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Industrial Lease

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Title:

Industrial Lease

Entities:

Middleton Doll Co.

Date:

2007

Size:

Preview shows 13KB of 71KB total

Price:

$51

ID:

#3249926

► Leasing ► Industrial Lease Agreements
► Real Estate

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INDUSTRIAL LEASE

This Industrial Lease (?Lease?) dated as of this 30th day of November, 2007, by and between WELSH PEWAUKEE, LLC, a Minnesota limited liability company (?Landlord?) and LICENSE PRODUCTS, INC., a Wisconsin Corporation (?Tenant?).

WHEREAS, in consideration of the Rent hereinafter defined, and the covenants contained herein, Landlord and Tenant hereby agree as follows:

1. Basic Lease Information/Definitions.

1.1

Premises

Approximately 39,339 square feet consisting of 35,800 square feet of warehouse space and 3,539 of finished office space, as depicted on Exhibit A attached hereto and incorporated herein by reference. See Section 2.

1.2

Building

The building located at 115 Ridgeview Parkway, Pewaukee, WI 53072 [Corrected Address: N22 W23977 Ridgeveiw Parkway, Suite 700, Waukesha, Wissconsin 53188] commonly known as Ridgeview Business Center, situated on that certain real property legally described on Exhibit B attached hereto and incorporated herein by reference ("Property"), consisting of approximately 94,403 square feet.

1.3

Commencement Date

January 1, 2008. Tenant shall be allowed to occupy the space prior to the Commencement Date in accordance with Section 6.

1.4

Term

Sixty-Two (62) months unless sooner terminated or extended pursuant to the terms and conditions of this Lease.

1.5

Base Rent

Base Rent shall be the following amounts for the following periods of time:

Period Covered	Rate Per SF	Monthly Base Rent
1/1/08-12/31/08	$4.80	$15,735.60
1/1/09-1/31/09	$0.00	$0.00
2/1/09-1/31/10	$4.94	$16,207.67
2/1/10-2/28/10	$0.00	$0.00
3/1/10-2/28/11	$5.09	$16,693.90
3/1/11-2/29/12	$5.25	$17,194.71
3/1/12-2/28/13	$5.40	$17,710.56

1.6

Tenant?s Pro Rata Share

41.67%. The estimated Additional Rent for 2008 is $1.75 per square foot. See Section 4.2.

1.7

Security Deposit

Landlord's obligations hereunder are contingent upon, and this Lease shall not be effective until, Tenant provides a letter of credit in the amount of $100,000 subject to the terms and conditions of Section 5 hereof (the ?Letter of Credit?).

1.8

Tenant?s Notice Address

License Products, Inc. 115 Ridgeview Parkway Pewaukee, WI 53072 [Corrected Address: N22 W23977 Ridgeview Parkway, Suite 700, Waukesha, Wisconsin 53188]. See Section 22.6.

1.9

Landlord?s Notice Address

Welsh Pewaukee, LLC c/o Welsh Companies, LLC 7807 Creekridge Circle Minneapolis, MN 55439-2609. See Section 22.6.

1.10

Insurance Requirement

$2,000,000 public liability, bodily injury and property damage combined policy. See Section 10.

2.	Lease Grant.

Subject to the terms of this Lease, Landlord leases to Tenant, and Tenant leases from Landlord, the Premises (as defined in Section 1.1 hereof).

3.	Common Areas.

?Common Areas? shall mean all areas within the Property that are available for the common use of tenants of the Property and that are not leased or held for the exclusive use of Tenant or other tenants or licensees, including, but not limited to, parking areas, driveways, sidewalks, loading areas, access roads, corridors, landscaping and planted areas. Tenant shall have the nonexclusive right to use the Common Areas for the purposes intended, subject to such reasonable rules and regulations as Landlord may establish from time to time. Tenant shall not interfere with the rights of any or all of Landlord, other tenants or licensees, or any other person entitled to use the Common Areas. Without limitation of the foregoing, Tenant shall not park or store any vehicles or trailers on, or conduct truck loading and unloading activities in, the Common Areas in a manner that unreasonably disturbs, disrupts or prevents the use of the Common Areas by Landlord, other tenants or licensees or other persons entitled to use the Common Areas. Landlord, from time to time, may change any or all of the size, location, nature and use of any of the Common Areas although such changes may result in inconvenience to Tenant, so long as such changes do not materially and adversely affect Tenant?s use of the Premises. In addition to the foregoing, Landlord may, at any time, close or suspend access to any Common Areas to perform any acts in the Common Areas as, in Landlord?s reasonable judgment, are desirable to improve or maintain either or both of the Premises and the Property; provided, however, that Landlord shall use reasonable efforts to limit any disruption of Tenant?s use and operation of the Premises in connection therewith.

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