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Title: |
Lease Agreement |
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Date: |
2005 |
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Preview shows 10KB of 47KB total |
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Price: |
$42 |
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ID: |
#884595 |
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LEASE AGREEMENT
THIS LEASE AGREEMENT, made this 31st day of January, 2004 by and between JAMES JAGODZINSKI d/b/a JAGODZINSKI PROPERTIES (Landlord) and Enpath Medical, Inc.; a Minnesota corporation (Tenant);
WITNESSETH THAT:
1. DEFINITIONS. For purposes of this Lease Agreement the following words or phrases shall have the following meanings:
Building. That certain office/warehouse building situated at the following described address: 15301 Highway 55 West, Plymouth, Minnesota 55447 (the Building).
Leased Premises. That portion of the Building containing approximately 38,728 square feet measured from the exterior surface of the exterior walls to the center of the interior walls.
Rentable Area. Approximately 38,728 square feet, being the sum of the square footage contained in the Leased Premises including Tenants proportionate share of the common areas such as lobbies, entry ways, toilets, hallways, loading docks and mechanical rooms that Tenant shares in common with other tenants
Tenants Percentage. Eightyfour and seven tenths percent (84.7%) being the percentage of the total area of the Building contained within the Rentable Area.
2. DEMISE AND PREMISES. Subject to the terms and conditions hereof, Landlord leases to Tenant, and Tenant hires and takes of and from Landlord the Leased Premises.
3. TERM. The Term of this Lease shall commence on February 1, 2004, and shall terminate on June 31, 2006, unless earlier terminated as hereinafter provided.
4. BASE RENT. Tenant agrees to pay Landlord, at 15301 Highway 55 West, Plymouth, Minnesota 55447, or such other place as Landlord may from time to time designate in writing, an initial monthly base rent of $17,524.42 per month, subject to adjustment as provided in paragraph 28 below, payable in advance on the first day of each month during the term of this Lease without demand therefore or deduction or set off. In the event the commencement date of this Lease falls on a date other than the first day of the month, the rent payable for the first month shall be adjusted on a pro rata basis and shall be payable on or before the commencement date.
5. ADDITIONAL RENT. Tenant agrees to pay to Landlord as additional rent hereunder payable at the same time and location as the base rent, the following:
(a) Taxes and Special Assessments. Tenants Percentage is eighty four and seven tenths of a percent (84.7%) of combined annual real estate taxes and installments of special assessments payable during the Term (amortized over the longest time period) with respect to the Building and the real estate upon which it is situated (whether or not the same are levied or pending) on the date hereof. Tenant will receive a copy of annual tax and special assessment statement and Tenant shall pay its pro rata share on a monthly basis concurrent with Base Rental Payments. Real estate taxes are currently estimated to $1.86 per square foot. Landlord will notify Tenant within (30) days of Landlords initial receipt of the final annual tax statement if Tenants obligation hereunder increases or decreases from the estimate of $1.86 per square foot.
(b) Common Area Maintenance (Operating Expenses) The Tenants Percentage is eighty-four and seven tenths percent (84.7%) of the total operating expenses for the Building and the real estate upon which it is situated. For purposes of this Lease, operating expenses shall mean all
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