Leaseback of part of premises sold.

As the parties hereto are about to enter into a contract for the sale by S to A of certain premises known as and by the street number _________, _________ street, _________;

As an essential element of the consideration to induce S into such contract of sale is the execution of this agreement by A;

Therefore, in consideration of the premises and of the mutual promises and covenants contained herein, it is hereby agreed as follows:

1. A as landlord, agrees to provide S as tenant, without further payment by S therefor, with space, services and facilities in the premises to be conveyed under the aforesaid contract of sale, all as more fully set forth in the following schedule and paragraphs:

Space to be occupied by seller Area in square ft. Term of occupancy from closing of title

[Various locations are here described broken down as to floors] [Total on all floors but third = _________] _________ years
Entire third floor _________ _________ months

 

2. In addition to the space outlined above, A, as landlord, shall provide S, as tenant, with free and undisturbed access, jointly with A, to all of the common facilities of the building, including but not limited to all truck bays, driveways, elevators and that portion of the second floor where the time clocks are presently located. In addition, A, as landlord, shall provide S, as tenant, during the term set forth above, without additional charge therefor, with heat, electricity and water in the same manner and to the same extent as S, as landlord, has heretofore provided such services to X, as tenant. A further agrees that any alteration or construction work which it may undertake shall not, during the term above set forth, unduly interfere with S's use of the space set forth above and/or S's production facilities.

3. It is understood and agreed that if any portion of the space to be used and occupied by S as here provided for shall, during the term set forth above, be so damaged or destroyed by fire or other cause as to render same unusable by S in its business operations or if A shall be unable or unwilling to provide S with the quiet enjoyment thereof, whether such failure shall result from act of God, action of any governmental authority or action or neglect on the part of A, its successors or assigns, or if for any reason whatever, other than S's acts, S's use and occupancy of such space or any part thereof is destroyed or substantially impaired, A shall, during any such period, pay to S, on the 1st day of each and every month, during the balance of the term above set forth, a sum equivalent to $_____ per square foot for that portion of the space so affected.

4. S, as Tenant, shall have the right, from time to time, to terminate the tenancy, or any part thereof, as of the expiration of _________ years from closing of title under the contract of sale, or any time thereafter during the term, in each instance upon not less than _________ days prior written notice to that effect, in which event, A shall pay to S on the 1st day of each and every month during the balance of the term, a sum equivalent to $_____ per square foot for that portion or portions of the space as to which S's tenancy has been so terminated, provided however, that S's right to terminate as here set forth shall not apply to units of space less than a wing of a floor.

Except as here otherwise expressly provided, the following terms and conditions [of the standard form of loft lease of the real estate board of _________] shall apply and extend to S's tenancy during the term thereof.



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