Lease Summary May 24, 2013 Casey Bourque ! Tenant Information Tenant or Company Name: Kassel Enterprises, LLC Building/Address: 5230 West Salmon Drive, Suite 200, Winter Park, Florida 32789 Contact Name: Jerry Hansen Contact Phone: 407.555.1833 Contact Email: jerry.Hansen@Kassel.com Lease Details Rentable Area (sf) 19,796 Usable Area (sf) 17,519 Load Factor (%) 13.0% Rentable Bldg Area (sf) 80,784 Pro Rata Share (%) 24.50% Lease Type Full Service Security Deposit $34,643.00 Guarantor None Base Year 2013 Effective Rent Rate $22.50 Rent Schedule Period Mos Annual/SF Annual Rent Monthly Rent 1/1/13 - 3/31/13 3 $0.00 $0.00 $0.00 4/1/13 - 12/31/13 9 $21.00 $415,716.00 $34,643.00 1/1/14 - 1/31/14 1 $0.00 $0.00 $0.00 2/1/14 - 12/31/14 11 $21.75 $430,563.00 $35,880.25 1/1/15 - 1/31/15 1 $0.00 $0.00 $0.00 2/1/15 - 12/31/15 11 $22.50 $445,410.00 $37,117.50 1/1/16 - 12/31/16 12 $23.25 $460,257.00 $38,354.75 1/1/17 - 12/31/17 12 $24.00 $475,104.00 $39,592.00 Avg Rent/SF Total Obligation Avg Monthly Rent $22.50 $2,227,050.00 $37,117.50 Total 60 10204 Plantation Lakes Circle • Sanford, Florida 32771 • p. 813.922.5701 • f. 925.666.3920! w. gratisadvisors.com • e. info@gratisadvisors.com Important Dates Event Reminder 1 Reminder 2 August 12, 2012 Lease Execution November 14, 2012 TI Completion, Fixturing Period Begins January 1, 2013 Occupancy & Lease Commencement January 1, 2013 Free Rent April 1, 2013 Rent Escalation ($19.00) - 1st Month Prepaid January 1, 2014 Free Rent February 1, 2014 Rent Escalation ($19.50) January 1, 2015 Free Rent February 1, 2015 Rent Escalation ($20.00) December 31, 2015 Option: Notice to Terminate Due January 1, 2016 Rent Escalation ($20.50) 12/17/15 January 1, 2017 Rent Escalation ($21.00) 12/17/16 March 31, 2017 Option: Notice to Exercise Right to Renew Due 7/4/16 9/2/16 December 31, 2017 Lease Expiration 4/5/17 7/4/17 3/17/13 12/17/13 1/17/14 12/17/14 1/17/15 7/4/15 9/2/15 Key Lease Terms, Provisions & Options Alterations LL consent, which shall not be unreasonably withheld, is required for alterations in excess of $10,000 per year. Assignment & Subletting LL consent, which shall not be unreasonably withheld, is required to assign or sublet, except to an Affiliate of T. T to give LL 30 days prior notice of a proposed transfer. LL has termination rights. T to reimburse LL for its attorney fees up to $500 per transfer. Estoppel T to furnish an Estoppel within 15 days of LL's request. Expenses (Included in Rent) All building operating expenses are included in full service rent during calendar base year. Thereafter, building operating expenses above and beyond established expense stop shall be passed through and payable by tenant. Expenses (Not Included in Rent) Beginning 1/1/2014, pro rata share of building operating expenses above and beyond expense stop established during 2013 base year. Holdover Month-to-month tenancy at 150% of Rent at expiration. LL or T may terminate with 30 days prior notice to the other party. 10204 Plantation Lakes Circle • Sanford, Florida 32771 • p. 813.922.5701 • f. 925.666.3920! w. gratisadvisors.com • e. info@gratisadvisors.com Key Lease Terms, Provisions & Options Insurance T to maintain liability coverage of $1,000,000 for accident, $3,000,000 per occurrence and $500,000 property damage; fire and extended coverage for 80% of the replacement value of T’s property and improvements. LL to be named as an additional insured. 30 days notice of cancellation. Option to Terminate Notice to terminate lease to be provided 24 months in advance of lease termination. Penalty for exercising this provision is surrender of security deposit and landlord’s unamortized tenant improvement and commission expenses. Parking Parking ratio of 5.0/1,000. 98 total parking spaces allocated. Includes 15 Covered Reserved parkings spaces, 7 of which at no charge, 8 at $20 per month. Additional available per request. Remainder of parking spaces to be uncovered, unreserved at no charge. Permitted Use General office and administrative use only. Renewal Notice to exercise option to renew is due to landlord between 365 and 180 days prior to lease expiration. Option to renew at 95% of current fair market rental value for a term of 36 months. Right of First Refusal Tenant granted right of first refusal on contiguous space including suites 190 & 250. Upon execution of letter of intent, tenant shall have the option to accept negotiated terms of adjacent space via addendum to existing lease for a term the lesser of 36 months or until current lease expiration. Accepted to be conveyed within 7 business days of presentation of terms. Subordination & Attornment T to provide documentation of subordination within 10 days of LL's request. Tenant Improvement Allowance Landlord to provide turn key buildout of medical surgical center space as per mutually agreed space plan (Exhibit C-1 “Final Plan”, utilizing standard medical grade building materials up to $40 per sf ($791,840). Turnover T to surrender the Premises upon Lease termination in the same condition as received, normal wear and tear excepted. Involved Party Company Name Phone Landlord Jervis CRE Dan Helm 303.555.9382 Landlord Broker CBRE Steve Morris 407.555.9818 Landlord Attorney Smith, Langley & Dunn Tom Standish 655.555.8972 Architect Bleile Architecture, LLC Cindy Moore 407.555.7773 10204 Plantation Lakes Circle • Sanford, Florida 32771 • p. 813.922.5701 • f. 925.666.3920! w. gratisadvisors.com • e. info@gratisadvisors.com Involved Party Company Name Phone Tenant Broker Gratis Advisors Casey Bourque 480.399.0520 Tenant Attorney Weir & Associates Tim Weir 407.555.0112 Notes: Reminder email notifications have been set up for key dates throughout lease term. Given the location and nature of business, it is recommended that tenant engages in renewal activities at least 12 months in advance of lease expiration to avoid a captive situation. Meeting with a lease advisor well in advance will present the most options and leverage in discussions with landlord. If situation should change, there will also be more options for relocation, purchase, or build to suit in time for lease expiration. ! ! !! !! !! 10204 Plantation Lakes Circle • Sanford, Florida 32771 • p. 813.922.5701 • f. 925.666.3920! w. gratisadvisors.com • e. info@gratisadvisors.com
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