Subleased Premises Sublandlord does hereby sublease to Subtenant, and Subtenant does hereby sublease and rent from Sublandlord, (i) the Space and (ii) all permanent improvements within the Space constructed by Landlord or by or on behalf of Sublandlord (collectively, the “Subleased Premises”). Subtenant shall have the right to use in common with Sublandlord and others entitled thereto the common areas of the Project pursuant to the Lease. In addition, subject to the terms, covenants and conditions of this Sublease, Subtenant shall have the exclusive right to use during the Sublease Term (defined below), free of charge, the furniture, fixtures and equipment more particularly described on Schedule A annexed hereto and made a part hereof (the “Personal Property”) located in the Space. Subtenant shall have no obligation whatsoever to repair, replace or maintain the Personal Property, unless any damage thereto is caused by the negligence or willful misconduct of Subtenant. Provided that there is no change in the size of the Subleased Premises between the date of this Sublease and the Commencement Date (defined below) (e.g., there has been no change in the size of the Subleased Premises by reason of any damage or destruction to or condemnation of the Subleased Premises), the parties hereby (i) stipulate that the Space shall be deemed to contain approximately 19,997 rentable square feet upon delivery of the Space by Sublandlord to Subtenant (the “Space Measurement”), (ii) agree that neither party shall have any right to dispute the Space Measurement and (iii) waive any claim in connection with the Space Measurement, regardless of whether the Space is found to have contained more or less than 19,997 rentable square feet upon delivery of the Space to Subtenant. Sublandlord represents and warrants for the benefit of Subtenant that the rentable square footage of the Space was not remeasured pursuant to Section 4 of the Second Amendment and that Sublandlord pays Base Rental for the Space under the Lease and Tenant’s Forecast Additional Rental and Tenant’s Additional Rental for the Space under the Lease on the basis of the Space consisting of 19,997 rentable square feet.
Storage Space 37.1. Subject to the provisions of this Article 37 and the provisions of Articles 11, 15, 16, and 25 of this Lease, Landlord hereby leases to Tenant approximately 400 RSF of storage space (“Storage Space”) on the Concourse Level of the Building in the approximate location as depicted on Exhibit “H”.
37.2. Tenant’s right to use the Storage Space will commence on the Commencement Date and terminate on the earlier of (i) 30 days’ prior written notice terminating Tenant’s lease of the Storage Space from either Landlord or Tenant to the other, or (ii) the expiration or earlier termination of the Term of this Lease.
37.3. During the Term, monthly rent for the Storage Space will be $500.00 ($15.00 per RSF) (“Storage Space Rent”), which will be payable in advance, without notice, on the first day of each month during the Term, at same place and in the same manner as the payment of Fixed Rent.
37.4. Tenant agrees to pay monthly, as Additional Rent, for electricity service usage by Tenant in the Storage Space, the cost of which is initially estimated to be $1.75 per RSF (per annum).
37.5. Tenant will use the Storage Space only for the storage and use of Tenant’s compressor unit and vacuum system subject to compliance by Tenant with the following conditions: (i) no noise in the Storage Space which, in the reasonable judgment of Landlord, might disturb other tenants or occupants of the Building will be made or permitted by Tenant, (ii) nothing will be done or permitted in the Storage Space by Tenant which would impair or interfere with the use or enjoyment of other portions of the Building by any tenant or occupant thereof, and (iii) the use of Tenant’s compressor in the Storage Space will be permitted by, and will be in compliance with, all applicable Laws. Tenant will use the Storage Space in a careful, safe and proper manner and install, at its sole cost and expense, any sound attenuation measures required to ensure that no noise will emanate from the Storage Space which might disturb other tenants or occupants of the Building. Tenant will not overload the floor of the Storage Space and agrees to be fully liable for any damages or losses sustained by Landlord as a result of any overloading by Tenant. Tenant will pay Landlord on demand for any damage to the Storage Space caused by misuse or abuse by Tenant, its agent or employees, or any other person entering the Storage Space under express or implied invitation of Tenant. Tenant will not utilize or permit the Storage Space to be used for any purposes prohibited by any applicable Laws. Tenant will not commit waste nor permit waste to be committed nor permit any nuisance in the Storage Space.
37.6. Landlord will provide a lock and key for the Storage Space; however, Tenant agrees that all property of Tenant kept, stored, or used in the Storage Space will be at the sole risk of Tenant and that Landlord will not be liable for any injury or damage to such property. Tenant will carry and maintain, at Tenant’s expense, insurance covering all property and equipment stored, used, or both in the Storage Space. On the Commencement Date Tenant will accept the Storage Space in its then “as-is” condition, without any further improvement by Landlord. Landlord makes no warranty or representation that the Storage Space will be suitable for any particular purpose.
