THIS LEASEAGREEMENT(the“Lease”) isentered intoandeffective asof (date), between (“Landlord”), and (Tenant”). LandlordandTenantagreeasfollows:
1. LEASESUMMARY.
a. LeasedPremises.Theleasedcommercialrealestatei)consistsofanagreedareaof
rentablesquarefeetandisoutlinedonthefloorplanattachedasExhibitA (the “Premises”);ii)islocatedonthelandlegallydescribedonattachedExhibitB;andiii)iscommonlyknown as
(suitenumberandaddress). ThePremisesdonotinclude,andLandlordreserves,theexteriorwallsandroofofthebuildinginwhich thePremisesarelocated(the“Building”), thelandbeneaththeBuilding,thepipesandducts,conduits, wires,fixtures,andequipment abovethesuspended ceiling;andthestructuralelementsoftheBuilding. TheBuilding,thelanduponwhichitissituated,allotherimprovementslocatedonsuchland,andall commonareasappurtenant totheBuildingarereferredtoasthe“Property.” TheBuildingandallother buildingsonthePropertyasofthedateofthisLeaseconsistofanagreedareaof rentablesquarefeet.
b. LeaseCommencementDate.Theterm ofthisLeaseshall beforaperiodof monthsand shall commenceon or suchearlieror laterdateas providedin Section3(the “CommencementDate”).
c. LeaseTerminationDate. ThetermofthisLease shallterminateatmidnighton orsuchearlierorlaterdateasprovidedinSection3(the“TerminationDate”). Tenantshallhavenoright oroptiontoextendthisLease,unlessotherwisesetforthinariderattachedtothisLease(e.g.,Optionto ExtendRider,CBAFormOR).
d. BaseRent.Thebasemonthlyrentshallbe(checkone):$,oraccordingtothe
RentRiderattachedhereto(“BaseRent”).RentshallbepayableatLandlord'saddressshowninSection
1(h)below,orsuchotherplacedesignatedinwritingbyLandlord.
e. PrepaidRent. Upon executionofthisLease,Tenant shalldeliver toLandlordthesumof$ asprepaidrent,tobeappliedtotheRentdueformonths through oftheLease.
f.SecurityDeposit.UponexecutionofthisLease,TenantshalldelivertoLandlordthesumof$ tobeheldasasecuritydepositpursuant toSection5below.Thesecuritydepositshallbeintheformof (check one): cash, or letterofcreditaccordingtotheLetterofCreditRider(CBAFormLCR) attachedhereto.
g. PermittedUse.ThePremisesshallbeusedonlyfor
andfornootherpurposewithoutthepriorwrittenconsentofLandlord(the“PermittedUse”).
h. NoticeandPaymentAddresses.
Landlord:
FaxNo.: Email:
Tenant:
FaxNo.: Email:
i.Tenant'sProRataShare.LandlordandTenantagreethatTenant'sProRataShareis %, basedontheratio oftheagreedrentablearea ofthePremisestotheagreedrentablearea oftheBuilding andallotherbuildingsonthePropertyasofthedateofthisLease. Anyadjustment tothePremises'or Building'srentablefloorareameasurements willbereflectedinanadjustmenttoTenant'sBaseRentor ProRataShare.
2. PREMISES.
a. LeaseofPremises.LandlordleasestoTenant,and TenantleasesfromLandlord,thePremisesuponthe termsspecifiedinthisLease.
b. Acceptance of Premises. Except as specified elsewhere in this Lease, Landlord makes no representations orwarrantiestoTenantregardingthePremises,includingthestructuralconditionofthe Premisesortheconditionofallmechanical,electrical,andothersystemsonthePremises. Exceptfor anytenantimprovementstobecompletedbyLandlordasdescribedonattachedExhibitC(the“Landlord's Work”), TenantshallberesponsibleforperforminganyworknecessarytobringthePremisesintoa conditionsatisfactoryto Tenant.By signingthisLease,Tenantacknowledgesthatithashadanadequate opportunitytoinvestigatethePremises;acknowledges responsibilityformakinganycorrections, alterationsandrepairstothePremises(otherthantheLandlord'sWork);andacknowledgesthatthetime neededtocompleteanysuchitemsshallnotdelaytheCommencementDate.
c. TenantImprovements. AttachedExhibitCsetsforthallLandlord'sWork,ifany,andalltenant improvementstobecompletedbyTenant(the“Tenant'sWork”),ifany,thatwillbeperformedonthe Premises. Responsibility fordesign,paymentandperformanceofallsuchworkshallbeassetforthon attachedExhibitC. IfTenantfailstonotifyLandlordofanydefectsintheLandlord'sWorkwithinthirty (30)daysofdeliveryofpossession toTenant,TenantshallbedeemedtohaveacceptedthePremisesin theirthencondition. IfTenantdiscoversanymajordefectsintheLandlord'sWorkduringthis30-day periodthatwouldpreventTenantfromusingthePremises forthePermitted Use,Tenantshallnotify LandlordandtheCommencementDateshallbedelayeduntilafterLandlordhasnotifiedTenantthat Landlordhascorrected themajordefectsandTenanthashadfive(5)daystoinspectandapprovethe Premises. TheCommencementDateshallnotbedelayedifTenant'sinspection revealsminordefectsin theLandlord's WorkthatwillnotpreventTenantfromusingthePremises forthePermitted Use. Tenant shallprepareapunchlistofallminordefectsinLandlord's WorkandprovidethepunchlisttoLandlord, whichLandlordshallpromptlycorrect.
suchearlierorlaterdateasmaybespecifiedbynoticedeliveredbyLandlordtoTenantadvisingTenantthat
thePremisesarereadyforpossessionandspecifyingtheCommencementDate,whichshallnotbelessthan
days(thirty(30)daysifnotfilledin)followingthedateofsuchnotice.
a. EarlyPossession. IfLandlordpermitsTenanttopossessandoccupythePremisespriortothe Commencement DatespecifiedinSection1,thensuchearlyoccupancyshallnotadvancethe CommencementDate or theTerminationDate set forth in Section1, but otherwiseall terms and conditionsofthisLeaseshallnevertheless applyduringtheperiodofearlyoccupancybeforethe CommencementDate.
b. DelayedPossession.LandlordshallactdiligentlytomakethePremisesavailabletoTenant;provided, however,neitherLandlordnoranyagentoremployee ofLandlordshallbeliableforanydamageorloss duetoLandlord'sinabilityorfailuretodeliverpossession ofthePremisestoTenantasprovidedinthis Lease. Ifpossessionisdelayed,theCommencementDatesetforthinSection1shallalsobedelayed. Inaddition,theTermination DatesetforthinSection 1shallbemodifiedsothatthelengthoftheLease termremainsthesame. IfLandlorddoesnotdeliverpossessionofthePremisestoTenantwithin
days(sixty(60)daysifnotfilledin)aftertheCommencementDatespecifiedinSection1,Tenantmay electtocancelthisLeasebygivingwrittennoticetoLandlord withinten(10)daysaftersuchtimeperiod ends. IfTenantgivessuchnoticeofcancellation,theLeaseshallbecancelled,allprepaidrentand securitydepositsshallberefundedtoTenant,andneitherLandlordnorTenantshallhaveanyfurther obligationstotheother. Thefirst“Leaseyear”shallcommenceontheCommencementDateandshall endonthedatewhichistwelve(12)monthsfromtheendofthemonthinwhichtheCommencement
Dateoccurs. EachsuccessiveLeaseyearduring theinitialtermandanyextensiontermsshallbetwelve
(12)months,commencing onthefirstdayfollowingtheendoftheprecedingLeaseyear. Totheextent thatthetenantimprovementsarenotcompletedintimefortheTenanttooccupyortakepossessionof the Premisesonthe CommencementDatedue tothe failureofTenanttofulfill anyofitsobligationsunder thisLease,theLeaseshallneverthelesscommenceontheCommencementDatesetforthinSection1.
