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Document Preview Lease Agreement [Amended and Restated] |
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Title: |
Lease Agreement [Amended and Restated] |
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Entities: |
American Financial Realty Trust; Banc of America Securities LLC; Chicago Title Insurance Co.; U.S. Bank, NA; Bank of America, NA; Bank of New York |
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Date: |
2003 |
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Size: |
Preview shows 22KB of 317KB total |
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Price: |
$62 |
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ID: |
#334573 |
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AMENDED AND RESTATED
LEASE AGREEMENT
DATED MAY 23, 2003
Between
U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely
as successor Owner Trustee to State Street Bank and Trust Company of
Connecticut, National Association, under the Amended and Restated Trust
Agreement (1997-D) dated as of May 23, 2003 and PATRICK E. THEBADO, not in his
individual capacity, but solely as successor Co-Trustee to Dori Anne Seakas, as
successor Co-Trustee to Traci Hopkins, under the Amended and Restated Trust
Agreement (1997-D) dated as of May 23, 2003, as Lessor,
and
BANK OF AMERICA, N.A.
as Lessee
Office Buildings Located in the
Southeastern United States
TO THE EXTENT THAT THIS AMENDED AND RESTATED LEASE AGREEMENT CONSTITUTES CHATTEL
PAPER (AS SUCH TERM IS DEFINED IN THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN
ANY APPLICABLE JURISDICTION), NO SECURITY INTEREST IN THIS AMENDED AND RESTATED
LEASE AGREEMENT MAY BE CREATED THROUGH THE TRANSFER OR POSSESSION OF ANY
COUNTERPART OTHER THAN ORIGINAL COUNTERPART NO. 1 THAT CONTAINS THE RECEIPT
THEREFOR EXECUTED BY WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, AS
INDENTURE TRUSTEE, ON OR FOLLOWING THE SIGNATURE PAGE THEREOF.
{PAGE}
CONTENTS
{TABLE}
{CAPTION}
Section Page
{S} {C} {C}
1. DEFINITIONS......................................................................................1
2. LEASE OF THE PROPERTIES; RESTATEMENT.............................................................1
2.1 Ownership and Lease.....................................................................1
2.2 Demise and Lease........................................................................2
2.3 Restatement.............................................................................2
3. RENT; FMV LEASE..................................................................................2
3.1 Basic Rent; FMV Lease...................................................................2
3.2 Supplemental Rent.......................................................................4
3.3 Method of Payment.......................................................................4
3.4 Late Payment............................................................................5
3.5 Net Lease; No Setoff; Etc...............................................................5
3.6 Limitations on Rent.....................................................................6
4. RECOMPUTATIONS...................................................................................7
4.1 Adjustments.............................................................................7
4.2 Methodology for Adjustments.............................................................7
4.3 Supplements.............................................................................7
5. RENEWAL OPTIONS..................................................................................7
5.1 Renewal Options.........................................................................7
5.2 Lease Provisions Applicable.............................................................9
6. EARLY TERMINATION;...............................................................................9
6.1 Early Termination Options...............................................................9
6.2 Obsolescence Termination...............................................................13
6.3 Effect of Termination..................................................................14
6.4 Adjustment of Termination Percentages..................................................14
6.5 Demising Work..........................................................................15
6.6 Sublessee Options......................................................................16
7. CONDITION AND USE OF PROPERTIES.................................................................17
7.1 Waivers................................................................................17
8. LIENS; TAXES....................................................................................18
8.1 Liens..................................................................................18
8.2 Taxes..................................................................................19
9. MAINTENANCE AND REPAIR; ALTERATIONS, MODIFICATIONS AND ADDITIONS................................20
9.1 Maintenance and Repair.................................................................20
9.2 Alterations............................................................................21
9.3 Title to Alterations...................................................................24
9.4 Permitted Contests.....................................................................24
9.5 Environmental Compliance...............................................................25
10. USE AND LOCATION................................................................................25
10.1 Location...............................................................................25
10.2 Use....................................................................................26
11. INSURANCE.......................................................................................26
11.1 Coverage...............................................................................26
11.2 Policy Provisions......................................................................27
11.3 Evidence of Insurance..................................................................29
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C} {C}
12. RETURN OF LEASED PROPERTY.......................................................................29
13. ASSIGNMENT......................................................................................30
14. LOSS, DESTRUCTION, CONDEMNATION OR DAMAGE.......................................................30
14.1 Payment of Stipulated Loss Value on an Event of Loss...................................30
