HomeMy Public PortalAbout1991-05 Lease with Key Biscayne Bank building for Village OfficeRESOLUTION NO AI -C'77
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE
VILLAGE OF KEY BISCAYNE APPROVING A LEASE WITH
THE KEY BISCAYNE BANK BUILDING FOR OFFICE
SPACE; AUTHORIZING THE MAYOR TO EXECUTE SAME
ON BEHALF OF THE VILLAGE AND PROVIDING AN
EFFECTIVE DATE.
and
WHEREAS, this Board of Trustees is in need of office space;
WHEREAS, various proposals were submitted pertaining to
possible locations; and
WHEREAS, this Board has determined that the space in the Key
Biscayne Bank Building and the terms offered with respect thereto
are the most beneficial to the Village;
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:
Section 1. That the lease agreement, a copy of which is
attached hereto and incorporated herein, is hereby approved.
Section 2. The Mayor is hereby authorized to execute the
lease in the form attached hereto.
Section 3. Effective Date. This resolution shall become
effective upon adoption.
PASSED AND ADOPTED this �" day of November, 1991.
n
t
Rafael jH . Conte, Mayor
Attest:
11:2i__‘___:t.- \(IL,,,,_ i) ____V_(_,L__,AA:,_ILL0
Village Clerk
Approved as to Legal Sufficiency:
R1 d
Village Attor
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OFFICE BUILDING LEASE
This is a Lease Agreement (the "Lease") between Key Biscayne
Bank and Trust Company, a Florida corporation ("Landlord"), whose
address for the purpose of this Lease is 95 West McIntyre Street,
Key Biscayne, Florida 33149 and the Village of Key Biscayne, a
Florida municipal corporation ("Tenant"), whose address for the
purpose of this Lease is 85 West McIntyre Street, Key Biscayne,
Florida 33149.
1. LEASED PREMISES:
1.1 Subject to and upon the terms and conditions set
forth in this Lease, and in consideration of the performance and
observance by each party of the duties and obligations of the other
under this Lease, Landlord leases, to Tenant and Tenant leases,
from Landlord those certain premises (the "Premises" or "Leased
Premises") in the office building (the "Office Building") which at
date of this Lease is known as the Key Biscayne Bank and Trust
Building more particularly described as follows: a portion of the
first (1st) floor of the Office Building, comprising 1,312+ square
feet of Net Rentable Area (defined below) as outlined in red on the
floor plans of the Leased Premises attached to and made a part of
this Lease as Exhibit "A."
1.2 The term "Net Rentable Area," as used in this Lease,
refers to all space within the inside surface of the outer glass or
finished column walls enclosing the tenant occupied portion of the
floor and measured to the midpoint of the walls separating areas
leased by or held for lease to other tenants or from areas devoted
to corridors, elevator foyers, rest rooms, service areas and other
similar facilities for the use of all tenants on the particular
floor.
2. LEASE TERM:
2.1 This Lease shall be for a term of three (3) years
(the "Lease Term" or "Term") to commence (the "Commencement Date")
on the earlier of (a) thirty (30) days after the date (the "Notice
Date") Landlord notifies Tenant that the Landlord's Work, as
described in Section 5 and Subsection 2.2, has been substantially
completed subject only to the punch list described in Subsection
2.3, and such work is in fact substantially completed which
Commencement Date shall under no circumstances be later than March
1, 1992, or (b) the day Tenant opens for or begins operation of its
business from the Leased Premises. The Lease Term shall end on the
last day of the third Lease Year (defined below) unless sooner
terminated or extended as provided in this Lease. "Lease Year" is
a twelve calendar month period; provided, however, the first Lease
Year shall begin on the Commencement Date and shall also include
the first partial calendar month if the Commencement Date does not
fall on the first day of a calendar month, even if the result is
that the first Lease Year is more than twelve (12) full calendar
months. Each subsequent Lease Year shall be twelve (12) full
calendar months commencing with the first day of the calendar month
following the last calendar month of the preceding Lease Year. If
Landlord is unable to deliver the Leased Premises on or before
March 1, 1992, then Tenant may, in its sole discretion, cancel this
Lease.