4. RENT.
a. PaymentofRent.TenantshallpayLandlordwithoutnotice,demand,deductionoroffset,inlawful moneyoftheUnitedStates,themonthlyBaseRentstatedinSection1inadvanceonorbeforethefirst dayofeachmonthduringtheLeasetermbeginningon(checkone): the CommencementDate,or (ifnodatespecified, thenontheCommencementDate),andshallalso
payanyotheradditionalpaymentsduetoLandlord(“Additional Rent”),includingOperatingCosts (collectivelythe “Rent”)whenrequiredunderthis Lease.Paymentsforany partialmonthatthe beginning orendoftheLease shallbeprorated.AllpaymentsduetoLandlordunderthisLease, includinglatefees andinterest,shallalsoconstituteAdditionalRent,anduponfailureofTenanttopayanysuchcosts, chargesorexpenses, Landlordshallhavethesamerightsandremediesasotherwiseprovidedinthis LeaseforthefailureofTenanttopayrent.
b. TripleNetLease. ThisLeaseiswhatiscommonly calleda“Net,Net,Net”or“triple-net” Lease,which means that,except asotherwiseexpresslyprovidedherein, Landlordshallreceive allBaseRentfreeand clearofanyandallotherimpositions,taxes,liens,chargesorexpensesofanynaturewhatsoeverin connectionwiththeownershipandoperationofthePremises. Inaddition toBaseRent,Tenantshallpay tothepartiesrespectivelyentitledthereto,orsatisfydirectly,allAdditionalRentandotherimpositions, insurance premiums, repair and maintenance charges, and any other charges, costs, obligations, liabilities,requirements, andexpenses,includingwithoutlimitationtheOperatingCostsdescribedin Section8,whicharisewithregardtothePremisesormaybecontemplated underanyotherprovisionof theLeaseduringitsterm,exceptforcostsandexpensesexpresslymadetheobligationofLandlordinthis Lease.
received withinfive(5)business daysaftertheirduedate,TenantshallpayLandlord anamountequalto thegreaterof$100orfivepercent(5%)ofthedelinquent amountforthecostofcollectingandhandling suchlatepaymentinadditiontotheamountdueandasAdditionalRent.Alldelinquentsumspayableby TenanttoLandlordandnotpaidwithinfive(5)businessdaysaftertheirduedateshall,atLandlord's option,bearinterestattherateoffifteenpercent(15%)perannum,orthehighestrateofinterest allowable bylaw,whichever isless(the“DefaultRate”). Interestonalldelinquent amountsshallbe calculatedfromtheoriginalduedatetothedateofpayment.
d. LessThanFullPayment.Landlord'sacceptanceoflessthanthefullamountofanypaymentduefrom Tenantshallnotbedeemedanaccordandsatisfactionorcompromise ofsuchpaymentunlessLandlord specifically consentsinwritingtopaymentofsuchlessersumasanaccordandsatisfaction or compromiseofthe amountwhichLandlordclaims.Any portionthat remainsto be paidbyTenantshall be subjecttothelatechargesanddefaultinterestprovisionsofthisSection4.
5. SECURITYDEPOSIT.UponexecutionofthisLease,TenantshalldelivertoLandlordthesecuritydeposit specifiedinSection 1above. Landlord'sobligationswithrespect tothesecurity depositarethoseofadebtor andnotofatrustee,andLandlordmaycomminglethesecuritydepositwithitsotherfunds. IfTenant breaches anycovenant orcondition ofthisLease,including butnotlimitedtothepaymentofRent,Landlord mayapplyalloranypartofthesecuritydeposittothepaymentofanysumindefaultandanydamage sufferedbyLandlordasaresultofTenant'sbreach. Tenantacknowledges,however,thatthesecuritydeposit shallnotbeconsideredasameasure ofTenant'sdamagesincaseofdefault byTenant, andanypayment to Landlordfromthesecuritydepositshallnotbeconstrued asapaymentofliquidated damagesforTenant's default. IfLandlordappliesthesecuritydepositascontemplated bythisSection,Tenantshall,withinfive(5) daysafterwrittendemandthereforebyLandlord,depositwithLandlordtheamountsoapplied. IfTenant complieswithallofthecovenantsandconditionsofthisLeasethroughouttheLeaseterm,thesecurity depositshallberepaidtoTenant without interestwithinthirty(30)daysafterthesurrenderofthePremisesby TenantintheconditionrequiredhereunderbySection13ofthisLease.
6. USES.ThePremises shallbeusedonlyforthePermitted UsespecifiedinSection1above,andfornoother businessorpurposewithoutthepriorwrittenconsentofLandlord. Noactshallbedoneonoraroundthe Premisesthatisunlawfulorthatwillincreasetheexistingrateofinsurance onthePremises, theBuilding,or theProperty,orcausethecancellationofanyinsuranceonthePremises,theBuilding,ortheProperty. TenantshallnotcommitorallowtobecommittedanywasteuponthePremises,oranypublicorprivate nuisance. TenantshallnotdoorpermitanythingtobedoneonthePremises, theBuilding,ortheProperty which will obstructor interferewith the rights of other tenants or occupantsof the Property, or their employees, officers,agents,servants,contractors, customers,clients,visitors,guests,orotherlicenseesor inviteesortoinjureorannoysuchpersons.
7. COMPLIANCEWITHLAWS.TenantshallnotcauseorpermitthePremisestobeusedinanywaywhich violatesanylaw,ordinance,orgovernmentalregulationororder. LandlordrepresentstoTenantthat,asof theCommencementDate,toLandlord'sknowledge,butwithoutdutyofinvestigation,andwiththeexception ofanyTenant'sWork,thePremisescomplywithallapplicablelaws,rules,regulations, ororders,including withoutlimitation,theAmericansWithDisabilitiesAct,ifapplicable,andLandlordshallberesponsibleto promptlycureat its solecostanynoncompliancewhichexistedon theCommencementDate.Tenantshallbe responsibleforcomplyingwithalllawsapplicabletothePremisesasaresultofthePermittedUse,and Tenantshallberesponsibleformakingany changesoralterationsasmayberequiredbylaw, rule, regulation, ororderforTenant'sPermittedUseatitssolecostandexpense. Otherwise,ifchangesoralterationsare requiredbylaw,rule,regulation, ororderunrelatedtothePermittedUse,Landlordshallmakechangesand alterationsatitsexpense.
