Lease Agreement, by and between the Company and W. M. Rickman Construction Co., LLC, dated June 30, 2017
THIS LEASE AGREEMENT, made this 30 day of June 2017, by and between W. M. RICKMAN CONSTRUCTION CO., LLC (LANDLORD) and NEXIMMUNE, INC. (TENANT).
W I T N E S S E T H:
DEMISE OF PREMISES
Landlord hereby demises unto Tenant, and Tenant hereby leases from Landlord for the terms and upon the conditions set forth in this Lease, approximately 22,800 square feet of space in the building located at 9119 Gaither Road, Rockville, Maryland 20850 (the Building), all as set forth on Exhibit A, hereto attached, said space being referred to as the Premises.
The term of this Lease shall be for a period five (5) years, commencing on the 1st day of July 2017, and terminating on the 30th day of June 2022, with an option for Tenant to extend the term for an additional five (5) years on the same terms and conditions in this Lease, provided that Tenant shall have given the Landlord written notice of Tenants intention to do so at least nine (9) months prior to the expiration of this Lease and that Tenant is not in default under this Lease.
The Tenant shall pay to the Landlord an annual rental (herein called Minimum Rent) for the Premises as follows:
July 1, 2017 thru June 30, 2018
July 1, 2018 thru June 30, 2019
July 1, 2019 thru June 30, 2020
July 1, 2020 thru June 30, 2021
July 1, 2021 thru June 30, 2022
Extension Option Term
July 1, 2022 thru June 30, 2023
July 1, 2023 thru June 30, 2024
July 1, 2024 thru June 30, 2025
July 1, 2025 thru June 30, 2026
July 1, 2026 thru June 30, 2027
Monthly installments of Minimum Rent shall be paid, subject to adjustment as hereinafter set forth, without deduction or set off, in advance, the first installment of which is due and payable upon signing of Lease and all subsequent installments shall be due and payable on the first day of each calendar month thereafter during the term of the Lease until the total rent provided for herein is paid. No payment by Tenant or
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receipt of Landlord of a lesser amount than a monthly installment of rent herein stipulated, or endorsement or statement on any check or any letter accompanying any check for payment as rent be deemed an accord and satisfaction, and Landlord may accept such check for payment without prejudice to Landlords right to recover the balance of such rent or pursue any other remedy provided for in this Lease.
ADJUSTMENT OF MINIMUM RENT
After the initial term the Minimum Rent shall be increased at the end of each lease year during the term hereby by three percent (3%) of the rent then being paid, as shown on the rent schedule in Section 3 above. There shall be no additional pass-throughs of increases in operating expenses except for real estate taxes or as otherwise provided for herein.
REAL ESTATE TAXES
In the event the real estate taxes levied or assessed against the land and Building on which the Premises are a part in future tax years are greater than the real estate taxes for the Base Year, the Tenant shall pay within fifteen (15) days after submission of the bill to Tenant for the increase in real estate taxes, as additional rent, a proportionate share of such increase, which proportionate share shall be computed at One Hundred percent (100%) of the increase in taxes, but shall exclude any fine, penalty, or interest charge for late or non-payment of taxes by Landlord. The Base Year shall be July 1, 2017, to June 30, 2018.
Any reasonable expense incurred by Landlord (including counsel fees) in contesting any tax increase shall be included as an item of taxes for the purpose of computing additional rent due Landlord. Landlord, however, shall be under no obligation to contest any tax increase.
Tenant shall be responsible for the payment of all utilities used or consumed by the Tenant in and upon the Premises. Electric and Gas shall be separately metered. Water shall be either separately metered or an equitable allocation made between the Tenants in the Building based on the quantity of water consumed. In the event any utility service to the Premises shall be interrupted for a period of more than two (2) days due to the negligence or willful misconduct of Landlord, its agents or servants, the Minimum Rent shall abate until such services are fully rendered.
Landlord shall not be liable to Tenant for any damage or inconvenience caused by the cessation or interruption of any utility service, or the elevators in the Building, occasioned by fire, accident, strike or other cause beyond Landlords control.