2.2 Landlord's Work shall be deemed complete on the
earliest date on which all of the following conditions have been
met:
2.2.1 A certificate of occupancy or completion
(temporary or final) has been issued by the appropriate
governmental entity permitting Tenant's use of the Leased Premises
for the purposes for which they have been leased; if a temporary
certificate of occupancy is issued, Landlord shall be responsible
for obtaining a permanent certificate of occupancy as soon as
reasonably possible;
2.2.2 Landlord's Work in the Leased Premises has
been substantially completed, subject to the punch list described
in Subsection 2.3., the noncompletion of which does not materially
interfere with Tenant's use of the Leased Premises or the conduct
of normal business therein;
2.2.3 All means of access and all facilities
necessary to Tenant's occupancy of the Leased Premises, including
corridors, elevators and stairways and heating, ventilating, air-
conditioning, sanitary water, and electrical lighting and power
facilities, have been installed and are in good operating order and
available to Tenant in accordance with Landlord's obligations under
the Lease.
2.3 Within one (1) month of taking possession, Tenant
shall furnish Landlord with a punch list(s) of defects in the
Leased Premises and Landlord shall rectify such punch list items as
promptly as practicable and, in any event, within thirty (30) days
of Tenant's notice. In addition to the items set forth in the
aforementioned lists, Tenant shall have the right to require
Landlord to repair or complete additional items if such items are
of such a nature which would not normally permit the defects to be
discovered within the one (1) month punch list period, provided
Tenant gives Landlord prompt notice after discovery of such items.
Within a reasonable time after receiving Tenant's list(s), Landlord
shall place all such items in condition reasonably satisfactory to
Tenant.
2.4 Tenant shall have the right, at its option, to
extend the Lease Term for all Leased Premises (including the Option
Premises as defined in Section 26) for an additional two (2) year
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period ("Extension Term"), following the expiration of the initial
Lease Term, upon the terms specified in this Lease (other than the
amount of annual Rent and with appropriate adjustments as to the
term). Notice of Tenant's exercise of this option shall be in
writing and delivered to Landlord at least ninety (90) days in
advance of the expiration of the initial Lease Term.
2.5 Notwithstanding anything to the contrary, Tenant has
the unconditional right to cancel this Lease after the second Lease
Year by providing Landlord with 120 days prior written notice and
the payment of $10,000.00. This figure shall be adjusted in the
same manner as the Rent under Section 3.2 of this Lease.
3. RENT:
3.1 Tenant shall pay to Landlord as "Rent" for the
Premises the annual rent of Twenty Nine Thousand Six Hundred and
00/100 Dollars ($29,600.00) payable in equal monthly installments
of Two Thousand Four Hundred Sixty -Seven and 00/100 Dollars
($2,467.00), commencing six months after the Commencement Date.
Tenant shall not be obligated to pay any Rent for the first six
months of the first Lease Year. Said Rent shall be payable to
Landlord at the address shown on page one of this Lease.
Notwithstanding anything to the contrary in this Lease, the first
monthly installment of Rent shall be reduced by $1,500.00.
3.2 The Rent has been calculated on the assumption
that the cost of Landlord's improvements as set forth in Section 5
of this Lease is $25,000.00. In the event that upon completion of
Landlord's improvements, the actual cost of the improvements
exceeds $25,000.00, the equal monthly installments of Rent shall be
increased in accordance with the following formula:
Increase in = Actual cost of landlord's improvements - $25,000
monthly rent 30
Similarly, if the actual cost of Landlord's improvements is
less than $25,000, then the equal monthly installments of Rent
shall be reduced in accordance with the following formula:
Decrease in = $25,000 - actual cost of landlord's improvements
monthly rent 30
3.3 In addition to Rent, Tenant shall pay to Landlord
each month a sum equal to any sales tax, tax on rents, and any
other comparable charges imposed by governmental or regulatory
authority, taxes and/or impositions now in existence or
subsequently imposed based upon the privilege or renting the space
leased under this Lease or upon the amount of rent collected
therefor.