8. OPERATINGCOSTS.
a. Definition.As used herein,“OperatingCosts”shall meanallcostsofoperating,maintainingandrepairing thePremises, theBuilding,andtheProperty,determined inaccordance withgenerallyaccepted accountingprinciples,andincluding withoutlimitation thefollowing: alltaxesandassessments(including, butnotlimitedto,realandpersonalpropertytaxesandassessments, localimprovementdistrict assessmentsandotherspecialpurposeassessments, andtaxesonrentorgrossreceipts);insurance premiums paidbyLandlordand(totheextentused)deductiblesforinsurance applicable totheProperty; water,sewerandallotherutilitycharges(otherthanutilitiesseparatelymeteredandpaiddirectlyby Tenantorothertenants);janitorialandallothercleaningservices;refuseandtrashremoval;supplies, materials,tools,andequipmentusedintheoperation,repair,andmaintenance oftheProperty; refurbishingandrepainting;carpetreplacement;totheextentservingareasotherthanjustthePremises, heating,ventilationandairconditioning (”HVAC”)serviceandrepairandreplacementofHVACwhen necessary;elevatorserviceandrepairandreplacementofelevatorswhennecessary;pestcontrol; lightingsystems,firedetectionandsecurityservices;landscapemaintenance; management (feesand/or personnelcosts);parkinglot,road,sidewalkanddrivewaypatching,resurfacingandmaintenance; snow andiceremoval;repair,maintenance, and,wherereasonablyrequired,replacementofsignage; amortizationofcapitalimprovements asLandlordmayinthefutureinstalltocomplywithgovernmental regulationsandrulesorundertakeningoodfaithwithareasonableexpectationofreducingoperating costs(theusefullifeofwhichshallbeareasonable periodoftimeasdetermined byLandlord); costsof legalservices(exceptthoseincurreddirectlyrelatingtoaparticular occupant oftheBuilding); and accountingservices,labor,supplies,materialsandtools. LandlordandTenantagreethatiftheBuilding isnotninetypercent (90%)occupiedduringanycalendaryear(includingtheBaseYear,ifapplicable),on amonthlyaverage,thenthoseportionsoftheOperatingCoststhataredrivenbyoccupancy rates,as reasonably determined byLandlord,shallbeincreasedtoreflecttheOperatingCostsoftheBuildingas thoughitwereninetypercent(90%)occupied andTenant'sProRataShareofOperating Costsshallbe baseduponOperatingCostsassoadjusted. OperatingCostsshallnotinclude:Landlord'sincome taxor generalcorporateoverhead;depreciationontheBuildingorequipmenttherein;loanpayments;real estatebroker'scommissions; capitalimprovements toormajorrepairsoftheBuildingshell(i.e.,the Buildingstructure,exteriorwalls,roof,andstructuralfloorsandfoundations),exceptasdescribedabove; oranycostsregardingtheoperation,maintenanceandrepairofthePremises,theBuilding,orthe PropertypaiddirectlybyTenantorothertenantsintheBuilding,orotherwisereimbursed toLandlord. If Tenantisrentingapadseparatefromanyotherstructures onthePropertyforwhichLandlordseparately furnishestheservicesdescribedinthisparagraph,thentheterm“OperatingCosts”shallnotinclude thosecostsofoperating,repairing,andmaintainingtheenclosedmallwhichcanbeseparatelyallocated tothetenantsoftheotherstructures. OperatingCostswhichcannotbeseparatelyallocatedtothe tenantsofotherstructuresmayincludebutarenotlimitedto:insurancepremiums; taxesand assessments;management(feesand/orpersonnelcosts);exteriorlighting;parkinglot,road,sidewalk anddrivewaypatching,resurfacingandmaintenance; snowandiceremoval;andcostsoflegalservices andaccountingservices.
b. TypeofPayment.OptionsoneandtwobelowaddressthemannerinwhichOperatingCostsarepaid underthisLease. Toselectthepuretriplenetoption,checkoption1. Toselectthebaseyearoption, checkoption2.
OPTIONONE:TRIPLENET.AsadditionalRent,TenantshallpaytoLandlordonthefirstofeach monthwithpaymentofTenant'sbaseRentone-twelfthofTenant'sProRataShareof OperatingCosts.
OPTION TWO:BASEYEAR.TheBaseRentpaidbyTenantunderthisLeaseincludesTenant'sPro RataShareofOperatingCostsforthecalendaryearinwhichtheCommencementDateoccurs(the “Base Year”). As additional Rent, Tenant shall pay to Landlord on the first day of each month commencingonthefirstdayofthefirstyearaftertheCommencement Date,withTenant'spaymentof BaseRent,one-twelfth oftheamount,ifany,bywhichTenant'sProRataShareofOperating Costs exceedsTenant'sannualizedProRataShareofOperatingCostsfortheBaseYear.
c. MethodofPayment.TenantshallpaytoLandlordOperatingCostspursuanttothefollowingprocedure:
(i) LandlordshallprovidetoTenant,atorbeforetheCommencementDate,agoodfaithestimateof annualOperatingCostsforthecalendaryearinwhichtheCommencementDateoccurs. Landlord shallalsoprovidetoTenant,assoonaspossiblefollowingthefirstdayofeachsucceeding calendar year,agoodfaithestimateofTenant'sannualProRataShare ofOperatingCosts forthethen-current year.
(ii) EachestimateofTenant'sannualProRataShareofOperatingCostsdeterminedbyLandlord,as described above,shallbedividedintotwelve(12)equalmonthlyinstallments. IfTenantpays Operating CostsunderOptionOne,TenantshallpaytoLandlordsuchmonthlyinstallment of OperatingCostswitheachmonthlypaymentofBaseRent. IfTenantpaysOperatingCostsunder OptionTwo,TenantshallpaytoLandlordwitheachmonthlypaymentofBaseRenttheamount,if any, by which such monthly installments of Operating Costs exceed one twelfth of Tenant's annualizedProRateShareofOperatingCostsfortheBaseYear. Intheeventtheestimatedamount ofTenant'sProRataShareofOperatingCostshasnotyetbeendetermined foranycalendaryear, Tenantshallpaythemonthlyinstallment intheestimatedamountdetermined forthepreceding calendaryear until theestimateforthecurrentcalendaryear hasbeen providedtoTenant. Whenthe estimateforthecurrentcalendaryearisreceived, Tenantshallthenpayanyshortfallorreceivea creditforanysurplusfortheprecedingmonthsofthecurrentcalendaryearandshall,thereafter, makethemonthlyinstallmentpaymentsinaccordancewiththecurrentestimate.
