New Search
REAL ESTATE LEASE <br />THIS LEASE is made and entered into this day of December, 2008 between <br />LINMAR MANAGEMENT, INC. ("Landlord"), and THE CITY OF EUGENE An Oregon Municipal <br />Corporation For the Public Works Administrative Division, CE Contract #2008-00332 <br />1. Basic Lease Provisions and Identification of Exhibits. <br />1.1 Basic Lease Provisions. <br />LEASED PREMISES: The Leased Premises is deemed to be approximately 1,689 square <br />feet of rentable area on the third floor, Suite 306 and approximately <br />2,711 rentable area on the fourth floor, Suite 400, located at 101 E. <br />Broadway, Eugene, Oregon (3,860 useable square feet/4,400 <br />rentable square feet). <br />LEASE TERM: 60 MONTHS with two (2) five-year options per Exhibit D <br />LEASE COMMENCEMENT <br />DATE: The Lease shall commence upon the latter of substantial completion <br />of Tenant Improvements or March 1, 2009. The parties shall confirm <br />the actual rent commencement date in written form between parties. <br />EXPIRATION DATE: 60 Months from lease commencement <br />TENANTS <br />PROPORTIONATE SHARE: 8.75 % (4,400 rsf/50,296 total bldg rsf) <br />MONTHLY BASE RENT: For Months 1-12, Tenant shall pay a Monthly Base Rent of <br />$6,072.00. (4,400 rentable square feet x $1.50/sq.ft. minus Tax <br />Exemption of approximately $0.12/sq. ft.= $1.38/sq. ft. which reflects <br />an estimated savings below market rent resulting from the tax <br />exemption.). The exact amount to be determined and mutually <br />agreed upon by Landlord and Tenant upon receipt of Lane County <br />tax exemption approval letter. Thereafter, beginning the first day of <br />Month 13, the monthly base rent shall be adjusted annually per <br />Section 4.2 below. <br />TENANT'S TAX EXEMPT <br />STATUS/RENT: Landlord acknowledges that Tenant is a tax-exempt entity and <br />Tenant's occupancy of the subject premises may entitle Landlord to <br />certain property tax exemptions as provided by the laws of the State <br />of Oregon per ORS 307.113(3) and OAR 150-307.112(5) and (6). <br />Tenant acknowledges that it is solely Tenant's responsibility to apply <br />for the tax exempt status. <br />Should the Tax Exemption dollar amount change from the above <br />calculation, Landlord will make a credit/debit adjustment at year end. <br />Lease Agreement -1 lease Initi~L <br />L ndlord Tendnt <br />