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Title: |
Commercial Lease |
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Entities: |
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Date: |
2007 |
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Size: |
28KB total |
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Price: |
$35 |
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ID: |
#2886603 |
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COMMERCIAL LEASE
This lease, made the 15th day of March, 2007 by and between Canvasback Real Estate & Investments LLC (Lessor), and Luna Innovations, Incorporated (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:
16,400 SF (+/-) of space at 706 Forrest St. Suite 1, Charlottesville, VA 22903 (the premises)
| 2. | Existing Conditions. |
Lessee accepts premises in its condition as of the execution of the lease. Lessee acknowledges that it has made whatever physical inspection of the premises it 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 seventy nine (79) months beginning on the first day of May 2007 and shall end at 5:00 pm on the 31st day of December 2013. Lessee shall have the option to extend the lease for five (5) years at the same terms and conditions, with an annual percentage rate increase of 4%.
| 5. | Rent. |
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Period |
Monthly Rent | Period Cost | ||||
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05-1-2007 through 12-31-2007 |
$ | 15,000.00 | $ | 120,000.00 | ||
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01-1-08 through 12-31-08 |
$ | 15,000.00 | $ | 180,000.00 | ||
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1-1-09 through 12-31-09 |
$ | 22,000.00 | $ | 264,000.00 | ||
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01-1-10 through 12-31-10 |
$ | 22,880.00 | $ | 274,560.00 | ||
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1-1-11 through 12-31-11 |
$ | 23,795.20 | $ | 285,542.30 | ||
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1-1-12 through 12-31-12 |
$ | 24,747.00 | $ | 296,964.00 | ||
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1-1-13 through 12-31-13 |
$ | 25,736.88 | $ | 308,435.52 | ||
| 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 (Not to exceed one pick up per week).
| 7. | Security Deposit. |
Upon execution of this lease, Lessees deposit with the Lessor the amount of $15,000.00 (provided the amount previously deposited by Lessee for demised premises at 705A Dale Avenue ($9864.00) shall be credited against $15,000.00 deposit) to be 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, upon written notice to Lessee, 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 Lessees receipt of Lessors written request. 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. Within thirty (30) days following the expiration of the lease, Lessor shall return the deposit to Lessee minus the costs of any un-repaired damage or outstanding charges which costs or outstanding charges shall be itemized by Lessor when the deposit is returned.
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