(iii)Assoonasreasonably possiblefollowingtheendofeachcalendaryearoftheLeaseterm,Landlord shall determineandprovidetoTenantastatement(the“OperatingCosts Statement”)settingforth the amountof OperatingCostsactuallyincurredand the amountofTenant'sProRataShare ofOperating CostsactuallypayablebyTenantwithrespecttosuchcalendaryear. Intheeventtheamountof Tenant'sProRataShareofOperatingCostsexceedsthesumofthemonthlyinstallmentsactually paidbyTenantforsuchcalendar year,TenantshallpaytoLandlordthedifference withinthirty(30) daysfollowing receiptoftheOperating CostsStatement. Intheeventthesumofthemonthly installmentsactuallypaidbyTenantforsuchcalendar yearexceedstheamountofTenant's ProRata ShareofOperating Costsactuallydueandowing,thedifference shallbeappliedasacreditto Tenant'sfutureProRataShareofOperatingCostspayablebyTenantpursuanttothisSection,orif thetermhasexpired,theexcessshallberefunded toTenantwithinthirty(30)daysafterdeliveryof suchOperatingCostsStatement.
(iv)ShouldTenantdisputeanyamountshownon the OperatingCostsStatement,Tenantmay audit Landlord'sbooksandrecordsforthecalendaryearcoveredbysuchOperating CostsStatementupon writtennoticetoLandlordgivenwithinninety(90)daysafterTenant's receiptofsuchOperatingCosts Statement. IfTenantfailtoprovidenoticeofdisputewithin suchninety(90)dayperiod,theOperating Costs Statementshallbe finalandconclusive.Anyaudit conductedbyTenantshallbecompletedwithin sixty(60)daysafterTenant'srequesttherefor.IntheeventtheamountofTenant'sProRataShareof OperatingCostsexceedsthesumofthemonthlyinstallmentsactuallypaidbyTenant forsuch
calendaryear, TenantshallpaytoLandlordthedifferencewithinthirty(30)daysfollowingcompletion oftheaudit. IntheeventthesumofthemonthlyinstallmentsactuallypaidbyTenantforsuch calendar yearexceeds theamountofTenant'sProRataShareofOperating Costsactuallydueand owing,thedifferenceshallbeappliedasacredittoTenant'sfutureProRataShareofOperating CostspayablebyTenantpursuanttothisSection,orifthetermhasexpired,theexcessshallbe refundedtoTenantwithinthirty(30)daysaftercompletionoftheaudit. LandlordandTenantshall cooperateasmaybereasonablynecessaryinordertofacilitatethetimelycompletionofanyaudit. NothinginthissectionshallinanymannermodifyTenant'sobligations tomakepaymentsasandwhen providedunderthisLease.
9. UTILITIESANDSERVICES.LandlordshallprovidethePremisesthefollowingservices,thecostofwhich shallbeincludedintheOperating Costs,totheextentnotseparately meteredtothePremises: waterand electricityforthePremisesseven(7)daysperweek,twenty-four(24)hoursperday,andHVACfrom
a.m.to p.m.MondaythroughFriday; a.m.to p.m.onSaturday; and a.m.to p.m.onSunday.LandlordshallprovidejanitorialservicetothePremises andBuildingfive(5)nightseachweek,exclusiveofholidays,thecostofwhichshallalsobeincludedin OperatingCosts.HVACserviceswill alsobeprovidedbyLandlordtothe Premisesduringadditionalhourson reasonablenoticetoLandlord,atTenant'ssole cost andexpense,atanhourlyratereasonablyestablishedby LandlordfromtimetotimeandpayablebyTenant,asandwhenbilled,as AdditionalRent. Notwithstanding theforegoing, ifTenant'suseofthePremisesincursutilityservicechargeswhichareabovethoseusualand customaryforthePermittedUse,LandlordreservestherighttorequireTenanttopayareasonableadditional chargeforsuchusage. Landlordshallnotbeliableforanyloss,injuryordamagetopersonorproperty causedbyorresultingfromanyvariation,interruption,orfailureofutilitiesduetoanycausewhatsoever,and Rentshallnotabateasa resultthereof.
Tenantshallfurnishallotherutilities(including,butnotlimitedto,telephone,Internet,andcableserviceif available) andotherserviceswhichTenantrequireswithrespecttothePremises,andshallpay,atTenant's soleexpense, thecostofallutilitiesseparatelymeteredtothePremises,andofallotherutilitiesandother serviceswhichTenantrequireswithrespecttothePremises, exceptthosetobeprovidedbyLandlordand includedinOperatingExpensesasdescribedabove.
10.TAXES.Tenantshallpayalltaxes,assessments,liensandlicensefees(“Taxes”)levied,assessedor imposed byanyauthority havingthedirectorindirectpowertotaxorassessanysuchliens,relatedtoor required byTenant'suseofthePremisesaswellasallTaxesonTenant'spersonalpropertylocatedonthe Premises. LandlordshallpayalltaxesandassessmentswithrespecttotheProperty,includinganytaxes resultingfromareassessment oftheBuildingorthePropertyduetoachangeofownershiporotherwise,all ofwhichshallbeincludedinOperatingCostsandsubjecttopartialreimbursement byTenantassetforthin Section8.
11.COMMONAREAS.
a. Definition. Theterm“Common Areas”meansallareas,facilitiesandbuildingsystemsthatareprovided anddesignatedfromtimetotimebyLandlordforthegeneralnon-exclusiveuseandconvenienceof Tenantwithothertenantsandwhicharenotleasedorheldfortheexclusiveuseofaparticulartenant. TotheextentthatsuchareasandfacilitiesexistwithintheProperty, CommonAreasincludehallways, entryways, stairs,elevators,driveways, walkways, terraces,docks,loadingareas,restrooms, trash facilities,parkingareasandgarages,roadways, pedestriansidewalks,landscaped areas,securityareas, lobbyor mallareas,commonheating,ventilatingandair conditioningsystems,commonelectricalservice,
withreasonablerulesandregulationsconcerningtheuseoftheCommonAreasadoptedbyLandlord fromtimetotime. WithoutadvancenoticetoTenantandwithoutanyliabilitytoTenant,Landlordmay changethesize,use,ornatureofanyCommon Areas,erectimprovementsontheCommon Areasor convertanyportionof theCommonAreastothe exclusiveuse ofLandlordorselectedtenants,solongas TenantisnottherebydeprivedofthesubstantialbenefitofthePremises. Landlordreservestheuseof exteriorwallsandtheroof,andtherighttoinstall,maintain,use,repairandreplacepipes,ducts, conduits,andwiresleading throughthePremisesinareaswhichwillnotmateriallyinterferewithTenant's use thereof.
b. UseoftheCommonAreas.Tenantshallhavethenon-exclusiveright,incommonwithsuchother tenantstowhom Landlordhasgrantedormaygrant suchrights, tousetheCommonAreas. Tenantshall abidebyrulesandregulationsadoptedbyLandlordfromtimetotimeandshalluseitsbesteffortsto causeitsemployees, officers,agents,servants,contractors,customers,clients,visitors,guests,orother licenseesorinvitees tocomplywiththoserulesandregulations,andnotinterferewiththeuseof CommonAreasby others.
c. MaintenanceofCommonAreas.LandlordshallmaintaintheCommon Areasingoodorder,condition andrepair. ThismaintenancecostshallbeanOperatingCostchargeabletoTenantpursuanttoSection
8. Inperformingsuchmaintenance,Landlordshallusereasonableeffortstominimizeinterferencewith
Tenant'suseandenjoymentofthePremises.
