Common use of Net Lease; Additional Rent Clause in Contracts

Net Lease; Additional Rent. It is the intent of the parties that this Lease shall constitute a "triple net lease" and, any present or future law to the contrary notwithstanding, this Lease shall not terminate except as expressly set forth herein. The Yearly Fixed Rent provided in this Lease will be a net payment to Landlord and Tenant will bear all costs and expenses relating to the Property, accruing during and relating to the Term, except as otherwise expressly stated in this Lease. Tenant covenants and agrees to pay, in addition to Yearly Fixed Rent, all such costs and expenses relating to this Lease and the Property which accrue during or are allocable to the Term including, without limitation, the following: (a) "Taxes", as defined and set forth below; (b) insurance costs; (c) utility charges; (d) operating expenses; (e) fees to obtain licenses and permits required under applicable laws for use of the Property; (f) maintenance expenses, and (g) amounts due under license agreements, easement agreements, ground leases or other agreements affecting the Property (and all of such shall be included in the definition of "Additional Rent"). Yearly Fixed Rent, Additional Rent, and all other amounts required to be paid by Tenant under this Lease are sometimes collectively herein referred to as "Rent". Tenant shall remain obligated under this Lease in accordance with its terms and shall not take any action to terminate, rescind or avoid this Lease, notwithstanding any bankruptcy, insolvency, reorganization, liquidation, dissolution or other proceeding affecting Landlord or any action with respect to this Lease which may be taken by any trustee, receiver or liquidator or by any court. Except as otherwise expressly provided herein, Tenant waives all rights to terminate or surrender this Lease, or to any abatement or deferment of Yearly Fixed Rent, Additional Rent or other sums payable hereunder. Tenant acknowledges and agrees that Tenant's obligations under this Lease to pay Rent and all of the Landlord's obligations under this Lease are independent covenants, and, except as may be expressly set forth in this Lease, no default or failure of Landlord under this Lease, shall give to Tenant any offset or defense to the full and timely performance of its obligations under this Lease, entitle Tenant to any abatement of Rent or constitute any actual or constructive eviction of Tenant, Without limiting any of the foregoing, Tenant specifically covenants and agrees that, except as may be expressly set forth in this Lease, Tenant's obligation to pay all Rent hereunder is not dependent upon the condition of the Property or the performance by Landlord of any of its obligations hereunder, and Tenant shall continue to pay all Rent, without abatement, demand, claim, setoff or deduction, notwithstanding any breach by Landlord of its duties or obligations hereunder.

Net Lease; Additional Rent. It is the intent of the both parties that this Lease the Basic Rent shall constitute a "triple be absolutely net lease" and, any present or future law to the contrary notwithstanding, this Lease shall not terminate except as expressly set forth herein. The Yearly Fixed Rent provided in this Lease will be a net payment to Landlord throughout the terms of this Lease, that all costs, expenses, and Tenant will bear all costs and expenses obligations of every kind relating to the PropertyPremises which may arise or become due during the term hereof shall be paid by Tenant, accruing during and relating except for those which are specifically imposed upon Landlord pursuant to the Term, except as otherwise expressly stated in terms of this Lease. In furtherance thereof, Tenant covenants and specifically agrees to paypay to Landlord as additional rent, without demand therefore and without offset or deduction, the expenses and charges set forth below: (a) Tenant shall pay to Landlord its Proportionate Share (as defined in addition to Yearly Fixed RentArticle 1 above) of the Common Area operating costs. The "Common Area operating cost" means the total cost and expense incurred in connection with the ownership, all such costs maintenance, repair, replacement and expenses relating to this Lease and the Property which accrue during or are allocable to the Term operation of Common Areas, specifically including, without limitation, the following: costs and expenses for utilities for lighting and cleaning the Common Areas, watering vegetation, and temperature control in interior Common Areas; personal property taxes and assessments on the Common Area personalty and equipment; real property taxes and assessments on the land and improvements comprising the exterior Common Areas (a) "Taxes", as defined and set forth below; (b) insurance costs; to the extent not included in subparagraph (c) below; premiums for insurance covering exterior Common Areas, including fire and extended coverage, all risk public liability and property damage, rental abatement insurance, earthquake insurance and such other insurance as may otherwise be required by the first mortgagee of the Building or by the Landlord in the exercise of its discretion, maintenance, repair and replacement (including capital charges) of Common Area pavement, sidewalks, walls, roofs, fences, curbs and bumpers, floor and wall coverings in interior Common Areas, and all interior and exterior directional signs; gardening and the maintenance and replacement of landscaping and irrigation systems; striping and line painting; sweeping, sanitary and flood control, removal of snow, ice, trash, rubbish, garbage, and other refuse; cleaning, repair and replacement of lighting fixtures including bulbs and ballasts; depreciation on, or rentals for, machinery and equipment used in such maintenance; management fee (not to exceed five percent (5%); the cost of supplies and personnel (and salaries, uniforms, workmen's compensation insurance, group insurance, fidelity bonds and other fringe benefits) to implement such service, to direct parking, and to police the Common Areas; repair of all utility charges; (d) lines, custodial service for interior Common Areas, all cost required by a governmental entity for energy conservation, life safety or other purposes or made by Landlord to reduce operating expenses; (e) fees to obtain required for licenses and permits required under applicable laws relating to the operation of parking areas, and fifteen percent (15%) of all the foregoing costs (except for use the cost of taxes and insurance) to cover administrative and overhead expenses. Any of the Property; (f) maintenance expenses, and (g) amounts due under license agreements, easement agreements, ground leases or other agreements affecting the Property (and all of such shall services which may be included in the definition computation of "Additional Rent"). Yearly Fixed Rent, Additional Rent, and all other amounts required to be paid by Tenant under this Lease are sometimes collectively herein referred to as "Rent". Tenant shall remain obligated under this Lease in accordance with its terms and shall not take any action to terminate, rescind or avoid this Lease, notwithstanding any bankruptcy, insolvency, reorganization, liquidation, dissolution or other proceeding affecting Landlord or any action with respect to this Lease which the Common Area operating costs may be taken performed by any trusteesubsidiaries or affiliates of Landlord, receiver or liquidator or by any court. Except as otherwise expressly provided herein, Tenant waives all rights to terminate or surrender this Lease, or to any abatement or deferment of Yearly Fixed Rent, Additional Rent or other sums payable hereunder. Tenant acknowledges and agrees that Tenant's obligations under this Lease to pay Rent and all of the Landlord's obligations under this Lease are independent covenants, and, except as may be expressly set forth in this Lease, no default or failure of Landlord under this Lease, shall give to Tenant any offset or defense to contracts for the full and timely performance of its obligations under this Lease, entitle Tenant to any abatement of Rent or constitute any actual or constructive eviction of Tenant, Without limiting any of the foregoing, Tenant specifically covenants such services shall be competitive with similar contracts and agrees that, except as may be expressly set forth in this Lease, Tenant's obligation to pay all Rent hereunder is not dependent upon the condition of the Property or transactions with unaffiliated entities for the performance by Landlord of any of its obligations hereunder, and Tenant shall continue to pay all Rent, without abatement, demand, claim, setoff or deduction, notwithstanding any breach by Landlord of its duties or obligations hereundersuch services in comparable projects in Salt Lake County.