Lease (2007)Full Document 

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Tenant: International Mill Service Inc.

Suite No.:

LEASE

THIS LEASE (“Lease”) is entered into as of the 3rd day May, 2005, between BRANDYWINE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Landlord”), and INTERNATIONAL MILL SERVICE, INC., a Pennsylvania corporation with its principal place of business at 1155 Business Center Drive, Horsham, Pennsylvania (“Tenant”).

Landlord’s predecessor and Tenant’s predecessor are parties to a certain Lease Agreement dated December 21, 1990, as amended by Lease Modification Agreement dated March 28, 1996, Second Lease Modification Agreement dated April 7,1996 and Third Amendment to Lease dated September 26, 1997 (“Existing Lease”). Landlord and Tenant desire to amend the Existing Lease for the period from the date hereof through March 31, 2006 in accordance with Article 28 hereof and thereafter terminate the Existing Lease as of March 31, 2006 and put into effect on April 1, 2006, the provisions of Articles 1 through 27 hereof. In consideration of the mutual covenants stated below, and intending to be legally bound, the parties covenant and agree as follows:

1. PREMISES. Effective April 1, 2006, Landlord leases to Tenant and Tenant leases from Landlord Suite No. 200, which the parties stipulate and agree is 24,038 shown on the plan which shall be prepared in accordance with Article28 hereof and thereafter attached hereto as Exhibit “A” (“Premises”), located at 1155 Business Center Drive, Horsham, Pennsylvania (“Building”), which is a part of the project located at Horsham Business Center, Horsham, Pennsylvania (“Project”). Except as set forth in Article 28 the Premises are delivered “As Is”.

2. TERM. The Term of this Lease shall commence on April 1, 2006 (the “Commencement Date”). The Term shall be for a period of sixty (60) months (‘Term”) ending on the last day of the calendar month. The Commencement Date shall be confirmed by Landlord and Tenant by the execution of a Confirmation of Lease Term (“COLT”) in the form attached hereto as Exhibit “B”. If Tenant fails to execute or object to the COLT within ten (10) business days of its delivery, Landlord’s determination of such dates shall be deemed accepted by Tenant.

3. FIXED RENT; SECURITY DEPOSIT.

(a) Commencing on the Commencement Date and on the first (lst) day of each month thereafter during the Term, Tenant shall pay to Landlord without notice or demand, and without set-off, deduction or counterclaim (except as otherwise set forth in this Lease) the monthly installment of annual Fixed Rent as set forth below by (i) check sent to Landlord, P.O. Box 8538-363, Philadelphia, PA 19171 or (ii) wire transfer of immediately available funds to the account at Wachovia Bank, Salem NJ account no. 2030000359075 ABA #031201467; such transfer to be confirmed by Landlord’s accounting department upon written request by Tenant All payments must include the following information: Building #115 and Lease #            . The Lease # will be provided to Tenant in the Confirmation of Lease Term Fixed Rent and all other sums due from Tenant under this Lease shall collectively be defined as “Rent”.

 

LEASE YEAR

  

PER R.S.F.

  

INSTALLMENTS

  

FIXED RENT

Months 1-12      $19.50, *    $39,061.75    $468,741.00
Months 13-24    $20.00, *    $40,063.33    $480,760.00
Months 25-36    $20.50, *    $41,064.92    $492,779.00
Months 37-48    $21.00, *    $42,066.50    $504,798.00
Months 49-60    $21.50, *    $43,068.08    $576,817.00

* plus any charges set forth in Articles 4 and 5 below. Upon final determination of the square footage of the Premises and monthly installment and annual Fixed Rent shall be calculated and verified in the Confirmation of Lease Term Agreement

(b) Tenant shall pay the first full month’s installment of Fixed Rent (or such initial partial month) and the Security Deposit (as defined below) by two separate checks upon the Tenant’s execution of this Lease. If any amount due from Tenant is not paid to Landlord when due. Tenant shall also pay as Additional Rent (as defined in Article 4 hereof) a late fee of ten (10%) percent of the total payment then due. The late fee shall accrue on the initial date of a payment’s due date, irrespective of any grace period granted hereunder. Tenant shall be required to continue to post a security deposit of $28,795 under this Lease (the “Security Deposit”), as security for the prompt and complete performance by Tenant of every provision of this Lease. No interest shall be paid to Tenant on the Security Deposit. If Tenant fails to perform any of its obligations hereunder. Landlord may use, apply or retain the whole or any part of the Security Deposit for the payment of (i) any rent or other sums of money which Tenant may not have paid when due, (ii) any sum expended by Landlord in accordance with the provisions of this Lease, and/or (iii) any sum which Landlord may expend or be required to expend by reason of Tenant’s default. The use of the Security Deposit by Landlord shall not prevent Landlord from exercising any other remedy provided by this Lease or

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