12.ALTERATIONS.Tenantmaymakealterations,additionsorimprovementstothePremises,includingany TenantWorkidentifiedon attachedExhibitC (the “Alterations”),only with the priorwrittenconsentof Landlord,which,withrespectto AlterationsnotaffectingthestructuralcomponentsofthePremisesorutility systemstherein,shallnotbeunreasonably withheld,conditioned,ordelayed. Landlordshallhavethirty(30) daysinwhichtorespondtoTenant'srequestforanyAlterationssolong assuch requestincludesthenameof Tenant'scontractorsandreasonablydetailedplansandspecificationstherefor. Theterm“Alterations”shall notincludetheinstallation ofshelves,movablepartitions, Tenant'sequipment, andtradefixturesthatmaybe performedwithoutdamagingexistingimprovementsorthestructuralintegrityofthePremises,theBuilding,or theProperty,andLandlord's consentshallnotberequiredforTenant'sinstallation orremovalofthoseitems. TenantshallperformallworkatTenant'sexpenseandincompliance withallapplicablelawsandshall completeallAlterationsinaccordancewithplansandspecificationsapprovedbyLandlord,usingcontractors approvedbyLandlord,andinamannersoasnottounreasonably interferewithothertenants. Tenantshall pay,whendue,orfurnishabondforpayment (assetforthinSection20)allclaimsforlaborormaterials furnishedtoorforTenantatorforuseinthePremises,whichclaimsareormaybesecuredbyany mechanics' ormaterialmens'liensagainstthePremisesorthePropertyoranyinteresttherein. Tenantshall removeallAlterationsattheendoftheLeasetermunlessLandlordconditioneditsconsentuponTenant leavingaspecified AlterationatthePremises,inwhichcaseTenantshallnotremovesuchAlteration,andit shallbecomeLandlord'sproperty. TenantshallimmediatelyrepairanydamagetothePremisescausedby removalofAlterations.
13.REPAIRSAND MAINTENANCE;SURRENDER.Tenant shall, at its sole expense,maintainthe entire Premisesingoodconditionand promptlymakeallnon-structuralrepairsand replacementsnecessarytokeep thePremisessafeandingoodcondition,includingallHVACcomponentsandotherutilitiesandsystemstothe extentexclusivelyservingthePremises.LandlordshallmaintainandrepairtheBuildingstructure,foundation, subfloor,exteriorwalls,roofstructureandsurface,andHVACcomponentsandotherutilitiesandsystems servingmorethanjustthePremises,andtheCommonAreas,thecostsofwhichshallbeincludedasan OperatingCost.Tenantshallnot damageany demisingwall or disturbthe structuralintegrityof the Premises, theBuilding, ortheProperty andshallpromptly repairanydamageorinjurydonetoanysuchdemising walls orstructuralelementscausedbyTenantoritsemployees,officers,agents,servants,contractors,customers,
Tenantshallnotberesponsible foranyrepairstothePremisesmadenecessarybythenegligenceorwillful misconduct ofLandlordoritsemployees, officers,agents,servants,contractors, customers,clients,visitors, guests,orotherlicenseesorinviteestherein. IfTenantfailstoperformTenant'sobligationsunderthis Section,Landlordmay atLandlord'soptionenterupon thePremisesafter ten(10) days'prior noticetoTenant and put the sameingoodorder,conditionand repairand the costthereoftogetherwithinterestthereonatthe defaultratesetforthinSection4shallbedueandpayableasadditionalrenttoLandlordtogetherwith Tenant'snextinstallmentofBaseRent. UponexpirationoftheLeaseterm,whetherbylapseoftimeor otherwise,TenantshallpromptlyandpeacefullysurrenderthePremises,together withallkeys,toLandlordin asgood conditionaswhenreceivedbyTenantfromLandlordorasthereafterimproved,reasonablewearand tearandinsuredcasualtyexcepted.
14.ACCESSANDRIGHTOFENTRY.Aftertwenty-four(24)hours'noticefromLandlord(exceptincasesof emergency, whennonoticeshallberequired),TenantshallpermitLandlordanditsagents,employeesand contractorstoenterthePremisesatallreasonabletimestomakerepairs,inspections, alterationsor improvements,provided thatLandlord shallusereasonableeffortstominimize interferencewithTenant'suse andenjoymentofthePremises. ThisSectionshallnotimposeanyrepairorotherobligationuponLandlord notexpresslystatedelsewhereinthisLease.AfterreasonablenoticetoTenant,Landlordshallhavetheright toenterthePremisesforthepurposeof(a)showingthePremisestoprospectivepurchasersorlendersat anytime,andtoprospective tenantswithinonehundredeighty(180)dayspriortotheexpirationorsooner termination oftheLeaseterm;and(b)posting“forlease”signswithinonehundredeighty(180)dayspriorto theexpirationorsoonerterminationoftheLeaseterm.
15.SIGNAGE. Tenant shall obtain Landlord's written consent as to size, location, materials, method of attachment,and appearance,before installing any signs upon the Premises. Tenant shall install any approvedsignageatTenant'ssoleexpenseandincompliancewithallapplicablelaws. Tenantshallnot damageordefacethePremisesininstallingorremovingsignageandshallrepair anyinjury ordamagetothe Premisescausedbysuchinstallationorremoval.
16.DESTRUCTIONORCONDEMNATION.
a. DamageandRepair.IfthePremisesortheportionoftheBuildingorthePropertynecessaryforTenant's occupancyarepartiallydamagedbutnotrendereduntenantable, byfireorotherinsuredcasualty,then LandlordshalldiligentlyrestorethePremisesandtheportionofthePropertynecessary forTenant's occupancy totheextentrequiredbelowandthisLeaseshallnotterminate. Tenantmay,however, terminate theLeaseifLandlordisunabletorestorethePremises withinsix(6)monthsofthecasualty eventbygivingtwenty(20)dayswrittennoticeoftermination.
ThePremisesortheportionoftheBuildingorthePropertynecessaryforTenant'soccupancyshallnotbe deemeduntenantable iftwenty-fivepercent(25%)orlessofeachofthoseareasaredamaged. If insuranceproceedsarenotavailableorarenotsufficienttopaytheentire costofrestoringthePremises, orifLandlord'slenderdoesnotpermitalloranypartoftheinsuranceproceedstobeappliedtoward restoration,thenLandlordmayelecttoterminatethisLeaseandkeeptheinsuranceproceeds,by notifyingTenantwithinsixty(60)daysof thedateof suchcasualty.
