Lease with Multiple Tenants

COMMERCIAL LEASE AGREEMENT (Multi-Tenant Facility)

Commercial Realty
1508 Military Cutoff Rd, Suite 201
Wilmington, NC 28403
Phone: 910-392-9800, Fax: 910-791-0453

(Note: This form is not intended to be used as a Sublease and SHOULD NOT be used in Sublease circumstances)

THIS LEASE AGREEMENT, including any and all addenda attached hereto ("Lease"), is by and between

, a(n) ("Landlord"),

whose address is

and , a(n) ("Tenant").

whose address is

If this box is checked, the obligations of Tenant under this Lease are secured by the guaranty of attached hereto and incorporated herein by reference.

For and in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

PREMISES/PROPERTY

(Note: In this paragraph, Premises is the actual space being leased and Property is the broader site/location of the Premises.)

1. (a) Landlord leases unto Tenant, and Tenant hereby leases and takes upon the terms and conditions which hereinafter appear, those certain premises depicted on Exhibit A attached hereto and incorporated herein by reference (hereinafter called the "Premises"), which is a part of a building or buildings located at the Property (defined below).

The address of the Premises is:
(Address):

(b) The Premises is located at the following described property ("Property"):

(Address):

All A portion of the property in Deed Reference: Book , Page No. County; consisting of approximately acres.

Plat Reference: Lot(s) , Block or Section , as shown on Plat Book or Slide at Page(s) , County, consisting of acres.

If this box is checked, Property shall mean that property described on Exhibit B attached hereto and incorporated herewith by reference.

(For information purposes only, the tax parcel number of the Property is: )

All facilities furnished at the Property and designated for the general use, in common, of occupants of the Property and their invitees, agents or employees, including Tenant hereunder, including but not limited to parking areas, streets, driveways, sidewalks, canopies, roadways, loading platforms, shelters, ramps, landscaped areas, exterior water faucets, irrigation systems, exterior lighting fixtures, signs and other facilities whether of a similar or dissimilar nature ("Common Areas") shall at all times be subject to the exclusive control and management of Landlord, and Landlord shall have the right from time to time to change the area, level, location and arrangement of the Common Areas and to restrict parking by tenants and their employees to employee parking areas, to make Rules and Regulations (as herein defined) and do such things from time to time as in Landlord's reasonable discretion may be necessary regarding the Common Areas.

TERM

2. The term of this Lease shall commence on ("Lease Commencement Date"), and shall end at midnight on , unless sooner terminated as herein provided.

If this box is checked, Tenant shall have the option of renewing this Lease, upon written notice given to Landlord at least days prior to the end of the then expiring term of this Lease, for years each.

Option to Lease - If this box is checked, Tenant, upon the payment of the sum of $ shall have a period of days prior to the Lease Commencement Date ("Option Period") in which to inspect the Premises and make inquiry regarding such sign regulations, zoning regulations, utility availability, private restrictions or permits or other regulatory requirements as Tenant may deem appropriate to satisfy itself as to the use of the Premises for Tenant's intended purposes.

RENTAL

3. Beginning on ("Rent Commencement Date"), Tenant agrees to pay Landlord an annual rental of $ , payable in equal monthly installments of $ .

Annual rental shall be adjusted every Lease Year Anniversary by % over the amount then payable hereunder.

Annual rental shall be adjusted every Lease Year Anniversary by $ over the amount then payable hereunder.

Tenant shall pay all rental to Landlord's Agent at the following address:

LATE CHARGES

4. If Landlord fails to receive full rental payment within days after it becomes due, Tenant shall pay Landlord a late charge equal to percent (%) or $ whichever is greater.

SECURITY DEPOSIT

5. Tenant shall deposit with Landlord the sum of $ as a security deposit.

If this box is checked, Agent shall hold the security deposit in trust and shall be entitled to the interest, if any, thereon.

UTILITY BILLS/SERVICE CONTRACTS

6. Service Obligations shall be paid by the party indicated below for each item:

Landlord shall not be liable for injury to Tenant's business or loss of income therefrom or for damage that may be sustained by the person, merchandise or personal property of Tenant...

