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Title: |
Commercial Lease |
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Date: |
2005 |
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Price: |
$48 |
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ID: |
#824980 |
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COMMERCIAL LEASE
This LEASE is made as of the 28th day of September, 2005, by and between MICHAEL PARK, M.D. (hereinafter referred to as Landlord) and NARA BANK (hereinafter referred to as Tenant) in accordance with the following terms and conditions:
1. SALIENT LEASE TERMS.
1.1 PREMISES. The Premises shall include the approximately 5500 square feet of the first floor of the property commonly known as 1940 Webster Street, Oakland, California (the Premises).
1.2 USE OF PREMISES. The Premises shall be used for the purpose of providing banking services as well as marketing any other financial services or investment products, including insurance policies. During the term of the Lease, and any extensions thereto, Landlord shall not lease any portion of the Building to another financial institution nor permit another through-the wall installation of an ATM.
1.3 LEASE TERM. Commencing on approximately March 01, 2006, subject to the delivery of the Premises to Tenant and ending ten years after the commencement date, subject to Tenants two five year renewal options.
1.4 POSSESSION. Possession shall commence on approximately March 01, 2006, upon the earlier of (i) the date Tenant commences business to its customers at the Premises or 90 days following delivery of the Premises by Landlord, which delivery shall be no later than November 30, 2005.
1.5 MONTHLY RENT. Two Dollars ($2,00) per square foot per month for the first year. Thereafter, the monthly rent per square foot shall be increased by three per cent (3%) annually on the anniversary of the Commencement Date.
1.6 PARKING. Ten (10) parking spaces nearest to the entry to the Premises, not including handicapped parking, shall be marked for the exclusive use by Tenants customers, which use shall apply during Tenants operating hours. Additionally, Tenant shall have the use of ten (10) additional parking spaces for its employees in the Premises parking lot. Tenant shall pay Landlord an additional $1,500 per month for the ten reserved spaces and $1,000 per month for the additional spaces. Should Tenant elect to extend the term of this Lease, the rent for the parking shall be negotiated at that time.
1.7 RENT ABSOLUTE; BUILDING EXPENSE REIMBURSEMENT. The Lease is a triple net lease. Therefore, Tenant shall be responsible for its pro rata share for all obligations which are normally imposed on the owner of real estate with respect to the Premises which may accrue during the Term including, without limitation, responsibility for the payment of all real estate taxes, special assessments, insurance premiums and repair, replacement and maintenance costs and
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expenses in connection therewith and the Rent and all payments to be made to Landlord hereunder are to be net to Landlord, without deductions or offsets of any kind or nature whatsoever. In no event shall there be any abatement or reduction in the Rent except as may be otherwise specifically provided in this Lease.
Tenants pro rata share of the Landlords expenses applicable to the Premises shall be 28.4 per cent.
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