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Title:

Lease

Entities:

Interchange Corp

Date:

2005

Size:

Preview shows 18KB of 227KB total

Price:

$50

ID:

#1247125

► Leasing ► Lease Agreements

Start of Preview

LEASE

(SINGLE TENANT; NET)

BETWEEN

THE IRVINE COMPANY

AND

INTERCHANGE CORPORATION

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INDEX TO LEASE

<TABLE>

<S> <C>

ARTICLE I. BASIC LEASE PROVISIONS................................................................................1

ARTICLE II. PREMISES.............................................................................................3

SECTION 2.1. LEASED PREMISES.......................................................................3

SECTION 2.2. ACCEPTANCE OF PREMISES................................................................3

SECTION 2.3. BUILDING NAME AND ADDRESS.............................................................3

ARTICLE III. TERM................................................................................................3

SECTION 3.1. GENERAL...............................................................................3

SECTION 3.2. DELAY IN POSSESSION...................................................................3

SECTION 3.3. RIGHT TO EXTEND THIS LEASE............................................................4

ARTICLE IV. RENT AND OPERATING EXPENSES..........................................................................5

SECTION 4.1. BASIC RENT............................................................................5

SECTION 4.2. OPERATING EXPENSES....................................................................5

SECTION 4.3. SECURITY DEPOSIT......................................................................7

ARTICLE V. USES..................................................................................................7

SECTION 5.1. USE...................................................................................7

SECTION 5.2. SIGNS.................................................................................8

SECTION 5.3. HAZARDOUS MATERIALS...................................................................8

ARTICLE VI. COMMON AREAS; SERVICES...............................................................................9

SECTION 6.1. UTILITIES AND SERVICES................................................................9

SECTION 6.2. OPERATION AND MAINTENANCE OF COMMON AREAS............................................10

SECTION 6.3. USE OF COMMON AREAS..................................................................10

SECTION 6.4. PARKING..............................................................................10

SECTION 6.5. CHANGES AND ADDITIONS BY LANDLORD....................................................11

ARTICLE VII. MAINTAINING THE PREMISES...........................................................................11

SECTION 7.1. TENANT'S MAINTENANCE AND REPAIR......................................................11

SECTION 7.2. LANDLORD'S MAINTENANCE AND REPAIR....................................................11

SECTION 7.3. ALTERATIONS..........................................................................11

SECTION 7.4. MECHANIC'S LIENS.....................................................................12

SECTION 7.5. ENTRY AND INSPECTION.................................................................12

ARTICLE VIII. TAXES AND ASSESSMENTS ON TENANT'S PROPERTY........................................................13

ARTICLE IX. ASSIGNMENT AND SUBLETTING...........................................................................13

SECTION 9.1. RIGHTS OF PARTIES....................................................................13

SECTION 9.2. EFFECT OF TRANSFER...................................................................14

SECTION 9.3. SUBLEASE REQUIREMENTS................................................................14

SECTION 9.4. CERTAIN TRANSFERS....................................................................15

ARTICLE X. INSURANCE AND INDEMNITY..............................................................................15

SECTION 10.1. TENANT'S INSURANCE.................................................................15

SECTION 10.2. LANDLORD'S INSURANCE...............................................................15

SECTION 10.3. TENANT'S INDEMNITY.................................................................15

SECTION 10.4. LANDLORD'S NONLIABILITY............................................................16

SECTION 10.5. WAIVER OF SUBROGATION..............................................................16

ARTICLE XI. DAMAGE OR DESTRUCTION...............................................................................16

SECTION 11.1. RESTORATION........................................................................16

SECTION 11.2. LEASE GOVERNS......................................................................17

ARTICLE XII. EMINENT DOMAIN.....................................................................................17

SECTION 12.1. TOTAL OR PARTIAL TAKING............................................................17

SECTION 12.2. TEMPORARY TAKING...................................................................17

SECTION 12.3. TAKING OF PARKING AREA.............................................................17

ARTICLE XIII. SUBORDINATION; ESTOPPEL CERTIFICATE; FINANCIALS...................................................18