Tenant shall provide a security deposit in the equal to one (1) months rent in the amount of TWENTY THOUSAND and NO/100 DOLLARS ($20,000.00) at LEASE signing. Such deposit, to the extent not used to cover any unpaid amounts due from Tenant hereunder, shall be returned to Tenant within thirty business days of the expiration or termination of the Lease and subject to the obligations set forth in Section 18 below.
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USE OF PREMISES
Tenant shall use the Premises only for office and laboratory purposes, and for no other purpose, except as approved by Landlord in advance, in writing, which approval shall not be unreasonably withheld, conditioned or delayed.
Tenant shall not make any use of the Premises which would disturb the quiet enjoyment of the Landlord or other tenants in the Building or prejudice or increase the fire insurance premium for the Building, and shall comply with all laws and regulations of all governmental authorities pertaining to Tenants use of Premises.
Tenant shall be responsible for removal of waste generated by Tenants operation. This includes waste service fees levied by local jurisdictions.
Tenant shall be permitted to store Hazardous Materials on the Premises and shall comply with all laws and regulations of all governmental authorities pertaining to Tenants use of the Premises, including, without limitation, all Environmental Laws (as hereinafter defined) and laws pertaining to Hazardous Materials and Air and Water Quality. The term Hazardous Materials means and includes any petroleum products and/or any hazardous toxic or other dangerous waste, substance or material defined as such in the Environmental Laws. The term Environmental Laws means the Comprehensive Environmental Response, Compensation and Liability Act, any Superfund or Superlien law, or any other federal, state or local statute, law, ordinance, code, regulation, order or decree regulating, relating to, or imposing liability or standards of conduct concerning the use or storage of Hazardous Materials. All such materials must be completely removed upon expiration of this Lease, and any de-contamination certificates required by the Landlord or any government authority must be obtained and delivered to the Landlord.
Tenant shall obtain and maintain, in full force and effect, all necessary government licenses, permits and approvals legally required for materials used in the conduct of its business. If the presence of any Hazardous Materials on the Premises caused or permitted by Tenant results in any contamination of the Premises or any portion of the Building or Common Areas, Tenant shall promptly take all actions, at its sole expense, necessary to return the Premises to the condition existing prior to the introduction of such Hazardous Materials, provided that all such actions shall be subject to the approval of Landlord, which approval shall not be unreasonably withheld.
At the Commencement Date of the Lease and on January 1 of each year thereafter, Tenant shall disclose to Landlord the names and amounts of all Hazardous Materials which are to be stored, used or disposed of on the Premises.
Any Hazardous Materials stored or used on the Premises must not in any way prejudice the Landlords insurance or increase the fire hazards to a greater extent than necessarily incident to the business for which the Premises are leased.
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If any installment of rent accruing herein shall not be paid within five (5) business days of due date, and other sums not paid within fifteen (15) business days after written notice to Tenant, such installment and other sums shall be increased without affecting the Landlords other rights under this Lease, by a late charge of ten percent (10%) of the delinquent installment. Anything contained herein to the contrary notwithstanding.
REPAIRS AND MAINTENANCE
Landlord shall be responsible for all structural repairs, including repairs to the roof and load-bearing walls of the Building, for maintaining the parking area and sidewalks, and the Common Areas (as hereinafter defined) in the Building. Landlord will repair and replace any glass breakage, provided it is not the result of the Tenants willful or negligent act.
The Tenant shall be responsible for the maintenance and repair of the Premises and all fixtures, light bulbs, appliances and equipment therein, including, but not limited to, the Heating and Air Conditioning system(s) serving Tenants suite. Landlord will pay for major Heating and Air Conditioning component replacement and all repairs to the Landlord installed heating and air conditioning system(s) in excess of Five Hundred Dollars ($500.00) per occurrence per Heating and Air Conditioning unit. All major repairs and replacements will be done by Landlord.
Tenant shall provide its own cleaning and refuse service. Tenant, at its sole expense, shall keep all Tenant fixtures and equipment in the Premises in safe and sanitary condition and good order and repair, together with related plumbing, electrical or other utility service, whether installed by Tenant or by Landlord on Tenants behalf. Tenant shall pay for all damage to the Building and any fixtures and appurtenances related thereto due to the malfunction, lack of repair, or improper installation of the Tenants fixtures and equipment.
