Document:

Ontario Canada Office Lease

 
Exhibit
10.01 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
OFFICE LEASE 
 
AIRWAY CENTRE PHASE I 
 

 
 
 
 
 
 
 
 
 
LANDLORD:    AIRWAY CENTRE ESTATES (PHASE I) LIMITED 
 
TENANT:           WHITNEY CANADA INC. 
 
            5945-5955 Airport Road, Mississauga 

 
TABLE OF
CONTENTS 
 

	  ARTICLE I.
	   	  Definitions, Term, Additional Areas and Leased Premises
	   	  1

	  Section 1.01
	   	  Definitions
	   	  1

	  Section 1.02
	   	  Grant and Term
	   	  6

	  Section 1.03
	   	  Use of Additional Areas
	   	  6

	  Section 1.04
	   	  Leased Premises
	   	  6

	  Section 1.05
	   	  Delayed Possession
	   	  6

	  Section 1.06
	   	  Acceptance of Leased Premises
	   	  7

	  ARTICLE II.
	   	  RENT
	   	  7

	  Section 2.01
	   	  Covenant to Pay
	   	  7

	  Section 2.02
	   	  Basic Rent
	   	  7

	  Section 2.03
	   	  Advance Rent
	   	  7

	  Section 2.04
	   	  Security Deposit
	   	  8

	  Section 2.05
	   	  Rent Past Due
	   	  8

	  ARTICLE III.
	   	  TAXES, OPERATING COSTS AND UTILITIES
	   	  8

	  Section 3.01
	   	  Taxes Payable by Landlord
	   	  8

	  Section 3.02
	   	  Taxes Payable by Tenant
	   	  8

	  Section 3.03
	   	  Business Taxes and Other Taxes of the Tenant
	   	  9

	  Section 3.04
	   	  Tenant’s Contribution to Operating Costs
	   	  9

	  Section 3.05
	   	  Payment of Taxes and Operating Costs
	   	  9

	  Section 3.06
	   	  Charges for Utilities
	   	  10

	  ARTICLE IV.
	   	  BUILDING—CONTROL AND SERVICES
	   	  11

	  Section 4.01
	   	  Control of the Building
	   	  11

	  Section 4.02
	   	  Landlord’s Services
	   	  11

	  Section 4.03
	   	  Tenant’s Responsibilities
	   	  12

	  Section 4.04
	   	  Relocation of the Leased Premises
	   	  12

	  ARTICLE V.
	   	  USE OF THE LEASED PREMISES
	   	  13

	  Section 5.01
	   	  Use of the Leased Premises
	   	  13

	  Section 5.02
	   	  Conduct of Business
	   	  13

	  Section 5.03
	   	  Observance of Law
	   	  13

	  ARTICLE VI.
	   	  INSURANCE AND INDEMNITY
	   	  14

	  Section 6.01
	   	  Tenant’s Insurance
	   	  14

	  Section 6.02
	   	  Increase in Insurance Premiums
	   	  16

	  Section 6.03
	   	  Cancellation of Insurance
	   	  16

	  Section 6.04
	   	  Loss or Damage
	   	  16

	  Section 6.05
	   	  Landlord’s Insurance
	   	  16

	  Section 6.06
	   	  Indemnification
	   	  16

	  ARTICLE VII.
	   	  MAINTENANCE, REPAIRS AND ALTERATIONS
	   	  17

	  Section 7.01
	   	  Maintenance and Repairs by the Landlord
	   	  17

	  Section 7.02
	   	  Maintenance and Repairs by the Tenant
	   	  17

	  Section 7.03
	   	  Maintenance by Landlord
	   	  18

	  Section 7.04
	   	  Repair Where Tenant at Fault
	   	  18

	  Section 7.05
	   	  Landlord’s Approval of the Tenant’s Repairs
	   	  18

	  Section 7.06
	   	  Removal and Restoration by the Tenant
	   	  19

	  Section 7.07
	   	  Tenant to Discharge all Liens
	   	  20

	  Section 7.08
	   	  Right of Entry
	   	  20

	  Section 7.09
	   	  Signs and Advertising
	   	  21

	  Section 7.10
	   	  Tenant Not to Overload Facilities
	   	  21

	  Section 7.11
	   	  Location and Transportation of Equipment
	   	  21

	  ARTICLE VIII.
	   	  DAMAGE AND DESTRUCTION
	   	  21

	  Section 8.01
	   	  Destruction of the Leased Premises
	   	  21

	  Section 8.02
	   	  Destruction of the Building
	   	  22

	  Section 8.03
	   	  Expropriation
	   	  23

	  Section 8.04
	   	  Architect
	   	  23

	  ARTICLE IX.
	   	  ASSIGNMENT AND SUBLETTING
	   	  23

	  Section 9.01
	   	  Assignment and Subletting
	   	  23

	  Section 9.02
	   	  Assignment by the Landlord
	   	  25

	  ARTICLE X.
	   	  STATUS STATEMENT, SUBORDINATION AND ATTORNMENT
	   	  25

	  Section 10.01
	   	  Status Statement
	   	  25

	  Section 10.02
	   	  Subordination and Attornment
	   	  26

	  Section 10.03
	   	  Execution of Documents
	   	  26

	  Section 10.04
	   	  Financial Information
	   	  27

	  ARTICLE XI.
	   	  DEFAULT
	   	  27

	  Section 11.01
	   	  Right to Re-enter
	   	  27

	  Section 11.02
	   	  Right to Relet
	   	  28

	  Section 11.03
	   	  Expenses
	   	  29

	  Section 11.04
	   	  Removal of Chattels
	   	  29

	  Section 11.05
	   	  Waiver of Exemption from Distress
	   	  29

	  Section 11.06
	   	  Landlord May Cure Tenant’s Default of Perform Tenant’s Covenants
	   	  29

	  Section 11.07
	   	  Security Interest
	   	  30

	  Section 11.08
	   	  Charges Collectible as Rent
	   	  30

	  Section 11.09
	   	  Remedies Generally
	   	  30

-2- 
 

	  Section 11.10
	   	  Default Under Other Lease
	   	  30

	  Section 11.11
	   	  Waiver of Repudiation of Lease
	   	  30

	  ARTICLE XII.
	   	  MISCELLANEOUS
	   	  31

	  Section 12.01
	   	  Rules and Regulations
	   	  31

	  Section 12.02
	   	  Intent and Interpretation
	   	  31

	  Section 12.03
	   	  Successors
	   	  32

	  Section 12.04
	   	  Waiver
	   	  32

	  Section 12.05
	   	  Accord and Satisfaction
	   	  32

	  Section 12.06
	   	  No Partnership or Agency
	   	  32

	  Section 12.07
	   	  Constitution of Tenant
	   	  32

	  Section 12.08
	   	  Overholding—No Tacit Renewal
	   	  33

	  Section 12.09
	   	  Limitation of Liability
	   	  33

	  Section 12.10
	   	  Force Majeure
	   	  33

	  Section 12.11
	   	  Notices
	   	  33

	  Section 12.12
	   	  Registration
	   	  33

	  Section 12.13
	   	  Accrual of Basic Rent and Additional Rent
	   	  33

	  Section 12.14
	   	  Compliance with the Planning Act
	   	  33

	  Section 12.15
	   	  Quiet Enjoyment
	   	  34

	  Section 12.16
	   	  Corporate Tenancy
	   	  34

	  Section 12.17
	   	  Confidentiality
	   	  34

	  Section 12.18
	   	  Rights of Existing Tenants
	   	  34

	  Section 12.19
	   	  Indemnity
	   	  34

	  Section 12.20
	   	  Option to Renew
	   	  34

	  Section 12.21
	   	  Schedules
	   	  34

	  ARTICLE XIII.
	   	  SPECIAL PROVISIONS
	   	  34

	  Section 13.01
	   	  Mechanical Installation
	   	  34

	  Section 13.02
	   	  Parking
	   	  34

	  Section 13.03
	   	  Access
	   	  34

	  SCHEDULE “A”
	   	  
	  LEGAL DESCRIPTION OF LANDS
	   	  
	  SCHEDULE “B”
	   	  
	  FLOOR PLAN
	   	  
	  SCHEDULE “C”
	   	  
	  RULES AND REGULATIONS
	   	  
	  SCHEDULE “D”
	   	  
	  OPTION TO RENEW
	   	  

THIS LEASE made as of the          day of
May, 2002 
 
B E T W E E N: 
 
AIRWAY CENTRE ESTATES (PHASE I) LIMITED 
(hereinafter called the “Landlord”) 
 
OF THE FIRST PART 
 
- and - 
 
WHITNEY CANADA INC. 
(hereinafter called the
“Tenant”) 
 
OF THE SECOND PART

 
WITNESSETH that in consideration of the rents, covenants,
conditions and agreements hereinafter reserved and contained, the Landlord and the Tenant covenant and agree as follows: 
 
ARTICLE I. — Definitions, Term, Additional Areas and Leased Premises 
 
Section 1.01 — Definitions 
 
For the purpose of this Lease: 
 

	 (a)	  	 “Additional Rent” means all sums of money or charges required to be paid by the Tenant under this Lease (except Basic Rent) whether or not
designated “Additional Rent” or payable to the Landlord. 

 

	 (b)	  	 “Alterations” means all alterations, adjustments, changes, repairs, renewals, restorations, renovations, rearrangements, relocations, subtractions,
reductions, substitutions, deletions, additions, expansions, reconstructions, removals, replacements, modifications, improvements, Leasehold Improvements, betterments, installations and decorations, or any one or more of them.

