THE RENEWAL
OPTION, TENANT SHALL BE REQUIRED TO MODIFY THE LETTER OF CREDIT SO THAT THE
LETTER OF CREDIT WILL HAVE A FACE AMOUNT EQUAL TO THE REQUIRED AMOUNT AND
OTHERWISE MEET THE REQUIREMENTS OF SECTION 4.7 WITH RESPECT TO THE TERM AS
EXTENDED BY TENANT'S EXERCISE OF THE RENEWAL OPTION.
THE RENEWAL OPTION IS
PERSONAL TO TENANT AND SHALL BE INAPPLICABLE AND NULL AND VOID IF TENANT ASSIGNS
ITS INTEREST UNDER THIS LEASE (INCLUDING AN "ASSIGNMENT" AS DEFINED IN
SECTION 15.1 BUT EXCLUDING SHORT-TERM SUBLEASES CONTEMPLATED BY SECTION 15.11).
7
4.
RENT.
4.1
NET LEASE - NET RENT.
IT IS THE PURPOSE AND INTENT OF LANDLORD AND
TENANT THAT, EXCEPT AS EXPRESSLY PROVIDED OTHERWISE HEREIN, THIS LEASE SHALL BE
DEEMED AND CONSTRUED TO BE A SO-CALLED "TRIPLE NET LEASE" AND THAT THE BASE RENT
AND ADDITIONAL RENT SHALL BE ABSOLUTELY NET TO LANDLORD THROUGHOUT THE TERM, SO
THAT THIS LEASE SHALL YIELD, ABSOLUTELY NET TO LANDLORD, THE BASE RENT AND
ADDITIONAL RENT THROUGHOUT THE TERM, FREE OF ANY CHARGES, ASSESSMENTS,
IMPOSITIONS, REAL ESTATE TAXES OR DEDUCTIONS OF ANY KIND CHARGED, ASSESSED OR
IMPOSED ON OR AGAINST THE PREMISES AND WITHOUT ABATEMENT, DEDUCTION, DEFERMENT,
REDUCTION, DEFENSE, CREDIT, SET-OFF OR COUNTERCLAIM (EXCEPT AS MAY OTHERWISE BE
EXPRESSLY PROVIDED HEREIN) WHATSOEVER BY TENANT, AND LANDLORD SHALL NOT UNDER
ANY CIRCUMSTANCES OR CONDITIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, OR
WHETHER BEYOND THE PRESENT CONTEMPLATION OF THE PARTIES, BE EXPECTED OR REQUIRED
TO PAY ANY SUCH CHARGE, ASSESSMENT, IMPOSITION, REAL ESTATE TAX OR DEDUCTION, OR
BE UNDER ANY OBLIGATION OR LIABILITY HEREUNDER EXCEPT AS EXPRESSLY OTHERWISE
PROVIDED HEREIN.
IT IS AGREED THAT EXCEPT AS EXPRESSLY OTHERWISE PROVIDED
HEREIN ALL COSTS, EXPENSES AND CHARGES OF EVERY KIND AND NATURE WHATSOEVER
RELATING TO THE PREMISES, OR THE USE, OPERATION OR MAINTENANCE THEREOF, WHICH
MAY ARISE OR BECOME DUE DURING THE TERM OF THIS LEASE, INCLUDING, WITHOUT
LIMITATION, THOSE RELATING TO THE MAINTENANCE, PRESERVATION, CARE, REPAIR AND
OPERATION OF THE PREMISES (INCLUDING, WITHOUT LIMITATION, ALL COSTS, EXPENSES
AND CHARGES FOR WATER, SEWER, NATURAL GAS, ELECTRICITY, TELEPHONE AND ANY OTHER
UTILITY USED UPON OR FURNISHED TO THE PREMISES) AND ALL RESTORATIONS,
REPLACEMENTS, ALTERATIONS AND ADDITIONS IN AND TO THE PREMISES AS HEREIN
PROVIDED, INCLUDING MONTHLY RENT UNDER THE GROUND LEASE (IN ACCORDANCE WITH AND
SUBJECT TO THE TERMS SET FORTH BELOW IN ARTICLE 5, INCLUDING
SECTION 5.1(B)(I) AND SECTION 5.1(B)(F))
SHALL BE PAID AND/OR PERFORMED BY
TENANT, AT TENANT'S SOLE COST AND EXPENSE, AND LANDLORD SHALL BE INDEMNIFIED AND
SAVED HARMLESS BY TENANT FROM AND AGAINST THE SAME.
4.2
BASE RENT.
COMMENCING UPON THE COMMENCEMENT DATE, AND THEREAFTER
DURING THE TERM, BASE RENT WILL BE PAYABLE IN MONTHLY INSTALLMENTS IN ADVANCE ON
OR BEFORE THE FIRST DAY OF EACH MONTH AT THE RATE OF ONE-TWELFTH (1/12) OF THE
ANNUAL BASE RENT SPECIFIED IN ARTICLE 1.
LANDLORD WILL, ON OR AFTER THE FIRST
DAY OF EACH CALENDAR MONTH OR THE IMMEDIATELY PRECEDING BUSINESS DAY IF THE
FIRST DAY OF A MONTH IS NOT A BUSINESS DAY, DRAW