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Commercial Lease

 

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Title:

Commercial Lease

Entities:

Interleukin Genetics, Inc.; Clematis LLC

Date:

2002

Size:

Preview shows 6KB of 42KB total

Price:

$33

ID:

#205150

 

 

► Leasing ► Commercial ► By State ► Massachusetts Commercial Lease Agreements
► Healthcare ► Healthcare Facilities

 

 

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COMMERCIAL LEASE

1. PARTIES:

CLEMATIS LLC, with a principal place of business at 411 Waverley Oaks
Road, Suite 340, Waltham, MA, 02452, LESSOR, which expression shall
include its heirs, successors, and assigns where the context so admits,
does hereby lease to INTERLEUKIN GENETICS, INC., 135 Beaver Street,
Waltham, MA, 02452, LESSEE, which expression shall include its
successors, executors, administrators, and assigns where the context so
admits, and the LESSEE hereby leases the following described premises:

2. LEASED PREMISES:

6,011 sq. ft. + / - on the third floor of 135 Beaver Street, Waltham,
MA, 02452, together with the right to use in common, with others
entitled thereto, the hallways, stairways, and elevators, necessary for
access to said Leased Premises, and lavatories nearest thereto. See
attached Exhibit A-1 and A-2 for layout of Administrative and
Laboratory spaces, respectively.

3. TERM:

The Term of this lease shall be for five years commencing on July 1,
2001 or upon substantial completion of build out required per Exhibit
A-1 and ending on June 30, 2006. If the Leased Premises are ready for
occupancy on a date other than July 1, 2001, the rent will be adjusted
on a daily prorated basis. The parties acknowledge that occupancy and
use of the laboratory space per Exhibit A-2 may be delayed due to
untimely availability of laboratory equipment. However, substantial
completion of administrative space shall constitute substantial
completion for purposes of LESSEE's obligations hereunder.

In the event substantial completion, per Exhibit A-1, does not occur by
August 1, 2001, LESSEE shall have right to cancel the Lease in which
event all deposits shall be returned to LESSEE.

4. RENT:

A. BASE RENT:

The LESSEE shall pay to the LESSOR Base Rent at the rate of $213,390.50
dollars per year, payable in advance in monthly installments of
$17,782.54.

B. ADDITIONAL RENT FOR AMORTIZATION:

The LESSEE shall pay to LESSOR, as Additional Rent, $4,249.41 per
month, which amortizes Tenant Improvements totaling an allowed
$200,000, over sixty months, at 10% interest.

{PAGE}


C. FIRST MONTH RENT:

Upon the execution of this lease the LESSEE shall pay to the LESSOR the
first months rent in the amount of $22,031.95 ($17,782.54 plus
$4,249.41).

D. CHARGE FOR TENANT IMPROVEMENTS:

Prior to occupancy of the Premises LESSEE shall pay $12,098 to LESSOR
for Tenant Improvement charges in excess of the $200,000 allowance in
4.B. above.

E. LESSEE INSTALLED IMPROVEMENTS

LESSEE shall acquire and install at its convenience, two items listed
in the June 1, estimate of costs for Lab Furniture ($58,209.00) and BSC
4' ($8,345.00). Such installation shall be coordinated with the
LESSOR's project supervisor, to avoid interference with the LESSOR's
work schedule, hereunder.

5. SECURITY DEPOSIT:

Upon the execution of this lease, the LESSEE shall pay to the LESSOR
the amount of $96,520.24 dollars, which shall along with the $10,175.00
previously paid shall be held as a security for the LESSEE's
performance as herein provided and refunded to the LESSEE at the end
of this lease subject to the LESSEE's satisfactorily compliance with
the conditions hereof.

On the Lease anniversary date each year, the Security Deposit, totaling
$106,695.24, shall be credited to the subsequent month's rent at the
rate of $21,339.05 per month.

The Security Deposit will earn 3% simple interest, payable annually to
the LESSEE.

6. RENT ADJUSTMENT:

A. TAX ESCALATION: If any tax year commencing with the fiscal year end
6/03, the real estate taxes on the land and buildings, of which the
leased premises are a part, are in excess of the amount of the real
estate taxes thereon for the fiscal year end 6/02 (hereinafter called
the "Base Year"), LESSEE will pay to LESSOR as additional rent
hereunder, when and as designated by notice in writing by LESSOR, 6.3
percent of such excess that may occur in each year of the term of this
lease or any extension or renewal thereof and proportionately for any
part of a fiscal year. If the LESSOR obtains an abatement of any such
excess real estate tax, a proportionate share of such abatement, less
the reasonable fees and costs incurred in obtaining the same, if any,
shall be refunded to the LESSEE.

B. OPERATING COST ESCALATION: The LESSEE shall pay to the LESSOR as
additional rent hereunder when and as designated by notice in writing
by LESSOR, 6.3 percent of any increase in operating expenses over
those incurred during the calendar year 2001. Operating expenses are

 

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