No. 2202 approving a form of lease for 117/119 E. Wayne Street and authorizing the execution/delivery thereof and other related matters

Home Browse Search

T and igther exterior building maintenance that is not a structural or roof repair in nature, sidewalk cleaning, and (iii) if security is requested by Tenant and agreed to by Landlord, all security expenses. 2.3. {Quiet Enip3ment. Landlord warrants that it is the owner in fee simple of the Building, and that it has full right and authority to enter into this Lease, subject to all easements, restrictions, liens, encumbrances, rights - of -way and other matters of record. Landlord agrees that if Tenant observes all of the terms and conditions of, and performs all of its obligations under, this Lease, then, at all times during the Term, subject to the terms and conditions of this Lease, Tenant shall have the peaceable and quiet enjoyment of possession of the Premises, without any manner of hindrance from parties claiming under, by, or through Landlord. ARTICLE III. TERM. 3.1. Initial Term. The "Initial Term" shall: (a) commence on the date (the "Commencement Date ") that is the earlier of: (i) that date which is one hundred and twenty (120) days after the Delivery Date (as defined in Section 4.1), (ii) the date on which Tenant opens its business in the Premises to the public, or (iii) May 1, 2006; and (b) end on that date which is Sixty (60) Lease Months after the Commencement Date, unless earlier terminated in accordance with the provisions of this Lease (the "Termination Date "). Tenant hereby covenants that within five (5) days after the Commencement Date, it shall execute the Commencement Certificate attached hereto as Exhibit E and made a part hereof, and deliver it to Landlord. 3.2. Extension Options. Provided that no Event of Default, as hereinafter defined, or any facts which with the giving of notice or passage of time, or both, would constitute an Event of Default, exists at the time of the exercise of any option to extend the Term hereof or exists at the end of the Initial Term or any Extended Term, Tenant may renew this Lease and extend the Initial Term hereof for up to one (1) additional period of sixty (60) months (each such sixty (60) month period being referred to as an "Extended Term "), with the consent of the Landlord, on the same terms and provisions as provided in this Lease (except that the Base Rent due in such Extended Terms shall be as provided in Section 1.2), by delivering written notice of the exercise of such option to extend to Landlord not later than one hundred and eighty (180) days before the expiration of the then - current Term of this Lease. If Tenant fails to exercise any of its options to extend the Term hereof in the time periods set forth in this Section 3.2, all then- unexercised options to extend shall immediately terminate and have no further force or effect, without further notice from Landlord. Any reference in this Lease to the "Term" shall mean the Initial Term as it may be extended pursuant to this Section 3.2. 3.3. Holdina Over. If Tenant fails to surrender the Premises upon the expiration of the Term or earlier termination of the Lease (it being agreed that Tenant shall not be permitted to so hold over without Landlord's written consent), Tenant shall pay Landlord for each day of such holding over a sum equal to one hundred and twenty -five percent (125 %) of the Base Rent payable during the preceding Lease Month prorated for the number of days for such holding over, plus Tenant's share of all other amounts which Tenant would have been required to pay hereunder had this Lease been in effect (the "Holdover Rent "). If Tenant holds over without Landlord's written consent for a period in excess of thirty (30) days without any action from Landlord to dispossess Tenant, Tenant shall be deemed to occupy the Premises on a tenancy from month -to -month at the Holdover Rent, and all other terms and provisions of this Lease shall be applicable to such period. At any time, either party may terminate such tenancy from month -to -month upon written notice delivered to the other parry at least thirty (30) days in advance. Tenant hereby waives any and all notice to which Tenant may otherwise be entitled under the laws of the State of Indiana (the "State ") as a prerequisite to a suit against Tenant for unlawful detention or possession of the Premises. Tenant shall Indemnify, as hereinafter defined, Landlord from any Loss, as hereinafter defined, resulting from such hold over, including without limitation any liability incurred by Landlord to any succeeding tenant of the Premises. ARTICLE IV. CONSTRUCTION 4.1. Landlord's Work. Landlord shall perform the work described in Exhibit D, attached hereto and 0 made a part hereof (the "Landlord's Work") substantially in accordance with the plans and specifications for -3- F.• tDATCSHARE1LegalWpdatalSEPIEconomic DevelopmentlRillie'sk&ate Cafe Wtate Cafe Lease (version 5).doc