 

	 (c)	  	 “Architect” means the architect, surveyor or space planner from time to time named by the Landlord. The decision of the Architect whenever required
by this Lease (or requested by the Landlord) and any certificate prepared or approved by the Architect will be final and binding. 

 

	 (d)	  	 “Basic Rent” means the sums payable by the Tenant to the Landlord as set out in Section 2.02. 

 

	 (e)	  	 “Building” means the multi-storey office building erected or to be erected on the Lands and located in the City of Mississauga, Province of
Ontario, known municipally as Airway Centre Phase I, 5945-5955 Airport Road, from and including the lowest floor or level of the Building to and including the roof thereon, the Common Areas and Facilities, the Parking Facility and the areas and
facilities serving the Building, as determined by the Landlord, which areas and facilities may include, without limitation, lobbies, foyers and vestibules, sidewalks, storage and mechanical areas, janitor rooms, mail rooms, telephone, mechanical and
electrical rooms, stairways, escalators, elevators, truck and receiving areas, driveways, loading docks and corridors and shall also include those areas designated or intended by the Landlord to be leased or used for service, administration,
management, safety and operational purposes. 

 

	 (f)	  	 “Business Taxes” means business taxes, license fees, personal property taxes or other similar assessments, taxes, rates or levies, imposed by any
taxing authority, in respect of any assets located in, use, enjoyment or occupancy of, or business carried on in any portion of the Building or on the Lands including but not limited to the Leased Premises. 

 

	 (g)	  	 “Capital Tax” means an amount imputed by the Landlord to the Building and Lands for any tax or taxes imposed from time to time on the Landlord by
any taxing authority based upon or computed by reference to the capital invested in the Building and Lands and includes without limitation, provincial capital tax and federal large corporations tax as now existing and is modified or supplemented
from time to time. Capital Tax will be imputed, (a) as if the Building and Lands were the only property of the Landlord; and (b) on the basis of the Landlord’s determination of the amount of capital attributable to the Building and Lands.
Capital Tax also means the amount of any capital or place of business tax levied by any government or other applicable taxing authority against the Landlord with respect to the Building and Lands, whether known as Capital Tax or by any other name.

 

	 (h)	  	 “Claims” means claims, losses, actions, suits, proceedings, causes of action, demands, damages (direct, indirect, consequential or otherwise),
penalties, judgments, executions, liabilities, responsibilities, costs, charges, payments and expenses including, without limitation, any professional, consultant and legal fees (on a solicitor and his own client basis). 

 

	 (i)	  	 “Common Areas and Facilities” means: 

 

	  	 (i)	  	 those areas, facilities, utilities, improvements, equipment and installations in the Building which, from time to time, are not designated or intended by the
Landlord to be leased to tenants of the Building, and 

 

	  	 (ii)	  	 those areas, facilities, utilities, improvements, equipment and installations which serve or are for the benefit of the Building, whether or not located within,
adjacent to, or near the Building and which are designated from time to time by the Landlord as part of the Common Areas and Facilities, including, without limitation, all areas, facilities, utilities, improvements, equipment and installations which
are provided or designated from time to time by the Landlord for the use or benefit of the tenants of the Building, their employees, customers and other invitees in common with others entitled to their use and benefit. 

 

	 (k)	  	 “Landlord” means the party of the First Part and, in sections that contain a release or other exculpatory language in favour of the Landlord,
includes its officers, directors, employees (while in the ordinary course of their employment) and agents. 

 

	 (l)	  	 “Lands” means the lands underneath, adjacent and appurtenant to the Building, as more particularly described in Schedule “A” attached to
this Lease or as such Lands may be altered, expanded or reduced from time to time. 

 

	 (m)	  	 “Laws” means all laws, statutes, regulations, by-laws, rules, declarations, ordinances, requirements and directions of all federal, provincial,
municipal, local and other governmental and quasi-governmental authorities, departments, commissions and boards having jurisdiction (collectively the “Authorities”). 

 

	 (n)	  	 “Lease” means this agreement and all the terms, covenants and conditions set out herein, as amended from time to time in accordance with Section
12.02(C). 

 

	 (o)	  	 “Lease Year” means a period of twelve (12) consecutive calendar months, and in the case of the first Lease Year, if the Commencement Date is not
the first day of a calendar month, plus that portion of the month between the Commencement Date and the last day of the month in which the Commencement Date occurs, inclusive. The last Lease Year shall terminate on the expiration or earlier
termination of this Lease. 

 

	 (p)	  	 “Leased Premises” means the premises demised by this Lease. 

 

	 (q)	  	 “Leasable Premises” means those premises (including the Leased Premises) in the Building which are leased to tenants or which are designated or
intended by the Landlord from time to time to be leased or used and occupied by tenants, but shall not include any Common Areas and Facilities and shall also not include storage space in the Building leased to tenants or which is designated or
intended by the Landlord from time to time to be leased or occupied by tenants for storage space in the Building. 

 

	 (r)	  	 “Leasehold Improvements” means all items generally considered as leasehold improvements, excluding any Trade Fixtures but including without
limitation all installations, Alterations and additions from time to time made, erected or installed in the Leased Premises by or on behalf of the Tenant, or any previous occupant of the Leased Premises or any portion thereof including, without
limitation, all partitions however affixed and whether or not moveable, heating, ventilating and air-conditioning systems, facilities and equipment, light fixtures, internal stairways and doors, and floor, wall and ceiling coverings, counters,
cabinets, shelves and built-in furniture and furnishings, and any items not normally considered Tenant’s Trade Fixtures. 

 

	 (s)	  	 “Mortgagee” means any mortgage or hypothecary creditor (including any trustee for bondholders) of the Building or any part of it and a chargee or
other secured creditor that holds the Building or a part of it as security but a Mortgagee is not a creditor, chargee or security holder of a tenant of Rentable Area of the Building. 

 

	 (t)	  	 “Normal Business Hours” means the hours from 8:00 a.m. to 6:00 p.m. on Mondays to Fridays unless such a day is a civic or statutory holiday in the
City of Toronto or the Province of Ontario. 

 

	 (u)	  	 “Occupiable Area” of the Leased Premises means the area expressed in square feet in a certificate prepared by the Architect, which certificate
shall be conclusive and binding subject as herein provided and shall be delivered to the Tenant on or after the commencement of the Term, at which time any adjustment to the area that is required thereby shall be made. The Occupiable Area of
Leasable Premises in the Building shall be measured and determined as follows: 

 

	  	 (i)	  	  in the case of Leasable Premises occupying a whole floor, the Occupiable Area shall be computed by measuring to the inside finish of permanent outer building
walls, or from the glassline where at least 50% of the outer building wall is glass, but shall not include stairs (except stairways 

 

2 

	  	 
 exclusively serving the premises of a single tenant), elevator shafts, stacks, pipe shafts and vertical ducts with their enclosing walls.
Washrooms, air-conditioning rooms, fan rooms, janitors’ closets and electrical closets shall be included in the Occupiable Area. No deductions shall be made for columns and projections necessary to the Building; and

 

	  	 (ii)	  	 in the case of premises occupying part of a floor, the Occupiable Area shall be computed by measuring to the inside finish of permanent outer building walls, or
from the glassline where at least 50% of the outer building wall is glass, to the premises side of corridors and/or other permanent partitions, and to the centre of partitions that separate the Leasable Premises from adjoining leasable premises. No
deduction shall be made for columns and projections necessary to the Building. 

 
The foregoing definition shall be read and modified, if necessary, to be in accordance with the standard method of measuring floor area in office buildings as sanctioned by the Building Owners and
Managers Association International (BOMA). 
 

	 (v)	  	 “Operating Costs” means the total amounts incurred, paid, attributable, payable by or on behalf of the Landlord (a) for the ownership (other than
original debt financing and acquisition costs), maintenance, operation, repair, replacement (but only to the extent that such costs are properly chargeable to operating expenses in accordance with generally accepted accounting principles),
management and administration of the Building and the Lands, calculated as if the Building were at all times fully occupied and operational and (b) to discharge the Landlord’s obligations or exercise any of its rights or remedies under this
Lease or under other leases or agreements in the Building. 

 
Operating Costs include, without limitation and without duplication, the aggregate of: 
 

	  	 (i)	  	 insurance maintained by the Landlord with respect to the ownership and operation of the Building and Lands including, without limitation, the cost of insuring the
Building and Lands with such forms of coverage and in such amounts as the Landlord, or a Mortgagee, may from time to time determine, including, without limitation, costs and premiums paid for insurance against any risks of physical loss or damage to
property of the Landlord on a replacement cost basis, boiler, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus insurance on a broad form blanket coverage repair and replacement basis, loss of insurable gross
profits and loss of rental income attributable to all perils reasonably insured against by the Landlord or commonly insured against by prudent landlords, third party liability hazards including exposure to personal injury, bodily injury and property
damage on an occurrence basis including insurance for all contractual obligations and covering also actions of all authorized employees, subcontractors and agents while working on behalf of the Landlord, and any other forms of insurance as the
Landlord or a Mortgagee may reasonably require from time to time for insurable risks and in amounts as would be carried by a prudent owner of a similar office building; 

 

	  	 (ii)	  	 the cost of cleaning (including carpet cleaning in the Common Areas and Facilities and window cleaning), snow removal, garbage and waste collection and disposal
and/or recycling, security and supervision (including, without limitation, remote control cameras and security patrols), public address and communication systems, paving and re-paving parking areas (including without limitation, line painting and
curb installations), and pest control, including, without limitation, the cost of performing the work referred to in Section 4.02 herein; 

 

	  	 (iii)	  	 Utilities used in maintaining, operating, heating, ventilating and air-conditioning the Building except to the extent separately metered and paid for directly by
individual tenants; 

 