SECTION 13.1. SUBORDINATION......................................................................18

SECTION 13.2. ESTOPPEL CERTIFICATE...............................................................18

SECTION 13.3. FINANCIALS.........................................................................18

ARTICLE XIV. EVENTS OF DEFAULT AND REMEDIES.....................................................................18

SECTION 14.1. TENANT'S DEFAULTS..................................................................18

SECTION 14.2. LANDLORD'S REMEDIES................................................................19

SECTION 14.3. LATE PAYMENTS......................................................................20

SECTION 14.4. RIGHT OF LANDLORD TO PERFORM.......................................................21

</TABLE>

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<TABLE>

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SECTION 14.5. DEFAULT BY LANDLORD................................................................21

SECTION 14.6. EXPENSES AND LEGAL FEES............................................................21

SECTION 14.7. WAIVER OF JURY TRIAL...............................................................21

SECTION 14.8. SATISFACTION OF JUDGMENT...........................................................21

SECTION 14.9. LIMITATION OF ACTIONS AGAINST LANDLORD.............................................21

ARTICLE XV. END OF TERM.........................................................................................22

SECTION 15.1. HOLDING OVER.......................................................................22

SECTION 15.2. MERGER ON TERMINATION..............................................................22

SECTION 15.3. SURRENDER OF PREMISES; REMOVAL OF PROPERTY.........................................22

ARTICLE XVI. PAYMENTS AND NOTICES...............................................................................22

ARTICLE XVII. RULES AND REGULATIONS.............................................................................22

ARTICLE XVIII. BROKER'S COMMISSION..............................................................................23

ARTICLE XIX. TRANSFER OF LANDLORD'S INTEREST....................................................................23

ARTICLE XX. INTERPRETATION......................................................................................23

SECTION 20.1. GENDER AND NUMBER..................................................................23

SECTION 20.2. HEADINGS...........................................................................23

SECTION 20.3. JOINT AND SEVERAL LIABILITY........................................................23

SECTION 20.4. SUCCESSORS.........................................................................23

SECTION 20.5. TIME OF ESSENCE....................................................................23

SECTION 20.6. CONTROLLING LAW/VENUE..............................................................23

SECTION 20.7. SEVERABILITY.......................................................................23

SECTION 20.8. WAIVER AND CUMULATIVE REMEDIES.....................................................23

SECTION 20.9. INABILITY TO PERFORM...............................................................23

SECTION 20.10. ENTIRE AGREEMENT..................................................................24

SECTION 20.11. QUIET ENJOYMENT...................................................................24

SECTION 20.12. SURVIVAL..........................................................................24

SECTION 20.13. INTERPRETATION....................................................................24

ARTICLE XXI. EXECUTION AND RECORDING............................................................................24

SECTION 21.1. COUNTERPARTS.......................................................................24

SECTION 21.2. CORPORATE, LIMITED LIABILITY COMPANY AND PARTNERSHIP AUTHORITY.....................24

SECTION 21.3. EXECUTION OF LEASE; NO OPTION OR OFFER.............................................24

SECTION 21.4. RECORDING..........................................................................24

SECTION 21.5. AMENDMENTS.........................................................................24

SECTION 21.6. EXECUTED COPY......................................................................24

SECTION 21.7. ATTACHMENTS........................................................................24

ARTICLE XXII. MISCELLANEOUS.....................................................................................24

SECTION 22.1. NONDISCLOSURE OF LEASE TERMS.......................................................24

SECTION 22.2. GUARANTY...........................................................................25

SECTION 22.3. CHANGES REQUESTED BY LENDER........................................................25

SECTION 22.4. MORTGAGEE PROTECTION...............................................................25

SECTION 22.5. COVENANTS AND CONDITIONS...........................................................25

SECTION 22.6. SECURITY MEASURES..................................................................25

EXHIBITS

EXHIBIT A DESCRIPTION OF PREMISES

EXHIBIT B ENVIRONMENTAL QUESTIONNAIRE

EXHIBIT C LANDLORD'S DISCLOSURES

EXHIBIT D INSURANCE REQUIREMENTS

EXHIBIT E RULES AND REGULATIONS

EXHIBIT X WORK LETTER

EXHIBIT Y PROJECT SITE PLAN

</TABLE>

<PAGE>

LEASE

(SINGLE TENANT; NET)

