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Document Preview Standard Industrial Lease |
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Title: |
Standard Industrial Lease |
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Entities: |
EGL, Inc.; McMillan/Miami LLC; EGL Eagle Global Logistics, LP |
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Date: |
2003 |
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Size: |
Preview shows 7KB of 131KB total |
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Price: |
$67 |
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ID: |
#117322 |
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STANDARD INDUSTRIAL LEASE
THIS STANDARD INDUSTRIAL LEASE (the "Lease"), made this 20th day of
December, 2002, by and between MCMILLAN/MIAMI, LLC, a Florida limited liability
company, hereinafter referred to as "Landlord," and EGL EAGLE GLOBAL LOGISTICS,
LP a Delaware, Limited Partnership, hereinafter referred to as "Tenant," and
EGL, Inc. a Delaware corporation hereinafter referred to as "Guarantor."
WITNESSETH:
1. PREMISES
In consideration of the rents, covenants, agreements, and stipulations
herein set forth, Landlord hereby leases to Tenant and Tenant hereby takes from
Landlord (i) that certain tract of land, consisting of approximately 18.136
acres located at the southeast intersection of N.W. 72nd Avenue and N.W. 58th
Street in Miami-Dade County, Florida, as more particularly described on Exhibit
"A" attached hereto and made a part hereof (such tract of land being referred
to as the "Land"); and (ii) that certain building to be constructed by Landlord
on the Land, which will contain approximately 364,608 square feet (the
"Building") as shown on "Exhibit B" attached hereto and made a part hereof (the
Land and the Building are collectively referred to herein as the "Premises,"
and sometimes as the "Project"). The Building shall be constructed in
accordance with those certain plans and specifications, dated November 11,
2001, which have been permitted by the applicable governmental authorities of
Miami-Dade County, Florida (the "Plans").
Tenant shall have the right, within thirty days after completion of
the Building, to have the Building measured by Landlord's architect, who shall
be licensed in the state of Florida, to confirm the square footage is in
accordance with the same standards for measurement as used in the Plans. The
square footage measurement obtained by the architect shall control, and in the
event that the actual square footage differs by more than 1% from the estimated
square footage shown above, Landlord and Tenant covenant and agree to execute
an amendment hereto confirming the same with corresponding adjustments in rent.
2. TERM; CONDITIONS
The term of this Lease shall commence on the date (herein called the
"Commencement Date") which is the later of: (i) November 1, 2003; or (ii) the
date on which Substantial Completion (hereinafter defined) has occurred, and
shall expire (unless extended if any extension is provided herein) at 11:59
p.m. on the last day of the one hundred twentieth (120th) full calendar month
after the Rent Commencement Date (hereinafter defined); provided, that, if
Substantial Completion occurs prior to November 1, 2003, and if Tenant
thereupon takes possession of the Premises prior to November 1, 2003, the
Commencement Date shall be the date that Tenant takes possession of the
Premises. The initial term of this Lease and any extension thereof shall herein
be referred to as the "Lease Term." However, notwithstanding anything else to
the contrary in this Lease, this Lease shall be void and shall have no force or
{PAGE}
effect unless and until Landlord (or any party to whom Landlord assigns its
right to purchase, lease, or otherwise occupy the Premises) has purchased,
leased, or entered into a written agreement allowing it to otherwise occupy all
of the Premises. If Landlord or its assigns has failed to purchase, lease, or
enter into an agreement allowing it to otherwise occupy the Premises by
December 31, 2002 (the "Purchase Date"), this Lease shall be null and void on
the Purchase Date and neither party shall have any further obligations to the
other and neither party shall have any right of recovery against the other on
account of the failure of Landlord or its assigns to purchase, lease, or enter
into an agreement allowing it to otherwise occupy the Premises by the Purchase
Date. If Landlord or its assigns has purchased, leased, or entered into a
written agreement allowing it to otherwise occupy and become the owner of the
Premises prior to the Purchase Date, then this condition precedent shall have
been satisfied, and this Lease shall be of full force and effect. Landlord may
assign this Lease to the entity that ultimately acquires fee title to the
Premises, and upon such assignment, Landlord shall be relieved from any further
liability under this Lease.
3. RENTAL.
Tenant agrees to pay to Landlord an annual base rental as set forth on
the Special Stipulations attached hereto, commencing on April 1, 2004
(hereinafter called the "Rent Commencement Date"), subject to extension as
provided in Section 6, below. However, notwithstanding the fact that Tenant's
base rental obligation shall not commence until the Rent Commencement Date,
Tenant's obligations for Taxes (hereinafter defined) and insurance premiums (as
set forth in Section 5, below), together with Tenant's obligations for
Operating Expenses (hereinafter defined), as set forth in Section 9 below,
shall commence as of the Commencement Date. Tenant shall also pay all taxes in
the nature of sales, use or similar taxes, now or hereafter assessed or levied
by any taxing authority upon this payment of base rental or additional rent,
and which the Landlord is required or permitted to collect from Tenant payable
simultaneously with the payment of base rent or additional rent, as applicable.
Other remedies for nonpayment of rent notwithstanding, if the monthly
rental payment (whether for base rental or other amounts [e.g., Taxes,
insurance premiums, and Operating Expenses]) is not received by Landlord on or
before the tenth (10th) day of the month for which rent is due, a service
charge of five percent (5%) per month on all past due amounts owed on such date
shall become due and payable in addition to the regular rent owed under this
Lease. Notwithstanding the foregoing sentence, Landlord will provide notice to
Tenant of any nonpayment of rent not more than one time per lease year and
Tenant shall then have five (5) business days from the receipt of notice to
make such payment prior to Landlord imposing the penalties as prescribed
herein.
Tenant's payment of Taxes, insurance premiums, Operating Costs, and
all other monetary sums under this Lease shall be subject to any and all of the
provisions within the Lease which govern Tenant's payment of base rental, all
to be paid to the Landlord without demand, deduction or setoff at its office or
such agent or such other place as Landlord may designate by notice to Tenant in
lawful money of the United States of America, except as set forth in Section
19.2. Rent shall be made payable to the following address (or to such other
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