	  	 (iv)	  	 that portion of the Operating Costs of the HVAC system, if any, allocated to the Common Areas and Facilities by the Landlord; 

 

	  	 (v)	  	 salaries, wages and other amounts (including contributions and premiums for fringe benefits, unemployment insurance, pension plans, termination and severance costs,
Workers’ Compensation and other similar contributions and premiums) paid or payable for all management, supervisory, and operational personnel including the Building manager, secretarial and/or clerical staff, engineers, janitors, caretakers,
security staff, management and all other related personnel (in each case, whether employed by the Landlord or pursuant to a third party management contract), engaged in the repair, care, maintenance, security, management and cleaning of the Building
and Lands; 

 

	  	 (vi)	  	 the cost of the rental of any equipment and signs, and the cost of supplies, used in the maintenance and operation of the Building and Lands;

 

	  	 (vii)	  	 audit fees and the cost of accounting services incurred in the preparation of the statements referred to in this Lease and the financial statements related thereto,
and in the computation of the rents and other charges payable by tenants of the Building, and legal fees and other professional consulting fees and disbursements; 

 

3 

 

	 (viii)	  	 the cost of all repairs and replacements (but only to the extent that such costs are properly chargeable to operating expenses in accordance with generally accepted
accounting principles) to and maintenance (including, without limitation, landscaping maintenance and elevator maintenance) and operation of the Building and Lands and the systems, facilities and equipment serving the Building and all repairs and
replacements undertaken by the Landlord for the general safety and benefit of the tenants of the Building or to reduce Operating Costs or to comply with the requirements of any Authorities in respect of the Building and Lands, and the costs of
obtaining any warranties or guaranties; 

 

	 (ix)	  	 depreciation or amortization over the economic life, together with interest on the undepreciated or unamortized portion calculated at two (2) percentage points
above the Prime Rate, of the costs, including repairs and replacements, of the maintenance, cleaning, operating, heating, ventilating and air-conditioning equipment, master utility meters and all other fixtures, equipment and facilities comprising
the Common Areas and Facilities, which, in accordance with generally accepted accounting principles, are not fully expensed or deducted in the fiscal period in which they are incurred; 

 

	 (x)	  	 all Business Taxes and Taxes, if any and to the extent not already charged to the tenants as Additional Rent, from time to time payable by the Landlord with respect
to the Building or the Lands, and any governmental tax or levy imposed on the Building or any part thereof based on square footage or gross area, whether known as a “commercial concentration levy” or otherwise, and the costs of contesting
or appealing any assessment of such taxes incurred by the Landlord; 

 

	 (xi)	  	 the fair rental value attributable to premises in the Building occupied for management, supervisory or administrative purposes in connection with the Building or
the Lands including, without limitation, premises leased or used for service, administration, management, safety and operational purposes; 

 

	 (xii)	  	 all cost incurred in acquiring, installing, operating, maintaining, revising, repairing, restoring, renewing and replacing (but only to the extent that such costs
are properly chargeable to operating expenses in accordance with generally accepted accounting principles) any energy conservation, fire safety, sprinkler and life safety systems and equipment in the Building or on the Lands, and for effecting any
improvements to the Building made to comply with any applicable Laws including air pollution, air quality and environmental control standards, and the cost of all Alterations to all or any part of the Building or the Lands in connection with, or as
a result of, this subsection (xii); 

 

	 (xiii)	  	 Sales Taxes payable by the Landlord on the purchase or other acquisition of any goods, services and Utilities included in Operating Costs;

 

	 (xiv)	  	 in the event that the Landlord has hired the services of any Person for the operation, supervision, management and administration of the Building, a management fee
of five percent (5%) of the rents (including basic rents and additional rents) received or receivable by the Landlord from the tenants of the Building; provided the administration fee referred to herein may be increased from time to time by the
Landlord in accordance with the then current rate for such fees in comparable buildings in the vicinity; and 

 

	 (xv)	  	 in the event that the Landlord has not contracted for the management services of a person for the operation, supervision, management and administration of the
Building, an administration fee of fifteen percent (15%) of the aggregate of such total annual costs set out in Sections 1.01(v)(i) to 1.01(v)(xii). 

 
From the total of the above costs, there shall be deducted or excluded, as the case may be: 
 

	  	 (A)	  	 all net recoveries which reduce Operating Costs received by the Landlord from tenants as a result of any act, omission, default or negligence of such tenants or by
reason of a breach by such tenants of provisions in their respective leases (other than recoveries from such tenants under clauses in their respective leases requiring their contribution to Operating Costs); 

 

	  	 (B)	  	 net proceeds received by the Landlord from insurance policies taken out by the Landlord to the extent that the proceeds relate to Operating Costs;

 

	  	 (C)	  	 ground rent payable to any ground lessor if the Landlord is not the owner of the Lands and principal and interest payments on any mortgages, charges or other
encumbrances registered against the title of the Building; 

 

4 

 

	  	 (D)	  	 all net recoveries by the Landlord in respect of warranties or guarantees relating to the construction of the Building or any portion thereof, to the extent that
repair costs in respect of the work covered by warranty or guarantee are included in Operating Costs; 

 

	  	 (E)	  	 costs and expenses relating to the leasing of space or premises in the Building including leasing commissions and advertising costs; 

 

	  	 (F)	  	 net contributions received by the Landlord, if any, to the cost of the excess supply, to the Tenant or other tenants of the Building, of Utilities used in
maintaining, operating, heating, ventilating and air-conditioning the Building; and 

 

	  	 (G)	  	 Capital Tax and Large Corporation Tax. 

 

	 (w)	  	 “Parking Facility” means all parking facilities, if any, located within or adjacent to the Building, as they may from time to time be altered,
improved, reduced or expanded by the Landlord in its sole discretion, including without limitation all entrances and exits thereto, access ramps and any delivery passages located therein. 

 

	 (x)	  	 “Person”, if the context allows, includes any person, firm, partnership or corporation, or any group of persons, firms, partnerships or
corporations or any combination thereof. 

 

	 (y)	  	 “Prime Rate” means the commercial lending rate of interest, expressed as an annual rate, that any chartered bank or trust company of the Landlord
quotes from time to time at its principal office in Canada as the reference rate of interest (which is commonly known as its “prime rate”), and which serves as the basis upon which effective rates of interest are calculated for Canadian
dollar loans made in Canada to its commercial customers with interest payable as a function of its prime rate. 

 

	 (z)	  	 “Proportionate Share” means a fraction which has as its numerator the Rentable Area of the Leased Premises and as its denominator the Rentable Area
of the Building. 

 

	 (aa)	  	 “Rent” means all rent payable under this Lease, including but not limited to Basic Rent and Additional Rent. 

 

	 (bb)	  	 “Rentable Area of the Building” means the total of the Rentable Areas of all leasable premises leased or set aside from time to time by the
Landlord for leasing in the Building (including the Leased Premises) such areas being as certified from time to time in the sole right of the Architect. Rentable Area of the Building may exclude areas on or above the ground floor which are
unsuitable by virtue of configuration or location for leasing as office space, but which the Landlord may lease to tenants of the Building for storage purposes. 

 

	 (cc)	  	 “Rentable Area” of leasable premises in the Building means: 

 

	  	 (i)	  	 in the case of premises occupying a whole floor or premises on the ground floor, the Occupiable Area; and 

 

	  	 (ii)	  	 in the case of premises occupying part of a floor, other than the ground floor, the Occupiable Area, plus a fraction of the area of the public and/or service areas
on the same floor as the leasable premises which, without limitation, shall include corridors, elevator lobbies, washrooms, air-conditioning, and equipment rooms, fan rooms, janitors’ closets and electrical closets within and exclusively or
primarily serving only that floor. This fraction has as its numerator the Occupiable Area of the said premises, and as its denominator the total of the Occupiable Areas of all leasable premises leased or set aside from time to time by the Landlord
for leasing on that floor (including the said premises). 

 
The foregoing definition shall be read and modified, if necessary, to be in accordance with the standard method of measuring floor area in office buildings as sanctioned by the Building Owners and Managers Association
International (BOMA). 
 

	 (dd)	  	 “Rules and Regulations” means the rules and regulations described in Schedule “C”. 

 

	 (ee)	  	 “Structure” means the foundations, roof (excluding the roof membrane), exterior wall assemblies including weather walls and bearing walls, subfloor
and structural columns and beams of the Building and any other portions of the Building designated by the Landlord from time to time as Structure. 

 

	 (ff)	  	  “Taxes” means all real property taxes, rates, duties and assessments (including local improvement taxes), imposts, charges or levies, whether
general or special, that are levied, rated, charged or assessed against the Building and Lands or any part thereof or Rent therefrom from time to time by any lawful taxing authority, whether federal, provincial, municipal, school or otherwise,
including without limitation any tax or levy imposed on all or any part of the Building based on gross area or floor area, and including without limitation, any taxes or other amounts which are imposed in lieu of, or in addition to, any such real
property taxes whether of the foregoing character or not and whether in existence at the Commencement Date or not, 

 

5 

	  	 
 and any such real property taxes levied or assessed against the Landlord on account of its interest in or ownership of the Building and
Lands or any part thereof, calculated on the basis of the Building being assessed as a fully leased and operational building, and the costs and expenses incurred for consulting, appraisal, legal and other services to the extent they are incurred in
an attempt to minimize or reduce any of the real property taxes referred to above including, without limitation, contesting, resisting or appealing real property taxes. 

