|
the Term Commencement Date shall be considered the Base Year Index (the "Base"). At each annual adjustment date, the
<br />Minimum Rent shall be adjusted by the percentage increase, if any, between the Index published and in effect ninety (90)
<br />days preceding the adjustment date and the Base period; provided, however, that in no event shall the annual Minimum
<br />Rent be less than the annual Minimum Rent in effect during the lease year immediately preceding the annual adjustment
<br />date notwithstanding the fact that the Index may, as of some adjustment date, be less than the Base. When the adjusted
<br />Minimum Rent is determined, Landlord shall give Tenant written notice of same indicating how the new monthly
<br />Minimum Rent figure was computed. If at any rental adjustment date the index shall not exist in the same format as
<br />recited in this Section 2.2, Landlord shall substitute any official index published by the Bureau of Labor Statistics, or
<br />successor or similar governmental agency, as may then be in existence and which is, in Landlord's reasonable discretion,
<br />most nearly equivalent to the Index.
<br />
<br /> SECTION 2.3 ADDITIONAL PAYMENTS. Except as otherwise provided in this Lease, all sums of money
<br />or charges whatsoever required to be paid by Tenant under this Lease shall be due and payable five (5) days after demand,
<br />without any deductions or offset whatsoever. Landlord shall have no obligation to bill Tenant for monthly rent,
<br />percentage rent, common facilities charges or promotional charges. Tenant's failure to pay any such amounts or charges
<br />when due shall carry with it the same consequences as Tenant's failure to pay rent and shall be deemed to be additional
<br />rent.
<br />
<br /> SECTION 2.4 PLACE OF PAYMENT; LATE PAYMENTS. Tenant agrees to pay the rental and other
<br />charges herein reserved to Landlord at the address specified in the Basic Lease Provisions or to such other person and/or
<br />at such other place as Landlord may from time to time designate in writing. For each payment of rent or additional
<br />charges not paid when due, Tenant shall pay to Landlord a service charge in the amount of Fifty Dollars ($50.00) for each
<br />week or portion thereof that the delinquency or refusal to pay persists. Following each second consecutive late payment of
<br />rent and/or additional charges, Landlord shall have the option to (a) require that beginning with the first payment of rent
<br />due following the date such late payment was due, Minimum Rent shall no longer be paid in monthly installments but shall
<br />be payable in installments of three (3) months Minimum Rent three (3) months in advance; or (b) require that Tenant
<br />increase the amount of the security deposit required under Section 23.1 by one hundred percent (100%), which additional
<br />security deposit shall be retained and applied by landlord, in the manner provided in said Section 23. I. All payments shall
<br />be made in lawful money of the United States. All payments requiring proration shall be prorated on the basis of a thirty
<br />(30) day month. In addition to the foregoing, Landlord may elect to require all further payments under this Lease to be
<br />made by Tenant in the form of cashier's checks.
<br />
<br />ARTICLE III. FINANCIAL STATEMENTS
<br />
<br /> SECTION 3.1 FURNISHING OF FINANCIAL STATEMENTS. Upon Landlord's written request, Tenant
<br />shall promptly furnish Landlord, fi.om time to time, with (a) financial statements including, but not limited to, balance
<br />sheets, profit and loss statements and changes in financial condition, reflecting Tenant's current t'mancial condition, and
<br />(b) written evidence of ownership of controlling stock interest if Tenant is a corporation.
<br />
<br />ARTICLE IV. RELOCATION OF PREMISES
<br />
<br /> SECTION 4.1 LANDLORD'S OPTION TO RELOCATE TENANT. Landlord shall have the right, upon
<br />providing thirty (30) days written notice, to move Tenant to other space in the building or in the ~ Center at
<br />Landlord's cost and expense. Landlord shall pay reasonable moving expenses, including movers, telephone installation
<br />and stationery replacement. Such new space shall be approximately the same size as the Premises, and provided with
<br />comparable improvements (upgrading only to the level of Tenant's prior space). In the event Tenant moves to such new
<br />space, then this Lease shall remain in full force and effect and be deemed applicable to the new space, except that Exhibit
<br />"A" and the Basic Lease Provisions shall be amended to include and state all correct data as to the new space. However,
<br />if the new space does not meet with Tenant's approval, Tenant may cancel this Lease by giving Landlord thirty (30) days
<br />written notice within ten (10) days after receipt of Landlord's notification. Should Tenant refuse to permit such relocation
<br />at the end of the thirty (30) days relocation notice period, Landlord may terminate this Lease by giving notice to Tenant
<br />within ten (10) days after such relocation notice period. The termination shall be effective sixty (60) days after the date of
<br />Landlord's original notice of relocation.
<br />
<br />ARTICLE V. TAXES AND ASSESSMENTS
<br />
<br /> SECTION 5.1 TENANT'S OBLIGATION FOR TAXES ANDASSESSMENT
<br />
<br />to delinquency, any ~d all rexes, ~sessments, levies, fees ~d o~er gove~enmi ch~ges of ever na~e
<br />(hereinafter collectively called "~es") levied or ~sessed by m~icipal, counW, state, federa~~ ~essing
<br />an~ori~ upon, against or with respect to (i) the Premises or ~y le~ehold i~ fim~ipm~nt ~d
<br />~y other prope~ of any kind o~ed by Tenet or placed, ~st~out the Premises for
<br />which the L~dlord mi~t be ~sessed or which mi~t ~~n~t, (i,~.all
<br />alterations, additions or improvements of wh~ ~d (iv) rentals ~ other
<br />ch~ges payable by Tenmt to ~d~rou~}v) a~yv~
<br />~e ~sessed as real or personal , ~d i~es~ctive of whether any of such items ~e ~sessed to or against Landlord
<br />or Tenet. If, m my_,~ing the Te~, any of such roes ~e not levied or ~sessed sepmtely ~d di~ctly to Tenant
<br />(e.g., if th¢~e levied or ~sessed to L~dlord, or upon or ~ga~st the building con~in~g the Premises ~Wor ~e
<br />la--lying the hnildlng), T~nant qhal~ p~y to Land~ord Ten~ s propo~onate shoe ~ dete~L~ed by L~nd!era ~
<br />
<br />
<br />
|