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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:
[email protected]
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. [email protected]
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. [email protected]
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. [email protected]
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.
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10204 Plantation Lakes Circle • Sanford, Florida 32771 • p. 813.922.5701 • f. 925.666.3920!
w. gratisadvisors.com • e. [email protected]