 

	 (gg)	  	 “Tenant” means the party of the Second Part and if the Tenant is an individual, its heirs, executors and administrators, and in every case, its
permitted successors and assigns. Any reference to “Tenant” includes, where the context allows, the servants, employees, agents, invitees and licensees of the Tenant and all others over whom the Tenant may reasonably be expected to
exercise control. If the Tenant is comprised of more than one (1) Person, each such Person will be and continue to be subject to and jointly and severally liable for the performance and observance of the terms, covenants and conditions of this
Lease, even if the Person ceases to be involved in the business conducted from the Leased Premises. 

 

	 (hh)	  	 “Trade Fixtures” means trade fixtures as determined at common law and includes the personal chattels installed by or on behalf of the Tenant, in,
on, or which serve, the Leased Premises, for the sole purpose of the Tenant carrying on its trade in the Leased Premises pursuant to Section 8.01 hereof and which Trade Fixtures the Tenant is permitted to remove only to the extent permitted by the
terms of this Lease, but Trade Fixtures do not include Leasehold Improvements or any inventory of the Tenant. 

 

	 (ii)	  	 “Utilities” means all gas, electricity, water, sewer, steam, fuel, power, telephone and other utilities used in or for or allocated by the Landlord
to the Building or the Leased Premises, as the case may be. 

 
Section 1.02    Grant and Term 
 

	 (a)	  	 The Landlord leases to the Tenant, and the Tenant leases from the Landlord, the Leased Premises which are presently designated as Suite No. 260 located on the
second floor of the Building known municipally as Airway Centre Phase I, 5945-5955 Airport Road in the City of Mississauga, and are shown on the Floor Plan attached as Schedule “B”. The Rentable Area of the Leased Premises is approximately
One Thousand, One Hundred and Fifty Three (1,153) square feet. 

 

	 (b)	  	 The Tenant shall, subject to this Lease, have and hold the Leased Premises during the term (the “Term”). which is the period of three (3)
years commencing on the  15th  day of May, 2002 
(the “Commencement Date”) and expiring on the  14th  day of May, 2005.  

 

	 (c)	  	 If the Tenant takes occupancy of the Leased Premises prior to the Commencement Date, the Tenant (i) shall be subject to all terms and conditions set out in this
Lease except that the Tenant shall have no obligation with respect to the payment of Basic Rent and Additional Rent, until the Commencement Date; and (ii) shall not interfere with the performance of any of the Landlord’s Work, if applicable.

 
Section 1.03    Use of
Additional Areas 
 
The Tenant’s use of the Leased
Premises includes the non-exclusive right of the Tenant and persons having business with the Tenant in common with the Landlord and all others entitled, to the use of the Common Areas and Facilities. 
 
Section 1.04    Leased Premises 
 
As soon as reasonably possible after the Commencement Date and, if
applicable, after any relocation, rearrangement, alteration, addition or reduction of or to the Leased Premises in accordance with this Lease, the Architect shall calculate the actual Occupiable Area and Rentable Area of the Leased Premises.

 
Section 1.05    Delayed Possession

 
If for any reason the Landlord is delayed in delivering, or
is unable to give, possession of all or any part of the Leased Premises to the Tenant on or before the Commencement Date, then (a) the Tenant shall take possession of the Leased Premises on the date (not later than one (1) year after the
Commencement Date) when the Landlord delivers possession of all of the Leased Premises, which date shall be conclusively established by notice from the Landlord to the Tenant at least five (5) days before such date, (b) this Lease shall not be void
or voidable nor shall the Landlord be liable to the Tenant for any Claims resulting from any delay in delivering possession of the Leased Premises to the Tenant, (c) the Term shall commence on the Commencement Date, (d) (unless such delay is caused
by or attributable to the Tenant, its employees, servants, agents or independent contractors), no Rent shall be payable by the Tenant for the period prior to the date on which the Landlord delivers possession of all of the Leased Premises, unless
the Tenant elects to take possession of a part of the Leased Premises, if possession of which part is available from the Landlord, and the Landlord consents thereto, whereupon Rent shall be payable in respect of such part from the date such
possession is so taken, and (e) the expiry date of this Lease shall remain unchanged. Despite anything contained to the contrary in this Section 1.05, if the Landlord is of the opinion that it is unable to deliver possession of all or any part of
the Leased Premises by the expiration of six (6) months from the Commencement Date, the Landlord shall have the right to terminate this Lease upon written notice to the Tenant, whereupon neither 

 

6 

party shall have any liability to the other, and, after the termination date, the Landlord shall return to the Tenant, without interest, the
Advance Rent and Security Deposit if any. 
 
Section
1.06    Acceptance of Leased Premises 
 
The Tenant acknowledges and agrees that taking possession of all or any part of the Leased Premises by the Tenant shall be conclusive evidence as against the Tenant that the Leased Premises or such part thereof are in good and
satisfactory physical and environmental condition on the date of taking possession, and that all undertakings, if any, of the Landlord to alter, remodel or improve the Leased Premises or the Building, and all representations, warranties, agreements
covenants and conditions, if any, by the Landlord respecting the condition of the Leased Premises or the Building have been fully satisfied and performed by the Landlord. 
 
ARTICLE II.        RENT 
 
Section 2.01    Covenant to Pay 
 
The Tenant will pay Basic Rent and Additional Rent when due and payable as
set out in this Lease and without any set-off, deduction, abatement or demand. All Rent will be paid by the Tenant to the Landlord, or its agent, at the Landlord’s address set out in Section 12.11, and will be payable in lawful Canadian money
at par. 
 
Section 2.02    Basic Rent

 

	 (a)	  	 The Tenant will, from and after the Commencement Date and thereafter throughout the Term, pay to the Landlord as Basic Rent, in equal consecutive monthly
instalments in advance on the first day of each calendar month of each Lease Year, an annual sum based upon the annual rate specified in the table following. Basic Rent will be pro-rated on a daily basis in accordance with Section 12.13 hereof for
any fractional month in which the Commencement Date occurs, and for any fractional month at the end of the Term. The table is as follows: 

 

	  Period of Time

	     	  Annual Basic
  Rent

	     	  Monthly
 
Basic Rent

	     	  Basic Rent/
  ft2/annum

	     	  Rentable Area (ft2)

	  May 15, 2002 to May 14, 2003
	     	  $
	  10,450.00
	     	  $
	  870.83
	     	  $
	  11.00
	     	  950

	  May 15, 2003 to May 14, 2005
	     	  $
	  12,683.00
	     	  $
	  1,056.92
	     	  $
	  11.00
	     	  1,153

 
Notwithstanding anything herein, the Tenant shall only be required to pay Rent on a Rentable Area of Nine Hundred and Fifty (950) square feet for the first Lease Year of the Term. 
 

	 (b)	  	 Whenever the Occupiable Area and the Rentable Area of the Leased Premises are calculated by the Architect pursuant to Section 1.04, the Basic Rent shall be adjusted
retroactively to the Commencement Date and the Additional Rent shall be adjusted retroactively to the later of; (i) the beginning of the then current Lease Year, and (ii) the Commencement Date. 

 
Section 2.03    Advance Rent 
 
The Landlord acknowledges receipt of the sum of Three Thousand, Eight Hundred
and Seventy Six Dollars and Eighty Cents ($3,876.80) as advance rent, to be held without interest by the Landlord and applied on account of the Basic Rent and Additional Rent, inclusive of Sales Taxes, owing with respect to the first and last
month(s) under the Term. 

 

7 

 
Section
2.05    Rent Past Due 
 
If the Tenant
fails to pay any Rent or any other amount when due by the Tenant under this Lease (the “Unpaid Amount”), the Tenant shall pay upon demand a financial charge on any such Unpaid Amount from the due date thereof to the payment thereof, the
amount of which finance charge shall be the amount obtained by multiplying the Unpaid Amount by the rate per annum which is the greater of (a) four (4) percentage points in excess of the Prime Rate, calculated and compounded daily, with any
adjustments in the Prime Rate to be effective on the date of any change in the Prime Rate, or (b) eighteen percent (18%) per annum calculated and compounded daily, but in no event shall the financial charge on any Unpaid Amount be greater than the
maximum, if any, permitted by law. Nothing herein contained shall be constructed so as to compel the Landlord to accept any payment of Rent in arrears should the Landlord elect to apply its rights or remedies under the forfeiture or any other
provision of this Lease in the event of default hereunder by the Tenant. Any cheque of the Tenant returned to the Landlord because of non-sufficient funds or for any other reason by financial institution shall be immediately replaced by a certified
cheque by the Tenant delivered to the Landlord. 
 
Despite any
other provision of this Lease, any amount or amounts from time to time payable by the Tenant to the Landlord under this Section 2.05 as a financial charge or financial charges shall, in each case, be deemed not to be consideration for the supply of
space under this Lease, but shall, in each case, be considered to be Rent for the purposes of the Landlord’s rights and remedies for non-payment and recovery of any such amount or amounts. 
 
ARTICLE III.        TAXES,
OPERATING COSTS AND UTILITIES 
 
Section
3.01    Taxes Payable by Landlord 
 
The
Landlord will, subject to Sections 3.02, 3.03 and 3.04 pay all Taxes directly to the taxing authority. The Landlord may, nevertheless, defer payment of Taxes to the fullest extent permitted by law, so long as it diligently prosecutes any contest or
appeal of Taxes. 
 
