PRINCIPAL TERMS AND CONDITIONS. The Vendor agrees to lease a portion of the office space within the Building pursuant to Section 4.6. Following is a summary of the general business terms upon which the Vendor will lease premises within the Building, namely; Tenant: QLT Inc. Landlord: Discovery Parks Holdings Inc. or permitted assignee Building Address: ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇ Leased Area: Approximately 44,000 square feet of office and laboratory space in a location to be agreed upon. The Tenant will be responsible for all costs associated with the demise of the Leased Area and all work shall be completed to City of Vancouver code requirements. Term: Five (5) years Lease Commencement Date: Closing Date, with rent commencing on the first day of the month following the Closing Date. Renewal Options: Two options of five (5) years each to be exercised 12 months in advance of the expiry to the Term or any Renewal thereof. The renewal rent to be based upon market rent for similar premises and shall not be less than the rent paid by the Tenant during the last year of the Term or any renewal thereof. Form of Lease: Net lease Basic Rental Rate: $32.50 per square foot / annum Additional Rent: Proportionate share plus any additional costs attributed to the laboratory component of the Tenant’s tenancy
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PRINCIPAL TERMS AND CONDITIONS. The Vendor agrees to lease a portion of the office space within the Building pursuant to Section 4.6. Following is a summary of the general business terms upon which the Vendor will lease premises within the Building, namely; Tenant: QLT Inc. Landlord: Discovery Parks Holdings Inc. or permitted assignee Building Address: ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇ Leased Area: Approximately 44,000 square feet of office and laboratory space in a location to be agreed upon. The Tenant will be responsible for all costs associated with the demise of the Leased Area and all work shall be completed to City of Vancouver code requirements. Term: Five (5) years Lease Commencement Date: Closing Date, with rent commencing on the first day of the month following the Closing Date. Renewal Options: Two options of five (5) years each to be exercised 12 months in advance of the expiry to the Term or any Renewal thereof. The renewal rent to be based upon market rent for similar premises and shall not be less than the rent paid by the Tenant during the last year of the Term or any renewal thereof. Form of Lease: Net lease Basic Rental Rate: $32.50 per square foot / annum Additional Rent: Proportionate share plus any additional costs attributed to the laboratory component of the Tenant’s tenancytenancy Parking: Seventy (70) Stalls at a rental rate of $65.00 per stall per month. The Tenant may also make arrangements directly with the other existing tenant of the Building for the use of a portion of such other tenant’s parking stalls, with 50% of the other parking stalls so obtained from such other tenant then being made available to the Tenant by the Landlord under the lease at a rental rate of $65.00 per stall per month.
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