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   1345 N. Ashland Ave.
    Unit CN,  Chicago

 

   1345 N. Ashland Ave. Unit CN  Office Suite Rental Agreement.


 

 

Lease Agreement

This Office Lease is entered into by and between The House Hunt LLC, Michael Ferguson, (hereinafter "Landlord"), and ------------, (hereinafter "Tenant").

LEASEHOLD

Subject to the terms and conditions set forth herein, Landlord leases to Tenant, and Tenant leases from Landlord, that certain office space located at 1345 N. Ashland Ave. Unit CN, Suite-----.

TERM

The Term of this Lease is for a period of -- months, commencing on --/-- 2006 ("Commencement Date") and ending on --/--/----, unless terminated sooner as provided in this Lease.

RENT AND SECURITY DEPOSIT

Rent: Tenant shall pay Landlord as rent, for the possession and use of the Premises, the sum of $--- per month, payable in advance for each monthly period and continuing through the Term of this Lease. Rent is payable at the address of Landlord at 1345 N. Ashland Ave. Unit CN, Suite 100.

Rent must be paid, without the need for notice, demand, offset, or deduction, on the first day of each calendar month. If the Term commences on a date other than the first day of a month, Tenant must pay on the Commencement Date the prorated rent for such prorated month, as well as the rent due for the next full month following the Commencement Date. All sums other than Base Rent that Tenant is obligated to pay under this Lease will be deemed to be additional rent due, regardless of whether those sums are designated as additional rent. The term Rent means the Base Rent and all additional rent payable under this Lease.

Security Deposit: On or before the first payment of Rent is due, Tenant shall pay a security deposit in the sum of $---. The security deposit shall be held by Landlord and shall be used by Landlord in the event of a default by Tenant, as more fully set forth herein.

COMMON AREA MAINTENANCE CHARGES

Tenant shall not be responsible for nor chargeable for any Common Area Maintenance charges.

USE OF THE PREMISES

Use and Restrictions on Use. Tenant shall use the premises for general office purposes only, and for no other use. Tenant shall not use or allow the Premises to be used for a purpose or in a manner that is unlawful, illegal, or likely to cause damage to the Premises, to adjoining property, or in a manner which would constitute a hazard to the public or any adjoining property, or would cause a nuisance to any members of the public or to any other tenant of the Building.

Smoking. Smoking is not allowed in the building, whether in common areas or private offices, and the entire building is designated "smoke free". Any smoking is only allowed in specially designated areas outside the building.

TENANT IMPROVEMENTS

Tenant Improvements. Prior to the Commencement Date, Landlord will perform, at Landlord's sole expense, tenant improvements consisting of Tenant's office will be in working order. Offices will have working electrical, phone and/or internet outlets. Wifi is available to Tenant.. Any tenant improvements shall be in compliance with all applicable laws of all governmental authorities.

UTILITIES

Utilities. Landlord shall, at Landlord's sole expense, but subject to Landlord's right to collect triple net (CAM) costs if otherwise set forth in this Lease, provide the following utility or utilities:

Utilities will be paid by Landlord. Trash is to be placed in outside alley bin, located at the rear of the property..

PARKING RIGHTS

Parking Rights. Tenant has no parking rights in and to any parking areas which are a part of the office building, if any.

CLEANING AND JANITORIAL

Cleaning and Janitorial. Landlord shall provide janitorial and cleaning services for the common areas and common restroom areas of the Building only.

REPAIRS AND MAINTENANCE

(a) Landlord's Obligations. Landlord shall perform all necessary repairs and maintenance on the Building and the leased Premises, and shall maintain same in good condition and working order. However, in the event of any damage or destruction resulting from any intentional or negligent acts of Tenant, Tenant shall reimburse Landlord for all expenses incurred in the repair thereof, within thirty (30) days of Landlord submitting to Tenant an invoice therefore, and such invoiced expense shall be deemed additional Rent thereafter.

(b) Tenant's Obligations Tenant shall maintain the leased Premises in a good, clean and safe condition, and shall on the expiration of this Lease or sooner termination thereof return the leased Premises in the same condition as received by Tenant on the Commencement Date, reasonable wear and tear excepted.

INDEMNIFICATION

Indemnification. Landlord will not be liable for any loss or damage to person or property caused by theft, fire, acts of God, acts of a public enemy, riot, strike, insurrection, war, court order, requisition, or order of government body or authority, unless caused by the acts of Landlord. Tenant will indemnify and defend Landlord, by counsel acceptable to Landlord, against any liabilities, including reasonable attorney fees and court costs, arising out of or relating to the following:

(i) claims of injury to or death of persons or damage to property occurring or resulting directly or indirectly from the use or occupancy of the Premises, or from activities of Tenant, Tenant's invitees, or anyone about the Premises, or from any other cause, except to the extent caused by Landlord's negligence or willful misconduct;

(ii) claims for work or labor performed, or for materials or supplies furnished to or at the request of Tenant in connection with performance of any work done for the account of Tenant within the Premises; and

(iii) claims arising from any breach or default on the part of Tenant in the performance of any covenant contained in this Lease. The provisions of this Section will survive the expiration or termination of this Lease with respect to any claims or liability occurring prior to the expiration or termination.