Section 3.02    Taxes
Payable by Tenant 
 

	 (a)	  	 If there are separate real property tax bills and separate real property assessment notices for the Leased Premises and the non-leasable areas of the Building and
the Lands, subject to Section 3.02(b), the Tenant shall (i) pay to the Landlord or to the taxing authorities if the Landlord so directs, and discharge during the Term and within the times provided for by the taxing authorities, all Taxes that are
levied, rated, charged or assessed from time to time, respectively, against the Leased Premises or any part thereof, on the basis of a separate real property tax bill and separate assessment notice rendered by any lawful taxing authority; (ii)
within ten (10) days after receipt of such separate real property tax bill and separate assessment notice, provide a copy thereof to the Landlord; (iii) promptly deliver to the Landlord receipts evidencing the payment of all such Taxes and such
other information in connection therewith as the Landlord reasonably requires; and (iv) pay in accordance with Section 3.05, its Proportionate Share of all Taxes levied, rated, charged or assessed against the Building and the Lands including,
without limitation, the Building’s portion (as determined by the Landlord) of such Taxes levied or assessed against the Common Areas and Facilities but excluding all portions thereof designated or intended by the Landlord to be leased to
tenants. 

 

8 

 

	 (b)	  	 If there are not separate real property tax bills and separate real property assessment notices for the Leased Premises and the non-leasable areas of the Building
or, in any event, if the Landlord so elects, the Tenant shall not be required to pay the amounts described in Section 3.02(a) but shall pay monthly in advance or otherwise as the Landlord directs, in accordance with Section 3.05, its Proportionate
Share of all Taxes allocated by the Landlord to the Building or the Lands, including the Common Areas and Facilities, plus an administration fee of fifteen percent (15%) thereof. 

 

	 (c)	  	 If the Landlord, acting equitably, determines that as a result of the construction or installation of any Leasehold Improvements or Trade Fixtures in the Leased
Premises or the use of the Leased Premises or the particular location of the Leased Premises within the Building, the Tenant’s Proportionate Share of Taxes payable in accordance with Section 3.02(b) does not accurately reflect the proper share
of the Taxes which should in the Landlord’s opinion be payable by the Tenant, the Landlord may increase or decrease the Tenant’s Proportionate Share of Taxes and the Tenant will pay such adjusted amount rather than the Tenant’s
Proportionate Share as set out in Section 3.02(b), plus an administration fee of fifteen percent (15%) thereof. 

 

	 (d)	  	 If the Tenant elects to have the Leased Premises or any part thereof assessed for separate school taxes, the Tenant shall pay to the Landlord as Additional Rent, as
soon as the amount of such separate school taxes is ascertained, any amount by which the amount of separate school taxes exceeds the amount which would otherwise have been payable for school taxes had such election not been made.

 
Section 3.03    Business
Taxes and Other Taxes of the Tenant 
 

	 (a)	  	 The Tenant will pay to the lawful taxing authorities or to the Landlord, as the Landlord directs, before delinquency, all Business Taxes imposed in respect of the
Tenant’s business and assets in, or use, enjoyment or occupancy of, or improvements to, the Leased Premises and the Building or any portion thereof. The Tenant shall promptly deliver to the Landlord receipts evidencing payment of all such
Business Taxes and such other information in connection therewith as the Landlord reasonably requires. If there are no separate bills issued by the relevant authority for Business Taxes, the Tenant shall pay to the Landlord the Tenant’s
Proportionate Share of all Business Taxes levied, rated, charged or assessed on the Building, plus an administration fee of fifteen percent (15%) thereof. 

 

	 (b)	  	 The Tenant, will pay to the Landlord (acting as agent for the taxing authority if applicable) or directly to the taxing authority (if required by the applicable
legislation) in the manner specified by the Landlord, the full amount of all Goods and Services Taxes, and any other taxes imposed on the Tenant in respect of the Rent payable by the Tenant under this Lease, or in respect of the rental of premises
by the Tenant under this Lease (collectively and individually, “Sales Taxes”). Sales Taxes so payable by the Tenant will be: (i) calculated by the Landlord in accordance with the applicable legislation; (ii) paid by the Tenant at the same
time as the amounts to which the Sales Taxes apply are payable to the Landlord under the terms of this Lease (or upon demand at such other time or times as the Landlord from time to time determines); and (iii) considered not to be Rent, despite
anything else in this Lease, but the Landlord will have all of the same remedies for and rights of recovery with respect to such amounts as it has for non-payment of Rent under this Lease or at law. 

 
Section 3.04    Tenant’s Contribution to Operating
Costs 
 
The Tenant will pay to the Landlord, in accordance
with Section 3.05, its Proportionate Share of Operating Costs. The Tenant acknowledges that Operating Costs may be allocated by the Landlord to the various components of the Building and that the Landlord may adjust Operating Costs and/or the
denominator of the Tenant’s Proportionate Share fraction in accordance with current practices relevant to multi-use commercial developments on a basis consistent with the benefits derived by the tenants of each component of the Building and
having regard to the nature of the particular costs and expenses being allocated. 
 
Section 3.05    Payment of Taxes and Operating Costs 
 

	 (a)	  	 The amounts payable by the Tenant under Sections 3.02 and 3.04 (and under Section 3.03, if applicable) may be estimated from time to time by the Landlord.
Commencing on the Commencement Date, the Tenant shall pay the Landlord such estimated amounts payable under Sections 3.02 and 3.04 (and under Section 3.03, if applicable), in equal consecutive monthly instalments in advance, on the first day of
every month in the period for which the estimate is made. The Landlord may from time to time revise any of such estimates and in such event the Tenant’s monthly payments will be adjusted accordingly beginning with the first day of the calendar
month after the Landlord notifies the Tenant of the revised estimate and the adjusted monthly amounts. Any such amounts payable for any fractional month in which the Commencement Date occurs, or for any fractional month at the end of the Term, will
be pro-rated on a daily basis. 

 

	 (b)	  	  Within ninety (90) days after the end of the period for which the estimated payments have been made, the Landlord will deliver to the Tenant an audited
statement of the exact amounts payable by the Tenant under Sections 3.02 and 3.04 (and under Section 3.03, if applicable). Said statement shall be completed by a certified accountant or other qualified financial person. If 

 

9 

	  	 
 necessary, an adjustment will be made between the parties within fifteen (15) days after the Tenant has been advised of the actual amounts.
If the Tenant has paid in excess of the amounts due, the excess shall be credited by the Landlord against Rent then or in the future owing by the Tenant under this Lease. If the amount the Tenant has paid is less than the amounts due, the Tenant
agrees to pay such additional amounts due with the next monthly instalment of Basic Rent. This provision shall survive the expiration or earlier termination of this Lease. Failure of the Landlord to render any statement under this subsection 3.05(b)
shall not (i) prejudice the Landlord’s right to render such statement thereafter or with respect to any other period, or (ii) relieve the Tenant from its obligations hereunder. The rendering of any such statement shall also not affect the
Landlord’s right subsequently to render an amended or corrected statement. 

 
Section 3.06    Charges for Utilities 
 

	 (a)	  	 The Tenant shall be solely responsible for and shall promptly pay as Additional Rent to the Landlord, or as it otherwise directs, in the manner hereinafter provided
as a charge with respect to the Leased Premises (the “Charge”) the aggregate, without duplication, of (i) the total cost of supplying Utilities used or consumed in or with respect to the Leased Premises or allocated to them by the
Landlord; (ii) the cost of any other charges levied or assessed in lieu of or in addition to such Utilities as determined by the Landlord including, without limitation, the equitable allocation to the Leased Premises of an additional charge, as
determined by the Landlord, for the excess supply to and usage of the Utilities in the Leased Premises; and (iii) all costs incurred by the Landlord in determining or allocating the Charge or determining the Utilities including, without limitation,
professional, engineering and consulting fees and expenses and an administration fee of fifteen percent (15%) of the total costs hereinbefore set out in this Sub-section 3.06(a). 

 

	 (b)	  	 The Tenant agrees as follows: 

 

	  	 (i)	  	 If the Landlord elects, for the more efficient and proper operation of the Building, or is required by municipal by-law or the suppliers of the Utilities, to
purchase the Utilities or any of them for the Building, the Tenant shall purchase such Utilities and pay for such Utilities as additional Rent forthwith on demand to the Landlord at rates not in excess of the rates charged by such suppliers for such
Utilities, if applicable; 

 

	  	 (ii)	  	 The Tenant shall pay to the Landlord, as Additional Rent, the Charge for Utilities in consecutive monthly instalments in advance based on estimates by the Landlord
and subject to adjustment by the Landlord within a reasonable time after the end of the Year for which such estimate has been made; and 

 

	  	 (iii)	  	 If the Landlord elects, the Landlord shall be entitled to install a separate check meter indicating demand and consumption of Utilities in the Premises, in a
location designated by the Landlord. 

 

	 (c)	  	 The Landlord may determine in a reasonable and equitable manner the Charge applicable to the Leased Premises by allocating the Utilities for the Building amongst
the several components and areas of the Building, including the Common Areas and Facilities, the Leasable Premises and other premises available for leasing which do not constitute part of the Leasable Premises. 

 

	 (d)	  	 If the suppliers of the Utilities require that the Tenant enter into contracts or arrangements with such suppliers in connection with such Utilities, the Tenant
shall be responsible to enter into such contracts or other arrangements and to pay whatever deposits or other amounts that are payable under such contracts or other arrangements. 

 

	 (e)	  	 If there are separate meters (other than check meters) installed pursuant to Section 3.06(f) for any Utilities consumed in the Leased Premises, the Tenant will pay
directly to the suppliers of such Utilities (without duplication), the charges therefor on the basis of the separate meters. 

 

	 (f)	  	 The Tenant shall pay for the cost of any metering which the Tenant requests the Landlord to install in the Leased Premises, or which the Landlord wishes to install
in the Building, for the purpose of assisting in determining the consumption of any Utility in the Leased Premises. 

 

	 (g)	  	 In no event is the Landlord liable for, nor has the Landlord any obligation with respect to, an interruption or cessation of, or a failure in the supply of any such
Utilities, services or systems in, to or serving the Building or Leased Premises, whether or not supplied by the Landlord or others and whether or not the interruption or cessation is caused by any fault, default, negligence, act or omission of the
Landlord. 