In addition to the use of the Premises, Tenant, its employees and business invitees shall have the right to use the Common Areas in common with Landlord and other tenants of the Building, their employees and visitors. The term Common Areas shall mean those portions of the Building and the land upon which the Building is erected which Landlord may from time to time designate for Tenants non-exclusive use, which may include the entrance, foyer and lobby corridors, lavatories, stairwells, elevators, and parking areas.
All Common Areas shall be subject to the exclusive control of the Landlord. The Landlord shall operate, manage, light and maintain the Common Areas. Landlord reserves the right to change the size, area, level, location and arrangement of the Common Areas and any such change or-rearrangement shall not affect the obligations of the Landlord and Tenant hereunder.
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LANDLORDS WORK PRIOR TO COMMENCEMENT OF TERM
None. Tenant takes premises as is.
All alterations, improvements, or additions to the demised Premises to be made by Tenant shall be subject to the written consent of the Landlord, which consent shall not be unreasonably withheld, conditioned or delayed, provided such alterations and improvements do not weaken the structural integrity of the Building or detract from its dignity and/or uniformity. All alterations and improvements and/or additions made by Tenant shall remain upon the Premises at the expiration or earlier termination of this Lease and shall become the property of the Landlord, unless Landlord shall, at the time of approval of the alteration, provide written notice to Tenant to remove the same, in which event Tenant shall remove such alterations, improvements and/or additions, and restore the Premises to the same good order and condition in which it was at the commencement of this Lease, reasonable wear and tear and unavoidable casualty excepted. Should Tenant fail to do so, Landlord may do so, collecting the reasonable cost and expense thereof from Tenant as additional rent.
All trade fixtures, telephone equipment, and apparatus installed by Tenant in the Premises shall remain the property of Tenant and shall be removed at the expiration or earlier termination of this Lease and, upon such removal, Tenant shall repair any damage caused by the removal and shall promptly restore the Premises to their good order and condition. Any such trade fixture not removed prior to such termination shall be considered abandoned property, but such abandonment shall not release Tenant of its obligation to pay for the cost of removing such trade fixtures and repairing any damage caused by the removal.
Landlord covenants that, upon payment of the rent herein provided and performance by the Tenant of all other covenants herein contained, Tenant shall and may peaceably and quietly have, hold and enjoy the Premises for the term hereof and options.
SURRENDER OF PREMISES
Upon the expiration or termination of this Lease, Tenant shall quit and surrender the Premises to the Landlord broom clean and shall remove all of its property therefrom. If the removal of any such property shall result in damaging the premises, or leaving any holes in the floors, walls or ceiling therein, the Tenant shall make the appropriate repairs with Landlord approved building materials prior to the expiration of this lease. The obligation of this paragraph shall survive the termination of the Lease.
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Tenant covenants and agrees to maintain and carry, at all times during the term of this Lease, in companies qualified and authorized to transact business in the State of Maryland, general liability insurance in amounts of $1,000,000.00 per occurrence, $2,000,000.00 in aggregate and $1,000,000.00 for damage to property on the Premises or arising out of the use thereof by Tenant or its agents.
All policies of insurance shall provide that they may not be cancelled, except on thirty (30) days written notice to Landlord, and all such policies shall name Landlord as an additional insured.
Prior to commencement, Tenant shall furnish Landlord with satisfactory proof that the insurance herein provided for is at all times in full force and effect.
If either party hereto is paid any proceeds under any policy of insurance naming such party as an insured on account of any loss, damage or liability, then such party hereby releases the other party to (and only to) the extent of the amount of such proceeds, from any and all liability for such loss or damage, notwithstanding negligent or intentionally tortuous act or omission of the other party, its agents or employees; provided, such release shall be effective only as to a loss of damage occurring while the appropriate policy of insurance of the releasing party provides that such release shall not impair the effectiveness of such policy or the insureds ability to recover thereunder. Each party hereto shall use reasonable efforts to have a clause to such effect included in its said policies, and shall promptly notify the other in writing if which clause cannot be included in any such policy.