3.4 Commencing with the second Leased Year and each year
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thereafter during the Lease Term, the annual Rent shall be
adjusted, in accordance with changes in the "Price Index" as
defined in this section. The Price Index shall mean the Consumer
Price Index for "all items" shown on the "U.S. city average for
urban wage earners and clerical workers (including single workers),
all items, groups, subgroups and special groups of items" as
promulgated by the Bureau of Labor Statistics of the U.S.
Department of Labor, using the year 1967 as a base of 100. The
annual Rent shall be adjusted in accordance with the following
provisions:
3.4.1 the Price Index as of the last month of
the first Lease Year shall be designated the Base Price Index;
3.4.2 the Price Index as of the first month of
the second and subsequent Lease Years shall be designated the
Comparison Price Index;
3.4.3 promptly after the end of the first Lease
Year and at the end of each Lease Year thereafter, the annual Rent
shall be adjusted by multiplying the original annual Rent by the
fraction which has a numerator of the most recent Comparison Price
Index, and has a denominator of the Base Price Index. Written as
an equation, this computation is as follows:
Original annual Rent X the most recent Comparison
Price Index
Base Price Index
3.5 In the event the Price Index referred to above
ceases to incorporate a significant number of the items currently
set forth in it, or if a substantial change is made in the method
of establishing such Price Index, then the Price Index shall be
adjusted to the figure that would have resulted had no change
occurred in the manner of computing such Price Index. In the event
that such Price Index (or a successor or substitute index) is not
available, a reliable governmental or other nonpartisan publication
evaluating the information previously used in determining the Price
Index shall be used in lieu of the Price Index.
3.6 Notwithstanding anything to the contrary in this
Lease, the adjustment to Rent under this Section 3.4 shall not
exceed 5% in any one year.
4. TIME OF PAYMENT: Tenant agrees that Tenant shall
promptly pay said Rent at the times and place stated above; that
Tenant shall pay charges for work performed on order of Tenant, and
any other charges that accrue under this Lease; that, if any part
of said rents or above mentioned charges shall remain due and
unpaid for ten (10) business days after written notice from
Landlord to Tenant, Landlord shall have all rights and remedies
available to it under this Lease, at law and in equity.
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5. LANDLORD IMPROVEMENTS AND SERVICES:
5.1 Landlord shall improve the Leased Premises, in
accordance with internal design development drawings (the "Design
Development Plans") consisting of (a) a partition plan; (b)
demolition plan; (c) new work plan; (d) reflective ceiling plan;
and (c) finish schedule; each of which shall be delivered to
Landlord by Tenant within 10 days of the execution of this Lease.
5.2 Landlord shall furnish to the Premises water and
electrical outlets adequate to serve Tenant's use and design as
shown on the Design Development Plans. Should the Tenant need more
or different than standard electrical circuits, such circuits must
be approved by the Landlord. All electric current to the Premises
should be separately metered and the payment for which shall be the
responsibility of the Tenant. Failure by Landlord to any extent to
furnish, or any stoppage of these defined services resulting from
causes beyond the control of Landlord shall not render Landlord
liable in any respect for damages to either person or property, nor
work an abatement of Rent, nor relieve Tenant from fulfillment of
any covenant or agreement hereof. The Premises are on the ground
floor of the Office Building, the entrance of which is at 91 West
McIntyre Street, Key Biscayne, Florida, and elevator service to the
second floor will be available at all times. Other than outside
lighted signs, Landlord shall furnish certain outside lighting in
common with other Tenants which will be furnished at such times as
is uniform for all Tenants. Landlord will maintain the sidewalk in
front of the Premises and Office Building in the same manner which
is maintained for all ground floor Tenants, including plantings and
shrubbery.
