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JSU Lease007

JSU Lease007

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Published by the kingfish
Lease for Madison Campus of JSU
Lease for Madison Campus of JSU

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Published by: the kingfish on Mar 18, 2013
Copyright:Attribution Non-commercial

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02/01/2014

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LEASE
AGREEMENT
This
Lease, dated the day of
ocw'°
20 |>, between
Sorrento II
LLC,
a
Mississippi
limited Hability
company, hereinafter called
Landlord,
and
Jackson State University, a
Mississippi
Institution of Higher
Learning,
hereinafter called Tenant.
WITNESSETH
ARTICLE
I
PREMISES
TERM
& USE
1.01.
The
Landlord
leases
to Tenant the premses containing approximately 8600 rentable
square
feet (RSF) (hereinafter called the "Premses"), as shown on the
floor
plan attached heretoas
Exhibit
A,
located on the
first
floor
of the
Building
located at
382
Galleria
Parkway
(hereinafter called the "Building").
(Rentable
square
feet shall be defined as usable
square
feet, per
BOMA
standards, plus a
13.31%
pro rata
share
for centralized
Building
common
areas.)
Tenant may
measure
the Premses
following
the Commencement Date (as defmed
below);
otherwise,
the Rentable Area set
forth
herein shall be Landlord's
final
measurement of thePremses. Landlord's
final
measurement shall be
binding
upon Tenant, unless Tenant notifies
Landlord
of any actual error therein
within
thirty
(30) days after the Commencement Date. Insuch event, an independent, third-party architect selected by Tenant shall
certify
the usable andrentable
square
footage of the Premses and the rentable
square
footage of the
Biulding.
The cost
of
such
third-party
architectural services shall be paid for by Tenant. However, if the third-party
architect
determnes that the actual rentable
square
footage of the Premses is 5%
less
than therentable
square
footage measurement of the Premses provided by the
Landlord,
the cost of the
third-party
architectural services shall be paid for by
Landlord.
The
term of this
lease
shall be one-hundred and twenty (120) months commencing onFebruary 1, 2013, based on a signed
lease
February 1, 2013. The actual date of commencement
shall
be hereinafter referred
to
as the Commencement Date. At such time as the CommencementDate shall have been established.
Landlord
and Tenant shall execute a memorandum
confirmng
said
date, as set
forth
in
Exhibit
B
attached hereto and, upon execution, shall be deemed
incorporated
herein by reference.1.02. Tenant, upon one hundred and twenty (120) days advance
written
notice to
Landlord,
shall have the
right
to renew the
lease
for two successive periods of
five
(5) years eachat a rental rate that is 95% of the Fair
Market
Rent
which
shall be based on
simlar
class
"A"
office
space
on
Highland
Colony Parkway & Galleria Parkway
with
like-kind
size, and
office
construction
tj'pe.
Any dispute over the Fair
Market
Rent shall be mediated. Such mediation
shall
be non-binding, and Tenant shall be
allowed
to reject such rental rate for any renewal
period,
with
the result of such
rej ection
being a
forfeiture
of its
option,
unless the parties come toa mutual agreement as to the rental rate for any renewal
period.
If
the rental for the renewal rate
is
not accepted by Tenant, then this Agreement shall termnate as of the end of its
original
10-year term.
Parkway Deveiopment-RAA.JSU.rev.
1
 