Tenant shall indemnify and hold harmless the Landlord from, and name LANDLORD as additional insured on policy regarding, any and all liability, damage, expense, cause of action, or claims arising out of injury to persons or to property on the Premises, except for the negligence or willful misconduct of Landlord, its agents, employees, or servants.
DAMAGE BY FIRE OR CASUALTY
If the Premises are damaged by fire or other casualty, but are not thereby rendered untenantable in whole or in part, Landlord, at its own expense, and subject to the limitations set forth in this Lease, shall cause such damage to be repaired and the Minimum Rent and Additional Rent shall not be abated.
If, by reason of any damage or destruction, the Premises shall be rendered untenantable in whole or in part and cannot be repaired and made tenantable within one hundred twenty (120) days after such damage: (i) Landlord, at its option and its own expense, may cause the damage to be repaired and the Minimum Rent and Additional Rent shall be abated proportionately as to the portion of the Premises rendered untenantable while it is untenantable; or (ii) either party shall have the right, to be exercised by notice in writing delivered to the other within thirty (30) days of the occurrence of such damage or destruction, to terminate this Lease, whereupon the Minimum Rent and Additional Rent shall be adjusted as of the date of such termination.
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In the event that twenty-five percent (25%) or more of the rentable floor area of the Building shall be damaged or destroyed by fire or other cause, notwithstanding that the Premises may be unaffected by such fire or other damage, either party shall have the right, to be exercised by notice in writing delivered to the other within thirty (30) days after such occurrence, to terminate this Lease. Upon the giving of such notice, the Minimum Rent and Additional Rent shall be adjusted as of the date of termination and this Lease shall thereupon terminate.
ASSIGNMENT AND SUBLETTING
Tenant acknowledges that Landlord has entered into this Lease because of Tenants financial strength, goodwill, ability and expertise and that accordingly, this lease is personal to Tenant. Taking this into consideration, tenant shall not assign, mortgage, sublet, pledge or encumber this Lease, in whole or in part, except with the written consent of the Landlord, which shall not be unreasonably withheld, conditioned or delayed. Tenant agrees that, in the event of any assignment, subletting or license, Tenant shall nevertheless remain liable for the performance of all terms, covenants, and conditions of this Lease.
In the event the Landlord consents to an assignment of the Lease, any money or consideration to be paid to Tenant for the assignment shall be paid to the Landlord as partial consideration for the Landlords consent to the assignment.
In the event the Landlord consents to a sublease of the Premises, or any portion thereof, Tenant shall pay to the Landlord a sum equal to (1) any money, rent or other consideration paid to the Tenant by any subtenant in excess of the pro-rata portion of the rent for such space then being paid by Tenant to Landlord under this Lease and (2) any other profit or gain realized by the Tenant from such subletting. All sums payable hereunder by Tenant shall be paid to Landlord as additional rent immediately upon the receipt thereof by Tenant.
Notwithstanding the foregoing, during the initial five (5) Years of the Lease the Tenant shall be entitled to sublet all or portions of the Premises and/or enter into license agreements for the usage of portions of the Premises by third parties, without any further consent of Landlord and without any additional sums being owed to Landlord as defined in this section, provided that any such third parties shall comply with the usage provisions set forth in Section 8.
SUBORDINATION AND ATTORNMENT
This Lease shall be subject to and subordinate at all times to the lien of any mortgage and/or deeds of trust and all land leases now or hereafter made on any portion of the Premises, and to all advances thereunder, provided the mortgagee or trustee named in said mortgage or deed of trust shall agree to recognize this Lease and agrees, in the event of foreclosure, not to disturb the Tenants possession hereunder, provided Tenant is not in material default under this Lease beyond any applicable notice and cure period. This subordination shall be self-operative and no further instrument of subordination shall be required.
If any proceedings are commenced to foreclose any mortgage or deed of trust encumbering the Premises, Tenant agrees to attorn to the purchaser at the foreclosure sale, if requested to do so by any such purchaser, and to recognize such purchaser as the Landlord under this Lease, provided purchaser shall agree that Tenants rights hereunder shall not be disturbed so long as Tenant has not committed any event of default as to which the applicable cure period has expired.
