|
|
|
|
Document Preview Build to Suit Lease |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Build to Suit Lease |
|||
|
Entities: |
||||
|
Date: |
2006 |
|||
|
Size: |
Preview shows 15KB of 224KB total |
|||
|
Price: |
$71 |
|||
|
ID: |
#2072080 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
BUILD TO SUIT LEASE
BY AND BETWEEN
MICRON TECHNOLOGY, INC., a Delaware corporation,
as landlord
AND
PHOTRONICS, INC., a Connecticut corporation,
as tenant
{PAGE}
BUILD TO SUIT LEASE
BY AND BETWEEN
MICRON TECHNOLOGY, INC., a Delaware corporation,
------------------------------------------------
as landlord
AND
PHOTRONICS, INC. a Connecticut corporation,
as tenant
Dated: May ____, 2006
INDEX
Page
----
ARTICLE I. DEFINITIONS.........................................................1
ARTICLE II. DEMISE.............................................................8
ARTICLE III. PREMISES..........................................................8
Section 3.1 Premises Defined...........................................8
Section 3.2 Reservation of Oil, Gas, Mineral and Water Rights..........9
Section 3.3 Permitted Exceptions.......................................9
ARTICLE IV. TERM..............................................................10
Section 4.1 Length of Term............................................10
Section 4.2 Lease Commencement Date and Rent Commencement Date........11
Section 4.3 Conveyance to Photronics Upon Expiration of Lease
Term or Prepayment; Micron Right of First Refusal..............11
ARTICLE V. RENT...............................................................11
Section 5.1 Base Rent.................................................11
Section 5.2 Rent Defined; Additional Rent.............................12
Section 5.3 Lease Prepayment; Principal Reduction Payments............13
ARTICLE VI. TAXES.............................................................15
Section 6.1 Real Property Taxes.......................................15
Section 6.2 Separate Tax Parcel.......................................16
Section 6.3 Other Taxes...............................................17
Section 6.4 Right to Contest..........................................17
ARTICLE VII. CONDUCT OF BUSINESS BY PHOTRONICS................................17
Section 7.1 Use of Premises...........................................17
Section 7.2 Restrictions on Use.......................................18
i
{PAGE}
Section 7.3 Contest of Requirements...................................19
Section 7.4 Exterior Signs and Sign Monument(s).......................19
ARTICLE VIII. MAINTENANCE, REPAIRS AND ALTERATIONS............................20
Section 8.1 Micron's Obligations......................................20
Section 8.2 Photronics' Obligations...................................20
Section 8.3 Alterations and Additions.................................21
ARTICLE IX. INSURANCE; INDEMNITY..............................................22
Section 9.1 Liability Insurance.......................................22
Section 9.2 Casualty Insurance - Fixtures, Mask Shop Equipment,
Personal Property and Photronics' Improvements.................23
Section 9.3 Insurance Policies........................................24
Section 9.4 Waiver of Subrogation.....................................24
Section 9.5 Indemnity.................................................25
Section 9.6 Exemption of Micron.......................................25
Section 9.7 Notices...................................................26
Section 9.8 Builder's Risk Insurance to be Maintained by Micron.......26
ARTICLE X. DAMAGE OR DESTRUCTION AND APPROPRIATION............................26
Section 10.1 Damage or Destruction....................................26
Section 10.2 Appropriation............................................28
Section 10.3 Termination of Lease upon Substantial Casualty
or Substantial Appropriation...................................29
Section 10.4 No Micron Liability for Casualty or Appropriation........30
ARTICLE XI. ASSIGNMENT AND SUBLETTING.........................................30
Section 11.1 Micron's Rights..........................................31
Section 11.2 No Release of Photronics.................................31
ARTICLE XII. RESERVED.........................................................32
ARTICLE XIII. UTILITY SERVICES................................................32
Section 13.1 Utility Charges..........................................32
Section 13.2 Interruption of Service..................................32
ARTICLE XIV. DEFAULTS AND REMEDIES............................................32
Section 14.1 Defaults.................................................32
Section 14.2 Remedies.................................................33
Section 14.3 Determination of Rent....................................34
Section 14.4 Default by Micron........................................35
Section 14.5 Expense of Litigation....................................35
Section 14.6 Holding Over.............................................35
Section 14.7 Micron's Rights..........................................35
Section 14.8 Third-Party Litigation...................................36
ii
{PAGE}
ARTICLE XV. HAZARDOUS MATERIALS...............................................36
ARTICLE XVI. IMPROVEMENT OF THE PREMISES......................................40
Section 16.1 Timeline; Commitment for Equipment Financing;
Coordination...................................................40
Section 16.2 Micron's Work............................................40
Section 16.3 Photronics' Work.........................................42
Section 16.4 Warranties and Guaranties................................42
ARTICLE XVII. MISCELLANEOUS...................................................43