14.2 Application of Payments When Lease Continues...........................................32
14.3 Payment of Stipulated Loss Value on an Event of Taking.................................32
14.4 Application of Certain Payments Not Relating to an Event of Taking.....................33
14.5 Other Dispositions.....................................................................34
14.6 Negotiations...........................................................................34
14.7 No Rent Abatement......................................................................34
14.8 Investment.............................................................................34
15. INTEREST CONVEYED TO LESSEE.....................................................................34
16. SUBLEASE........................................................................................35
16.1 Sublease Requirements..................................................................35
16.2 Assignment of Subleases................................................................38
16.3 Sublessor Improvements.................................................................38
17. INSPECTION, REPORTS AND NOTICES.................................................................39
17.1 Inspection.............................................................................39
17.2 Reports................................................................................39
17.3 Notices from Governmental Authorities..................................................39
18. LEASE EVENTS OF DEFAULT.........................................................................39
19. ENFORCEMENT.....................................................................................41
19.1 Remedies...............................................................................41
19.2 Survival of the Lessee's Obligations...................................................43
19.3 Remedies Cumulative; No Waiver; Consents...............................................44
20. RIGHT TO PERFORM FOR THE LESSEE.................................................................44
21. MISCELLANEOUS...................................................................................44
21.1 Binding Effect; Successors and Assigns; Survival.......................................44
21.2 Quiet Enjoyment........................................................................45
21.3 Notices................................................................................45
21.4 Severability...........................................................................45
21.5 Amendment; Complete Agreements.........................................................45
21.6 Headings...............................................................................46
21.7 Counterparts...........................................................................46
21.8 Governing Law..........................................................................46
21.9 Apportionments.........................................................................46
21.10 Discharge of the Lessee's Obligations by its Sublessees................................46
21.11 Nature of Lessor's Obligations.........................................................46
21.12 Estoppel Certificates..................................................................47
21.13 Granting of Easements..................................................................47
21.14 No Joint Venture.......................................................................48
21.15 No Accord and Satisfaction.............................................................48
21.16 No Merger..............................................................................48
21.17 Investment of Funds....................................................................48
21.18 True Lease.............................................................................49
{/TABLE}
ii
{PAGE}
Appendix A Definitions
Exhibit A Form of FMV Lease
Exhibit B Form of Sublease
Exhibit C Form of Bank Branch Lease
Exhibit D Form of Subordination, Non-Disturbance And Attornment Agreement
Exhibit E Form of AFR Sublease
Exhibit F Form of Partial Occupancy Lease
Schedule 1 Stipulated Loss Value
Schedule 2 Section 9.2(d) Dates
Schedule 3 Land and Improvement Description and Lessor's Cost
Schedule 4 Basic Rent
iii
{PAGE}
AMENDED AND RESTATED LEASE AGREEMENT (this Lease) dated as of May 23, 2003
BETWEEN:
(1) U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely
as successor Owner Trustee (the Owner Trustee) to State Street Bank and
Trust Company of Connecticut, National Association, under the Amended and
Restated Trust Agreement (1997-D) dated as of May 23, 2003 (the Trust
Agreement (1997-D)) and PATRICK E. THEBADO, not in his individual capacity,
but solely as successor Co-Trustee (the Co-Trustee) to Dori Anne Seakas, as
successor Co-Trustee to Traci Hopkins, under the Trust Agreement (1997-D)
(the Owner Trustee as the lessor of the Lessor Properties in states other
than the Co-Trustee States and the Co-Trustee as the lessor of the Lessor
Properties in the Co-Trustee States separately or together, as applicable,
the Lessor); and
(2) BANK OF AMERICA, N.A., a national banking association, as the lessee (the
Lessee).
WHEREAS
(A) the Lessee (as successor to Nationsbank, N.A.) was a party to each of (i)
that certain Lease Agreement (1997-C) dated as of June 4, 1997 (Lease C)
with State Street Bank and Trust Company of Connecticut, National
Association, as owner trustee under the Trust Agreement (1997-C) dated as
of June 4, 1997 (the Trust Agreement (1997-C)), and Traci Hopkins, as
co-trustee under Trust Agreement (1997-C) (together the C Lessor) and (ii)
that certain Lease Agreement (1997-D) dated as of June 4, 1997 (Lease D)
with Lessor;
(B) the Owner Trustee in its capacity as owner trustee under Trust Agreement
(1997-D) has acquired (i) all interest of the C Lessor in the Properties
and in Lease C; and (ii) all interest of each of REMAN 1997-C, Inc. and
REMAN 1997-D, Inc. in the Properties; and
(C) the Lessor and the Lessee wish to amend and restate both of Lease C and
Lease D in this Lease.
In consideration of the mutual agreements herein contained and other good and
valuable consideration, receipt of which is hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:
1. DEFINITIONS
The capitalized terms used herein and not otherwise defined shall have the
meanings assigned thereto in Appendix A hereto for all purposes hereof.
2. LEASE OF THE PROPERTIES; RESTATEMENT
2.1 Ownership and Lease
The parties acknowledge that this Lease constitutes a lease of, and creates
in the Lessee as described in Section 2.2 a leasehold estate in and to the
Properties.