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If the whole of the Premises shall be taken by any public or quasi-public authority under the power of eminent domain, condemnation or conveyance in lieu thereof, then this Lease shall terminate as of the date on which possession of the Premises is required to be surrendered to the condemning authority and the Tenant shall have no claim against Landlord or the condemning authority for the value of the unexpired term of this Lease. Tenant shall have the right to claim, however, the unamortized cost of any improvements or additions made to the Premises by Tenant at its cost, the value of any Tenant fixtures and furnishings and any moving expenses.
If a portion of the Premises shall be so taken or conveyed, and if such partial taking or conveyance shall render the Premises unsuitable for the business of the Tenant, then the term of this Lease shall cease and terminate as of the date on which possession of the portion of the Premises is surrendered to the condemning authority, and Tenant shall have no claim against Landlord or the condemning authority for the value of any unexpired term of this Lease.
In the event such partial taking or conveyance is not extensive enough to render the Premises untenantable for the business of Tenant, this Lease shall continue in full force and effect, except that the Minimum Rent shall be reduced in the same proportion that the floor area of the Premises so taken or conveyed bears to such floor area immediately prior to such taking or conveyance.
In the event of such partial taking and continuation of Lease, Landlord shall promptly restore the Premises as nearly as practical to the condition comparable to that which existed prior to the condemnation.
EVENTS OF DEFAULT
The occurrence of any of the following shall constitute an event of default here under:
Failure of Tenant to pay installment of rent within five (5) days of the due date, or failure of Tenant to pay within fifteen (15) days any other sum herein required to be paid by Tenant, provided that no such failure shall constitute an event of default unless and until Landlord has provided notice thereof, and Tenant has failed to cure such default within three (3) business days of receipt of such written notice.
Tenants failure to perform any other covenant or condition of this Lease within thirty (30) days of notice thereof, unless the failure is of such a character as to require more than thirty (30) days to cure in which event Tenants failure to proceed diligently to cure such failure shall constitute an event of default.
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Upon the occurrence of any event of default, Landlord may, at Landlords sole option, exercise any or all of the following remedies, together with any such other remedies as may be available to Landlord at law or in equity.
Landlord may terminate this Lease by giving Tenant written notice of its election to do so, as of a specified date not less than thirty (30) days after the date of the giving of such notice and this Lease shall then expire on the date so specified, and Landlord shall then be entitled to immediately regain possession of the Premises as if the date had been originally fixed as the expiration date of the term of this Lease. Landlord may then re-enter upon the Premises, either with or without due process of law, and remove all persons therefrom, the statutory notice to quit or any other notice to quit being hereby expressly waived by Tenant. Tenant expressly agrees that the exercise by Landlord of the right of re-entry shall not be a bar to or prejudice in any way other legal remedies available to Landlord. In that event, Landlord shall be entitled to recover from Tenant as and for liquidated damages an amount equal to the rent and additional rent reserved in this Lease less any and all amounts received by Landlord from the rental of the Premises to another tenant. Nothing herein contained, however, shall limit or prejudice the right of Landlord to prove for and obtain as liquidated damages, by reason of such termination, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount may be greater, equal to, or less than the amount of the difference referred to above, and Landlord may, in his own name, but as agent for Tenant, re-let the Premises. Any recovery by the Landlord shall be limited to the rent hereunder (plus any costs incurred in re-letting) less any rent actually paid by the new tenant.
No termination of this Lease or any taking of possession of the Premises shall deprive Landlord of any of its remedies or actions against Tenant for past or future rent, nor shall the bringing of any action for rent or breach of covenant, or the resort to any other remedy herein provided for the recovery of rent, be construed as a waiver of the right to obtain possession of the Premises.
In addition to any damages becoming due under this paragraph, Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord an amount equal to all expenses, including reasonable attorneys fees, if any, incurred by the Landlord in recovering possession of the Premises, and all reasonable costs and charges for the care of said Premises while vacant, which damages shall be due and payable by Tenant to Landlord at such time or times as such expenses are incurred by the Landlord.
In the event of a default or threatened default by Tenant of any of the terms or conditions of this Lease, Landlord shall have the right of injunction and the right to invoke any remedy allowed by law or in equity as if no specific remedies of Landlord were set forth in this Lease.