IfthePremises,theportionoftheBuildingorthePropertynecessaryforTenant'soccupancy,orfifty percent(50%)ormoreoftherentableareaofthePropertyareentirelydestroyed,orpartiallydamaged andrendered untenantable,byfireorothercasualty, Landlord may,atitsoption:(a)terminate thisLease asprovidedherein,or(b)restorethePremisesandtheportionofthePropertynecessary forTenant's occupancytotheirpreviousconditiontotheextentrequiredbelow;provided,however,ifsuchcasualty
termtimelyexercisedbyTenant)theneitherTenantorLandlordmayelecttoterminatetheLease. If, withinsixty(60)daysafterreceiptbyLandlord fromTenantofwrittennoticethatTenantdeemsthe Premises ortheportionoftheProperty necessary forTenant'soccupancyuntenantable,Landlordfailsto notifyTenantofitselectiontorestorethoseareas,orifLandlordisunabletorestorethoseareaswithin six(6)monthsofthedateofthecasualtyevent,thenTenantmayelecttoterminatetheLeaseupon twenty(20)days'noticetoLandlordunlessLandlord, withinsuchtwenty(20)dayperiod,notifiesTenant thatitwillinfactrestorethePremisesoractuallycompletes suchrestoration worktotheextentrequired below,asapplicable.
IfLandlordrestoresthePremises orthePropertyunderthisSection,Landlordshallproceedwith reasonable diligencetocompletethework,andtheRentshallbeabatedinthesameproportionasthe untenantable portionofthePremisesbearstothewholePremises,providedthatthereshallbeaRent abatementonlyifthedamageordestructionofthePremisesorthePropertydidnotresultfrom,orwas notcontributed todirectlyorindirectlybytheact,faultorneglectofTenant,orTenant'semployees, officers,agents,servants,contractors, customers,clients,visitors,guests,orotherlicenseesorinvitees. Nodamages, compensationorclaimshallbepayablebyLandlordforinconvenience,lossofbusinessor annoyancedirectly,incidentallyorconsequentiallyarisingfromanyrepairorrestorationofanyportionof thePremisesortheProperty. Landlordshallhavenoobligationtocarryinsuranceofanykindforthe protectionofTenant;anyalterationsorimprovements paidforbyTenant;anyTenant'sWorkidentifiedin Exhibit C (regardless of who may have completed them); Tenant's furniture; or on any fixtures, equipment,improvements orappurtenances ofTenantunderthisLease,andLandlord'srestoration obligationshereundershallnotincludeanyobligationtorepairanydamagetheretoorreplacethesame.
b. Condemnation. IfthePremises,theportionoftheBuildingorthePropertynecessaryforTenant's occupancy,or50%ormoreoftherentableareaofthePropertyaremadeuntenantable byeminent domain,orconveyedunderathreatofcondemnation, thisLeaseshallterminateattheoptionofeither LandlordorTenantasoftheearlierofthedatetitlevestsinthecondemningauthorityorthecondemning authorityfirsthaspossession ofthePremisesortheportionofthePropertytakenbythecondemning authority. All Rentsandotherpaymentsshallbe paidto thatdate.
Ifthecondemning authoritytakesaportionofthePremisesoroftheBuildingorthePropertynecessary forTenant'soccupancythatdoesnotrenderthemuntenantable,thenthisLeaseshallcontinueinfull forceandeffectandtheRentshallbeequitablyreducedbasedontheproportionbywhichthefloorarea ofanystructures isreduced.ThereductioninRentshallbeeffectiveontheearlierofthedatethe condemningauthorityfirsthaspossessionofsuchportionortitlevestsinthecondemningauthority. The Premises ortheportionoftheBuildingorthePropertynecessary forTenant'soccupancyshallnotbe deemeduntenantableiftwenty-fivepercent(25%)orlessofeachofthoseareasarecondemned. Landlordshallbeentitledtotheentireawardfromthecondemningauthorityattributabletothevalueof thePremisesortheBuildingorthePropertyandTenantshallmakeno claimfor thevalueof its leasehold. Tenantshall be permittedto make a separateclaim againstthe condemningauthorityfor moving expenses ifTenantmayterminatetheLeaseunderthisSection,providedthatinnoeventshallTenant's claimreduceLandlord'saward.
17.INSURANCE.
a. Tenant's Liability Insurance.DuringtheLeaseterm,Tenantshallpayforandmaintaincommercial generalliabilityinsurancewithbroadformpropertydamageandcontractual liabilityendorsements. This policyshallnameLandlord,itspropertymanager(ifany),andotherpartiesdesignated byLandlordas additionalinsuredsusinganendorsementformacceptabletoLandlord,andshallinsureTenant'sactivities
andthoseofTenant'semployees, officers,agents,servants,contractors,customers,clients,visitors, guests,orotherlicenseesorinvitees withrespecttothePremisesagainstloss,damageorliabilityfor personalinjuryor bodilyinjury(includingdeath)or lossor damageto propertywithacombinedsinglelimit ofnotlessthan$2,000,000,andadeductibleofnotmorethan$10,000. Tenant'sinsurancewillbe primaryandnoncontributorywithanyliabilityinsurancecarriedbyLandlord. Landlordmayalsorequire Tenanttoobtainandmaintainbusinessincomecoverageforatleastsix(6)months,businessauto liabilitycoverage, and,ifapplicable toTenant'sPermittedUse,liquorliabilityinsuranceand/or warehouseman'scoverage.
b. Tenant'sPropertyInsurance.DuringtheLeaseterm,Tenantshallpayforandmaintainspecialform clausesoflosscoveragepropertyinsurance(withcoverageforearthquakeifrequiredbyLandlord's lenderand,ifthePremisesaresituatedinafloodplain,flooddamage)forallofTenant'spersonal property,fixturesandequipmentintheamountoftheirfullreplacement value,withadeductibleofnot morethan$10,000.
c. Miscellaneous. Tenant'sinsurancerequiredunderthisSectionshallbewithcompaniesratedA-/VIIor betterinBest'sInsurance Guide,andwhichareadmittedintheStateinwhichthePremises arelocated. Noinsurancepolicyshallbe cancelledor reducedin coverageandeachsuchpolicyshallprovidethatitis notsubjecttocancellation orareductionincoverageexceptafterthirty(30)dayspriorwrittennoticeto Landlord. TenantshalldelivertoLandlorduponcommencementoftheLeaseandfromtimetotime thereafter,copiesofthe insurancepoliciesorevidenceofinsuranceand copiesofendorsementsrequired by thisSection.In no eventshallthelimitsof suchpoliciesbe consideredas limitingtheliabilityof Tenant underthis Lease.IfTenantfails toacquireormaintainanyinsuranceorprovideanypolicyorevidenceof insurancerequiredbythisSection,andsuchfailurecontinuesforthree(3)daysafternoticefrom Landlord, Landlordmay,butshallnotberequiredto,obtainsuchinsuranceforLandlord'sbenefitand Tenantshallreimburse Landlordforthecostsofsuchinsurance upondemand. Suchamountsshallbe AdditionalRentpayablebyTenanthereunderandintheeventofnon-paymentthereof,Landlordshall havethesamerightsandremedies withrespecttosuchnon-paymentasithaswithrespecttoanyother non-paymentofRenthereunder.
