Resolution 2010-22 - Laserfiche WebLink

Home Browse Search

LEASE AGREEMENT THIS LEASE AGREEMENT ("Lease") is entered into by and between the CITY OF LOUISVILLE, COLORADO, a Colorado home rule municipal corporation ("LANDLORD") and LUCKYPIE LLC, a Colorado limited liability company, ("TENANT"). ARTICLE 1 — GRANT, TERM AND RENT 1.1 DEMISED PREMISES. In consideration of the rents, covenants, and agreements herein set forth, LANDLORD hereby leases to TENANT and TENANT hereby rents from LANDLORD that certain premises, the street address of which is 637 Front Street, Colorado, 80027, containing approximately 5,819 square feet, and legally described and depicted on Exhibit A attached hereto and incorporated herein by reference (the "Premises"). 1.2 INITIAL TERM. This Lease shall be for a term of five years commencing on the date this Lease is fully executed by both parties hereto and ending at midnight on April 30, 2015 ("Initial Term"). 1.3 RENEWAL OPTION. LANDLORD hereby grants to TENANT an option to renew this Lease for one (1) successive five (5) year period ("Renewal Term"). The Renewal Term shall be upon the same terms, covenants and conditions as set forth in this Lease, as they exist at the time of such renewal, except that the rent for the initial year of the Renewal Term shall be set at the then -current downtown market rate, but not to exceed $87,285 ($7,274 per month) and each successive year of the Renewal Term shall be increased by three percent (3%) over the rent for the prior year. The Initial Term and Renewal Term are collectively referred to herein as the "term" and are subject to parties' rights of termination as set forth herein. If TENANT wishes to exercise its option to renew this Lease, it shall give written notice with its intent to LANDLORD on or before January 31, 2015. 1.4 RENT. In consideration of said demise, TENANT agrees to pay to LANDLORD for the Premises rent for the Initial Term as follows: (a) LANDLORD shall provide TENANT with sixteen successive months of free rent starting with the month that this Lease commences; (b) for months 17 through 24 of this Lease, TENANT shall pay rent of $38,560.00, payable in equal monthly installments of $4,820.00; (b) for months 25 through 36 of this Lease, TENANT shall pay rent of $59,575.00, payable in equal monthly installments of $4,965.00; (c) for months 37 through 48 of this Lease, TENANT shall pay rent of $61,362.00, payable in equal monthly installments of $5,114.00; and (d) for months 49 through 60 of this Lease, TENANT shall pay rent of $63,203.00, payable in equal monthly installments of $5,267.00. All rent shall be due and payable in advance on the first day of each calendar month at the office of LANDLORD specified herein, commencing on the first day of fourteenth month from the commencement of the Lease. LANDLORD may assess a late charge of ten percent (10%) of any monthly rent installment or any other payment called for in this Lease that is delinquent ten (10) days or more. In addition, all rent in arrears and all amounts collectible as provided for in this Lease shall accrue interest at the rate of one and one-half percent (1-1/2%) per month from the date due until paid. 1