07-13-15 Agenda, Packet & Committee Meeting Notice

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months after the Commencement Date or (b) the date upon which the Landlord has entered into Replacement Leases (as defined in Section 4(c)) for at least ninety percent (90 %) of the leasable square footage of the Building where rent has commenced (as referred to in Section 4(c)), regardless of whether such square footage is actually occupied by any tenant on such date (with the earlier date being the "Termination Date "). Within five (5) days of the Commencement Date, the parties will execute a commencement certificate in the form attached hereto as Exhibit A to certify (x) the Commencement Date, (y) that the Lease is in full force and effect, and (z) the number of leasable square feet in the Building. 4. Rent. (a) Amount of Rent. Commencing on the Commencement Date and continuing until the Termination Date, Tenant shall pay to Landlord a monthly amount as rent to be computed based on per square foot rent indicated below and the size of the Building as actually constructed ("Rent") for the Premises, payable in advance on the first day of each month. (b) Proration of Partial Year or Month. The Rent for the first partial calendar year and month, respectively, of the Term and upon the expiration or termination of this Master Lease, the Rent for the last partial calendar year and month, respectively, of the Term shall be prorated on a per diem basis. (c) Abatement of Rent. The parties acknowledge and agree that Landlord and Tenant desire to find third -party tenants for entirety of the Premises. As such, Tenant's obligation to pay monthly Rent shall be abated based on the portion of the Building that is, or at any time was, subject to a Replacement Lease. A "Replacement Lease" shall be any lease entered into by Landlord after the Effective Date of this Master Lease with a third party under which the third party occupies (of has occupied) any portion of the Premises during the Term beyond any applicable tenant build- out/free rent period (which period may not continue for more than 1 month after commencement of business in the space) under such lease (provided in no case may Landlord ever receive rent hereunder and under a replacement lease for the same space and time period). Landlord shall deliver copies of all Replacement Leases to Tenant within ten (10) days of the execution thereof together with a notice regarding the termination of Tenant's rights to a portion of the Building, which termination will be effective when the third party first occupies the Premises. The rent abatement amount shall be calculated by multiplying the net square footage subject to all Replacement Leases by the per square foot rent for each respective time period of the Term as set forth in the table in Section 4(a) above, and such rent abatement MASTER LEASE PAGE 3 RENT MO. RENT TIME PERIOD PSF BASED ON 200,000 SF Months 1 - 12 $2.79 $46,500.00 Months 13 - 24 $2.23 $37,200.00 Months 25 - 36 $1.67 $27,900.00 Months 37 - 48 $1.12 $18,600.00 Months 49 - 60 $0.56 $9,300.00 (b) Proration of Partial Year or Month. The Rent for the first partial calendar year and month, respectively, of the Term and upon the expiration or termination of this Master Lease, the Rent for the last partial calendar year and month, respectively, of the Term shall be prorated on a per diem basis. (c) Abatement of Rent. The parties acknowledge and agree that Landlord and Tenant desire to find third -party tenants for entirety of the Premises. As such, Tenant's obligation to pay monthly Rent shall be abated based on the portion of the Building that is, or at any time was, subject to a Replacement Lease. A "Replacement Lease" shall be any lease entered into by Landlord after the Effective Date of this Master Lease with a third party under which the third party occupies (of has occupied) any portion of the Premises during the Term beyond any applicable tenant build- out/free rent period (which period may not continue for more than 1 month after commencement of business in the space) under such lease (provided in no case may Landlord ever receive rent hereunder and under a replacement lease for the same space and time period). Landlord shall deliver copies of all Replacement Leases to Tenant within ten (10) days of the execution thereof together with a notice regarding the termination of Tenant's rights to a portion of the Building, which termination will be effective when the third party first occupies the Premises. The rent abatement amount shall be calculated by multiplying the net square footage subject to all Replacement Leases by the per square foot rent for each respective time period of the Term as set forth in the table in Section 4(a) above, and such rent abatement MASTER LEASE PAGE 3