THIS LEASE is made as of the 18th day of March, 2005, by and between THE

IRVINE COMPANY, a Delaware corporation hereafter called "LANDLORD," and

INTERCHANGE CORPORATION, a Delaware corporation, hereinafter called "TENANT."

ARTICLE I. BASIC LEASE PROVISIONS

Each reference in this Lease to the "BASIC LEASE PROVISIONS" shall mean

and refer to the following collective terms, the application of which shall be

governed by the provisions in the remaining Articles of this Lease.

1. Premises: The Premises are more particularly described in Section 2.1.

Address of Building: 1G Technology Drive, Irvine, CA

2. Project Description (if applicable): One Technology Park I

3. Use of Premises: General office

4. Estimated Commencement Date: Thirteen (13) weeks from and after the date

of this Lease.

5. Term: Sixty (60) months, plus such additional days as may be required to

cause this Lease to terminate on the final day of the calendar month.

6. Basic Rent: Commencing on the Commencement Date, the Basic Rent shall be

Twenty Seven Thousand Five Hundred Fifty-Five Dollars ($27,555.00) per

month, based on $1.18 per rentable square foot.

Basic Rent is subject to adjustment as follows:

Commencing twelve (12) months following the Commencement Date, the Basic

Rent shall be Twenty Eight Thousand Seven Hundred Twenty-Three Dollars

($28,723.00) per month, based on $1.23 per rentable square foot.

Commencing twenty-four (24) months following the Commencement Date, the

Basic Rent shall be Twenty Nine Thousand Eight Hundred Ninety-One Dollars

($29,891.00) per month, based on $1.28 per rentable square foot.

Commencing thirty-six (36) months following the Commencement Date, the

Basic Rent shall be Thirty One Thousand Fifty-Eight Dollars ($31,058.00)

per month, based on $1.33 per rentable square foot.

Commencing forty-eight (48) months following the Commencement Date, the

Basic Rent shall be Thirty Two Thousand Two Hundred Twenty-Six Dollars

($32,226.00) per month, based on $1.38 per rentable square foot.

7. Guarantor(s): None

8. Floor Area: Approximately 23,352 rentable square feet

9. Security Deposit: $ 0 (but see Section 4.3 for Letter of Credit

Requirements).

10. Broker(s): Colliers Seeley

11. Additional Insureds: None

12. Address for Payments and Notices:

LANDLORD TENANT

THE IRVINE COMPANY

550 Newport Center Drive INTERCHANGE CORPORATION

Newport Beach, CA 92660 1G Technology Drive

Attn: Senior Vice President, Operations Irvine, CA 92618

Irvine Office Properties

<PAGE>

with a copy of notices to:

THE IRVINE COMPANY

550 Newport Center Drive

Newport Beach, CA 92660

Attn: Vice President, Operations

Irvine Office Properties, Technology Portfolio

13. Tenant's Liability Insurance Requirement: $2,000,000.00

14. Vehicle Parking Spaces: Ninety-three (93)

<PAGE>

ARTICLE II. PREMISES

SECTION 2.1. LEASED PREMISES. Landlord leases to Tenant and Tenant leases

from Landlord the premises shown in Exhibit A (the "PREMISES"), containing

approximately the rentable square footage set forth as the "FLOOR AREA" in Item

8 of the Basic Lease Provisions. The Premises consist of all of the Floor Area

End of Preview

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