10.2 - Chamber Building Lease Agreement

Home Browse Search

3. Term and Possession. 3.1. This Lease shall be for a term five(5) years, beginning on the Commencement Date and ending on the Expiration Date, unless terminated prior to the Expiration Date or renewed as provided herein. Except as otherwise provided in this Lease, termination of the Lease prior to the Expiration Date requires mutual agreement by the Landlord and Tenant. Tenant shall be entitled to possession on the Commencement Date and shall give up possession on the Expiration Date. 3.2. The Parties shall have the option of renewing the Lease for two additional one (1) year periods. Renewal shall occur only upon Tenant's delivery to Landlord by sixty(60) days prior to the Expiration Date, a written request to renew the Lease for the additional period. Upon said delivery, Landlord shall have thirty (30) days to provide written notice of its acceptance or rejection of Tenant's renewal offer. If Tenant fails to deliver such renewal notice, the Lease shall terminate at the end of the initial term; conversely, if Landlord fails to notify Tenant in writing of its decision,the Lease shall automatically renew for the additional period. 4. Rent and Adjustment of Rent. 4.1. Tenant shall pay Landlord monthly rent for the Premises for the entirety of the Lease term. The rent shall be payable to Landlord in the amount of$775.00 per month. Rent shall be payable by the Tenant to the Landlord on the fifteenth(15th) day of each month. If any rental payment is not paid within ten(10) days of its due date, Tenant agrees to pay an additional late charge of five percent(5%) of the rental installment due and the late charge shall increase by one percent per month for each month the payment is late. 4.2. Notwithstanding any provision of this Agreement, the Landlord shall have the right to annually adjust the amount of rent paid by Tenant as provided herein after two years following the Commencement Date for reasons, including but not limited to, increases in Landlord's operation and maintenance costs for the Building. Any adjustment shall only be effective following 90 days written notice from Landlord to Tenant. Such notice shall include the amount of adjusted rent, the effective date of adjustment, and the reason for the adjustment. In the event that Tenant objects to the adjustment, Tenant may seek to negotiate with Landlord the amount of the adjustment within the 90 day notice period. If Tenant seeks to negotiate the adjustment and no agreement is reached with the Landlord to alter the original noticed adjustment amount within the 90-day notice period, Tenant may either 1)prior to the expiration of the 90-day notice period, provide written notice to Landlord of termination of this Lease, or 2) remain in possession of the Premises in which case the rent will be adjusted as originally noticed by Landlord. If Tenant provides notice of termination, Tenant shall, within 30 days following the expiration of the 90-day notice period, surrender possession of the Premises as provided in this Agreement. 2