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GRUBB & ELLIS.
„ Cressy & Everett
December 5, 2011
John Mester
CB Richard Ellis
RE: Proposal to Lease space at 121 S. Michigan St., South Bend, IN
FINAL TERMS AND CONDITIONS
TENANT: St. Joe Valley Metronet
BUSINESS USE: Local office & customer interface location for Metronet
Zing.
PROPERTY: Michigan Street Shops, downtown South Bend
PREMISES: 1,423 Square Feet
located in the former Spark Design Studio space
121 S. Michigan Street
South Bend, IN 46601
TERM: Forty Eight (48) months, commencing immediately upon
full Lease execution, estimated to be January 1, 2012.
RENEWAL OPTION(S): So long as Tenant is not in Default, Tenant shall have the
option to extend for two (2) terms of three (3) years. During
each renewal term, rent shall increase by a flat 3% over the
previous term.
BASE RENT: Rent shall be abated for the first Twelve (12) months.
Thereafter Tenant shall pay $8.25 Dollars per sq. ft. for
year one (1), $8.50 per sq. ft. for year two (2) and $8.75 per
sq. ft. for year three (3).
j GRUBB & ELLIS.
Cressy & Everett
NET CHARGES: Tenant shall pay its pro -rata share of Common Area
Maintenance "CAM" charges in addition to Base Rent as
further defined in a lease. CAM charges will be based on
actual expenses to maintain the property, including Real
Estate Taxes, property insurance, etc. which are incurred
for each operating calendar year, not to exceed Four
Dollars ($4.00) per square foot per year for the first year.
CAM shall be capped at 3% annual increases thereafter.
UTILITIES: Tenant shall pay for its own utilities from date of
possession, which shall be separately metered and billed
directly to Tenant.
DELIVERY OF SPACE: Landlord shall deliver the space "as -is ".
TENENT IMPROVEMENTS: Tenant shall be responsible for the cost of Tenants build
out. Tenant improvements shall be subject to Landlord
review. Such review shall not be unreasonably withheld.
LEASE GUARANTEE: The fiflffimoi;ll s-- efthi., Jp se shall be „° enally
guar-anteed by the Tenant.—
MAINTENANCE
RESPONSIBILITIES: Tenant shall be responsible for all Interior Maintenance
which shall be further defined in the Lease.
DEPOSIT: A security deposit equal to one (1) month base rent shall be
due upon lease signing.
GRUBB & ELLIS.
„ Cressy & Everett
SIGNAGE: Tenant shall be allowed to
place its sign on the fagade of
the building at Tenant's sole
cost and expense. Said sign
shall comply with all municipal code regulations and
Landlord's signs specifications and written approval of
Landlord shall be obtained prior to any sign installation.
MISCELANEOUS: Landlord shall provide 2 parking spaces in Leighton Plaza
Parking Garage at a discount of $15.00 per space, per
month.
BROKERAGE / AGENCY: Landlord and Tenant agree that the only brokers involved
in this transaction John Mester of CBRE I Bradley, and
Sheral Litell of Grubb & Ellis / Cressy and Everett who
shall be paid by Landlord pursuant to a separate written
agreement.
Note that this letter is not a binding legal agreement, nor shall it be construed as a legal offer to
lease. Neither Landlord nor Tenant shall have any obligation resulting from the terms and
conditions contained herein, nor shall any obligation or liability be incurred by either party until
and unless a lease is signed and fully executed by both parties.
Landlord:
Date:
Tenant: Date: