|
<br />ARTICLE 3. DELIVERY AND ACCEPTANCE OF PREMISES; TERM OF LEASE; HOLDOVER
<br />Section 3.1 Tenant will accept possession of the Premises when Landlord tenders the Premises to
<br />Tenant whether such tender is before, on, or after the Projected Tender Date. By occupying the Premises,
<br />Tenant'will have accepted the Premises in their then "AS IS" "WHERE IS" "WITH ALL FAULTS" condition
<br />and will have acknowledged that the Premises comply fully with Landlord's covenants and obligations
<br />hereunder, except only as to such items ("Punch Lisr) which Tenant reasonably specifies to Landlord in
<br />writing within ten (10) days after such tender as not being in compliance, and which landlord reasonably
<br />agrees are not in compliance.
<br />Section 3.2 Landlord shall not be in default for failing to tender the Premises on or before the Projected
<br />Tender Date, whether such delay is caused by a tenant or occupant of the Premises holding over, for a cause
<br />beyond landlord's reasonable control, or for a cause within landlord's control. However, if Landlord does not
<br />tender the Premises to Tenant within ninety (90) days following the Projected Tender Date, either party may
<br />terminate this Lease in which event both parties shall be released.
<br />Section 3.3 Excepting only any warranties that may be expressly set forth herein, Tenant accepts the
<br />Premises without warranty of any kind, express or implied, including, but not limited to those arising under the
<br />Texas Property Code and Texas Business and Commerce Code. LANDLORD DISCLAIMS ALL
<br />WARRANTIES REGARDING MERCHANTABILITY, PROFITABILITY, FITNESS FOR A PARTICULAR
<br />PURPOSE, HABITABILITY, SUITABILITY OR TENABILITY.
<br />Section 3.4 If Tenant remains in possession of the Premises after the Term, Tenant shall be in default
<br />hereunder, Tenant shall vacate the Premises immediately upon demand by Landlord, and Tenant shall be
<br />occupying the Premises as a holdover tenant at sufferance, from day-ta-day, at a daily rental equal to 1/15th
<br />of the total of the following: (i) Base Rent for the last month of the Term; plus (ii) Additional Rent for the last
<br />month of the Term. Payment of such daily rental will not relieve Tenant from liability for any damages
<br />Landlord may suffer on account of such holding over. Damages which landlord may suffer Include econom ic
<br />damages fOT loss of a tenant who cancels its lease because of late delivery of premises, increased costs for
<br />remodeling. etc. to attempt to mitigate any delay in delivery, and similar items in addition to damages allowed
<br />under this Lease or by law.
<br />
<br />ARTICLE 4. PAYMENT OF BASE RENT AND ADDITIONAL RENT
<br />Section 4.1 Base Rent and Additional Rent shall accrue beginning on the Commencement Date and shall
<br />be payable to landlord without demand. All Rent shall be payable at landlord's Address. Landlord may
<br />change Landlord's Address by notice to Tenant from time to time.
<br />Section 4.2 Tenant agrees and covenants to pay Base Rent to Landlord in monthly installments in the
<br />amounts specified in Section 1.10.1. The first monthly installment of Base Rent and Additional Rent is due
<br />and payable on the first day of the calendar month immediately following the month in which the
<br />Com mencement date occurs. This Installment (as well as Additional Rent due and payable at the same tim e)
<br />may be prorated as provided in Section 1.14.2. Succeeding installments of Base Rent and Additional Rent
<br />are due and payable on or before the first day of each succeeding calendar month for the entire Term.
<br />Tenant covenants and agrees to pay all Rent to Landlord or on before its due date, without deduction or offset
<br />of any nature.
<br />Section 4.3 In the event any Rent is not received within five (5) days after its due date for any reason
<br />whatsoever, a late charge penalty of $30 per day shall become due. The total amount thus due including any
<br />penalty shall bear interest at the maximum non-usurious rate which could legally be charged in the event of
<br />a loan of such Rent to Tenant in the state where the Premises are located. Any such late charge penalty or
<br />interest shall be payable on demand as Additional Rent hereunder.
<br />
<br />ARTICLE 5. MAINTENANCE COSTS, TAXES AND INSURANCE COSTS
<br />Section 5.1 The term Maintenance Costs means all costs and expenses of every kind and nature paid
<br />or incurred by Landlord in operating, managing, cleaning, equipping, repairing, replacing and maintaining the
<br />Premises, including, without limitation, costs of repainting, cleaning, sweeping and other janitorial services;
<br />landscaping; maintenance, repair and replacement of roofs, gutters, utility systems and drainage systems
<br />w.ithin. and s~rving the Premises; rental charges for machinery and equipment; Premises identification signs;
<br />directional signs and other markers; costs of personnel to implement all of the foregoing, including wages,
<br />unemployment taxes and social security taxes; personal property taxes; fees for required licenses and
<br />permits; supplies; heating, ventilating and air-conditioning systems serving the Premises; and an allowance
<br />to Landlord for supervision of the Premises in an amount equal to fifteen percent (15%) of the total of all
<br />Mainte.nance ~osts. Nothing in this Sectio.n sha.1l create an obligation upon landlord to provide any of the
<br />foregol~g servlc~s. To t~e ,extent T~~ant IS obh~ated to, or doe~, perform any of the foregoing operating,
<br />managing, cleanmg, equipping, repalrtng, replaCing and maintaining of the Premises, the cost of the same
<br />shall be solely the borne by Tenant.
<br />Section 5.2 The term Taxes means all real estate and other ad valorem taxes, assessments, parking
<br />surcharges, water and sewer rents, and other governmental impositions,levies and charges of every kind and
<br />nature whatsoever, general and special, ordinary and extraordinary levied against the Prem ises for each real
<br />esta.t~ tax year during t~.e Term, including also (i) a~y tax or excise (including any margin tax) on any
<br />Additional Rents.. and/or (II) any other tax how.everdescnbed (exceptestate, inheritance, capital gains, income
<br />[except as prOVided herein] or excess profits taxes Imposed upon Landlord) levied or assessed against
<br />
<br />Page -2-
<br />
<br />JP
<br />
|