6. REPAIR OF LEASED PREMISES:
6.1 Tenant will, at Tenant's own cost and expense,
repair or replace any damage or injury done to the Office Building,
or any part thereof, caused by Tenant or Tenant's agents,
employees, invitees, or visitors. If Tenant fails to make such
repairs or replacements promptly, Landlord may, at its option, make
such repairs or replacements, and Tenant shall repay the cost
thereof to Landlord on demand. Tenant will not commit or allow any
waste or damage to be committed on any portion of the demised
Premises, and shall, at the termination of the Lease, by lapse of
time or otherwise, deliver up said Premises to Landlord in as good
condition as at date of possession of Tenant, ordinary wear and
tear and damage by fire or windstorm alone excepted, and upon such
termination of lease Landlord shall have the right to re-enter and
resume possession of the Premises.
7. INDEMNIFICATION: Tenant will indemnify and save
harmless Landlord of and from any and all fines, suits, claims,
demands, and actions of any kind by reason of any breach,
violation, or non-performance of any conditions hereof on the part
of Tenant, its agents or employees. Tenant is, or will become
familiar with the Premises, acknowledges that the same are received
by Tenant in good state of repair, accepted by Tenant in the
condition in which they are now or shall be when ready of
occupancy.
8. DAMAGE OR DESTRUCTION:
8.1 In the event the Leased Premises shall be partially
or wholly damaged or destroyed by fire or other cause during the
Lease Term and such damage or destruction results in the Leased
Premises being untenantable or unsuitable for its intended use,
then Landlord shall have the right, but not the obligation, to
render such Leased Premises tenantable by repairs within one
hundred twenty (120) days therefrom. If Landlord so elects not to
rebuild, after damage as described in the preceding sentence, then
Tenant may elect that this Lease shall cease and come to an end as
of the date of such damage or destruction and all Rent and
Additional Rent owed up to the time of such damage or destruction
shall be paid by Tenant. If Landlord elects not to rebuild, Tenant
shall have the right to cancel this Lease within sixty (60) days
from date of notice of such election or ninety (90) days from date
of fire or casualty, whichever is later. Landlord shall given
Tenant written notice of its decisions, estimates or elections
under this Section 8.1 within thirty (30) days after any such
damage or destruction. If the Lease Premises and Building are not
rendered fully tenantable within one hundred twenty (120) days,
then either Tenant or Landlord may terminate this Lease as of the
date of the fire or casualty by written notice to Landlord or
Tenant, respectively, given within one week of such 120 day period.
8.2 During any time that the Leased Premises are
untenantable due to causes set forth in this Section 8.2, the Rent
or a just and fair proportion of it shall be abated. If more than
twenty-five percent (25%) of the Leased Premises are rendered
untenantable by any of the events described in this Section 8.2,
all of the Leased Premises shall be deemed untenantable and all
Rent shall abate. Landlord shall, subject to rights of
cancellation described in this Section 8.2, restore the Leased
Premises and Office Building; full Rent shall recommence upon
completion of restoration of the Leased Premises and Building.
9. EMINENT DOMAIN: If there shall be taken (including
purchase in lieu of condemnation) during the Lease Term any part of
the Leased Premises or Office Building, other than a part not
interfering with maintenance, operation or use of the Leased
Premises, Landlord or Tenant may elect, by giving notice to Tenant
within ninety (90) days of the date of such taking, to terminate
this Lease or to continue it in effect. If Landlord and Tenant
elect to continue the Lease, the rent shall be reduced in the
proportion of the area of the Leased Premises so taken to the
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entire Leased Premises (or, in the event property outside the
Leased Premises is taken, rent shall be equitably adjusted
therefor) and Landlord shall repair any damage to the Leased
Premises or Office Building resulting from such taking. If twenty-
five percent (25%) or more of the Leased Premises is untenantable,
as a result of such taking, then all of the Leased Premises shall
be deemed untenantable. If all of the Leased Premises is taken by
condemnation or eminent domain, this Lease shall terminate on the
date of taking. All sums awarded (or agreed upon set forth in its
notice, which date shall not be less than ten (10) nor more than
sixty (60) days after the date of such notice; this Lease shall
then terminate at noon of such cancellation date, unless all of
such agreements shall have been duly tendered meanwhile, as if such
cancellation date were the expiration date, and Landlord shall have
no further obligation to Tenant hereunder except to return any
monies previously paid by Tenant to Landlord under this Lease.