Section 17.1 Offset Statement.........................................43
Section 17.2 Micron's Right of Access.................................43
Section 17.3 Transfer of Micron's Interest............................44
Section 17.4 Separability.............................................44
Section 17.5 Interest on Past Due Obligations.........................44
Section 17.6 Time of Essence..........................................45
Section 17.7 Construction; Interpretation.............................45
Section 17.8 Incorporation of Prior Agreements; Amendments............46
Section 17.9 Notices..................................................46
Section 17.10 Brokers.................................................47
Section 17.11 Waivers.................................................47
Section 17.12 Liens...................................................47
Section 17.13 Subordination...........................................48
Section 17.14 Force Majeure...........................................49
Section 17.15 Yield Up Premises; Quitclaim............................49
Section 17.16 Survival of Indemnities.................................50
Section 17.17 Security Deposit........................................50
Section 17.18 No Option...............................................50
Section 17.19 Micron Liability........................................50
Section 17.20 Termination.............................................51
Section 17.21 Accord and Satisfaction.................................52
Section 17.22 Counterparts............................................52
Section 17.23 Building Security.......................................53
Section 17.24 Publicity...............................................53
Section 17.25 Governing Law...........................................53
Section 17.26 Rights and Remedies Cumulative..........................53
Section 17.27 Dispute Resolution......................................54
Section 17.28 Third-Party Beneficiaries...............................54
Section 17.29 No Recording............................................54
Section 17.30 Quiet Enjoyment.........................................54
EXHIBIT A - Plot Plan of Land
EXHIBIT B - Legal Description of Land
EXHIBIT C - Form of Special Warranty Deed
EXHIBIT D-1 - Form of Lease Payment Schedule
EXHIBIT D-2 - Sample Lease Payment Schedule (for Illustrative Purposes Only)
EXHIBIT E - Timeline
iii
{PAGE}
EXHIBIT F - Reserved
EXHIBIT G - Core and Shell Work and Related Work
EXHIBIT H - Form of Memorandum of Lease
EXHIBIT I - Form ofMemorandum of Cancellation of Lease
iv
{PAGE}
BUILD TO SUIT LEASE
-------------------
THIS BUILD TO SUIT LEASE ("Lease") is made and entered into as of
May ___, 2006, by and between MICRON TECHNOLOGY, INC., a Delaware corporation
("Micron") and PHOTRONICS, INC., a Connecticut corporation ("Photronics") (each
a "Party" and collectively the "Parties").
RECITALS
(a) Micron and Photronics are each in the business of the
development, fabrication and sale of photomasks.
(b) Pursuant to certain Transaction Documents (defined in
Article I hereof), Micron and Photronics have entered into certain contracts
with each other with respect formation and operation of the Company dedicated to
the development, fabrication and sale of advanced photomasks for Micron and
Photronics.
(c) In order for Photronics to obtain a facility qualified to
produce the advanced photomasks for Micron pursuant to the requirements of said
Transaction Documents, Micron and Photronics desire to enter into this Lease for
the development, construction, leasing, equipping and ultimate conveyance to
Photronics of a qualified "mask shop" production facility, subject and pursuant
to the terms and conditions herein set forth.
ARTICLE I.
DEFINITIONS
"additional rent" shall have the meaning set forth in Section
5.2.
"Affiliate" of any specified Person means any other Person
Controlling or Controlled by or under common Control with such specified Person.
"Alterations" shall have the meaning set forth in Section 8.3(a).
"Applicable Laws" shall mean all present and future laws,
ordinances, orders, rules, regulations and requirements of all governmental
authorities having jurisdiction over the Premises, Micron or Photronics and the
requirements of any applicable insurance underwriters, all of the foregoing
applicable to the ownership, development, use, occupancy and maintenance of the
Premises and any certificates of occupancy issued for the Premises.
"Applicable Lease Prepayment Date" shall have the meaning set
forth in Section 5.3(a)(ii).
"Appropriation" shall mean any taking of or damage to all or any
part of the Premises by reason of any exercise of the power of eminent domain,
whether by condemnation proceedings or otherwise, or any transfer of all or any
part of the Premises made in avoidance of an exercise of the power of eminent
domain.
1
{PAGE}
"Appropriation Award" means any award(s) paid or payable (whether
or not in a separate award) to either Party after the Lease Commencement Date
because of or as compensation for any Appropriation, including: (1) any award
made for any improvements that are the subject of the Appropriation; (2) the
full amount paid or payable by the condemning authority for the estate that is
the subject of the Appropriation, as determined in Appropriation; (3) any
interest on such award; and (4) any other sums payable on account of such
Appropriation.
"Appropriation Effective Date" shall mean, for any Appropriation,
the first date when the condemning authority has acquired title to or possession
of any Premises subject to the Appropriation.
"Base Rent" shall have the meaning set forth in Section 5.1(a).
|
End of Preview |
Home Intelligence Services Subscriptions News About Us