1.03. Tenant shall
have
an ongoing
right
of
first
refusal on all
space
that
becomes
available in the
Building,
second
only to the existing rights of any current
tenants.
Tenant shall
notify
Landlord of its election to
lease
any such
space
within
ten (10)
businessdays
ofLandlord's
notification
of such
space
being available.
ARTICLE
II
RENTAL2.01.
In consideration for this
Lease,
Tenant promses to pay Landlord at the
office
of
Landlord
in
lawful
money of the United
States,
a rental of the
following
schedule:
Year
1- S 16.50 per
RSF
annuaUy (total per year of
141,900)
Year
2- S 16.75 per
RSF
annuaUy*
(144,050)
Year
3- S 17.00 per
RSF
annually *
(146,200)
Year
4- $ 17.25 per
RSF
annually *
(148,350)
Year
5- $ 17.51 per
RSF
annuaUy *
(150,586)
Year
6- $ 17.78 per
RSF
annually *
(152,908)
Year
7- S 18.04 per
RSF
annually *
(155,144)
Year
8- S 18.31 per
RSF
annually *
(157,466)
Year
9- S 18.59 per
RSF
annually *
(159,874)
Year
10- S 18.87 per
RSF
annuaUy
*(162,282)
*
=
Each
year following
Year
1, the price per
RSF
increases by a 1.5% escalation over the
prior
year. Rent over the ten year term
totals
approximately
$1,518,760.
Rental paj-inents are to be
made
in monthly installments using the
following
schedule:
$
_11,825
per month begmnmg
Feb. 1st, 2013,
through
Jan.
31, 2014$
_12,004.17
per month beginning
Feb. 1st, 2014,
through
Jan.
31,2015
$
_12,183.33
per month beginning
Feb. 1st, 2015,
through
Jan.
31,2016
$ 12,362.50 per month beginning
Feb. 1st, 2016,
through
Jan.
31,2017
$
_12,548.83
per month beginnmg
Feb. 1st, 2017,
through
Jan.
31,2018
$
_12,742.33
per month beginning
Feb. 1st, 2018,
through
Jan.
31,2019
$ 12,928.67 per month beginning
Feb. 1st, 2019,
through
Jan.
31,2020
$
_13,122.17
per month beginning
Feb. 1st,
2020,
through
Jan.
31,2021
$
_13322.83
per month beginning
Feb. 1st, 2021,
through
Jan.
31,2022
S
_13,523.50
per month beginning
Feb. 1st, 2022,
through ,
Jan. 31,
2023
Under no
circumstances
shall Tenant be required to pay rent for any occupancy of the
Premses
by Tenant prior to substantial completion
and/or
Certificate of Occupancy receipt. All
monthly
installments of rent are due in
advance
on the fnst day of
each
month. Tenant
agrees
topay a late
charge
of one and a
half
percent
(1.5%) of the monthly rent in the event that a rentalpayment is not
timely
made,
so that such late fee shall be applied consistently
with
the
mandates
of
Miss.Code Section 31-7-305.
Parkway
Deveiopment-RAA.JSU.rev.
2
 
2.02.
For purposes of this Lease and the
calculation
of Tenant's pro rata
share
of
operating
expenses, the
following
definitionsshall apply:
"Base Year"
shall
mean the calendar year
2013.
"Expense Year"
shall
mean each successive calendar year
following
the Base
Year.
"Landlord's Statemenf
shall
mean a statement
furnished
by
Landlord
to Tenant
containing
a
computation
or
information
relating
to any
Additional
Rent asserted
by
Landlord
to be due pursuant to the provisions of this Lease, and
containing
back
up data reasonably
sufficient
for Tenant to
verify
the accuracy of suchStatement.
"Tenant's Proportionate Share*
shall
be
5.9%,
based on approximately
8,600
rentablesquare feet in the Premses compared to the
total
rentable square footage
of
approxknately
145,600
in
the
Building.
If
either of
these
figures
shall vary
during
the
Term,
Tenant's Proportionate Share
shall
be appropriately
adjusted.
"Operating
Expenses"
shall
mean:
(a)
Utilities
including
the cost
of
purchasing
electricity,
water, and gas, other
than
extraordinary
quantities for
which
tenants are charged in
addition
to
rental.
(b)
Labor
including
the sum
of
all
wages, salaries, compensation and prices
paid
all
persons
including
contractors,
engaged in the general maintenance
and
operation of the entire
Building.
2.03. "Operating
Expenses"
shall
not
include
any of the
following:
(a) depreciation
and
amortization
on the
Building
or equipment
therein,
except as
specifically
provided
herein;
(b)
interest on and
amortization
of
mortgages and other debts;
(c)
the cost of tenant
improvements
made for tenants of the
Building,
including
permt,
license and mspection fees;
(d) financing
or
refinancing
costs;
(e)
the cost of any
work
or services performed for any tenants
of
the
Building
to
the extent that such
work
or services are in
excess
of
the
work
orservices
whichLandlord
is
required
to
furnish
to a tenant under
this
Lease
without
additional
charge
with
such tenant;
Parkway
Development-RAA.JSU.rev.
3

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