2023-034A - Laserfiche WebLink

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written notice to Landlord of its intention to exercise the same at least ninety (90) days prior to the expiration of the then current Term. Upon receipt by Landlord of such notice, provided that Tenant shall then have the right to exercise such option, the Term shall be extended in accordance with the provisions hereof, without the necessity of any further act or documentation by Landlord or Tenant. In no event shall Tenant have any right or option to extend or renew the Term beyond ten (10) years from the expiration date of the Initial Term. In the event Tenant fails to exercise any such option within the timeframe and in the manner aforesaid (regardless of whether such failure shall be a result of Tenant's not having the right to exercise such option), then this right and option shall terminate and be null and void, and the Term shall terminate in accordance with the provisions set forth elsewhere herein. 3.05 Memorandum of Lease. If requested by Landlord, Tenant agrees to execute a Memorandum of Lease. Landlord shall prepare and may record the Memorandum, whereupon Landlord shall pay all costs, fees, taxes and other expenses of executing, delivering and recording the Memorandum. Tenant agrees not to record this Lease and in the event that Tenant records this Lease or any memorandum thereof, such recordation shall be deemed an event of default hereunder. 3.06 Letter Agreement and Collateral Assignment of Lease. Landlord agrees Exhibit B, Letter Agreement to Supplement the Five Guys Lease Agreement, and Exhibit C, Collateral Assignment of Lease and the Consent thereto are incorporated herein and Landlord and Tenant agree to sign documents in substantially the form attached hereto in connection with the execution of this Lease. SECTION 4 RENT 4.01 Minimum Monthly Rental. Tenant shall pay the Minimum Monthly Rental to Landlord during the Term. Tenant shall pay to Landlord a pro rata portion of the Minimum Monthly Rental for the partial month, if any, immediately following the Rent Commencement Date. The payment for the fractional month, if any, and for the first (1 st) full month of the Term, shall be due and payable on the Rent Commencement Date, and without, any right of notice, demand, deduction or setoff, the subsequent installments of Minimum Monthly Rental shall be due and payable in advance on the first (1 st) day of each month thereafter, commencing with the first (1 st) day of the first (1 st) full month after the Rent Commencement Date. (a) Rent Abatement. Tenant's Base Rent shall abate for One -Hundred and Eighty (180) days following the Rent Commencement Date. 4.02 Utilities- Tenant shall be responsible for all utilities starting at the Lease Date, throughout the term of the lease. 4.03 Pro Rata Share of Common Area Maintenance Expenses, Taxes and Insurance. Commencing on the Rent Commencement Date, Tenant shall pay to Landlord throughout the Term, as additional rent, for each Calendar Year, upon presentation by Landlord to Tenant of bills for: (a) Tenant's Pro Rata Share of Common Area Maintenance Expenses (b) Tenant's Pro Rata Share of Taxes; and (c) Tenant's Pro Rata Share of Insurance. Tenant's Pro Rata Share of Common Area Maintenance Expenses, Taxes and Insurance is estimated to be 17.77%. Anything in this Lease to the contrary notwithstanding, Tenant's Pro Rata Share of Common Area Maintenance Expenses, Taxes and Insurance and any merchants' association fees shall not exceed $4.03 per square foot of the Leased