 

	 (h)	  	 The Tenant shall pay for the Utilities allocated to (i) the Common Areas and Facilities pursuant to Section 3.04; and (ii) the Leased Premises pursuant to this
Section 3.06. 

 

10 

 
ARTICLE
IV.        BUILDING CONTROL AND SERVICES 
 
Section 4.01    Control of the Building 
 

	 (a)	  	 The Landlord will operate and maintain the Building as would a prudent landlord of a similar office building having regard to size, age and location.

 

	 (b)	  	 The Building is at all times subject to the exclusive control, management and operation of the Landlord. The Landlord has the right with respect to such control,
management and operation to: 

 

	  	 (i)	  	 obstruct or close off all or any part of the Building or Lands for the purpose of maintenance, repair or construction; 

 

	  	 (ii)	  	 employ all personnel necessary for the operation and management of the Building, either directly or through a third party property management company;

 

	  	 (iii)	  	 provide supervision, security and policing services for the Building; 

 

	  	 (iv)	  	 construct other improvements and make Alterations, additions, subtractions or re-arrangements, build additional storeys and construct facilities adjoining or
proximate to the Building provided such work shall not materially interfere with ingress to or egress from (or the loading and service areas for) the Leased Premises; 

 

	  	 (v)	  	 install, maintain and repair pipes, wires and other conduits or facilities through the Common Areas and Facilities and the Leased Premises;

 

	  	 (vi)	  	 construct, maintain, operate and change lighting facilities and heating, ventilating, air-conditioning and energy conservation systems; 

 

	  	 (vii)	  	 designate and specify the kind of container to be used for garbage and refuse and the manner and the times and places at which it is to be placed for collections.
If the Landlord for the more efficient and proper operation of the Building provides or designates a commercial service for the pick up and disposal of refuse and garbage (instead of, or in addition to, the service provided by the municipality), the
Tenant shall then use that commercial service at the Tenant’s cost. The Tenant shall pay the charges for pick up and disposal of any of the Tenant’s refuse or rubbish. The Tenant shall not burn any trash or garbage of any kind in or about
the Leased Premises or any part of or near the Building; 

 

	  	 (viii)	  	 from time to time prohibit the Tenant and its employees from parking anywhere in the Building or on the Lands. If the Landlord designates the Tenant parking areas
in the Building, on the Lands or elsewhere, the Tenant shall itself and shall cause its employees to park their vehicles only in such designated parking areas; 

 

	  	 (ix)	  	 implement a waste recycling program and the Tenant agrees to participate in such recycling program; and 

 

	  	 (x)	  	 do and perform such other acts in and to the Building, as, in the use of good business judgment, the Landlord determines to be advisable for the more efficient and
proper operation of the Building. 

 

	 (c)	  	 The Landlord is not subject to any liability, nor is the Tenant entitled to any compensation or abatement of Rent as a result of the Landlord’s exercise of its
rights conferred under this Section 4.01 but the Landlord agrees to proceed as expeditiously as reasonably possible to minimize interference with the Tenant’s business. 

 
Section 4.02    Landlord’s Services 
 
During the Term, the Landlord shall provide the following services and
Utilities: 
 

	 (a)	  	 except during the completion of repairs, Alterations or Leasehold Improvements, or when prevented by strikes or other causes beyond the Landlord’s reasonable
control, the Landlord shall provide climate control for the Leased Premises during Normal Business Hours, in order to maintain a temperature adequate for normal occupancy in accordance with the provisions hereof. If the Tenant’s use is other
than that of a general office use, and changes in the climate control system are desirable or necessary to accommodate such use, the Landlord may make such changes at the Tenant’s expense. If the Tenant requests the provision of climate control
services to the Leased Premises outside Normal Business Hours, the Landlord will provide such services to the Tenant, at the Tenant’s expense and at the rate determined by the Landlord in its sole discretion, which shall be payable by the
Tenant upon demand; 

 

11 

 

	 (b)	  	 when reasonably necessary from time to time, the Landlord shall, if the Leased Premises are part of the office area, cause the floors in the Leased Premises to be
cleaned or vacuumed, the windows to be cleaned and the desks, tables and other furniture of the Tenant to be dusted, all in keeping with the standards of an office building of similar age and condition. Such services shall be performed for or
supplied to the Tenant by employees of or contractors designated by the Landlord and such costs thereof shall be borne by the Tenant and are included in Operating Costs. The Landlord shall not be responsible for any act of omission or commission on
the part of the employees or contractors or any other Person employed to perform or supply the foregoing services provided that the Landlord shall ensure that any Person providing such cleaning services in the Building shall carry liability
insurance and employ only bonded personnel; 

 

	 (c)	  	 the Landlord shall provide water and electricity in such quantities as the Landlord, in its sole discretion, determines to be reasonable, to each floor of the
Building and to the Leased Premises, if applicable. If the Tenant’s equipment requires such Utilities in excess of the quantities normally supplied by the Landlord to similar premises in the Building and the Tenant requests the Landlord to
supply such excess quantities or facilities, such excess quantities or facilities, may be provided by the Landlord at the sole expense of the Tenant, if such excess quantities are available, provided that: 

 

	  	 (i)	  	 the Landlord may nevertheless refuse to supply such excess Utilities if, in the Landlord’s sole opinion, the supplying of additional facilities or excess
Utilities may affect the operation or aesthetics of the Building, or Structure, or in any way reduce the efficiency of existing electricity, water or other Utilities supplied to the Building; and 

 

	  	 (ii)	  	 the actual cost of supplying such additional facilities or excess Utilities shall be paid by the Tenant to the Landlord upon demand together with all costs incurred
by the Landlord in determining or allocating the additional charge for Utilities including, without limitation, professional engineering and consulting fees and an administration fee of fifteen percent (15%) of all such costs and charges;

 

	 (d)	  	 except temporarily when repairs are being made, the Landlord shall provide elevator service, during Normal Business Hours, for use by the Tenant in common with
others. Notwithstanding the foregoing, the Landlord shall not be liable and the Tenant agrees to release and hold harmless the Landlord from any claim, loss or damage resulting from (1) any interruption or disruption of elevator service caused or
contributed to by mechanical failure; (2) any failure by the Landlord to provide elevator service during any period of power interruption; or (3) any cause beyond the control of the Landlord. 

 
Section 4.03    Tenant’s Responsibilities

 
The Tenant will regulate those portions of the climate
control equipment within and exclusively serving the Leased Premises so as to maintain such reasonable conditions of temperature and humidity within the Leased Premises as are determined by the Landlord and its Architect and engineers. The Tenant
shall keep the windows fully closed and shall keep window coverings fully closed during periods when windows are exposed to direct sunlight and the air-conditioning system is operating. The Tenant shall not obstruct or otherwise interfere with the
heating, air-conditioning or ventilation units contained in the Building. If the Tenant fails to comply with the foregoing, the Landlord shall, without any liability on the Landlord’s part, be entitled to take such steps as it deems advisable
to correct such faults (including, without limitation, entering onto the Leased Premises and assuming control of such equipment) and the Tenant shall pay to the Landlord all costs and expenses incurred by the Landlord in so doing plus an
administration fee of fifteen percent (15%) thereof, as Additional Rent, on demand. The Tenant agrees that the exercise by the Landlord of its rights under this Section 4.03 shall not be deemed to be a re-entry or a breach of any covenant for quiet
enjoyment contained in this Lease. 
 

12 

 
ARTICLE V.
        USE OF THE LEASED PREMISES 
 
Section 5.01    Use of the Leased Premises 
 
The Leased Premises will be used solely for a general office for the Tenant’s business and for no other purpose. The Tenant acknowledges that it has satisfied itself that the Leased Premises may be used for the purposes
stated herein. 
 
Section 5.02    Conduct of
Business 
 
The Tenant covenants as follows: 
 

	 (a)	  	 The Tenant will occupy the Leased Premises and commence its business operations in the Leased Premises from and after the Commencement Date and will thereafter
throughout the Term use the whole of the Leased Premises in a reputable and first-class manner. 

 

	 (b)	  	 The Tenant will not allow or cause any waste to be committed or injury to occur to the Leased Premises, the Leasehold Improvements or Trade Fixtures or any other
part of the Building or Lands, nor anything to be done in the Leased Premises or on the Building or Lands which may be or result in an annoyance to other tenants or occupants of the Building. 

 

	 (c)	  	 The Tenant will not allow or cause the Leased Premises or any part of it to be used for any business which, either directly or indirectly, involves the preparation,
production or storage of any toxic or hazardous substances or materials (the “Contaminants”) including, without limitation, any products of waste, asbestos, urea formaldehyde foam insulation, radon gas, PCBs or any other contaminant as
defined in the Environmental Protection Act (Ontario). 

 

	 (d)	  	 If the Landlord requests, the Tenant will immediately cease conducting any business in the Leased Premises, whether through advertising or selling procedures or
otherwise, which in the Landlord’s opinion may harm or tend to harm the business or reputation of the Landlord or reflect unfavourably on the whole or any part of the Building, the Landlord or other tenants in the Building.

 

	 (e)	  	 The Tenant will not refer to the Building by any name other than that designated from time to time by the Landlord and the Tenant will use the name of the Building
for the business address of the Tenant but for no other purpose. Upon at least thirty (30) days prior written notice to the Tenant, the Landlord may change the name of the Building and the Landlord shall not be responsible for any costs or expenses
incurred by the Tenant as a result of such change of name. 

