LEASE AT SOUTHLAKE
THIS LEASE is made and entered into as of this 30 day of November,1995, by and between LENEXA INDUSTRIAL PARK, INC., a Kansas corporation, hereinafter referred to as Lessor, and INNOVEX INC., a Delaware corporation, hereinafter referred to as Lessee.
WITNESSETH:
Lessor, for and in consideration of the rent and other covenants herein contained to be kept and performed by Lessee, does hereby demise, lease, and let to Lessee, and Lessee does hereby rent, hire, and take from Lessor and agrees to occupy in accordance with the covenants hereinafter set forth, the premises described in Exhibit "A" hereto. The premises are known and numbered as 15705College Boulevard, Lenexa, Kansas 66219 and for purposes of this lease are deemed to contain 15,474 square feet of rentable area.
1. TERM: The original term of this Lease shall commence on the 1st day of January, 1996, and shall continue for FIVE (5), ending on the 31st day of December, 2000. (SEE ADDITIONAL PARAGRAPH 1A.)
Upon the expiration of the term of this Lease or its other termination, Lessee shall return all keys, remove all of its personal property, and return the premises to Lessor in accordance with the terms of this Lease. Should the last day of this Lease fall on a Sunday or on a legal holiday, the termination shall be on the preceding business day.
In the event Lessor is unable to deliver possession of the premises to Lessee on the commencement date specified above, the ending date shall be extended for a period equal to the delay in delivery of possession, plus the number of days necessary to end the term on the last day of a month. Lessor and Lessee shall execute an amendment to this Lease setting forth said revised beginning and ending dates. (SEE ADDITIONAL PARAGRAPH 1B.)
Lessee agrees to vacate the premises on the ending date of the lease term and shall indemnify Lessor from any damages which Lessor incurs from Lessee's delay in vacating the premises. In the absence of any agreement to the contrary, any occupancy of the premises after the ending date of this Lease shall be a "month-to-month" tenancy, subject to all of the terms of this Lease applicable to a month-to-month tenancy except that the basic rent then in effects hall be increased by twenty-five percent (25%).
2. RENTAL: The basic rental for the premises shall be at the rate of (SEE ADDITIONAL PARAGRAPH 2A.) annually, payable in equal monthly installments, without deduction or set off, each due and payable to Lessor on the first day of each and every month of the term hereof in advance. Any rentals or other payments required by this Lease not received by Lessor within ten (10) days after the due date set forth herein shall be subject to a late charge of five percent (5%) of the amount thereof for each month or portion of a month during which said amount remains unpaid. Failure by Lessee to pay said late charge, within ten (10) days after notice from Lessor that it is due shall constitute a default of this Lease by Lessee. Lessor acknowledges receipt of Nine Thousand One Hundred Sixty-Seven and 00/100 Dollars ($9,167.00) paid to Lessor by Lessee concurrently with the execution of this Lease as a deposit, to be applied as rent for the first month of the term hereof. All rental payments and other payments required under this Lease shall be made to Lessor at P. O. Box 411299, Kansas City, Missouri 64141-1299 or at such other place as may be requested by Lessor in writing.
3. POSSESSION AND CONDITION AT BEGINNING OF TERM: Lessor shall use diligence to give possession as nearly as possible at the beginning of the term of this Lease, and rent shall abate pro rata for the period of any delay in so doing, which abatement shall be in full for Lessee's damages therefrom. Lessee has inspected and knows the condition of the premises and accepts the same in their present condition (subject to ordinary wear, tear, and deterioration in the event the term commences after the date hereof and to the rights of present or former occupant, if any, to take his removable property). Lessee acknowledges that neither Lessor, nor Lessor's agent, has made any representations or warranties concerning premises or their suitability for Lessee's use, except as is set forth in this Lease.
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