Office Lease Agreement between Jerusalem Technology Park Ltd. and GuruNet Israel Ltd. for 7th Floor, Building 23

Contract Categories: Real Estate › Lease Agreements
Summary

Jerusalem Technology Park Ltd. leases the entire 7th floor of Building 23 to GuruNet Israel Ltd. for five years starting September 15, 2005, with an option to extend for another five years. The annual rent is set in New Israeli Shekels and adjusts with inflation. GuruNet provides a bank guarantee and may sublease under certain conditions. The tenant can terminate after three years with a fee. Parking is included, with the number of free spots decreasing after the second year. This agreement outlines the main terms for office space use and payment.

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EX-10.1 2 v022535_ex10-1.htm
Lease for Office Space at Jerusalem Technology Park, Jerusalem, Israel

Summary of Key Terms


1.  
Landlord: Jerusalem Technology Park Ltd.
   
2.  
Tenant: GuruNet Israel Ltd.
   
3.  
Space Description: Entire 7th floor of the tower (building 23) in the Jerusalem Technology Park (Total 1,055 square meters)
   
4.  
 Term: 5 years; option to extend for an additional 5 year period
   
5.  
Commencement: September 15, 2005
   
6.  
Rent:  1st year - 50,802 New Israeli Shekels (“NIS”) (US$11,185 based on the exchange rate on July 15, 2005)
2nd-5th year- NIS 69,483 (US$15,298 based on the exchange rate on July 15, 2005)
The Rent payments are linked to the Israeli Consumer Price Index
   
7.  
Bank Guarantee: approximately $87,000
   
8.  
Right to Sublease: available to Tenant, under certain circumstances.
   
9.  
Early termination by Tenant: Under certain circumstances, Tenant has the option to terminate the lease after 3 years subject to an early termination fee equal to approximately $45,000
   
10.  
Parking:    1st - 2nd year- 45 free parking spots
3rd -5th year- 21 free parking spots; $60 for each additional parking spot