 

	 (f)	  	 The Tenant will co-operate with the Landlord in the conservation of all forms of energy in the Building, including, without limitation, in the Leased Premises; (i)
comply with all laws, by-laws, regulations and orders relating to the conservation of energy affecting the Building or any part thereof; and (ii) promptly comply, at the Tenant’s expense, with all reasonable requests and demands of the Landlord
made with a view to such energy conservation. Any and all costs and expenses paid or incurred by the Landlord in installing energy conservation equipment and systems, so far as they apply to or are reasonably apportioned to the Building by the
Landlord, shall be included in Section 1.01(v)(xii). The Tenant acknowledges and agrees that the Landlord shall not be liable or responsible to the Tenant in any way for any Claims, whether direct or consequential, made, suffered or incurred by the
Tenant due to any reduction in the services provided by the Landlord to the Tenant or to the Building or any part thereof as a result of the Landlord’s compliance with such laws, by-laws, regulations or orders. 

 
Section 5.03    Observance of Law 
 
The Tenant will, at its expense, and subject to Section 7.02: 
 

	 (a)	  	 comply with all provisions or changes of Laws and other requirements of all governmental bodies which pertain to or affect the Leased Premises or require or govern
the making of any repairs, clean-ups, alterations or other changes of or to the Leased Premises or the Tenant’s use of it including promptly complying with all Laws, rules, regulations and directions regulating the use, generation, release,
storage, transportation or disposal of any Contaminants; 

 

	 (b)	  	 obtain all necessary permits, licences and approvals relating to the use of the Leased Premises and the conduct of business therein, including, without limitation,
those required under the applicable provincial or federal Business Corporations Act(s) and the Investment Canada Act (Canada); 

 

	 (c)	  	 comply with all reasonable directions given or regulations introduced by the Landlord or measures introduced by any Authority from time to time in the interest of
energy conservation or the control of Operating Costs and Utilities; 

 

13 

 

	 (d)	  	 comply with all present and future Laws regarding the collection, sorting, separation and recycling of waste products, garbage, refuse and trash. The Tenant shall,
at its expense, sort and separate such waste products, garbage, refuse and trash into such categories as provided by law. Each separately sorted category of waste products, garbage, refuse and trash shall be placed in separate receptacles approved
by the Landlord. Such separate receptacles may, at the Landlord’s option, be removed from the Leased Premises in accordance with a collection schedule prescribed by law. The Landlord reserves the right to refuse to collect or accept from the
Tenant any waste products, garbage, refuse or trash that is not separated and sorted as required by law, and to require the Tenant to arrange for such collection at the Tenant’s expense, utilizing a contractor satisfactory to the Landlord. The
Tenant shall pay all costs, expenses, fines, penalties or damages that may be imposed on the Landlord or the Tenant by reason of the Tenant’s failure to comply with provisions of this Section 5.03(d) and, at the Tenant’s expense, shall
promptly indemnify, defend (utilizing counsel satisfactory to the Landlord) and hold the Landlord harmless from and against all Claims arising from such non-compliance. 

 

	 (e)	  	 indemnify, defend (utilizing counsel satisfactory to Landlord) and hold harmless the Landlord and Landlord’s respective officers, directors, beneficiaries,
shareholders, partners, agents, employees and all other Persons for whom the Landlord is in law responsible from all Claims (including, without limitation, (1) the costs of defending or counterclaiming or claiming over against third parties in
respect of any action or matter, and (2) any cost, liability or damage arising out of a settlement of any action entered into by the Landlord with or without the consent of the Tenant) arising out of or in any way connected with any deposit, spill,
discharge or other release of any Contaminants that occurs during the term of this Lease, at, in, on, from, under or about the Leased Premises, or which arises at any time from the Tenant’s use or occupancy of the Leased Premises, or from the
Tenant’s failure to provide all information, make all submissions, and take all steps required by any Authority under the Laws and all other environmental laws. The Tenant’s obligations and liabilities under this sub-section 5.03(e) shall
survive the expiration or earlier termination of this Lease. 

 
ARTICLE VI.        INSURANCE AND INDEMNITY 
 
Section 6.01    Tenant’s Insurance 
 

	 (a)	  	 Throughout the Term and any period that the Tenant occupies or is given possession of the Leased Premises, the Tenant shall, at its expense, take out and keep in
full force and effect and in the names of the Tenant, the Landlord and the Mortgagee, the following: 

 

	  	 (i)	  	 “all risks” (including flood and earthquake) property damage insurance (containing disputed loss provisions) for the full replacement cost (without
deduction for depreciation and without co-insurance requirements) of all property located in the Building which is owned by the Tenant or installed by or on behalf of the Tenant, or for which the Tenant is legally liable, including but not limited
to Alterations, Trade Fixtures and Leasehold Improvements; 

 

	  	 (ii)	  	 broad form boiler and machinery insurance (containing disputed loss provisions) on a blanket repair and replacement basis with limits for each accident in an amount
equal to the full replacement cost (without deduction for depreciation and without co-insurance requirements) of all Leasehold Improvements and of all boilers, pressure vessels, air-conditioning equipment and other electrical apparatus owned or
operated by or on behalf of the Tenant; 

 

	  	 (iii)	  	 business interruption insurance with at least twelve (12) months indemnity in an amount sufficient to reimburse the Tenant for loss of earnings attributable to
perils insured against under Sections 6.0l(a)(i) and 6.01(a)(ii); 

 

	  	 (iv)	  	 comprehensive general liability insurance (containing severability of interests and cross-liability clauses) including personal injury, broad form contractual
liability, owners’ and contractors’ protective, contingent employers’ liability, employers’ liability, medical payments, products liability, completed operations, and non-owned automobile liability insurance, all with respect to
the Leased Premises and the Tenant’s use of the Common Areas and Facilities. Such policies shall be written on a comprehensive basis with inclusive limits of not less than Five Million Dollars ($5,000,000.00) per occurrence or such higher
limits as the Landlord or the Mortgagee may require from time to time; 

 

	  	 (v)	  	 “all risks” tenant’s legal liability insurance for the replacement cost value of the Leased Premises, including loss of use thereof;

 

	  	 (vi)	  	 if applicable, standard owners form automobile insurance providing third party liability insurance with One Million Dollars ($1,000,000.00) inclusive limits, and
accident benefits insurance, covering all licensed vehicles owned or operated by or on behalf of the Tenant; and 

 

	  	 (vii)	  	 any other forms of insurance as the Landlord, acting reasonably, or the Mortgagee, requires from time to time, in forms and amounts and for risks against which a
prudent tenant would insure. 

 

	 (b)	  	  The following terms and conditions are applicable to the insurance policies specified under Section 6.01 (a): 

 

14 

 

	  	 (i)	  	 the policies specified under Sections 6.01(a)(i), (ii) and (iii) shall contain the Mortgagee’s standard mortgage clause and may be subject to reasonable
deductibles of up to Three Percent (3%) of the amount insured. If there is a dispute as to the full replacement cost, the Landlord’s evaluation will prevail; 

 

	  	 (ii)	  	 the policies specified under Sections 6.01(a)(i), (ii) and (iii) shall contain a waiver of any subrogation rights which the Tenant’s insurers may have against
the Landlord, its directors, officers, servants, employees and agents and the Mortgagee and those for whom it is in law responsible, whether the damage is caused or contributed to by their act, omission or negligence; 

 

	  	 (iii)	  	 the policies specified under Sections 6.01(a)(i), (ii) and (iii) shall be subject to a by-law endorsement; 

 

	  	 (iv)	  	 in the event that there is a dispute as to the amount which comprises full replacement cost with respect to the policies specified under Sections 6.01(a)(i) and
(ii), the decision of the Landlord or Mortgagee as to such amount shall be conclusive; 

 

	  	 (v)	  	 all of the policies shall be taken out with insurers reasonably acceptable to the Landlord and in a form reasonably satisfactory to the Landlord;

 

	  	 (vi)	  	 all of the policies shall be non-contributing with and only apply as primary and not as excess to any other insurance available to the Landlord and the Mortgagee;

 

	  	 (vii)	  	 all of the policies shall contain an acknowledgement by the insurers that the policy shall not be invalidated as respects the interests of the Landlord and the
Mortgagee by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies; and 

 

	  	 (viii)	  	 all of the policies shall contain an undertaking by the insurers to notify the Landlord and the Mortgagee in writing not less than thirty (30) days prior to any
material change, cancellation or termination. 

 
The Tenant agrees to deliver to the Landlord certificates of insurance or, if requested by the Landlord, complete certified copies of policies, within thirty (30) days after the placing of the required insurance. No review or
approval of such insurance documentation by the Landlord shall derogate from or diminish the Landlord’s rights or the Tenant’s obligations contained in this Lease including, without limitation, those contained in Article VI. 
 

	 (c)	  	 If there is damage or destruction to the Leasehold Improvements in the Leased Premises, the Tenant will use the full insurance proceeds received in respect of such
damage or destruction for the sole purpose of repairing or restoring them. If there is damage to or destruction of the Building entitling the Landlord to terminate this Lease under Sections 8.01 and 8.02, then, if the Leased Premises have also been
damaged or destroyed, the Tenant will pay the Landlord all of its insurance proceeds relating to the Leasehold Improvements. 

 

	 (d)	  	 The Tenant agrees that, if the Tenant fails to take out or keep any such insurance referred to in this Section 6.01, or should any such insurance not be approved by
the Landlord or the Mortgagee, acting reasonably, and should the Tenant not commence diligently to rectify (and thereafter proceed diligently to rectify) the situation within forty-eight (48) hours after written notice by the Landlord to the Tenant
(stating, if the Landlord or the Mortgagee does not approve of such insurance, the reasons therefore), the Landlord has the right, without assuming any obligation, in connection therewith and without prejudice to any other rights and remedies of the
Landlord under this Lease, to effect such insurance at the sole cost of the Tenant and all outlays by the Landlord, plus and administration fee of fifteen percent (15%) thereof, shall immediately paid by the Tenant to Landlord as Additional Rent on
the first day of the next month following such payment by the Landlord. 

