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Commercial Lease

 

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Title:

Commercial Lease

Entities:

MEDTOX Scientific, Inc.

Date:

2007

Size:

Preview shows 11KB of 74KB total

Price:

$44

ID:

#2894099

 

 

► Leasing ► Commercial Lease Agreements
► Biotech & Drugs ► Medical Laboratories

 

 

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COMMERCIAL LEASE

 

This indenture of lease, dated this 28th day of July, 2000, by and between St. Paul Properties, Inc., a Delaware Corporation, hereinafter referred to as Lessor, and MEDTOX Laboratories, Inc., A Delaware Corporation, hereinafter referred to as Lessee.

 

DEFINITIONS:

Premises -- That certain real property located in the City of Roseville, County of Ramsey and State of Minnesota and legally described on Exhibit A attached hereto and made a part hereof, including all buildings and site improvements located thereon.

 

Building -- That certain building containing approximately 48,000 square feet located upon the Premises and commonly described as 2021-2033 West County Road C-2, Roseville, MN 55113.

 

Demised Premises -- That certain portion of the Building located at 2033 West County Road C-2, Roseville, MN consisting of approximately 30,000 square feet (3,000 square feet of office space and 27,000 square feet of warehouse space), as measured from the outside walls of the Demised Premises to the center of the partition wall, as shown on the floor plan attached hereto as Exhibit B and made a part hereof. The Demised Premises include a non-exclusive easement for access to common areas, as hereinafter defined, and all licenses and easements appurtenant to the Demised Premises.

 

Common Areas -- The term common area means the entire areas to be used for the non-exclusive use by Lessee and other lessees in the Building, including, but not limited to, driveways, parking lots, and landscaped areas. Subject to reasonable rules and regulations promulgated by Lessor, the common areas are hereby made available to Lessee and its employees, agents, customers, and invitees for reasonable use in common with other lessees, their employees, agents, customers, and invitees.

 

WITNESSETH:

 

TERM:

 

1.       For and in consideration of the rents, additional rents, terms, provisions, and covenants herein contained, Lessor hereby lets, leases, and demises to Lessee the Demised Premises for the term of 84 months commencing on the 1st day of September, 2000 (sometimes called the Commencement Date), and expiring the 31st day of August, 2007 (sometimes called Expiration Date), unless sooner terminated as hereinafter provided.

 

BASE RENT:

 

2.

Lessor reserves, and Lessee agrees to pay Lessor Base Rent, payable in advance without written notice, in monthly installments of the following amounts:

 

September 1, 2000 through August 31, 2001, the monthly Base Rent will be Ten Thousand Five Hundred and No/100 Dollars ($10,500.00), calculated at an annual rate of $4.20 per square foot.

 

September 1, 2001 through August 31, 2002, the monthly Base Rent will be Ten Thousand Eight Hundred Seventy-five and No/100 Dollars ($10,875.00), calculated at an annual rate of $4.35 per square foot.

 

September 1, 2002 through August 31, 2003, the monthly Base Rent will be Eleven Thousand Two Hundred Fifty and No/100 Dollars ($11,250.00), calculated at an annual rate of $4.50 per square foot.

 

September 1, 2003 through August 31, 2004, the monthly Base Rent will be Eleven Thousand Six Hundred Twenty-five and No/100 Dollars ($11,625.00), calculated at an annual rate of $4.65 per square foot.

 

September 1, 2004 through August 31, 2005, the monthly Base Rent will be Twelve Thousand and No/100 Dollars ($12,000.00), calculated at an annual rate of $4.80 per square foot.

 

1


September 1, 2005 through August 31, 2006, the monthly Base Rent will be Twelve Thousand Three Hundred Seventy-five and No/100 Dollars ($12,375.00), calculated at an annual rate of $4.95 per square foot.

 

September 1, 2006 through August 31, 2007, the monthly Base Rent will be Twelve Thousand Seven Hundred Fifty and No/100 Dollars ($12,750.00), calculated at an annual rate of $5.10 per square foot.

 

In the event the Commencement Date falls on a date other than the first day of a month, the rental for that month shall be prorated and adjusted accordingly.

 

ADDITIONAL RENT:

 

3.

Lessee shall pay to Lessor throughout the term of this Lease the following:

a.        Lessee shall pay a sum equal to sixty-two and 1/2 percent (62.5%) of the Real Estate taxes. The term Real Estate Taxes shall mean all real estate taxes, all assessments and any taxes in lieu thereof which may be levied upon or assessed against the Premises of which the Demised Premises are a part. Lessee, in addition to all other payments to Lessor by Lessee required hereunder shall pay to Lessor, in each year during the term of this Lease and any extension or renewal thereof, Lessees proportionate share of such real estate taxes and assessments paid in the first instance by Lessor.

Any tax year commencing during any lease year shall be deemed to correspond to such lease year. In the event the taxing authorities include in such real estate taxes and assessments the value of any improvements made by Lessee, or of machinery, equipment, fixtures, inventory or other personal property or assets of Lessee, then Lessee shall pay all the taxes attributable to such items in addition to its proportionate share of said aforementioned real estate taxes and assessments. A photostatic copy of the tax statement submitted by Lessor to Lessee shall be sufficient evidence of the amount of taxes and assessments assessed or levied against the Premises of which the Demised Premises are a part, as well as the items taxed.


 

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