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Title: |
Standard Office Lease |
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Date: |
2002 |
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Preview shows 21KB of 190KB total |
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$50 |
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#425017 |
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STANDARD OFFICE LEASE
BY AND BETWEEN
ARDEN REALTY FINANCE III, L.L.C.,
a Delaware limited liability company,
AS LANDLORD,
AND
RECONDITIONED SYSTEMS, INC.,
an Arizona corporation,
AS TENANT
SUITE 150
-------------------------------------------
15060 Ventura Boulevard, Sherman Oaks, California
{PAGE}
-i-
LADOCS\2742781 3
TABLE OF CONTENTS
PAGES
ARTICLE 1 Basic Lease Provisions............................................1
ARTICLE 2 TERM/PREMISES.....................................................2
ARTICLE 3 Rental............................................................3
(a) Basic Rental............................................................3
(b) Increase in Direct Costs................................................3
(c) Definitions.............................................................3
(d) Determination of Payment................................................4
ARTICLE 4 Security Deposit..................................................5
ARTICLE 5 Holding Over......................................................6
ARTICLE 6 Personal Property Taxes...........................................6
ARTICLE 7 Use...............................................................7
ARTICLE 8 Condition of Premises.............................................7
ARTICLE 9 Repairs and Alterations...........................................8
(a) Landlord's Obligation...................................................8
(b) Tenant's Obligation.....................................................8
(c) Alterations.............................................................8
(d) Insurance Liens.........................................................8
(e) Costs and Fees; Removal.................................................9
ARTICLE 10 Liens............................................................9
ARTICLE 11 Project Services.................................................9
(a) Basic Services..........................................................9
(b) Excess Usage...........................................................10
(c) Additional Electrical Services.........................................10
(d) HVAC Balance...........................................................10
(e) Telecommunications.....................................................10
(f) After-Hours Use........................................................11
(g) Reasonable Charges.....................................................11
(h) Sole Electrical Representative.........................................11
ARTICLE 12 Rights of Landlord..............................................11
(a) Right of Entry.........................................................11
(b) Maintenance Work.......................................................11
(c) Rooftop................................................................11
ARTICLE 13 Indemnity; Exemption of Landlord from Liability.................11
(a) Indemnity..............................................................11
(b) Exemption of Landlord from Liability...................................12
(c) Security...............................................................12
ARTICLE 14 Insurance.......................................................12
(a) Tenant's Insurance.....................................................12
(b) Form of Policies.......................................................13
(c) Landlord's Insurance...................................................13
(d) Waiver of Subrogation..................................................13
(e) Compliance with Law....................................................13
ARTICLE 15 Assignment and Subletting.......................................14
ARTICLE 16 Damage or Destruction...........................................16
{PAGE}
ARTICLE 17 Subordination...................................................17
ARTICLE 18 Eminent Domain..................................................18
ARTICLE 19 Default.........................................................18
ARTICLE 20 Remedies........................................................19
ARTICLE 21 Transfer of Landlord's Interest.................................21
ARTICLE 22 Broker..........................................................21
ARTICLE 23 Parking.........................................................21
ARTICLE 24 Waiver..........................................................22
ARTICLE 25 Estoppel Certificate............................................22
ARTICLE 26 Liability Of Landlord...........................................22
ARTICLE 27 Inability To Perform............................................23
ARTICLE 28 Hazardous Waste.................................................23
ARTICLE 29 Surrender of Premises; Removal of Property......................24
ARTICLE 30 Miscellaneous...................................................25
(a) Severability; Entire Agreement.........................................25
(b) Attorneys' Fees; Waiver of Jury Trial..................................26
(c) Time of Essence........................................................26
(d) Headings; Joint and Several............................................26
(e) Reserved Area..........................................................26
(f) No Option..............................................................26
(g) Use of Project Name; Improvements......................................26
(h) Rules and Regulations..................................................27
(i) Quiet Possession.......................................................27
(j) Rent...................................................................27
(k) Successors and Assigns.................................................27
(l) Notices................................................................27
(m) Persistent Delinquencies...............................................27
(n) Right of Landlord to Perform...........................................27
(o) Access, Changes in Project, Facilities, Name...........................27
(p) Signing Authority......................................................28
(q) Identification of Tenant...............................................28