RULES AND REGULATIONS

7. The rules and regulations, if any, attached hereto are made a part of this Lease.

PERMITTED USES

8. The permitted use of the Premises shall be:

TAXES, INSURANCE AND COMMON AREA AND PROPERTY OPERATING EXPENSES

9. Tenant shall reimburse Landlord for its proportionate share of taxes, insurance and Common Areas and Property operating expenses as follows:

Taxes

Its proportionate share of the amount by which all taxes on the Property for each tax year exceed all taxes on the Property for the tax year ;

Its proportionate share of all taxes on the Property for each tax year.

Reimburse taxes monthly in the amount of .

Insurance

Its proportionate share of the excess cost of commercial general liability, broad form fire and extended and special perils insurance over the first year cost.

Its proportionate share of the cost of all such insurance with respect to the Property.

Reimburse insurance monthly in the amount of .

Common Areas and Property Operating Expenses

Its proportionate share of all Common Areas and Property operating expenses.

Reimburse expenses monthly in the amount of .

For purposes of this paragraph 9, "Tenant's proportionate share" shall mean (check one):
% of the expenses above designated
$ payable monthly
None

INSURANCE; WAIVER; INDEMNITY

10. (a) Tenant shall maintain commercial general liability insurance with limits of not less than combined single limit, per occurrence.

(c) Tenant indemnifies Landlord for damages proximately caused by the negligence or wrongful conduct of Tenant and Tenant's employees, agents, invitees or contractors.

REPAIRS BY LANDLORD

11. Landlord agrees to keep in good repair the roof, foundation, structural supports, exterior walls and the Common Areas of the Property.

REPAIRS BY TENANT

12. (a) Tenant shall maintain the Premises in good order and repair.

Landlord shall have the right to approve the contractor as to any repairs in excess of $ .

There is heating, ventilation and air conditioning equipment exclusively serving the Premises.

HVAC repair/replacement threshold: $ or $

ALTERATIONS

13. Tenant shall not make any alterations, additions, or improvements without Landlord's prior written consent.

DESTRUCTION OF OR DAMAGE TO PREMISES

14. If the Premises are totally destroyed by casualty, Landlord may terminate this Lease within 30 days.

GOVERNMENTAL ORDERS

15. Tenant agrees to comply with all applicable laws and regulations.

CONDEMNATION

16. Condemnation terms apply as stated in the Lease.

ASSIGNMENT AND SUBLETTING

17. Tenant shall not assign or sublet without Landlord's prior written consent.

EVENTS OF DEFAULT

18. The following events constitute default under this Lease.

REMEDIES UPON DEFAULT

19. Upon default, Landlord may pursue available remedies under applicable law and this Lease.

EXTERIOR SIGNS

20. Tenant may place no signs except with Landlord's express written consent.

LANDLORD'S ENTRY OF PREMISES

21. Landlord may enter the Premises upon prior notice at reasonable hours.

QUIET ENJOYMENT

22. Tenant shall peacefully and quietly enjoy possession of the Premises, subject to the terms of this Lease.

HOLDING OVER

23. If Tenant remains in possession after expiration, rent shall be twice the monthly rental otherwise payable.

ENVIRONMENTAL LAWS

24. Tenant shall comply with all Hazardous Materials Requirements.

SUBORDINATION; ATTORNMENT; ESTOPPEL

25. Lease subordination and estoppel provisions apply as stated in the Lease.

ABANDONMENT

26. Tenant shall not abandon the Premises during the Lease term.

NOTICES

27. All notices must be in writing and delivered as provided in the Lease.

GENERAL TERMS

28. General terms, waivers, authority, and recording provisions apply as stated in the Lease.

SPECIAL STIPULATIONS

Additional terms of this Lease are set forth on Exhibit C attached hereto and incorporated herein by reference.

THIS DOCUMENT IS A LEGAL DOCUMENT...

IN WITNESS WHEREOF, the parties hereto have hereunto caused this Lease to be duly executed.

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