If default be made and a compromise and settlement shall be had thereupon, it shall not constitute a waiver of any covenant herein contained, nor of the Lease itself.
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RIGHTS OF LANDLORD
Landlord reserves the following rights with respect to the Premises:
During normal business hours, upon 24 hours notice, to go upon and inspect the Premises, and at Landlords option, to make repairs, alterations and additions to the Premises or the Building of which the Premises are a part, provided there is no interference with Tenants occupancy. An Agent of the Tenant may be present for inspection, if requested by Tenant.
To display, within sixty (60) days prior to the expiration of this Lease or after notice from either party of intention to terminate this Lease, a For Rent sign, and all of said signs which shall be placed upon such part of the Premises as Landlord shall determine, except on doors leading into the Premises. Prospective purchasers or tenants authorized by Landlord may inspect the Premises during normal business hours following adequate notice to Tenant.
To install, place upon, or fix to the roof and exterior walls of the Premises, equipment, signs, displays, antennae, and any other object or structure of any kind, providing the same shall not materially impair the structural integrity of the Building or interfere with Tenants occupancy.
If Tenant holds possession of the Leased Premises after the Expiration Date or other termination of this Lease, Landlord shall, at its sole option, have the right to treat Tenant as a tenant by the month commencing with the first day after the termination of the Lease at one hundred fifty percent (150%) the Basic Monthly Rent paid during the last month of the Term, and upon all the other terms of this Lease, including the provisions of this paragraph. Said holdover term shall terminate upon thirty (30) days notice from one party to the other. Notwithstanding the foregoing, nothing contained herein shall be construed as a requirement that Landlord consent to the occupancy or possession of the Leased Premises by Tenant after the termination of the Lease, and Landlord, upon said termination of this Lease, if Landlord elects to treat Tenant as a trespasser, shall be entitled to the benefit of all public general or public laws relating to the speedy recovery of the possession of land and tenements held over by Tenant, whether now or hereafter in force and effect. If Tenant fails to surrender the Leased Premises upon the expiration or other termination of this Lease despite demand to do so by Landlord, Tenant shall indemnify and hold Landlord harmless from all injury, loss, claims, expenses and liability, including without limitation, any claim made by any succeeding tenant and reasonable attorneys fees, founded on or resulting from such failure by Tenant to surrender possession of the Leased Premises on the date required hereby.
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WAIVER OF CLAIMS
Except as may result from their gross negligence, Landlord and Landlords agents, employees, and contractors shall not be liable for, and Tenant hereby releases all claims for, damages to persons or property sustained by Tenant (or any person claiming through Tenant) resulting from any fire, accident, occurrence or condition in or upon the Premises or Building, including but not limited to such claims for damage resulting from (1) any defect in or failure of plumbing, heating or air-conditioning equipment, electric wiring or installation thereof, water pipes, stairs, railings or walks; (2) any equipment or apparatus becoming out of repair; (3) the bursting, leaking or running of any tank, washstand, water closet, waste pipe, drain or any other pipe or tank, upon or about such building or premises; (4) the backing up of any sewer pipe or downspout; (5) the escape of steam or hot water; (6) water, snow or ice being upon or coming through the roof or any other place upon or near the Building or Premises or otherwise; (7) the falling of any fixtures, plaster or stucco; (8) broken glass; and (9) any act or omission or occupants of adjoining or contiguous property or buildings.
All notices required under this Lease shall be given in writing and shall be deemed to be properly serviced if hand delivered, sent by certified or registered United States Mail or sent by national courier service such as FedEx, UPS or DHL, as follows:
|If to the Landlord:||W. M. Rickman Construction Co. LLC|
15215 Shady Grove Road
Rockville, Maryland 20850
|If to the Tenant:||NexImmune, Inc.|
9119 Gaither Rd.
Rockville, Maryland 20850
or to such other address as either may have designated from time to time by written notice to the other. The date of service of such notices shall be the date of hand delivery or delivery as confirmed by the delivery service.
COVENANTS OF TENANT
Tenant covenants and agrees:
To give to Landlord prompt written notice of any accident, fire, or damage occurring on or to the Premises.
