Term
The Initial Term of the Lease shall begin on the day executed, and end on the last day of the month one year later. Landlord shall use its best efforts to put Tenant in possession of the Leased Premises on the beginning of the Lease term. If Landlord is unable to timely provide the Leased Premises, rent shall abate for the period of delay.
Option and Termination
Tenant has the conditional right to renew the Lease for one extended term of one year, if such notice of renewal is submitted in writing by at least February 1, 2023, provided Landlord has the option to reject such option within 15 days of receipt thereof. The renewal term, if not rejected by Landlord, shall be at the rental price of $750 per month, and otherwise upon the same covenants, conditions and provisions as contained in this Lease.
Rent
Tenant shall pay to Landlord during the Initial Term rent of seven hundred ($700) per month. Each installment payment shall be due in advance by the first day of each calendar month during the lease term to Landlord at the following address:
XCYTE
161 Fort Evans Rd NE
Suite 250
Leesburg, VA 20176
The rental payment amount for any partial calendar months included in the lease term shall be prorated on a daily basis.
The rental for any renewal lease term, if created as permitted under this Lease, shall be nine thousand ($9,000) per year payable in installments of ($750) per month.
A late fee of $50, and interest at an annual rate of twelve percent (12%), shall be charged on any payments made after the 5th of the month.
Prohibited Uses
Notwithstanding the forgoing, Tenant shall not use the Leased Premises for the purposes of storing, manufacturing or selling any explosives, hazardous substances, flammables or other inherently dangerous substance, chemical, thing or device. The Leased Premises are to be used only as office space. Tenant agrees to comply with all applicable laws and rules, including all applicable rules of any applicable condominium association.
Repairs
During the Lease term, Landlord shall be responsible to address and if necessary make all necessary repairs to the Leased Premises for major items. Repairs for which Tenant is not responsible shall include such items as the roof, water systems, and outside HVAC units. Tenant shall maintain all items within the Leased Premises themselves, such as any internal plumbing, light fixtures, light bulbs, and the like. Tenant shall be liable for, and agrees to indemnify and hold Landlord harmless from, any damage caused by Tenant, and by Tenant’s agents and invitees, to the Leased Premises as well as to any other aspect of Landlord’s property or the building in which the Lease Premises are located.
Alterations and Improvements
Tenant, at Tenant's expense, shall have the right, upon obtaining Landlord's consent, to remodel, redecorate, and make additions, improvements and replacements of and to all or any part of the Leased Premises from time to time as Tenant may deem desirable, provided the same are made in a workmanlike manner and utilizing good quality materials, and provided Landlord provides its consent, which may be withheld in Landlord’s sole discretion given the relatively short-term nature of the Lease. Tenant shall have the right to place and install personal property, trade fixtures, equipment and other temporary installations in and upon the Leased Premises, and fasten the same to the premises. All personal property, equipment, trade fixtures and temporary installations, whether acquired by Tenant at the commencement of the Lease term or placed or installed on the Leased Premises by Tenant thereafter, shall remain Tenant's property free and clear of any claim by Landlord. Tenant shall have the right to remove the same at any time during the term of this Lease provided that Tenant shall repair, at Tenant's expense, all damage to the Leased Premises caused by such removal. All fixtures shall remain Landlord’s property.
Property Taxes
Landlord shall pay, prior to delinquency, all general real estate taxes and installments of special assessments coming due during the Lease term on the Leased Premises, and all personal property taxes with respect to Landlord's personal property, if any, on the Leased Premises. Tenant shall be responsible for paying all personal property taxes with respect to Tenant's property at the Leased Premises.
Insurance
Landlord shall maintain fire and extended coverage insurance on the Leased Premises in such amount as Landlord shall deem appropriate. Tenant shall be responsible, at its expense, for general liability insurance in an amount of up to at least $1,000,000 naming Landlord as an additional insured, fire and extended coverage insurance on all of its personal property, including removable trade fixtures, located in the Leased Premises.
Utilities
Building services normally furnished by comparable office buildings in the surrounding metropolitan area shall be provided. It is understood that these services are generally provided by the Lessor under the Prime Lease and that failure by Lessor or the Lessor under the Prime Lease to provide these services, shall not; (a) render Lessor liable for damages to person or property, (b) be construed as an eviction of Lessee, (c) constitute grounds for an abatement or offset of Rent, service charges, late fees or any other sum which becomes due hereunder, or (d) relieve Lessee from performing any of the terms and conditions of this Lease. Notwithstanding the above, should any of the building equipment break down or for any cause cease to function properly or should any other interruption of services occur, Lessor shall use reasonable diligence to repair the same promptly or to inform the Lessor under the Prime Lease to repair the same promptly, but Lessee shall have no claim for rebate or offset of Rent or damages on account of any interruptions in service occasioned thereby or resulting therefrom, except that if an interruption of services occurs, rendering the Office Space actually untenable for a period greater than Five (5) consecutive Business Days in duration after Lessee gives Lessor written notice thereof, and if Lessee does not in fact use the Office Space (or such portion of the Office Space) during such period (provided that Lessee’s entry into and presence in the Office Space for less than One (1) Hour per business day shall not be deemed to be evidence that the Office Space is not actually untenable), and provided that such interruption did not result from the negligence or misconduct of Lessee, its officers, employees, invitees, or agents, then Lessee, as its sole and exclusive remedy, shall be entitled to an abatement of the Rent, for the period commencing on the First (1st) Day following that date upon which the Office Space was rendered untenable and continuing to the date that such interrupted services are adequately restored.