10. ASSIGNMENT AND SUBLETTING:
10.1 With the written consent of Landlord first obtained
in each case, which consent may not be unreasonably withheld,
Tenant may assign, transfer, or otherwise encumber or dispose of
this Lease or sublease all or any part of the Leased Premises or
permit all or any part of the Leased Premises to be occupied by
other persons. Notwithstanding the foregoing, Tenant shall be
absolutely prohibited from assigning, subletting or otherwise
transferring this Lease to any bank or financial institution.
10.2 If Tenant desires to sublease all or part of the
Leased Premises or to assign this Lease, or to grant occupancy
rights to other than Tenant, Tenant shall submit to Landlord a
written request for the consent of Landlord to such subletting or
assignment or occupancy. Landlord shall have the option within
five (5) days of receipt of such notice to approve or disapprove
the proposed subtenant or assignee or occupant, or such approval
shall be deemed given.
11. DEFAULT: Landlord and Tenant agree that if Tenant shall
fail to perform any of the material terms, provisions, covenants or
conditions of this Lease on Tenant's part to be performed; then and
in any such event, at the option of Landlord thirty (30) days after
Landlord has given Tenant notice, in the manner provided in this
Lease, of such act, condition or default, provided Tenant has not
cured such act, condition or default within such thirty (30) days
period or Tenant has begun and is diligently proceeding to cure
such act, condition or default, Tenant agrees immediately then (a)
to pay rent through the date Tenant vacates the Leased Premises,
and (b) to quit and surrender said Leased Premises to Landlord.
The remedies and options of Landlord described in this section
shall not impair or affect Landlord's right to maintain summary
proceedings of the recovery of the possession of the Leased
Premises in all cases provided for by law.
MOB
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12. LIEN FOR PAYMENT OF RENT: Landlord expressly waives
its Landlord lien.
13. RIGHT OF ENTRY: Upon prior notice duly given by
Landlord to Tenant, Landlord, or any of its agents, shall have the
right to enter the Leased Premises during all reasonable hours to
examine it or to make such repairs, additions or alterations as may
be deemed necessary for the safety, comfort, or preservation of the
Leased Premises, or of the Office Building, or to exhibit the
Leased Premises at any time within one hundred eighty (180) days
before the expiration of this Lease. Landlord shall use good
efforts to interfere as little as possible with Tenant's business.
14. NOTICE: Any notice given Landlord as provided for in
this Lease shall be in writing and sent to Landlord by hand
delivery or overnight mail (or nationally recognized overnight
delivery service) addressed to Landlord at the Premises. Any notice
to be given Tenant under the terms of this Lease, unless stated
otherwise in this Lease, shall be in writing and shall be sent by
hand delivery or overnight mail (or nationally recognized overnight
delivery service) or personally delivered to Village of Key
Biscayne, 85 West McIntyre Street, Key Biscayne, Florida 33144,
Attn: Village Manager; with a copy to: Weiss Serota & Helfman,
P.A., 2665 So. Bayshore Dr., Suite 204, Miami, FL 33133. Either
party, from time to time, by such notice, may specify another
address to which subsequent notice shall be sent or delivered.
Notice shall be deemed given on the date it is actually received or
on the date receipt is refused.
15. ATTORNEYS' AND ACCOUNTANTS' FEES: In any litigation
arising out of Tenant or Landlord defaults in the performance of
any of the terms, provisions, covenants and conditions of this
Lease and by reason of such default Landlord or Tenant employs the
services of any attorney or accountant to enforce performance of
the covenants, or to perform any service based upon defaults, then
in any of said events the prevailing party shall be entitled to
reasonable attorneys' (including paralegal and similar support
personnel) and accountants' fees and all expenses and costs
incurred by it pertaining to such matters (including costs and fees
relating to any appeal) and in enforcement of any remedy. In the
event of a settlement, each party shall bear its own expenses
unless otherwise agreed in writing.
