Additional Clauses for Leases
Subordination
Landlord subordinates its security interest and liens to purchase-money security interests in Tenant’s personal property.
Base Rent Adjustment
Beginning one year from the Commencement Date, the Base Rent will be adjusted on each anniversary of the Commencement Date (the “Adjustment Date”) to reflect increases in the Consumer Price Index for “All Urban Consumers, U.S. City Average, All Items,” issued by the Bureau of Labor Statistics of the United States Department of Labor.
a.The adjustments in the Base Rent will be determined by multiplying the Base Rent specified in the lease (“Initial Base Rent”) by a fraction, the numerator of which is the index number for the last month before the adjustment and the denominator of which is the index number for the first month of the first year of the Term. If the product is greater than the Initial Base Rent, Tenant will pay this greater amount as Base Rent until the next rental adjustment. Base Rent will never be less than the Initial Base Rent.
b.Landlord will notify Tenant of each adjustment to Base Rent no later than sixty days after the Adjustment Date.
Advertisement of Premises
During the last thirty days of the Term, Landlord may place a sign on the Premises advertising the Premises for rent or sale.
Expansion Option
Use the following with form 25-14 in this chapter. |
Tenant has the option to lease the expansion space identified in the expansion space rider. Tenant may exercise the option by giving Landlord the prior written notice described in the expansion space rider. Tenant will lease the expansion space for the rent stated in the expansion space rider. The expansion space will be accepted in “AS IS” condition with any tenant improvements to be at the expense of Tenant. The expansion space will become part of the Premises and be subject to all the terms of this lease.
Extension Option
Use the following with form 25-15. |
Tenant has the option to extend the Term as provided in the attached extension option rider.
Waiver of Property Tax Protest Rights
Tenant waives all rights to protest the appraised value of the Premises or to appeal the same and all rights to receive notices of reappraisal as set forth in sections 41.413 and 42.015 of the Texas Tax Code.
Asbestos
Buildings or structures located on the Premises may contain asbestos-containing material or presumed asbestos-containing material as defined by OSHA regulations. Tenant has inspected the Premises and conducted such tests and inspections as Tenant deems necessary or desirable. Tenant will provide Landlord with copies of all such test results and inspections. Tenant will comply with all rules and regulations relating to asbestos in performing any maintenance, housekeeping, construction, renovation, or remodeling of the premises, and Tenant will bear all costs related to removal and disposal of asbestos from the Premises.
Tenant’s Rebuilding Obligations
All partitions, walls, ceiling systems, wiring, light fixtures, floors, finishes, wall coverings, floor coverings, signs, doors, hardware, windows, window coverings, plumbing, heating, ventilating, and air-conditioning equipment, and other improvements in the Premises, whether installed by Landlord or Tenant.
Include the following if the tenant will rebuild everything installed by the tenant. |
All partitions, walls, ceiling systems, wiring, light fixtures, floors, finishes, wall coverings, floor coverings, signs, doors, hardware, windows, window coverings, plumbing, heating, ventilating, and air-conditioning equipment, and other improvements originally installed in the Premises by Tenant.
Include the following if the tenant will rebuild nonstandard improvements. |
All improvements that are not building standard leasehold improvements. For purposes of this lease, building standard leasehold improvements are all partitions, walls, ceiling systems, wiring, light fixtures, floors, finishes, wall coverings, floor coverings, signs, doors, hardware, windows, window coverings, plumbing, heating, ventilating, and air-conditioning equipment, and other improvements preselected by Landlord for use throughout the [Building/Shopping Center] [and described in Exhibit [exhibit number/letter] attached hereto].