LEASE
THIS LEASE made on this 3rd day of July, 2000, by and between Pier North Associates, hereafter referred to as "Lessor," the same having its principal office at 4184 Pier North Blvd. Suite A, P. O. Box 310289, Flint, Michigan,48531, and Tucows. Com, Inc, a corporation having its principal office located at G-3255 Beecher Road, Suite 100, Flint, Mi 48532, hereafter referred to as "Lessee," by and through Scott Swedorski, Vice President, who is duly authorized to execute this Lease on behalf of Lessee.
WITNESSETH:
In consideration of the rents and covenants hereinafter set forth, the Lessor and Lessee agree as follows:
ARTICLE I
PREMISES
1.1 Lessor, in consideration of the rents to be paid and the covenants and agreements to be performed by Lessee, does hereby demise and lease unto Lessee the real estate and improvements (hereinafter referred to as "premises") situated in the Township of Mt. Morns, County of Genesee, and State of Michigan; said premises is contained within the Pier North Office Center (hereinafter referred to as "Center"), is described in Exhibit A (the same being attached hereto and made a part hereof), and is more commonly known as 4288 Pier North Boulevard, Suite A, Flint, MI 48504.
1.2 The building consists of approximately 20,000 square feet. The Premises consists of approximately 10,000 square feet. It is therefore agreed between the parties that for purposes of computing Lessee's proportional share of common area maintenance, taxes, and insurance expenses as hereinafter provided, Lessee will occupy 50.00% of the proposed building as of the Commencement Date of this Lease.
ARTICLE II
TERM OF LEASE
2.1 The primary term of this Lease shall be for a period of five (5) years and shall begin September 1, 2000, (Commencement Date). In the event the Commencement Date is other than the first day of a month, then the primary term of this Lease shall be deemed to be five (5) years from and after the first day of the month next following the Commencement Date. In the event the premises is not ready on September 1, 2000, the Commencement Date shall be the earlier of thirty days from the completion of Lessor's Work or when Lessee takes occupancy.
ARTICLE III
OPTION TO RENEW
3.1 Provided this Lease shall then be in full force and effect and Lessee is not then in default, Lessee shall have the option to renew this Lease for one (1) successive term of five (5) years; said option term being subject to the same terms, conditions and provisions as provided under the primary term of the Lease, except as hereinafter provided. Lessee shall notify Lessor of its election to exercise a renewal option in writing, no less than one hundred twenty (120) days prior to the expiration of the primary term in order for such election to be deemed timely.
ARTICLE IV
RENT
4.1 During the continuance of the primary term of this Lease, Lessee shall pay the Lessor as its minimum rental charge for rent of said premises the sum of $8,334.00 on the Commencement Date, and a like sum on the first (1st) day of each and every month thereafter, monthly in advance, during the primary term of this Lease; i. e., $100,000.00 per year. If the Commencement Date is a date other than the first (1st) day of a month, Lessee, on the Commencement Date, shall pay rent for the fractional month. All subsequent rental payments shall be due and payable on the first (1st) day of each and every month thereafter.
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