(r) Substitute Premises....................................................29
(s) Survival of Obligations................................................29
(t) Confidentiality........................................................29
(u) Governing Law..........................................................29
(v) Exhibits...............................................................29
(w) Independent Covenants..................................................29
(x) Counterparts...........................................................30
ARTICLE 31 SIGNAGE.........................................................30
Exhibit "A" Premises
Exhibit "B" Rules and Regulations
Exhibit "C" Notice of Lease Term Dates and Tenant's Proportionate Share
Exhibit "D" Tenant Work Letter
Exhibit "E" Certified Copy of Board of Directors Resolutions
Exhibit "F" Janitorial Specifications
{PAGE}
INDEX OF DEFINED TERMS
----------------------
DEFINED TERMS PAGE
------------------
Additional Rent..............................................................3
Alterations..................................................................8
Approved Working Drawings............................................Exhibit D
Architect............................................................Exhibit D
Base Year....................................................................1
Basic Rental.................................................................1
Brokers......................................................................1
Commencement Date............................................................1
Contractor...........................................................Exhibit D
Damage Termination Date.....................................................17
Damage Termination Notice...................................................16
Direct Costs.................................................................3
Estimate.....................................................................5
Estimate Statement...........................................................5
Estimated Excess.............................................................5
Event of Default............................................................18
Excess.......................................................................4
Expiration Date..............................................................1
First Month's Rent...........................................................1
Force Majeure...............................................................23
Hazardous Material..........................................................24
Landlord.....................................................................1
Laws........................................................................24
Lease........................................................................1
Operating Costs..............................................................4
Over-Allowance Amount................................................Exhibit D
Parking Passes...............................................................1
Partnership Tenant..........................................................28
Permitted Use................................................................1
Plans................................................................Exhibit D
Premises.....................................................................1
Project......................................................................1
Real Property................................................................3
Revised Completion Date.....................................................17
Security Deposit.............................................................1
Square Footage...............................................................1
Statement....................................................................5
Tax Costs....................................................................3
Tenant.......................................................................1
Tenant Delays........................................................Exhibit D
Tenant Improvements..........................................................8
Tenant's Proportionate Share.................................................1
Term.........................................................................1
Transfer....................................................................15
Transfer Premium............................................................15
Transferee..................................................................15
Utilities Expense Stop.......................................................1
Working Drawings.....................................................Exhibit D
{PAGE}
STANDARD OFFICE LEASE
---------------------
This Standard Office Lease ("Lease") is made and entered into as of the 20th day
of December, 2001, by and between ARDEN REALTY FINANCE III, L.L.C., a Delaware
limited liability company ("Landlord"), and RECONDITIONED SYSTEMS, INC., an
Arizona corporation ("Tenant").
Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the
premises described as Suite No. 150, as designated on the plan attached hereto
and incorporated herein as Exhibit "A" ("Premises"), of the project ("Project")
now known as Noble Professional Center, whose address is 15060 Ventura
Boulevard, Sherman Oaks, California, for the Term and upon the terms and
conditions hereinafter set forth, and Landlord and Tenant hereby agree as
follows:
ARTICLE 1
---------
Basic Lease Provisions
----------------------
A. Term:
Commencement Date: December 20, 2001
Expiration Date: December 31, 2004, subject to adjustment as
set forth in Article 2 below.
B. Square Footage: 1,968 rentable square feet.
C. Basic Rental:
Annual Monthly Monthly Basic Rental
Lease Year Basic Rental Basic Rental Per Rentable Square Foot
---------- ------------ ------------- ------------------------
1 $47,232.00 $3,936.00 $2.00
2 $48,648.96 $4,054.08 $2.06
3 $50,065.92 $4,172.16 $2.12
D. Base Year: Calendar Year 2002
E. Intentionally Omitted
F. Tenant's Proportionate Share: 3.80%
G. Security Deposit: A security deposit of $4,172.16 shall be due
and payable by Tenant to Landlord upon Tenant's
execution of this Lease.
H. Permitted Use: General office use, consistent with the
character of a first-class office building.
I. Brokers: Lee & Associates
J. Parking Passes: Tenant shall have the right to rent up to six
(6) unreserved parking passes, in accordance
with the provisions of, and at the rate
provided in, Article 23 hereof.