Signs
Tenant shall have the right to place signs on the Leased Premises, at locations selected by Tenant, but approved by Landlord and consistent with condominium association rules, zoning ordinances and other private restrictions. All signs must be approved by Landlord in writing prior to being displayed by Tenant. Landlord shall assist and cooperate with Tenant in obtaining any necessary permission from governmental authorities or adjoining owners and occupants for Tenant to place or construct the foregoing signs.
Entry
Landlord shall have the right to enter upon the Leased Premises at reasonable hours with or without notice to inspect the same, provided Landlord shall not thereby unreasonably interfere with Tenant's business on the Leased Premises.
Parking
During the term of this Lease, Tenant shall have the non-exclusive use in common with Landlord, other tenants of the Property, their guests and invitees, of the non-reserved common automobile parking areas, driveways, and footways, subject to rules and regulations for the use thereof as prescribed from time to time by Landlord. Landlord reserves the right to designate parking areas for Tenant and Tenant's agents and employees.
Default
In the event of a default made by Tenant in the payment of rent when due to Landlord, Tenant shall have five (5) days after receipt of written notice thereof to cure such default. In the event of a default made by Tenant in any of the other covenants or conditions to be kept, observed and performed by Tenant, Tenant shall have ten (10) days after receipt of written notice thereof to cure such default. In the event that the Tenant shall fail to cure any default within the time allowed under this paragraph, Landlord may declare the term of this Lease ended and terminated by giving Tenant written notice of such intention, and if possession of the Leased Premises is not surrendered, Landlord may reenter said premises. Tenant shall, notwithstanding any such entry or reentry, continue to be liable for the payment of rent and the performance of the other covenants, conditions, and agreements by Tenant to be performed as set forth in this Lease, and Tenant shall pay to Landlord all monthly installments as the amounts of such deficits from time to time are ascertained. Landlord shall have, in addition to the remedy above provided, any other right or remedy available to Landlord on account of any Tenant default, either in law or equity. Landlord shall use reasonable efforts to mitigate its damages.
Quiet Possession
Landlord covenants and warrants that upon performance by Tenant of its obligations hereunder, Landlord will keep and maintain Tenant shall have the right of quiet enjoyment of the Leased Premises.
Notice
Any notice required or permitted under this Lease shall be deemed sufficiently given or served if sent by United States certified mail, return receipt requested, addressed as follows:
Landlord:
XCYTE
161 Fort Evans Rd NE
Suite 250
Leesburg, VA 20176
Landlord and Tenant shall each have the right from time to time to change the place notice is to be given under this paragraph by written notice thereof to the other party.
Brokers
Tenant represents that Tenant was not shown the Premises by any real estate broker or agent and that Tenant has not otherwise engaged in, any activity which could form the basis for a claim for real estate commission, brokerage fee, finder's fee or other similar charge, in connection with this Lease.
Governing Law:
The terms of this Lease shall be governed by, and construed in accordance with the laws of the Commonwealth of Virginia. Any legal action related to this Lease shall be brought in the courts of Loudoun County, which shall have exclusive jurisdiction. Landlord and Tenant both agree to waive any and all rights to a jury trial for any legal action related to this Lease. In the event of a breach by Tenant of the terms of this Agreement, Landlord shall be entitled to recover its reasonable attorney’s fees incurred in enforcing its rights under this Lease, plus costs.
Waiver
No waiver of any default of Landlord or Tenant hereunder shall be implied from any omission to take any action on account of such default if such default persists or is repeated, and no express waiver shall affect any default other than the default specified in the express waiver and that only for the time and to the extent therein stated. One or more waivers by Landlord or Tenant shall not be construed as a waiver of a subsequent breach of the same covenant, term or condition.
Headings
The headings used in this Lease are for convenience of the parties only and shall not be considered in interpreting the meaning of any provision of this Lease.
Successors
The provisions of this Lease shall extend to and be binding upon Landlord and Tenant and their respective legal representatives, successors and assigns.
Consent
Landlord shall not unreasonably withhold or delay its consent with respect to any matter for which Landlord's consent is required or desirable under this Lease.
Compliance with Law
Tenant and Landlord each shall comply with all laws, orders, ordinances and other public requirements now or hereafter affecting the Leased Premises.
Final Agreement
This Agreement terminates and supersedes all prior understandings or agreements on the subject matter hereof. This Agreement may be modified only by a further writing that is duly executed by both parties.
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