Lease Agreement (2004)Full Document 

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LEASE AGREEMENT FOR 7500 SETZLER PARKWAY BUILDING

 


LEASE AGREEMENT

 

THIS LEASE (the “Lease”) is executed this 11th of July, 2003, by and between DUKE CONSTRUCTION LIMITED PARTNERSHIP, an Indiana limited partnership (“Landlord”), and R.R. DONNELLEY & SONS COMPANY, a Delaware corporation (“Tenant”).

 

WITNESSETH:

 

ARTICLE 1 - LEASE OF PREMISES

 

Section 1.01. Basic Lease Provisions and Definitions.

 

A. Leased Premises (shown outlined on Exhibit A, attached hereto): All of the rentable square footage of a building to be constructed at              Setzler Parkway, Brooklyn Park, Minnesota 55445; Building No. 7 (the “Building”) (address to be completed when established) located in Crosstown North Business Center (the “Park”);

 

B. Rentable Area of the Leased Premises: approximately 120,000 square feet;

 

Landlord shall use commercially reasonable standards, consistently applied, in determining the Rentable Area of the Leased Premises and the rentable area of the Building. Landlord’s architect shall certify to Tenant the Rentable Area of the Leased Premises and the rentable area of the Building. Landlord’s determination of Rentable Area of the Leased Premises as certified by Landlord’s architect shall conclusively be deemed correct for all purposes hereunder.

 

C. Tenant’s Proportionate Share: 100.00%;

 

D. **Minimum Annual Rent:

 

Years 1 - 3

  

$560,400.00 per year

Years 4 - 7

  

$588,000.00 per year;

 

E. **Monthly Rental Installments:

 

Months 1 - 36

  

$ 46,700.00 per month

Months 37 - 84

  

$ 49,000.00 per month;

 

**(The foregoing rental amounts shall be adjusted, if necessary, after construction of the Building and verification of the Rentable Area of the Leased Premises pursuant to Section 1.01 B to reflect $4.67 times the Rentable Area of the Leased Premises for years 1-3 and $4.90 times the Rentable Area of the Leased Premises for years 4-7; provided, however, in no event shall the Rentable Area of the Leased Premises exceed 120,000 for purposes of calculating the foregoing amounts)

 

F. Landlord’s Share of Expenses: N/A;

 

G. Lease Term: Seven (7) years;

 

H. Target Commencement Date: January 1, 2004, assuming an Execution Date on or before July 9, 2003 and subject to force majeure events as defined in Section 16.04 and Tenant Caused Delays as defined in Section 2.02,;

 

I. Security Deposit: None;

 

J. Guarantor(s): None;

 


K. Brokers: Duke Realty Limited Partnership representing Landlord and CB Richard Ellis, Inc. representing Tenant;

 

L. Permitted Use: Warehousing, storage, and distribution of packages and parcels and related purposes;

 

M. Addresses for notices:

 

Landlord:

  

Duke Construction Limited Partnership

1600 Utica Avenue South, Suite 250

Minneapolis, MN 55416

Tenant:

  

R.R. Donnelley & Sons Company

             Setzler Parkway

Brooklyn Park, MN 55445

With a copy to:

  

R.R. Donnelley & Sons Company

Attn: Real Estate Department

77 West Wacker Drive

Chicago, IL 60601

    

and

    

Jones Day

Attn: Brian L. Sedlak, Esq.

77 West Wacker Drive, Suite 3500

Chicago, IL 60601

Landlord’s address for rental and other payments:
    

Duke Realty Limited Partnership

75 Remittance Drive, Suite 3230

Chicago, IL 60675-3230

Tenant’s address for purposes of invoices and other demands for payment:
    

MacMunnis, Inc.

920 Waukegan Road, Suite 202

Glenview, IL 60025

 

Section 1.02. Leased Premises. Landlord hereby leases to Tenant and Tenant leases from Landlord, under the terms and conditions herein, the Leased Premises.

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