37.7. Tenant will not sublease all or a portion of the Storage Space or assign its right to Lease the Storage Space.
37.8. Landlord reserves the right to relocate the Storage Space to substantially comparable space in the Building in close proximity to the Premises provided that the ability of the central utility delivery systems can deliver “product”, e.g., nitrogen gas, compressed air, to Tenant’s laboratory is unaffected by any relocation. Landlord will give Tenant a written notice of its intention to relocate the Storage Space and in such event Tenant will complete a relocation within 30 days after receipt of written notice. Landlord agrees to reimburse Tenant for its actual reasonable moving costs to such other storage space within the Building.
Leased Premises Lessor hereby leases to Lessee, and Lessee leases and takes from Lessor, the Leased Premises subject to the conditions of this Lease.
Demised Premises 2.01. Landlord leases to Tenant and Tenant leases from Landlord certain office space (hereinafter called the "Demised Premises") in a nine-story office building currently being renovated (the "Building") situated on certain land more particularly described by metes and bounds in Exhibit A attached hereto (the "Land") leased by Landlord at ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ in Raleigh, North Carolina. The Demised Premises consists of the square feet of rentable area in the Building disclosed on Schedule I attached to this Lease and made a part hereof (hereinafter called "Schedule I"), all of said space being shown on Exhibit B attached hereto. All calculations of the rentable area of the Demised Premises and the Building shall be made in accordance with the BOMA Standard of Measuring Floor Area of Office Buildings (reprinted in August, 1990). Rentable square feet for any tenant space which constitutes all of the available office space on any floor in the Building shall be as set forth in Exhibit ▇-▇ attached hereto. Landlord, at its expense, shall provide Tenant with the Base Building items set forth on Exhibit C-l
2.02. The Demised Premises consist of the unfinished interior office space in the Building. Landlord, at its expense, shall provide Tenant with the "Base Building" items set forth on Exhibit C-l. Landlord, at Tenant's cost, shall also install the items and perform the work (collectively "upfitting") specified in the plans and upfitting requirements set forth in Exhibit C; however, Landlord shall provide Tenant with an upfitting allowance to subsidize Tenant's upfitting cost as specified in Schedule I. All work shall be performed in accordance with the provisions of Article XVI
2.03. Prior to occupancy of the Demised Premises by the Tenant, Landlord and Tenant shall enter into a supplement of this Lease in the forth attached hereto as Exhibit D setting forth the exact measurements of the Demised Premises calculated as provided hereinabove, the Commencement Date and Expiration Date of the term of this Lease as provided in Article IV and the exact amount of the Annual Minimum Rent (hereinafter defined) and monthly installments of minimum rent required in accordance with Article V herein, with such terms, conditions and provisions being consistent with the terms set forth in this Lease as of the date hereof.
2.04. Exhibits A, B, ▇-▇, C, ▇-▇ and D and Schedule I mentioned above and Exhibit E mentioned hereafter are attached hereto and incorporated herein by this reference.
Vacating Premises (i) If the Assuming Bank elects not to purchase any owned Bank Premises, the notice of such election in accordance with Section 4.6(a) shall specify the date upon which the Assuming Bank's occupancy of such premises shall terminate, which date shall not be later than ninety (90) days after the date of the Assuming Bank's notice not to exercise such option. The Assuming Bank promptly shall relinquish and release to the Receiver such premises and the Furniture and Equipment and Fixtures located thereon in the same condition as at Bank Closing, normal wear and tear excepted. By occupying any such premises after the expiration of such ninety (90)-day period, the Assuming Bank shall, at the Receiver's option, (x) be deemed to have agreed to purchase such Bank Premises, and to assume all leases, obligations and liabilities with respect to leased Furniture and Equipment and leased Fixtures located thereon and any ground lease with respect to the land on which such premises are located, and (y) be required to purchase all Furniture and Equipment and Fixtures owned by the Failed Bank and located on such premises as of Bank Closing.
(ii) If the Assuming Bank elects not to accept an assignment of the lease or sublease any leased Bank Premises, the notice of such election in accordance with Section 4.6(b) shall specify the date upon which the Assuming Bank's occupancy of such leased Bank Premises shall terminate, which date shall not be later than the date which is one hundred eighty (180) days after Bank Closing. Upon vacating such premises, the Assuming Bank shall relinquish and release to the Receiver such premises and the Fixtures and the Furniture and Equipment located thereon in the same condition as at Bank Closing, normal wear and tear excepted. By failing to provide notice of its intention to vacate such premises prior to the expiration of the option period specified in Section 4.6(b), or by occupying such premises after the one hundred eighty (180)- day period specified above in this paragraph (ii), the Assuming Bank shall, at the Receiver's option, (x) be deemed to have assumed all leases, obligations and liabilities with respect to such premises (including any ground lease with respect to the land on which premises are located), and leased Furniture and Equipment and leased Fixtures located thereon in accordance with this Section 4.6 (unless the Receiver previously repudiated any such lease), and (y) be required to purchase all Furniture and Equipment and Fixtures owned by the Failed Bank at Fair Market Value and located on such premises as of Bank Closing.