16. CONDITION OF PREMISES ON TERMINATION OF LEASE AND HOLDING
OVER: Tenant agrees to surrender to Landlord, at the end of the
Lease Term or upon the earlier termination of this Lease, whichever
is sooner, the Leased Premises in as good condition as the Leased
Premises were at the time Tenant first occupied the Office
Building, ordinary wear and tear, and damage by fire or other
casualty not caused by Tenant's negligence, excepted.
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AND
17. SIGNAGE: Landlord agrees to permit Tenant to install a
wall sign or window sign at Tenant's expense at a location along
the exterior frontage of the Leased Premises. Said sign shall
comply with all applicable governmental regulations. Additionally,
Landlord grants to Tenant the right at Tenants sole cost to install
a pylon sign on the existing pole located within the planted area
immediately in front of the Premises. Said sign shall comply with
all applicable governmental regulations.
18. PARKING: Landlord shall provide Tenant with the
nonexclusive use of 10 parking spaces and the exclusive use of 2
parking spaces. The exclusive spaces shall be at a cost of $15 per
month per space. The spaces shall be appropriately marked For
Tenants use; however, Landlord does not assume the responsibility
to monitor, control or otherwise police the usage. Tenant shall be
permitted to post No Parking/Towing signs on the exclusive spaces.
19. COMPLIANCE WITH CODES: Landlord shall be obligated as of
the Commencement Date to bring the Office Building in to compliance
with all Federal, State and local laws and regulations governing
the use and occupancy of the Office Building with the express
understanding that the Premises is to be used as a public building
for municipal government. This obligation includes, but is not
limited to, the requirement that the Office Building be retrofitted
as needed to comply with all Federal, State and local codes, laws
and regulations governing handicapped accessibility.
20. UTILITIES: The cost of electricity, telephone and other
utility service as well as janitorial services, to the Premises
shall be the sole responsibility of the Tenant. Separate metering
shall be provided by Landlord for each of these services, including
air conditioning which will be provided through a system separate
from the Office Building system.
21. INVALIDITY OF PROVISION: If any terms, provision,
covenant or condition of this Lease or the application of it to any
person or circumstance shall, to any extent, be invalid or
unenforceable, the remainder of this Lease or the application of
such term, provision, covenant or condition to persons or
circumstances other than those as to which it is held invalid or
unenforceable shall not be affected thereby and each term,
provision, covenant or condition of this Lease shall be valid and
enforceable to the fullest extent permitted by law. This Lease
shall be construed in accordance with the laws of the State of
Florida. The venue for any lawsuit arising out of this Lease shall
be Dade County, Florida.
22. TIME OF ESSENCE: It is understood and agreed between
the parties to this Lease that time is of the essence with respect
to all the terms, provisions, covenants and conditions of this
Lease.
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23. MISCELLANEOUS: The terms "Landlord" and "Tenant" as
contained in this Lease shall include singular and plural,
masculine, feminine and neuter, heirs, successors, executors,
administrators, personal representatives and assigns, wherever the
context so requires or admits. The terms, provisions, covenants
and conditions of this Lease are expressed in the total language of
this Lease Agreement. The section headings are inserted solely for
the convenience of the reader and shall not be deemed to limit or
expand any of the provision of this Lease. Any formally executed
addendum to or modification of this Lease, shall be expressly
deemed incorporated in this Lease by reference unless a contrary
intention is clearly stated in such addendum or modification.
24. ENTIRE AGREEMENT: This Lease contains the entire
agreement between the parties to this Lease and all previous
negotiations leading to the execution of this Lease. This Lease
may be modified only by an agreement in writing, signed and sealed
by Landlord and Tenant.
25. BROKERAGE: Tenant and Landlord each represents and
warrants to each other that it has dealt with no broker, agent,
salesperson, finder or other person in connection with this
transaction and that no broker, agent or other person brought about
this transaction.
