Lease Agreement - Catalyst Two LLC - IT Lease at Innovation Park

Home Browse Search

DocuSign Envelope ID: 3FB83184-B2B8-4211-606A-AD20CB7020F8 Premises to Landlord in broom -clean condition and in good order, condition and repair, (b) remove from the Leased Premises (i) Tenant's Property (as defined in Section ,.; l below), and (ii) any alterations required to be removed pursuant to Section 7.3 below, and (c) repair any damage caused by any such removal and restore the Leased Premises to the condition substantially existing upon the Commencement Date, reasonable wear and tear excepted. All of Tenant's Property that is not removed within ten (10) days following Landlord's written demand therefor shall be conclusively deemed to have been abandoned, and Landlord shall be entitled to dispose of such property at Tenant's cost without incurring any liability to Tenant. This Section 2.3 shall survive the expiration or any earlier termination of this Lease. Sect i rl 2A 1 loldigg Over, If Tenant retains possession of the Leased Premises after the expiration or earlier termination of this Lease, Tenant shall be a tenant at sufferance at one hundred percent (100%) of the Monthly Rental Installments and Proportionate Share of Operating Costs (as hereinafter defined) for the Leased Premises in effect upon the date of such expiration or earlier termination, and otherwise upon the terms, covenants and conditions herein specified, so far as applicable. Acceptance by Landlord of rent after such expiration or earlier termination shall not result in a renewal of this Lease, nor shall such acceptance create a month -to -month tenancy. In the event a month -to -month tenancy is created by operation of law, either party shall have the right to terminate such month -to -month tenancy upon thirty (30) days' prior written notice to the other, whether or not said notice is given on the rent paying date. This Section 2.4 shall in no way constitute a consent by Landlord to any holding over by Tenant upon the expiration or earlier termination of this Lease, nor limit Landlord's remedies in such event. ARTICLE 3 RENT Section 3. Im Bas..c: Rent;. Throughout the Lease Term, Tenant shall pay to Landlord `Base Rent' in, the amount of which shall be based on the following: Tenant's Base Rent obligation, including all common area maintenance charges, shall be calculated at a rate of $20.00 per Rentable Square Foot in the Leased Premises per year (i.e. $1.6667 per square foot per month). The Parties acknowledge that the Base Rent is reflective of Tenant's commitment to completing certain additional improvements to the common restroom area and flooring. Notwithstanding the foregoing, the Base Rent for the first six months of the lease (January 1, 2019 — June 30, 2019) will be $0.00 to accommodate Tenant's interior construction of the Leased Premises. Section 3.2 Payment of Base Rent. Tenant will pay Landlord Base Rent annually on January 1 in the amount of Two Hundred Fifty Thousand Dollars ($250,000), commencing within thirty (30) days of the Delivery Date, except no payment shall be due January 1, 2023. LEASE AGREEMENT — CITY OF SOUTH BEND AT IGNITION PARK PAGE 4