Shopping Center Lease
Category: 270 Legal Recent Posts, Commercial Lease
SHOPPING CENTER LEASE
THIS LEASE (this “Lease”) is entered into this 1st day of December, 1996, by and between the Landlord and the Tenant hereinafter named.
ARTICLE I
BASIC LEASE PROVISIONS
***
(f) Premises: 13,762 useable square feet, such premises
being shown and outlined on the plan
attached hereto as Exhibit “B” and being
part of the 8000 Sunset Boulevard Shopping
Center described on Exhibit “A” (“Shopping
Center”).
(g) Lease Term: Ten years as further defined in Article III
with one (1) five year option to renew as set
out in Article XXV.
(h) Target Commencement Date: May 16, 1997
(i) Initial Minimum Rent: Three Hundred Thirty Thousand Two Hundred
and Eighty-Eight Dollars ($330,288)
annually as further defined in Section 4.2.
(j) [Intentionally Omitted]
(k) Permitted Use: General office use, as more fully described in Section 6.1(a).
***
(n) Guarantor: Think New Ideas, Inc., a Delaware corporation
(o) Property Manager: Tom Rau, Jones, Lang, Wootton, or any subsequent
property manager designated by the Landlord
1.2 Construction of Definitions. Each of the foregoing definitions and basic provisions shell be construed in conjunction with and limited by references thereto in other provisions of this Lease.
ARTICLE II
PREMISES
2.1 Grant of Premises. In consideration of the obligation of Tenant to pay Rent (defined below) as herein provided and in consideration of the other terms, covenants and conditions hereof, Landlord hereby demises and leases to Tenant, and Tenant hereby takes from Landlord, the Premises as described in Article I, Section 1.1(f) TO HAVE AND TO HOLD for the Lease Term specified in Section 1.1(g) above, all upon the terms and conditions set forth in this Lease.
2.2 Floor Area. “Floor Area” as used in this Lease means, with respect to the Premises and with respect to each store separately leased, the aggregate of (a) the number of square feet of floor space on all floor levels, including mezzanines, measured from the center line of party walls between tenant areas and the exterior face of all other walls, and (b) all outside selling areas used for the sale of merchandise by tenants, if permitted. No deduction or exclusion from Floor Area shall be made by reason of columns, stairs, elevators, escalators or other interior construction or equipment. Landlord may, at any time and from time to time, make changes or additions to the Shopping Center which result in an increase or decrease in the aggregate Floor Area occupied or designed for occupancy by tenants of the Shopping Center; provided, however, that except as provided herein, no such change or addition shall increase or decrease the Floor Area of the Premises without Tenant’s prior consent.
ARTICLE III
TERM AND COMMENCEMENT DATE
3.1 Commencement Date. The “Commencement Date” shall be the earlier of:
(a) One Hundred Fifty Eight (158) days following the date of this Lease first above written;
(b) The date Tenant opens for business; or
(c) May 16, 1997
No delay in the occurrence of the Commencement Date shall entitle Tenant to any damages, the right to terminate this Lease or any other remedy. Tenant shall perform all obligations of the Tenant hereunder from and after the date hereof, other than the obligation to pay Minimum Rent, Rent and Taxes. All obligations of Tenant hereunder, without exception, shall be performed by Tenant from and after the Commencement Date. This Lease shall be a binding contractual obligation upon the parties hereto effective upon the execution hereof by Landlord and Tenant, notwithstanding the later commencement of the Lease Term (defined below).
Promptly following the Commencement Date, each of Landlord and Tenant, upon the request of the other to do so, shall execute and deliver a memorandum confirming the Commencement Date (and other related dates) in the form of Exhibit “D” attached hereto.
3.2 Lease Term. The term of this Lease (the “Lease Term”) shall commence on the Commencement Date and shall continue, unless sooner terminated pursuant to the provisions hereof, for the period specified in Section 1.1(g); provided, however, in the event that the Commencement Date is other than the first day of a calendar month, the Lease Term shall be extended by the number of days remaining in the current calendar month following the Commencement Date (the “Partial Lease Month”) (such that the scheduled expiration date shall be the last day of a calendar month).
ARTICLE IV
MINIMUM RENT
4.1 Payment of Rent Generally. All forms of Rent (defined below) payable hereunder shall be payable in lawful money of the United States, in advance, without offset or deduction, prior notice or demand to Landlord by delivery to the Property Manager at Suite B301, 8000 Sunset Boulevard, Los Angeles, California 90046-2402 or to such other address as Landlord may specify in writing from time to time to Tenant. As used in this Lease, the term “Rent” shall mean Minimum Rent (defined below), and Additional Rent. The term “Additional Rent” shall mean all amounts payable by Tenant to Landlord under this Lease other than Minimum Rent.
4.2 Minimum Rent: Definitions and Calculations.
(a) Definitions.
(i) “Minimum Rent” shall mean the Rent payable pursuant to Section 4.3 and calculated pursuant to Section 4.2(b).
(ii) “Initial Minimum Rent” shall mean an amount equal to the sum of Three Hundred Thirty Thousand, Two Hundred and Eighty-Eight Dollars ($330,288) per year.
(iii) “Lease Year” shall mean each twelve (12) month period commencing on (A) the Commencement Date (or the anniversary thereof for the second (2nd) and succeeding Lease Years) if the Commencement Date occurs on the first day of a month, and otherwise (B) on the first day of the calendar month immediately following the Commencement Date, or the anniversary thereof. “Partial Lease Month” shall mean, if the Commencement Date is other than the first day of a calendar month, the period between the Commencement Date and the first day of the calendar month immediately following the Commencement Date. The Partial Lease Month shall be included in the first Lease Year.
(b) Calculation of Minimum Rent.
(i) Minimum Rent for the first three (3) Lease Years shall equal the Initial Minimum Rent.
(ii) Minimum Rent for the fourth, fifth and sixth Lease Years shall equal Three Hundred Sixty-Three Thousand, Three Hundred Sixteen Dollars ($363,316) per year.
(iii) Minimum Rent for the seventh, eighth, ninth and tenth Lease Years shall equal Four Hundred Twelve Thousand, Eight Hundred Sixty Dollars ($412,860) per year.
(iv) Minimum Rent for the Option Term (as that term is defined in Article XXV, below) shall equal ninety-five percent (95%) of the fair market rental rate of the higher of retail or office premises located in buildings of similar quality as determined by Landlord, but in no event less than the Minimum Rent for the tenth Lease Year of the initial term.
===
Click here for the complete Shopping Center Lease