26. FORCE MAJEURE: Neither Landlord nor Tenant shall be
required to perform any term, condition, or covenant in this Lease
so long as its own respective performance is delayed or prevented
by "Force Majeure," which shall mean labor controversies, strikes
and lockouts (whether lawful or not) either industry -wide or with
third parties other than Landlord and Tenant, respectively, acts of
God, material or labor unavailability, inability to obtain fuel or
power, catastrophes, national or local emergencies, restrictions by
any governmental authority, civil riots, floods, and any other
causes not reasonably within the control of Landlord or Tenant, as
applicable, and which by the exercise of due diligence Landlord and
Tenant, respectively, is unable, wholly or in part, to prevent or
overcome. Lack of money shall not be deemed Force Majeure.
27. SHORT FORM LEASE: Upon request by Landlord or Tenant,
the other party shall execute a short form lease in recordable form
setting forth the name of the parties, the Lease Term, the
provisions of this Lease and the description of the Leased
Premises.
28. RELATIONSHIP OF PARTIES: Nothing contained in this Lease
shall be deemed or construed by Landlord and/or Tenant or by any
third party to create the relationship of principal and agent or of
partnership or of joint venture or of any association whatsoever
between Landlord and Tenant, it being expressly understood and
agreed that neither the computation of rent nor any other
provisions contained in this Lease nor any act or acts of Landlord
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or Tenant shall be deemed to create any relationship between
Landlord and Tenant other than the relationship of landlord and
tenant.
29. EXPANSION SPACE:
29.1 Tenant shall have the right during the Initial Term
(the "Option Right") to lease 2,150± square feet of Net Rentable
Area of space on the second floor of the Office Building as shown
on Exhibit "2" (the "Option Premises"), on the following terms:
29.1.1 Tenant must give notice to Landlord of
its intent to exercise the Option Right
before February 1, 1992;
29.1.2
The leasing of the Option Premises shall
commence on the day on which the Option
Premises are delivered to Tenant with
Landlord's buildout (in accordance with
Section 29.1.5) substantially completed
(the "Option Commencement Date");
29.1.3 If Tenant exercises its Option Right,
then, effective as of the Option
Commencement Date, the Option Premises
shall be included in the Net Rentable
Area leased under this Lease, the terms
"Leased Premises" and "Premises" used in
this Lease shall include the "Option
Premises"; and Tenant shall be entitled
to additional nonexclusive parking spaces
to maintain the same ratio of parking
spaces to square feet of Net Rentable
Area in the Leased Premises. The term for
the Option Premises shall be the same as
for the Leased Premises and all
applicable provisions of this lease shall
govern the Option Premises, including
Landlord's obligation to comply with all
codes and regulations as set forth in
paragraph 19 as it relates to the Option
Premises.
29.1.4 If Tenant exercises its Option Rights
then the Option Premises shall be rent
free until March 1, 1993. Subject to the
CPI adjustments in Section 3, the Base
Rent shall be $10.00 per square foot of
Net Rentable Area for each Lease Year
thereafter and shall be paid as provided
in the Lease;
29.1.5 Landlord shall, at its cost, build out
the Option Premises according to
Landlord's then -standard work letter
which shall not exceed $9.30 per square
foot. In the event Tenant requests a
buildout which exceeds $9.30 per square
foot, Tenant shall be responsible for
that additional cost.
29.2 If Tenant exercises its rights under this Section
29, then the Option Premises, as applicable, shall become a part of
the Leased Premises, and all provisions of this Lease shall apply
except those specifically modified in this Section 29, upon the
completion of such Option Premises pursuant to the standards
described in this Lease for the initial buildout.
LANDLORD and TENANT have signed, sealed and delivered this
Lease in multiple copies, all of which constitute but one Lease, at
Dade County, Florida, as of the day and year first above written.
WITNESSES: LANDLORD:
KEY BISCAYNE BANK AND TRUST CO.,
a Florida corporation,
By:
, President
[CORPORATE SEAL]
TENANT:
t '(\% 1
..; VILLAGE OF KEY BISCAYNE, a Florida
L1. L i , municipal corporation
;NOTARY PUBLIC, STATE OF FLORIDA AT LARGE
MY CC"`1;5SIOt1 EXPIRES JCL 20, 1992
CGtoi:9 ;PM HUC1:LEDERRY & ASSOCIATES
steve/ksybiscayns\kbBank3.les
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By: \O-
Rlael Conte, Mayor
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