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Title: |
Commercial Lease |
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Date: |
2006 |
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Price: |
$43 |
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ID: |
#1353451 |
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COMMERCIAL LEASE
This lease, made the 17th day of March 2003 by and between Canvasback Real Estate & Investments LLC (Lessor), and Luna Innovations, Inc. (Lessee).
WITNESSETH
That Lessor, for and in consideration of the covenants and agreements hereinafter set forth and further consideration of the rent which Lessee agrees to pay, hereby leases and demises unto Lessee, and the Lessee hereby takes, accepts and rents from Lessor, the premises hereinafter set forth for the period, at the rental, and upon the terms and conditions hereinafter set forth:
1. Premises. The demised premises, description as follows:
8500 SF (+/-) of space at 705 Dale Avenue, Charlottesville, VA [$15.28/SF]
2. Existing Conditions. Lessee accepts premises in its condition, with the exception of latent detects, as of the execution of the lease, subject to the completion of all noted improvements and conditions of Exhibit A. Lessee acknowledges that he has made whatever physical inspection of the premises he deems appropriate to ascertain the condition of the premise under this provision of the lease.
3. Permitted Uses and Manner of Use. Lessee shall use premises solely as: Office, research and laboratory space.
4. Term. The lease shall be for a term of five (5) years beginning on the first day of June 2003 and shall end at 12:00 noon on the 31st day of May 2008. Lessee shall have the option to extend the lease for one (1) additional term(s) of five (5) years at the same terms and conditions, with the same annual percentage of increase.
5. Rent.
| Month |
Annual | |||||
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Year l |
$ | 10,820.00 | $ | 129,840.00 | ||
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Year 2 |
$ | 11,144.60 | $ | 133,735.20 | ||
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Year 3 |
$ | 11,479.00 | $ | 137,748.00 | ||
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Year 4 |
$ | 11,823.00 | $ | 141,882.00 | ||
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Year 5 |
$ | 12,178.20 | $ | 146,138.40 | ||
6. Common Area Maintenance. The Lessor shall maintain, in good and clean condition, the exterior common areas, including parking lot and sidewalks and shall provide a common dumpster for Lessees use and supply water and sewer services. Lessee shall reimburse expense of such common area maintenance in the amount of $.20 per SF of demised space per month ($141.66 per month).
7. Security Deposit. Upon execution of this lease, Lessees deposit with the Lessor in the amount of $10,820.00, and the amount previously designed as the deposit for demised premises at 701 Charlton Avenue shall be credited against deposit on these demised premises and held by Lessor as security for performance by the Lessee of all covenants, terms, conditions, and provisions required to be kept and performed by Tenant under this lease. Lessor may apply all or part of the security deposit to any unpaid rent or other charges due from Lessee, or to cure any other defaults of the Lessee. If the Lessor uses any part of the security deposit, Lessee shall restore the security deposit to its full amount with ten (10) days after the Lessors written request. Lessees failure to do so shall be a material default under this lease. No interest shall be paid on the security deposit. The Lessor shall not be required to keep the security deposit separate from its other accounts and no trust relationship is created with respect to the security deposit. Lessee shall not be entitled to apply the security deposit to any rent or other sum due under this lease. Following the expiration of the lease period, the final damage inspection of the premises in Section 13, and the correction of any damages, the Lessor will return the damage deposit to the Lessee minus the costs of any unrepaired damage or outstanding charges. As the request of the Lessor, Lessee agrees to provide additional security to the Lessor for the terms of the lease.
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