation, builder's risk; general liability, and personal and property damage insurance as Landlord reasonably may require. Tenant shall: (i) perform Tenant's Work: (a) in accordance with the Approved Plans and all permits, licenses and approvals; and (b) in a good and workmanlike manner and in compliance with all applicable laws, statutes, and/or ordinances and any applicable governmental rules, regulations, guidelines, orders, and/or decrees (the "Laws"); (ii) ensure that all contractors, subcontractors, laborers and suppliers perfotlnuig work or supplying materials are paid in full; and (iii) observe and perfoml all oi' its obligations under this Lease (except its obligation to pay Rent) at all times after the Delivery Date tlu•ough the Cotnmencetuent Date. (c) Reserved. ARTICLE V. RElr T. 5.1. Rent. Commencing Sixty {60) days after flte Conunencement Date, Tenant shall pay to Landlord, in lawful Uiuted States currency without notice, demand, deduction, set-off; counterclaim or recoupment, and without relief from valuation or appraisement laws, the Modified Gross Rent, as set forth in Section 1.2, which includes the Basic Rent plus the Additional Rent charges (ae herein defined) (collectively, the "Modified Gross Rent"), together «rith any sales, use, or other taxes assessed thereon for the use and occupancy of the Premises. Modified Gross Rent shall be paid in equal monthly installments commencing as provided herein and thereafter during the entire Term or Extended Term on or before the first day of each calendar month, in advance. Tenant's obligations under this Section 5.1 shall survive the Ternunation Date. 5.2, Additional Rent. Intentionally Onutted. . 5.3. Late Charge. Any amount of lvlodified Gross Rent that is overdue shall bear interest at the lesser of: (a) the maxintnm rate payable by Tenant under State law: or (b) the rate of eighteen percen# (18%) per annum from the date when such amount is due and payable tinder this Lease until the date paid. If any amount of Modified