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build-out costs by TENANT is 100%; from one year to two years - 80%; from two to three years <br />- 60%; from three to four years - 40%; and from four years to five year - 20%. After the fifth <br />year from the Commencement Date, there shall be no obligation for repayment of the build-out <br />costs. <br />2. BASE RENT: <br />a. Rent. TENANT shall pay to LANDLORD Base Rent of $13.00/sf for the 2200 <br />square feet of Office Space .TENANT shall not be charged Base Rent for the Shared Space. <br />TENANT shall also pay to LANDLORD a pro rata share of the Operating Costs (as hereinafter <br />defined) on the entire 2,666 Leased Space of $5.20/sf .TENANT pro rata share of the Operating <br />Costs are hereinafter referred to as "CAM." Total annual rent for the first year of the Lease is <br />$42,456.00 calculated as follows: (Base Rent of 2200sf x $13.00/sf + CAM charges of 2666sf x <br />$5.20/sf = $42,456.00). The Base Rent and CAM as adjusted below, shall be payable in advance <br />without offset, deduction or demand, in monthly installments on the Commencement Date and <br />on the first day of the month thereafter during the Initial Term, and the Option Term. The <br />annual rent payable shall be in accordance with attached Exhibit B. <br />b. Rent Increase. The Office Space Base Rent shall increase at an annual rate of <br />two percent (2%) per year during the Initial Term and during any Option Term. <br />c. CAM rent adjustment. The CAM rent shall be adjusted up or down on an <br />annual basis based upon a review by the LANDLORD of its costs for the Operating Expenses. <br />Said review shall be on or before August 1 of each year during the Initial Lease Term <br />LANDLORD shall determine its Operating Expenses during the immediate prior one year lease <br />term expiring on the preceding June 30`h. Based on this review, LANDLORD shall advise <br />TENANT of the CAM rent. The Base Rent shall then be adjusted accordingly. In the event <br />TENANT exercises its Option to renew, the CAM rent shall then be increase pursuant to the CPI <br />index formula as described on attached Exhibit C. <br />3. OPERATING EXPENSES: <br />LANDLORD shall pay all operating expenses including utilities incurred by TENANT in <br />operating the Leased Space. The term "Operating Expenses" shall include but not be limited to <br />janitorial services, maintenance, repair, operation of utilities and lighting, garbage disposal and <br />refuse removal, parking and landscaped areas, signs, snow removal, non-structural repair and <br />maintenance of the exterior of the building in which the Leased Space is located, all associated <br />with the Leased Space being rented(the "Operating Expenses"). LANDLORD shall provide the <br />same level of service for the LEASED SPACE that it provides for all other office areas located <br />within the Ramsey Municipal Building. The cost of the TENANT pro rata share of the <br />Operating Expenses is included in the CAM. <br />In addition to payment of the Operating Expenses, LANDLORD'S reception staff will provide <br />direction for TENANT'S customers to access TENANT's Office Space, as necessary. <br />4. COVENANT TO PAY RENT: <br />The covenants of TENANT to pay the Base Rent and the Additional Rent are each independent <br />of any other covenant, condition, provision or agreement contained in this Lease. All rents are <br />