HAZARDOUS MATERIALS

Use of Hazardous Materials. Tenant will not use or allow the use of the Premises in a manner that may cause Hazardous Materials to be released or to become present on, under, or about the Premises or other properties in the vicinity of the Premises.

DEFAULT

Events of Default. The occurrence of any of the following events will, at Landlord's option, constitute an event of default (Event of Default):

(i) In the event Rent is late as defined hereunder, failure to pay Rent within three (3) days following written demand to pay Rent by Landlord;

(ii) vacation or abandonment of the Premises for a period of thirty (30) consecutive days;

(iii) failure to perform Tenant's covenants under this Lease (except default in the payment of Rent); provided that if this default is susceptible of cure and Tenant has promptly commenced the cure of this default and is diligently prosecuting the cure to completion, then the default must remain uncured for thirty (30) days after written notice from Landlord:

Remedies. In the event of any default by Tenant under this Lease, Landlord shall have the following remedies:

(i) Termination In the event of the occurrence of any Event of Default, Landlord will have the right to give a written termination notice to Tenant and, on the date specified in that notice, this Lease will terminate unless on or before that date all arrears of Rent and all other sums payable by Tenant under this Lease and all costs and expenses incurred by or on behalf of Landlord have been paid by Tenant and all other Events of Default at the time existing have been fully cured to the satisfaction of Landlord.

(ii) Repossession Following termination, without prejudice to other remedies Landlord may have, Landlord may (A) peaceably re-enter the Premises on voluntary surrender by Tenant; (B) remove Tenant and any other persons occupying the Premises, using any legal proceedings that may be available; (C) repossess the Premises or relet the Premises or any part of them for any term (which may be for a term extending beyond the Term), at any rental and on any other terms and conditions that Landlord in Landlord's sole discretion may determine, with the right to make reasonable alterations and repairs to the Premises; and (D) remove all personal property.

(iii) Unpaid Rent. Landlord will have all the rights and remedies of a landlord provided by applicable law, including the right to recover from Tenant (A) the worth, at the time of award of the unpaid Rent that had been earned at the time of termination; (B) the worth, at the time of award, of the amount by which the unpaid Rent that would have been earned after the date of termination until the time of award exceeds the amount of loss of rent that Tenant proves could have been reasonably avoided; (C) the worth, at the time of award, of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; and (D) any other amount, and court costs, necessary to compensate Landlord for all detriment proximately caused by Tenant's default.

Continuation. Even though an Event of Default may have occurred, this Lease will continue in effect for so long as Landlord does not terminate Tenant's right to possession. Also, Landlord may enforce all of Landlord's rights and remedies under this Lease, including the right to recover Rent as it becomes due, and Landlord, without terminating this Lease, may, during the period Tenant is in default, enter the Premises and relet them, or any portion of them, to third parties for Tenant's account. Tenant will be liable to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, brokers' commissions, expenses of remodeling the Premises, and similar costs. Reletting may be for a period shorter or longer than the remaining Term. Tenant will continue to pay the Rent on the date that it is due. No act by Landlord under this Lease, including acts of maintenance, preservation, or efforts to lease the Premises or the appointment of a receiver on application of Landlord to protect Landlord's interest under this Lease, will terminate this Lease unless Landlord notifies Tenant that Landlord elects to terminate this Lease. In the event that landlord elects to relet the Premises, the rent that Landlord receives from reletting will be applied to pay the following in the order listed:

(i) any indebtedness from Tenant to Landlord other than Base Rent, Real Property Taxes, and other amounts owing to Landlord under this Lease;

(ii) all costs, including maintenance, incurred by Landlord in reletting; and

(iii) Base Rent, Real Property Taxes, and other amounts owing to Landlord under this Lease. After deducting the payments referred to above, any sum remaining from the rental Landlord receives from reletting will be held by Landlord and applied in payment of future Rent as Rent becomes due under this Lease. In no event will Tenant be entitled to any excess rent received by Landlord. So long as this Lease is not terminated, Landlord will have the right to remedy any default of Tenant, to maintain or improve the Premises, to cause a receiver to be appointed to administer the Premises and new or existing subleases, and to add to the Rent all of Landlord's reasonable costs in so doing, with interest at the Applicable Interest Rate from the date of the expenditure.