To keep the thermostat in the Premises set at a temperature sufficient to prevent freezing of water pipes, fixtures and HVAC units.
To keep the Premises clean, orderly, sanitary, and free from all objectionable odors and from insects, vermin and other pests.
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To comply with the requirements of the State, Federal and County statutes, ordinances, and regulations applicable to Tenant and its use of the Premises, and to save Landlord harmless from penalties, fines, costs, and expenses resulting from failure to do so, provided Tenant shall not be obligated to make structural repairs or alterations to so comply.
Tenant shall promptly pay all contractors, suppliers of material and persons it engages to perform work and provide materials for construction work on the Premises so as to minimize the possibility of a lien attaching to the Premises. Should any such lien be made or filed, Tenant shall cause the same to be discharged and released of record by bond or otherwise within ten (10) days of receipt of written request from Landlord.
Tenant is responsible for the security of the Premises.
LANDLORDS RIGHT TO ALTER SITE PLAN
LANDLORD shall, from time to time, have the right to alter or modify the site plan of the Building and to rearrange the driveways and parking areas, as well as the entrance and exits to the Premises.
LANDLORD agrees to furnish 3 1/3 unreserved parking spaces per thousand square feet of space occupied by the TENANT.
This Lease contains the entire agreement of the parties. There are no oral agreements existing between them.
SUCCESSORS AND ASSIGNS
This Lease, and the covenants and conditions herein contained shall inure to the benefit of and be binding upon the Landlord, its successors and assigns, and shall inure to the benefit of and be binding upon the Tenant, its successors and assigns, if permitted.
If Tenant shall make an assignment of its assets for the benefit of creditors, or if Tenant shall file a voluntary petition in bankruptcy, or if any involuntary petition in bankruptcy or for receivership be instituted against the Tenant and the same be not dismissed within thirty (30) days of the filing thereof, or if Tenant shall be adjudged bankrupt, then and in any of said events, this Lease shall immediately cease and terminate at the option of the Landlord with the same force and effect as though the date of said event was the date herein fixed for expiration of the term of this Lease.
In the event the Landlord shall be unable to give possession of the Premises because construction of the Building is not complete or for any other cause reasonably beyond the control of the Landlord, the Landlord shall not be liable to Tenant for any damage resulting from failure to give possession.
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If any term, covenant, or condition of this Lease or the application thereof to any person or circumstance shall be held to be invalid and unenforceable, the remainder of this Lease, and the application of such terms, covenants, or conditions shall be valid and enforceable to the fullest extent permitted by law.
With the exception of those provisions contained herein regarding the payment of rent, the inability of either party to perform any of the terms, covenants or conditions of this Lease shall not be deemed a default if the same shall be due to any cause beyond the control of that party.
The Tenant shall from time to time, within five (5) business days after being requested to do so by the Landlord or any Mortgagee, execute, acknowledge and deliver to the Landlord (or, at the Landlords request, to any existing or prospective purchaser, transferee, assignee or Mortgagee of any or all of the Premises) an instrument in recordable form, certifying (a) that this Lease is unmodified and in full force and effect (or, if there has been any modification thereof, that it is in full force and effect as so modified, stating therein the nature of such modification); (b) as to the dates to which the Minimum Rent and other charges arising hereunder have been paid; (c) as to the amount of any prepaid Rent or any credit due to the Tenant hereunder; (d) that the Tenant has accepted possession of the Premises, and the date on which the Term commenced; (e) as to whether, to the best knowledge, information and belief of the signer of such certificate, the Landlord or the Tenant is then in default in performing any of its obligations hereunder (and, if so, specifying the nature of each such default); and (f) as to any other fact or condition reasonably requested by the Landlord or such other addressee. In the event the Tenant fails or refuses to provide such a certificate, Tenant shall be liable to Landlord for any loss or damage (including reasonable counsel fees) arising out of or in connection with such failure or refusal.
[signature page follows]
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IN WITNESS WHEREOF, the parties have caused this Lease Agreement to be executed on the year and date first written.
|W. M. RICKMAN CONSTRUCTION CO. LLC|
|By: William M. Rickman|
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FLOORPLAN TO BE ADDED
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