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US Cellular Lease - Lofty Holding 621 E Le Claire Road LLC.pdf

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'"-4'" .. J •. j LEASE - BUSINESS PROPERTY TillS LEASE AGREEMENT ("Lease") is entered into this 56 T••••day of May, 2012, by and between STW Eldridge, LLC., an Iowa limited liability company ("Landlord"), whose address for the purpose of this Lease is 137 Main Street, Suite 400, Dubuque, Iowa 52001 and Catalyst Marketing Enterprises, Inc., a Texas business corporation d/b/a Premier Locations, an authorized agent of U.S. Cellular ("Tenant"), whose address for the purpose of this Lease is P.O. Bo

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LEASE - BUSINESS PROPERTY
TillS LEASE AGREEMENT ("Lease") is entered into this 56 T••••day of May, 2012, by
and between STW Eldridge, LLC., an Iowa limited liability company ("Landlord"), whose
address for the purpose of this Lease is 137 Main Street, Suite 400, Dubuque, Iowa 52001 and
Catalyst Marketing Enterprises, Inc., a Texas business corporation d/b/a Premier Locations, an
authorized agent of U.S. Cellular ("Tenant"), whose address for the purpose of this Lease is P.O.
Box 700600, Tulsa, Oklahoma , 74170.
1.
PREMISES AND TERM. The Landlord, in consideration of the rents,
agreements and conditions herein contained leases to Tenant and Tenant leases from Landlord,
according to the terms and provisions of this Lease, the following described premises situated in
Scott County, Iowa:
Approximately 1,600 square feet of space in a multi-tenant building ("Building")
located at 617 E. LeClaire Road, Eldridge, Iowa 52748 (the "Premises"),
. and located on the property legally described on Exhibit "A" attached hereto, together with the
right of ingress and egress, all improvements thereon, and all rights, easements and
appurtenances, which, upon the condition that the Tenant pays rent therefore, and otherwise
performs as in this Lease provided. Said Premises shall be located within the Building as set
forth on the Site Plan on Exhibit "B" attached hereto.
A.
Lease Commencement. The term of this Lease shall commence on the
date possession of the Premises is delivered to Tenant in accordance with this Lease or any
appendices, riders or addenda attached hereto, but such Commencement Date shall be no later
than June 29, 2012 (the "Commencement Date"). In accordance with Paragraph 7(I) below,
Tenant shall have a period of at least seven (7) days prior to the Commencement Date to access.
the Premises for purposes of constructing its business, installing equipment imd preparing for an
opening of the business on the Commencement Qate. Such seven (7). days access shall be
without payment of rent of any kind, including but not limited to Base Rent or MIT (defined
below). In the event such seven (7)' day period extends after the Comniencement Date, rent,
including but not limited to .Base Rent and MIT, shall be abated for that period after the
Commencement Date until the seven (7) day period has run. Upon final determioation of the
actual Commencement Date, Landlord and Tenant shall execute and record that certain
Commencement Date Memorandum, in the form and substance of Exhibit C attached hereto,
thereby confirming the Commencement Date hereunder, in addition to various other matters set
forth herein.
B.
Initial Term. The initial term of this Lease ("Initial Term") shall be five
(5) years, commencing on the Commencement Date and shall termioate at 11:59 p.m. on the last
day of the 60th full month following the Commencement Date unless sooner terminated in
accordance with the terms of this Lease. Hereinafter, "Term" shall mean the Initial Term and any
extension thereof.
C.
Extension Term(s). Landlord hereby grants three (3) options to extend
the Initial Term of the Lease (each an "Option to Extend"), in accordance with the terms and
conditions of this Subsection and otherwise upon the same terms and conditions contained in this

•

Lease. The first Option to Extend shall be an option to extend the Term for a period of two (2)
years ("First Extension Term"), commencing innediately upon the expiration of the Initial
Term. Tenant shall exercise the fIrst Option to Extend, if at all, by written notice delivered to
Landlord at least ninety (90) days prior to the expiration of the Initial Term. The second Option
to Extend shall be an option to extend the Term for an additional two (2) years ("Second
Extension Term") commencing innediately upon the expiration of the First Extension Term.
Tenant shall exercise the second Option to Extend, if at all, by written notice delivered to
Landlord at least ninety (90) days prior to the expiration of the First Extension Term. The third
Option to Extend shall be an option to extend the Term for an additional two (2) years ("Third
Extension Term") commencing innediately upon the expiration of the Second Extension Term.
Tenant shall exercise the third Option to Extend, if at all, by writtenllotice delivered to Landlord
at least ninety (90) days prior to the expiration of the Second Extension Term. Failure to
exercise the first Option to Extend shall automatically terminate the second Option to Extend,
and failure to exercise the second Option to Extend shall automatically terminate the third Option
to Extend.
2.

RENTAL.

A.
During the Term hereof, Tenant shall pay "Base Rent" as set forth below.
Base Rent shall be paid in monthly installments, in advance, the first monthly payment due on
the earlier of (i) sixty days after the Commencement Date; or (ii) the opening of the Tenant's
business, with additional Base Rent payments on the first day of each month thereafter. Initial
Base Rent shall be $2,266.67 per month (i.e. $17.00 per square foot per year and $27,200.00 per
annum) and remain at such rate for the entirety of the Initial Term. Thereafter, Base Rent shall
increase as follows:
The Base Rent to be paid during the Extension Term(s), if applicable due to Tenant
exercising its Option(s) to Extend as set forth herein, shall be as follows: Commencing on the 1st
day of the First.Extension Term, Rent shall be $2,380.00 per month (i.e. $17.85 per square foot
per year and $28,560.00 per annum) and shall remain at such rate on the first day of each month
for the entirety of the First Extension Term and Second Extension Term.. Commencing on the
first day of the Third Extension Term, Re~t shall be $2,500.00 per month (i.e. $18.75 per square
foot per year and $30,000.00 per annum) and shall remain at such rate on the first day of each
month for the entirety of the Third Extension Term.
The rent to be paid by Tenant to Landlord on the fIrst day of each month is further
described as set forth below
Year
1-5
6-9
10-11

Monthly Rental
$2,266.67
$2,380.00
$2,500.00

Rent Per Sguare Foot
$17.00/square foot
$17.85/square foot
$18.75/square foot

2

Annual Rental
$27,200.00
$28,560.00
$30,000.00