Cumulative. Each right and remedy of Landlord provided for in this Lease or now or later existing at law, in equity, by statute, or otherwise, will be cumulative and will not preclude Landlord from exercising any other rights or remedies provided for in this Lease or now or later existing at law or in equity, by statute, or otherwise. No payment by Tenant of a lesser amount than the Rent, or any endorsement on any check or letter accompanying any check or payment as Rent, will be deemed an accord and satisfaction of full payment of Rent. However, Landlord may accept this payment without prejudice to Landlord's right to recover the balance of Rent or to pursue other remedies.

ASSIGNMENT AND SUBLETTING

Prohibition. Tenant may not assign or sublet, whether voluntarily or involuntarily or by operation of law, the Premises or any part of the Premises, subject to Landlord's written consent, which consent may be withheld at Landlord's sole discretion.

ATTORNMENT

Attornment. In the event of a foreclosure proceeding, the exercise of the power of sale under any mortgage or deed of trust or the termination of a ground lease, Tenant will, if requested, attorn to the purchaser and recognize that purchaser as Landlord under this Lease. However, Tenant's obligation to attorn to the purchaser will be conditioned on Tenant's receipt of a non-disturbance agreement.

ENTRY

Entry. Landlord reserves the right to enter the Premises upon reasonable notice to Tenant (except in case of an emergency, in which case no notice would be required) to inspect the Premises or the performance by Tenant of the terms and conditions of this Lease, and, during the last six (6) months of the Term, show the Premises to prospective Tenants.

LATE CHARGES AND INTEREST

Late Charges. The late payment of any Rent will cause Landlord to incur additional costs, including administration and collection costs, processing and accounting expenses, and increased debt service. If Landlord has not received any installment of Rent within fifteen (15) days after that amount is due, Tenant must pay five percent (5%) of the delinquent amount, which is agreed to represent a reasonable estimate of the cost incurred by Landlord. In addition, all delinquent amounts will bear interest from the date the amount was due until paid in full at a rate per annum of the highest rate allowed in the State of for unsecured debt.

MISCELLANEOUS

Entire Agreement. This Lease sets forth all the agreements between Landlord and Tenant concerning the Premises, and there are no other agreements, either oral or written, other than as set forth in this Lease.

Time. Time is of the essence in this Lease.

Attorney's Fees. In any action that either party brings to enforce its rights under this Lease, the prevailing party shall be entitled to all of its costs plus reasonable attorney fees to be fixed by the court. Those costs and attorney fees will be considered a part of the judgment in that action.

Severable. If any provision of this Lease or the application of any provision is held by a court of competent jurisdiction to be invalid, void, or unenforceable to any extent, the remaining provisions of this Lease and the application of it will remain in full force and will not be affected, impaired, or invalidated.

Governing Law. This Lease will be construed and enforced in accordance with the laws of the state the Premises are located.

Successors. This Lease will be binding on and inure to the benefit of the successors and assigns of Landlord and Tenant, their heirs and court appointed representative.

Sign Criteria. All signs and graphics of every kind visible from public view, corridors, or the exterior of the Real Property will be subject to Landlord's prior written approval, and will be subject to any applicable governmental laws, and ordinances. Tenant must remove all signs and graphics prior to the termination of this Lease.

No Waiver. No waiver of any default or breach under this Lease will be implied from any omission to take action on account of this Lease, regardless of any custom and practice or course of dealing. No waiver will affect any default other than the default specified in the waiver, and then the waiver will be operative only for the time and to the extent stated in the Lease. Waivers of any covenant will not be construed as a waiver of any subsequent breach of the same covenant. No waiver by either party of any provision under this Lease will be effective unless in writing and signed by that party.

Notices. All notices to be given under this Lease will be in writing and mailed, postage prepaid, by certified or registered mail, return receipt requested, or delivered by personal or courier delivery, or sent by telecopy (immediately followed by one of the preceding methods), to Landlord's Address and Tenant's Address, or to any other place that Landlord or Tenant may designate in a written notice given to the other party. Notices will be deemed served on the earlier of receipt or three (3) days after the date of mailing. Notices to Landlord shall be sent to 1345 N. Ashland Ave. Unit CN, Suite 100. Notices to Tenant shall be sent to 1345 N. Ashland Ave. Unit CN, Suite ---.

Holding Over. If Tenant fails to surrender possession of the Premises or any part of the Premises after expiration of the Term, the holding over will constitute a month-to-month tenancy, at a rent equal to the Base Rent in effect immediately prior to the holding over plus twenty five percent (25%) of the Rent. This paragraph will not be construed as Landlord's permission for Tenant to hold over. Acceptance of Rent by Landlord following expiration or termination shall not constitute a renewal of this Lease.

Surrender. Upon the termination of this Lease or Tenant's right to possession of the Premises, Tenant will surrender the Premises to Landlord.

Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

This Lease is executed on this ____ day of ______________, 2006, in the City of Chicago, County of Cook, State of Illinois.

____________________________
The House Hunt LLC, Michael Ferguson

____________________________
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[end of Lease]