d. Landlord'sInsurance.Landlordshallcarryspecialformclausesoflosscoveragepropertyinsuranceof theBuilding shellandcoreintheamount oftheirfullreplacementvalue,liabilityinsurancewithrespect to theCommonAreas,andsuchotherinsuranceofsuchtypesandamountsasLandlord,initsdiscretion, shalldeemreasonablyappropriate. ThecostofanysuchinsuranceshallbeincludedintheOperating Costs,and ifsuchinsuranceisprovidedbya“blanketpolicy”insuringotherpartiesorlocationsinaddition totheBuilding,thenonlytheportionofthepremiumsallocabletotheBuildingandPropertyshallbe includedintheOperatingCosts.
e. WaiverofSubrogation.LandlordandTenantherebyreleaseeachotherandanyothertenant,their agentsoremployees,fromresponsibility for,andwaivetheirentireclaimofrecoveryforanylossor damagearisingfrom any causecoveredbypropertyinsurancerequiredtobecarriedorotherwisecarried byeachofthem. Eachpartyshallprovidenoticetothepropertyinsurancecarrierorcarriersofthis mutualwaiverofsubrogation,andshallcause itsrespectivepropertyinsurancecarrierstowaive allrights ofsubrogationagainsttheother. Thiswaivershallnotapplytotheextentofthedeductibleamountsto anysuchpropertypoliciesortotheextentofliabilitiesexceedingthelimitsofsuchpolicies.
18.INDEMNIFICATION.
a. IndemnificationbyTenant. Tenantshalldefend,indemnify, andholdLandlordanditspropertymanager (ifany)harmlessagainstallliabilities,damages, costs,andexpenses, includingattorneys'fees,for personalinjury,bodilyinjury(including death)orpropertydamagearisingfromanynegligent orwrongful actoromission ofTenantorTenant'semployees,officers,agents,servants,contractors, customers, clients,visitors,guests,orotherlicenseesorinvitees onoraroundthePremisesortheProperty,or arisingfrom any breachofthis LeasebyTenant.Tenantshall uselegal counselreasonablyacceptableto LandlordindefenseofanyactionwithinTenant'sdefenseobligation.
b. IndemnificationbyLandlord.Landlordshalldefend,indemnifyandholdTenantharmlessagainstall liabilities,damages, costs,andexpenses, includingattorneys'fees,forpersonalinjury,bodilyinjury (includingdeath)orpropertydamagearisingfromanynegligentorwrongfulactoromissionofLandlordor Landlord'semployees,officers,agents,servants,contractors,customers,clients,visitors,guests,orother licenseesorinvitees onoraround thePremisesortheProperty,orarisingfromanybreachofthisLease byLandlord. Landlordshalluselegalcounselreasonably acceptable toTenantindefenseofanyaction withinLandlord'sdefenseobligation.
c. WaiverofImmunity.LandlordandTenanteachspecificallyandexpressly waiveanyimmunity thateach maybegrantedundertheWashingtonStateIndustrialInsuranceAct,Title51RCW. Neitherparty's indemnityobligationsunderthisLeaseshallbelimitedbyanylimitationontheamountortypeof damages,compensation, orbenefitspayabletoorforanythirdpartyundertheWorkerCompensation Acts,DisabilityBenefitActsor otheremployeebenefitacts.
d. ExemptionofLandlordfromLiability.ExcepttotheextentofclaimsarisingoutofLandlord'sgross negligenceorintentionalmisconduct,LandlordshallnotbeliableforinjurytoTenant'sbusinessorassets oranylossofincometherefromorfordamagetoanypropertyofTenantorofitsemployees, officers, agents,servants,contractors, customers,clients,visitors,guests,orotherlicenseesorinvitees,orany otherpersoninoraboutthePremisesortheProperty.
e. Survival.TheprovisionsofthisSection18shallsurviveexpirationorterminationofthisLease.
19.ASSIGNMENTAND SUBLETTING.Tenant shall not assign, sublet, mortgage,encumberor otherwise transferanyinterestinthisLease (collectivelyreferredtoasa“Transfer”)oranypartofthePremises,without firstobtainingLandlord'swrittenconsent,whichshallnotbeunreasonably withheld,conditioned,ordelayed. NoTransfershallrelieveTenantofanyliabilityunderthisLeasenotwithstanding Landlord'sconsenttosuch Transfer. ConsenttoanyTransfershallnotoperateasawaiverofthenecessityforLandlord'sconsentto anysubsequentTransfer. InconnectionwitheachrequestforconsenttoaTransfer,Tenantshallpaythe reasonablecostof processingsame,includingattorneys'fees,upondemandof Landlord,up to amaximumof
$1,250.
IfTenantisapartnership, limitedliabilitycompany,corporation, orotherentity,anytransferofthisLeaseby merger,consolidation, redemptionorliquidation,oranychangeintheownershipof,orpowertovote,which singularlyorcollectively represents amajorityofthebeneficialinterestinTenant,shallconstituteaTransfer underthisSection.
AsaconditiontoLandlord's approval,ifgiven,anypotentialassigneeorsublessee otherwiseapprovedby Landlordshallassumeallobligations ofTenantunderthisLeaseandshallbejointlyandseverallyliablewith Tenantandanyguarantor,ifrequired,forthepaymentofRentandperformanceofalltermsofthisLease. In connection withanyTransfer,TenantshallprovideLandlordwithcopiesofallassignments, subleasesand assumptionagreementordocuments.
20.LIENS.TenantshallnotsubjecttheLandlord'sassetstoanyliensorclaimsoflien. Tenantshallkeepthe Premises freefromanylienscreatedbyorthroughTenant. Tenantshallindemnify andholdLandlord harmlessfromliabilityforanysuchliensincluding,withoutlimitation,liensarisingfromanyAlterations. Ifa lienisfiledagainstthePremises byanypersonclaimingby,throughorunderTenant,Tenantshall,withinten (10)daysafterLandlord's demand,atTenant'sexpense,eitherremovethelienorfurnishtoLandlordabond informandamountandissuedbyasuretysatisfactorytoLandlord,indemnifyingLandlordandthePremises againstallliabilities, costsandexpenses,including attorneys'fees,whichLandlord couldreasonablyincuras aresultofsuchlien.