K. Initial Installment of Basic The first full month's Basic Rental of
Rental: $3,936.00 shall be due and payable by Tenant to
Landlord upon Tenant's execution of this Lease.
{PAGE}
ARTICLE 2
---------
TERM/PREMISES
-------------
Notwithstanding the fact that the Commencement Date has occurred, Tenant shall
have no right to occupy the Premises (except as expressly set forth in
subsection (b) below), and shall have no obligation to pay Basic Rental for the
Premises, until the expiration of the Abatement Period (defined below), and
immediately upon such date of expiration, Tenant's Basic Rental obligations
shall commence. The "Abatement Period" shall be the period commencing on the
Commencement Date and expiring on the date (upon which date, Tenant's Basic
Rental obligations shall immediately commence) that is the earliest of (i) three
(3) months after the date that Tenant first commences to conduct business in the
Premises, or (ii) three (3) months after the date of Substantial Completion of
Improvements (as each such term is defined in Exhibit "D" attached hereto) in
the Premises. The anticipated expiration of the Abatement Period is currently
April 15, 2002, and Landlord shall use its commercially reasonable efforts to
achieve Substantial Completion on or before January 31, 2001. If Landlord is
unable to deliver possession of the Premises to Tenant on or before the
anticipated expiration of the Abatement Period, Landlord shall not be subject to
any liability for its failure to do so, and such failure shall not affect the
validity of this Lease nor the obligations of Tenant hereunder. For purposes of
this Lease, the term "Lease Year" shall mean each consecutive twelve (12) month
period during the Lease Term, with the first Lease Year commencing upon
expiration of the Abatement Period; however, (X) if the expiration of the
Abatement Period falls on a day other than the first day of a calendar month,
the first Lease Year shall end on the last day of the eleventh (11th) calendar
month after the expiration of the Abatement Period, and the second (2nd) and
each succeeding Lease Year shall commence on the first day of the next calendar
month, and (Y) the last Lease Year shall end on the Expiration Date.
Notwithstanding the Expiration Date set forth in Article 1.A above, the
Expiration Date shall be the date immediately preceding the three (3) year
anniversary of the expiration of the Abatement Period; provided, however, that
if the expiration of the Abatement Period is a date other than the first day of
a month, the Expiration Date shall be the last day of the month which is
thirty-six (36) months after the month in which the Commencement Date falls,
unless extended or earlier terminated pursuant to this Lease. Landlord and
Tenant hereby stipulate that the Premises contains the number of square feet
specified in Article 1.B. of the Basic Lease Provisions, except that the
rentable and usable square feet of the Premises and the Project are subject to
verification from time to time by Landlord's architect/space planner. In the
event that Landlord's architect/space planner determines that the amounts
thereof shall be different from those set forth in this Lease, all amounts,
percentages and figures appearing or referred to in this Lease based upon such
incorrect amount (including, without limitation, the amount of the Basic Rental
and Tenant's Proportionate Share) shall be modified in accordance with such
determination. If such determination is made, it will be confirmed in writing by
Landlord to Tenant. Landlord may deliver to Tenant a Commencement Letter in a
form substantially similar to that attached hereto as Exhibit "C", which Tenant
shall execute and return to Landlord within five (5) days of receipt thereof.
Failure of Tenant to timely execute and deliver the Commencement Letter shall
constitute an acknowledgment by Tenant that the statements included in such
notice are true and correct, without exception.
(b) Tenant may enter into the Premises upon the date of Substantial
Completion of Improvements, upon receipt of Landlord's consent, and such early
entry will not advance the expiration of the Abatement Period, so long as
Tenant does not commence business operations from any part of the Premises.
All of the provisions of this Lease shall apply to Tenant during any early
entry, including the indemnities set forth in this Lease, but excluding only the
obligation to pay Basic Rental, until the expiration of the Abatement Period,
at which time Basic Rental shall immediately commence. Landlord may revoke its
permission for Tenant's early entry if Tenant's activities or workers interfere
with Landlord's activities in the Project. If Tenant is granted early entry,
Landlord shall not be responsible for any loss, including theft, damage or
destruction to any work or material installed or stored by Tenant at the
Premises or for any injury to Tenant or its agents, employees, contractors,
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