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Document Preview Sublease |
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Title: |
Sublease |
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2007 |
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Preview shows 7KB of 67KB total |
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$50 |
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ID: |
#2851726 |
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SUBLEASE
AGREEMENT OF SUBLEASE (this Agreement or Sublease), made as of the 3rd day of May, 2007, between Getty Images (US), Inc. (Sublandlord), a New York corporation, having an office at 601 North 34th Street, Seattle, Washington 98103 and Cardinia Real Estate, LLC, (Subtenant), a Delaware limited liability company, having an office c/o Omnicom Group Inc., at 437 Madison Avenue, New York, New York 10022.
WITNESSETH:
WHEREAS, by agreement of lease and various amendments thereto as annexed hereto as Schedule A and made a part hereof (the Prime Lease), between The Rector, Church Wardens and Vestrymen of Trinity Church in the City of New York (Prime Landlord) and Sublandlord, as tenant, Prime Landlord leased to Sublandlord certain premises (the Prime Lease Premises) more particularly described in the Prime Lease in the building (the Building) located at 75 Varick Street, New York, New York; and
WHEREAS, Sublandlord desires to sublease to Subtenant, and Subtenant desires to hire from Sublandlord, a portion of the Prime Lease Premises, consisting of the entire 6th floor in the Building (the area so sublet is hereinafter referred to as the Premises and is described in the diagram annexed hereto as Schedule B), on the terms and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants contained herein, it is agreed as follows:
1. SUBLEASING OF PREMISES. Sublandlord hereby subleases to Subtenant and Subtenant hereby hires from Sublandlord the Premises for the Term, as defined below.
2. CONDITION OF PREMISES. On the Commencement Date (as hereinafter defined), Sublandlord shall deliver the Premises, and Subtenant agrees to accept the Premises, vacant, broom clean and in as is condition subject to Sublandlords obligations hereunder, if any. Sublandlord shall not be obligated to perform any work or furnish any materials in, to or about the Premises in order to prepare the Premises for use or occupancy by Subtenant or otherwise except as provided for in this Sublease.
3. TERM OF SUBLEASE. The term (Term) of this Sublease shall commence on the latest of the following to occur: (i) delivery of the Premises to Subtenant in the condition required by Article 2 hereof, (ii) Subtenants receipt of the written consent of Prime Landlord to this Sublease, and (iii) June 1, 2007 (the Commencement Date) and, unless sooner terminated as herein provided, shall expire on March 30, 2015 (the Expiration Date). The parties agree to enter into a Commencement Date Agreement promptly following same memorializing the actual Commencement Date, but failure to do so shall not relieve any party of any obligations hereunder.
4. PRIME LANDLORDS CONSENT. This Sublease is subject to and conditioned upon Sublandlord obtaining the written consent of Prime Landlord to this Sublease.
Sublandlord shall promptly request such consent and use commercially reasonable efforts to obtain same at Sublandlords sole cost and expense, but shall not be required to incur any extraordinary expense in doing so. Subtenant shall cooperate with Sublandlord, at no cost or expense to Subtenant, to obtain such consent and shall provide all information concerning Subtenant that Prime Landlord shall reasonably request. If such consent is refused or if Prime Landlord shall otherwise fail to grant such consent within forty five (45) days after the date of this Sublease, then either party may, but shall not be obligated, by written notice to the other, given at any time prior to the granting of such consent, to terminate and cancel this Sublease, whereupon within five days after receipt of such notice of termination Sublandlord shall refund to Subtenant any Rental and Deposit (as hereinafter defined) paid in advance hereunder. Upon the making of such refunds, neither party hereto shall have any further obligation to the other under this Sublease, except to the extent that the provisions of this Sublease expressly survive the termination of this Sublease.
5. RENT.
A. Subtenant covenants and agrees to pay to Sublandlord, in lawful money of the United States during the term hereof fixed rent (Fixed Rent) of $218,910.00 per month or $2,626,920.00 per annum commencing on that date which shall be six (6) months following the Commencement Date (the Rent Commencement Date) through the Expiration Date. Subtenant shall pay the first monthly installment of Fixed Rent payable under this Sublease on or before the Rent Commencement Date.
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