{PAGE}
2.2 Demise and Lease
Since the Original Closing Date the Lessor and its predecessors in interest
have demised and leased, and on the Closing Date, the Lessor shall continue
to demise and lease, all of its right, title and interest in and to the
Properties listed in Schedule 3 hereto to the Lessee, and since the
Original Closing Date the Lessee has rented and leased, and on the Closing
Date the Lessee shall continue to rent and lease, the respective Properties
from the Lessor, for the Basic Term and, subject to the exercise by the
Lessee of its renewal options as provided in and in accordance with Article
5 hereof, for the Renewal Terms, unless earlier terminated in accordance
with the provisions of this Lease. The Lessee may from time to time own or
hold under lease from Persons other than the Lessor, furniture, trade
fixtures, equipment and other personalty located on or about the Properties
that are not subject to this Lease. The Lessor shall from time to time,
upon the reasonable request of the Lessee, at the Lessee's expense,
promptly acknowledge in writing to the Lessee or other Persons that the
Lessor does not own or have any other right or interest in or to such
furniture, trade fixtures, personalty and equipment. The demise and lease
of the Properties pursuant to this Article 2 shall include any additional
right, title or interest in the Properties which may at any time be
acquired by the Lessor.
2.3 Restatement
The Original Leases are hereby amended and restated by this Lease without
any interruption and with all rights and obligations accruing prior to the
date hereof continuing after the date hereof under this Lease.
3. RENT; FMV LEASE
3.1 Basic Rent; FMV Lease
(a) Lessee shall pay to Lessor Basic Rent for the Properties subject to this
Lease equal to the sum of the Scheduled Basic Rent and the Additional Basic
Rent. Scheduled Basic Rent shall equal on each Rent Payment Date during the
Basic Term the amounts for the periods shown in Schedule 4 hereto (which
amounts shall be subject to adjustment pursuant to Article 4 hereof). If
for any reason a Property is terminated from this Lease pursuant to a
Terminating Event, Scheduled Basic Rent on and after the date of such
termination shall be (x) the Scheduled Basic Rent as in effect just prior
to such termination less an amount calculated by multiplying (y) such
Scheduled Basic Rent by a fraction (z) the numerator of which is the
Lessor's Cost of such Property and the denominator of which is Assumed
Lessor's Cost.
(b) The Scheduled Basic Rent amounts set forth on Schedule 4 hereto have been
computed based on the assumption, inter alia, that the Lessee will elect to
terminate this Lease (or exercise its option to sublease pursuant to
Section 6.1(f)) with respect to certain Properties at the earliest dates
and in the highest percentages permitted in accordance with Section 6.1(a)
hereof. Should the Lessee not so elect, or elect to terminate this Lease
(or exercise its option to sublease pursuant to Section 6.1(f)) with
respect to some Properties but less than the maximum percentages set forth
in such Section 6.1(a) on an Anniversary, then Basic Rent payable on each
Rent Payment Date (which for this purpose means every date shown on
Schedule 4 hereto after such Anniversary and for such period of time as
there remain more Properties subject to this Lease (and not subject to a
sublease pursuant to Section 6.1(f)) than the Lessee is permitted to
terminate pursuant to Section 6.1(a)), including the Basic Rent due on the
Rent Payment Date on which such Property is terminated, shall be increased
by one twelfth of the Average Annual Rent Factor multiplied by
2
{PAGE}
the cumulative amount of Lessor's Cost of the Properties (or portion
thereof) permitted by Section 6.1(a) of this Lease to be terminated (or so
subleased) under this Lease as of such Rent Payment Date, but not then so
terminated (or so subleased) (such increase being referred to as Additional
Basic Rent).
(c) In the event Lessee is permitted under Section 6.1(a) of this Lease to
terminate this Lease as to one or more Properties, but Lessee has not
elected to do so, Lessee may, subject to the terms of Section 3.1(d), by
notice to Lessor at least 180 days prior to any Anniversary, terminate such
Property or Properties from this Lease (any Properties so terminated, the
FMV Properties), in which event, effective as of such Anniversary, (i) the
FMV Properties will be terminated from this Lease, (ii) a Termination
Transferee, and Lessee shall enter into a FMV Lease with respect to such
FMV Properties or, subject to Section 3.1(f), portions thereof, and (iii)
the Basic Rent for each such FMV Property (or portion thereof) shall (from
and after such Anniversary during the remainder of the Basic Term and any
Renewal Term under the applicable FMV Lease) be equal to the Fair Market
Rental Value of such FMV Property (or portion thereof). Such notice may be
revoked by the Lessee for any reason up to 60 days prior to such
Anniversary. Each FMV Lease shall be for a term selected by the Lessee
which is not less than five, nor more than ten years, and at the end of
such term may be terminated or renewed with rent calculations as described
above in this paragraph. FMV Properties shall be considered to have been
terminated from this Lease for purposes of determining whether or not the
Total Joint Maximum Cumulative Percentages set forth in Section 6.1(a) have
been exceeded and for purposes of Section 3.1(a) and (b), it being
understood that Properties with respect to which a termination notice has
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