|
|
|
|
Document Preview Lease |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Lease |
|||
|
Entities: |
Ford Motor Land Development Corp.; General Motors Corp.; Roush Industries; Wells Real Estate Investment Trust II Inc. |
|||
|
Date: |
2004 |
|||
|
Size: |
Preview shows 25KB of 85KB total |
|||
|
Price: |
$49 |
|||
|
ID: |
#255764 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
LEASE
between
FORD MOTOR LAND DEVELOPMENT CORPORATION
Landlord
and
ROUSH INDUSTRIES
Tenant
TERM SHEET
Basic Lease Provisions
| 1. Date: | December 21, 1999 | |||
| 2. Landlord: |
FORD MOTOR LAND DEVELOPMENT CORPORATION Suite 1500 East One Parklane Blvd. Dearborn, Michigan 48126 | |||
| 3. Tenant: | Roush Industries, a Michigan corporation | |||
| 4. Section 1.01 | Building A: |
Approximately 84,000 rentable square feet (address to be determined at site plan review meeting) Allen Park, Michigan 48101 | ||
| Building B: |
Approximately 85,200 rentable square feet (address to be determined at site plan review meeting) Allen Park, Michigan 48101 | |||
| 5. Section 1.01 | Complex: | Fairlane Business Park | ||
| 6. Section 1.01 | Tenants Percentage Share: 100% | |||
| 7. Section 3.01 |
Commencement Date of Building A: October 1, 2000 Commencement Date of Building B: November 15, 2000 | |||
| 8. Section 3.01 | Expiration Date of Buildings A & B: November 14, 2000 | |||
| 9. Section 3.02 | Alternate Expiration Date for Buildings A & B: Ten years from Commencement Date of Building B | |||
| 10. Section 4.01 | Rent | |||
| Sq. Ft. |
Lease Years |
PSF |
Annual |
Monthly |
Daily | |||||||||||
|
Bldg. A |
84,000 | Years 1 through 5 | $ | 11.00 | $ | 924,000.00 | $ | 77,000.00 | $ | 2,531.51 | ||||||
| Years 6 through 10 | $ | 13.00 | $ | 1,092,000.00 | $ | 91,000.00 | $ | 2,991.78 | ||||||||
|
Bldg. B |
85,200 | Years 1 through 5 | $ | 11.00 | $ | 937,200.00 | $ | 78,100.00 | $ | 2,567.67 | ||||||
| Years 6 through 10 | $ | 13.00 | $ | 1,107,600.00 | $ | 92,300.00 | $ | 3,034.52 | ||||||||
| 11. Section 5.01 | Permitted Use: Automotive research and development and related administrative offices | |||
| 12. Section 22.01 | Broker: None | |||
| 13. Section 23.01 | Landlords Address for Notices: | |||
| Ford Motor Land Development Corporation Suite 1500 East One Parklane Boulevard Dearborn, Michigan 48126 Attn: Fairlane Property Manager | ||||
| Tenants Address for Notices: | ||||
| Roush Industries, Inc. 11874 Market Street Livonia, MI 48150 Attn: Facilities Department Phone: (734) 779-7263 | ||||
| With a copy to: | ||||
| Roush Industries, Inc. 12445 Levan Livonia, MI 48150 Attn: Legal Department Phone: (734) 779-7201 | ||||
| 14. Section 24.01 | Security Deposit: Waived | |||
| Additional Provisions: | ||||
| 15. Section 27 | Building C | |||
If Tenant is not in default hereunder. Tenant shall deliver Notice to Landlord prior to the date that is two years following Tenants occupancy of Building A that it has elected to exercise its right to expand into an 82,800 square foot building to be built by Landlord (Right to Expand) as shown on Exhibit A (Building C) under the following terms and conditions:
| (i) | the lease term for Building C will be at least five years; |
| (ii) | the lease rate will be the market rate at the projected date of occupancy for similar buildings in the Fairlane Business Park, Allen Park, Michigan; |
| (iii) | the tenant improvement allowance will be the amount of tenant improvement allowance being offered by Landlord in similar buildings in the Fairlane Business Park at the projected date of occupancy, but not less than $25.00 per square foot; |
| (iv) | When Tenant notifies Landlord that it desires to exercise its Right to Expand, Tenant must state in such Notice the number of square feet in Building C it will lease which in no event shall be less than fifty percent (50%) of the square footage of Building C. Notwithstanding anything to the contrary herein regarding Tenants Right to Expand, Landlord shall not be obligated to construct Building C in the event Tenant notifies Landlord that it desires to lease less than one hundred percent (100%) of Building C and Landlord, in its sole judgement, determines that the remaining space in Building C unoccupied by Tenant will not be marketable to third parties at a rate of return acceptable to Landlord. Landlord agrees that it will notify Tenant within thirty (30) days after it receives Tenants notice of its desire to lease less than one hundred percent (100%) of Building C whether or not Landlord will nonetheless construct Building C. Tenant acknowledges that if it leases less than 100% of Building C, and Landlord elects to construct Building C, Landlord may lease the remaining space in Building C to such third party tenants and upon such terms and conditions as it deems acceptable in its sole discretion, and Tenant shall share the ground-mounted sign provided in connection with Building C with such other third party tenants. |
| (v) | Building C will match Buildings A and B in building materials and colors; |
| (vi) | Following Tenants Notice to Landlord that it is exercising Its Right to Expand, Building C will be available for occupancy approximately twelve (12) months following the latter of: (a) Tenant providing Landlord with an approved space plan, or (b) Tenant and Landlord executing a mutually-agreeable form of lease, whichever occurs last. |
|
End of Preview |
Home Intelligence Services Subscriptions News About Us