21.DEFAULT. Thefollowingoccurrencesshalleachconstitutea defaultbyTenant(an“EventofDefault”):
a. FailureToPay. FailurebyTenanttopayanysum,includingRent, dueunder thisLease followingfive(5)
days'noticefromLandlordof thefailureto pay.
b. Vacation/Abandonment.VacationbyTenantofthePremises(definedasanabsenceforatleastfifteen (15)consecutivedayswithoutpriornoticetoLandlord),orabandonment byTenantofthePremises (definedasanabsenceoffive(5)daysormorewhileTenantisinbreachofsomeothertermofthis Lease). Tenant'svacationorabandonment ofthePremisesshallnotbesubjecttoanynoticeorrightto cure.
c. Insolvency.Tenant'sinsolvencyorbankruptcy(whethervoluntaryorinvoluntary);orappointmentofa receiver,assigneeorotherliquidatingofficerforTenant'sbusiness;provided,however,thatintheevent ofanyinvoluntarybankruptcyorotherinsolvencyproceeding, theexistenceofsuchproceedingshall constituteanEventofDefaultonlyifsuchproceeding isnotdismissedorvacatedwithinsixty(60)days afteritsinstitutionorcommencement.
d. LevyorExecution.ThetakingofTenant'sinterestinthisLeaseorthePremises,oranypartthereof,by executionorotherprocessoflawdirectedagainstTenant,orattachmentofTenant'sinterestinthisLease byanycreditorofTenant,if suchattachmentis notdischargedwithinfifteen(15)daysafterbeinglevied.
e. OtherNon-MonetaryDefaults. ThebreachbyTenantofanyagreement, termorcovenantofthisLease otherthanonerequiringthepaymentofmoneyandnototherwiseenumerated inthisSectionor elsewherein thisLease,whichbreachcontinuesfor aperiodof thirty(30)daysafternoticeby Landlordto Tenantofthebreach.
f.Failure to Take Possession. Failure by Tenant to take possession of the Premises on the
CommencementDateorfailurebyTenanttocommenceanyTenantImprovementina timelyfashion.
LandlordshallnotbeindefaultunlessLandlordfailstoperformobligations requiredofLandlordwithina reasonabletime,butinnoeventlessthanthirty(30)daysafternoticebyTenanttoLandlord. IfLandlord failstocureanysuchdefault withintheallotted time,Tenant'ssoleremedyshallbetoseekactualmoney damages(butnotconsequentialorpunitivedamages)forlossarising fromLandlord'sfailuretodischarge itsobligationsunderthisLease. NothinghereincontainedshallrelieveLandlordfromitsdutytoperform ofanyofitsobligationstothestandardprescribedinthisLease.
Anynoticeperiodsgrantedhereinshallbedeemedtorunconcurrently withandnotinadditiontoany defaultnoticeperiodsrequiredbylaw.
remediesunderthisLeaseshallbecumulative,andnoneshallexcludeanyotherrightorremedyallowedby law.
a. TerminationofLease.LandlordmayterminateTenant'sinterestunderthe Lease,but no act by Landlord otherthannoticeofterminationfromLandlordtoTenantshallterminatethisLease. TheLeaseshall terminateonthedatespecifiedinthenoticeoftermination. Upontermination ofthisLease,Tenantwill remainliabletoLandlord fordamages inanamountequaltotheRentandothersumsthatwouldhave beenowingbyTenantunderthisLeaseforthebalanceoftheLeaseterm,lessthenetproceeds,ifany, of any relettingof the Premisesby Landlordsubsequentto the termination,after deductingall of Landlord'sRelettingExpenses(asdefinedbelow). Landlordshallbeentitledtoeithercollectdamages from Tenantmonthlyonthedaysonwhichrentorotheramounts wouldhavebeenpayableunderthe Lease,oralternatively,Landlordmayaccelerate Tenant'sobligationsundertheLeaseandrecoverfrom Tenant:(i)unpaidrentwhichhadbeenearnedatthetimeoftermination; (ii)theamountbywhichthe unpaidrentwhichwouldhavebeenearnedafterterminationuntilthetimeofawardexceedstheamount ofrentloss thatTenantprovescouldreasonablyhavebeenavoided; (iii)theamountbywhichtheunpaid rentforthebalance ofthetermoftheLeaseafterthetimeofawardexceeds theamount ofrentlossthat Tenant proves couldreasonablybeavoided(discountingsuchamountbythediscountrateoftheFederal ReserveBankofSanFrancisco atthetimeoftheaward,plus1%);and(iv)anyotheramountnecessary tocompensate LandlordforallthedetrimentproximatelycausedbyTenant'sfailuretoperformits obligations undertheLease,orwhichintheordinarycoursewouldbelikelytoresultfromtheEventof Default,includingwithoutlimitationRelettingExpensesdescribedbelow.
b. Re-EntryandReletting.LandlordmaycontinuethisLeasein fullforceandeffect,andwithoutdemandor notice,re-enterandtakepossession ofthePremisesoranypartthereof,expeltheTenantfromthe Premises andanyoneclaimingthroughorundertheTenant,andremovethepersonal property ofeither. LandlordmayreletthePremises, oranypartofthem,inLandlord's orTenant'snamefortheaccountof Tenant,forsuchperiodoftimeandatsuchothertermsandconditions asLandlord,initsdiscretion, may determine. LandlordmaycollectandreceivetherentsforthePremises. Tothefullestextentpermitted bylaw,theproceedsofanyrelettingshallbeapplied: first,topayLandlordallRelettingExpenses (definedbelow);second,topayanyindebtednessofTenanttoLandlordotherthanrent;third,totherent dueandunpaidhereunder; andfourth,theresidue,ifany,shallbeheldbyLandlordandappliedin paymentofotherorfutureobligations ofTenanttoLandlordasthesamemaybecomedueandpayable, and Tenant shallnotbeentitled toreceive anyportion ofsuchrevenue. Re-entryortakingpossessionof thePremisesbyLandlordunderthisSectionshallnotbeconstrued asanelectiononLandlord's partto terminatethisLease,unlessanoticeofterminationisgiventoTenant. Landlordreservestheright followinganyre-entryorreletting,orboth,underthisSectiontoexerciseitsrighttoterminate theLease. TenantwillpayLandlord theRentandothersumswhichwouldbepayableunderthisLeaseif repossession hadnotoccurred,lessthenetproceeds,ifany,afterrelettingthePremisesandafter deductingLandlord'sRelettingExpenses. “RelettingExpenses”is defined to include all expenses incurred by Landlord in connection with reletting the Premises, including without limitation, all repossession costs,brokeragecommissions andcostsforsecuringnewtenants,attorneys'fees, remodeling andrepaircosts,costsforremovingpersonsorproperty, costsforstoringTenant'sproperty andequipment,andcostsoftenantimprovementsandrentconcessionsgrantedbyLandlordtoanynew Tenant,proratedoverthelifeof thenewlease.
c. WaiverofRedemptionRights.Tenant,foritself,andonbehalfofanyandallpersonsclaimingthrough orunder Tenant,includingcreditorsofallkinds,herebywaivesandsurrendersallrightsandprivileges whichtheymayhaveunderanypresentorfuturelaw,toredeemthePremisesortohaveacontinuance ofthisLeasefortheLeaseterm,oranyextensionthereof.