 

15 

 
Section
6.02    Increase in Insurance Premiums 
 
If (a) the occupancy or use of the Leased Premises; (b) the conduct of business in the Leased Premises; (c) any acts or omissions of the Tenant in the Leased Premises or in any other part of the Building; or (d) any breach by the
Tenant of any of the provisions of this Lease, causes or results in any increase in premiums to the insurance carried by the Landlord with respect to any part of the Building, the Tenant will pay the increase in premiums, as Additional Rent, within
five (5) days after invoices for additional premiums are rendered by the Landlord. In determining whether the Tenant is liable for increased premiums and the amount for which the Tenant is responsible, a schedule issued by the organization that
computes the insurance rate on the Building and Lands showing the components of the rate will be conclusive evidence of the items that make up the rate. The Tenant shall, at its expense, comply promptly with all recommendations of any insurance
rating and inspection authority or of any insurer, now or hereafter in effect, pertaining to or affecting the Leased Premises or the Building. 
 
Section 6.03    Cancellation of Insurance 
 
The Tenant will not do or permit anything to be done that results in the cancellation or threatened cancellation or the
reduction of coverage under or threatened reduction of coverage, under any insurance policy on the Building or any part of it. If any insurance policy in respect of any part of the Building is cancelled or threatened by the insurer to be cancelled,
or the coverage reduced by the insurer by reason of the use and occupation of the Leased Premises and if the Tenant fails to remedy the condition giving rise to cancellation, threatened cancellation or reduction of coverage within forty-eight (48)
hours after notice by the Landlord, the Landlord may, at its option, either (a) exercise its rights of re-entry including termination under Article XI, or (b) enter upon the Leased Premises and remedy such condition and the Tenant shall pay to the
Landlord the costs thereof, plus an additional fifteen percent (15%) of such costs, representing the Landlord’s overhead, as Additional Rent, and the Landlord shall not be liable for any loss or damage caused to any property of the Tenant or of
other Persons located on the Leased Premises as a result of such entry. The Tenant agrees that the exercise by the Landlord of its rights under this Section 6.03 shall not be deemed to be a re-entry or a breach of any covenant for quiet enjoyment
contained in this Lease. 
 
Section
6.04    Loss or Damage 
 
The Landlord or
the Mortgagee (collectively or individually the “Released Person”) is not liable for any death or injury arising from or out of any occurrence in, upon, at, or relating to the Building or damage to property of the Tenant or of others
wherever located, whether or not resulting from (a) the negligence of the Landlord or those for whom it may in law be responsible; (b) the existence of any Contaminants which are or have been located, stored or incorporated in or on any part of the
Building; or (c) the exercise by the Landlord of any of its rights under this Lease. Without limiting the generality of the foregoing, the Released Person shall not be liable for any injury or damage to Persons or property resulting from fire,
explosion, falling plaster, falling ceiling tile, falling ceiling fixtures and diffuser coverings, steam, gas, electricity, water, rain, flood, snow or leaks from any part of the Building, including pipes, sprinklers, appliances, plumbing works,
roof, windows or the surface of any floor or ceiling of the Building or from any lands adjoining the Building. In addition, the Released Person shall not be liable for any damage to or destruction of any negotiable instruments, cash or other
valuable property belonging to the Tenant or others and stored or otherwise contained in the Leased Premises. All property of the Tenant kept or stored on the Leased Premises or in the Building will be so kept or stored at the risk of the Tenant
only and the Tenant shall indemnify and save harmless the Released Person from any Claims arising out of any damages to such property including, without limitation, any subrogation claims by the Tenant’s insurers. The intent of this Section
6.04 is that the Tenant (and all other Persons having business with the Tenant) is to look solely to its insurers to satisfy any claim which may arise on account of death, injury, loss or damage, irrespective of its cause. 
 
Section 6.05    Landlord’s Insurance

 

	 (a)	  	 The Landlord shall at all times throughout the Term carry: (i) broad form boiler and machinery insurance on items owned by the Landlord (except property that the
Tenant and other tenants of the Building are required to insure); (ii) insurance on the Building (excluding the foundations and excavations) and the equipment contained in or servicing the Building, against damage by fire and extended perils; (iii)
public liability and property damage insurance with respect to the Landlord’s operations in the Building; and (iv) other forms of insurance as would be carried by a prudent owner of a similar office building or considered advisable by the
Landlord or any Mortgagee. The cost of such insurance shall be included in Operating Costs. 

 

	 (b)	  	 Notwithstanding the Landlord’s obligation to insure under Section 6.05(a) and any contribution by the Tenant to the cost of the Landlord’s insurance
premiums, (i) the Tenant is not relieved of any liability arising from or contributed to by its negligence or its wilful acts or omissions, (ii) no insurable interest is conferred upon the Tenant under the Landlord’s insurance policies, and
(iii) the Tenant has no right to receive proceeds from the Landlord’s insurance policies. 

 
Section 6.06    Indemnification 
 
The Tenant will indemnify and save harmless the Released Person from and against all loss. Claims, actions, damages, costs, liability and expense in connection with loss of life, personal injury,
damage to property (including 

 

16 

any portion of the Building and its equipment, machinery, services and Leasehold Improvements) or any other loss or injury arising from or
out of this Lease, or any occurrence in the Building or on the Lands or any part thereof, or the Tenant’s occupancy of the Leased Premises, or occasioned wholly or in part by any act or omission of the Tenant or by anyone permitted to be in the
Leased Premises or the Building by the Tenant. If the Released Person, without fault on its part, is made a party to any litigation commenced by or against the Tenant, then the Tenant will indemnify and save harmless the Released Person from, and
pay all expenses and reasonable legal fees incurred by the Released Person in connection with such litigation, as Additional Rent, on demand. The Tenant will also pay to the Landlord, as Additional Rent, on demand, all costs and legal fees (on a
solicitor and client basis) incurred by the Released Person in enforcing the terms, covenants and conditions in this Lease or resulting from any request for Transfer. The indemnity contained in this Section 6.06 shall survive the expiration or
earlier termination of this Lease. 
 
ARTICLE
VII.        MAINTENANCE, REPAIRS AND ALTERATIONS 
 
Section 7.01    Maintenance and Repairs by the Landlord 
 

	 (a)	  	 The Landlord will maintain and repair the Structure of the Building and the mechanical, electrical, heating, ventilating, air-conditioning and other base building
systems of the Building, as would a prudent owner of a similar building having regard to age, size and location. The cost of such maintenance and repairs will be included in Operating Costs. However, if the Landlord is required, due to the business
carried on by the Tenant, to make repairs or replacements to the Structure or any other part of the Building or any equipment, machinery, facilities or improvements contained therein by reason of the application of Laws, ordinances or other
regulations of any governmental body, or by reason of any act, negligence, omission or default of the Tenant or those for whom the Tenant is in law responsible, then the Tenant will pay to the Landlord as Additional Rent, upon demand, the total cost
of those repairs or replacements plus fifteen percent (15%) of the total cost representing the Landlord’s overhead and administrative costs. 

 

	 (b)	  	 The Landlord will have the exclusive right to attend to the replacement of standard electric light bulbs, tubes and ballasts in the Leased Premises throughout the
Term on the basis determined by the Landlord in accordance with good commercial practice. The Landlord, at its option, may either include the cost of replacement in Operating Costs or require the Tenant to pay a monthly charge, as Additional Rent on
demand, for such replacement (subject to adjustment based on actual costs) per bulb, tube and ballast together with an amount equal to fifteen percent (15%) of such cost representing the Landlord’s overhead and administrative costs. If the
Landlord elects not to relamp and reballast on a scheduled basis, then the replacement of these standard electric light bulbs, tubes and ballasts in the Leased Premises will be undertaken by the Landlord at such time as they actually burn out and
after notice from the Tenant that replacement is required. In that event, the cost of replacement and installation will be paid by the Tenant with the next monthly payment of Additional Rent, together with an amount equal to fifteen percent (15%) of
such cost representing the Landlord’s overhead and administrative costs. 

 
Section 7.02    Maintenance and Repairs by the Tenant 
 

	 (a)	  	 The Tenant will at all times, at its expense, maintain the whole of the Leased Premises and the Leasehold Improvements including without limitation, all interior
partitions, doors, electrical, lighting, signs, mouldings, hardware, walls, ceilings, floors, thresholds, wiring, plumbing fixtures and equipment and the heating, ventilating and air-conditioning systems and equipment within or exclusively serving
the Leased Premises, in good order, first-class condition and repair, as determined by the Landlord. The Tenant will make all needed repairs and replacements, if applicable, with due diligence and dispatch. 

 

	 (b)	  	 The Tenant shall, at its expense and to the complete exoneration of the Landlord, as and when required by the Landlord, remove from the Leased Premises any
Contaminant which may be in or incorporated into the Leased Premises as a result of the Tenant’s use or occupation thereof. 

 

	 (c)	  	 Notwithstanding anything contained in this Lease, if any such repairs or replacements or any Alterations to the Leased Premises or to any Leasehold Improvements
affect the Structure or any part of the electrical, mechanical, plumbing, heating, ventilating, air-conditioning, lighting or other base building systems of the Building, such work shall be performed only by the Landlord at the Tenant’s sole
cost and expense. The Tenant shall pay to the Landlord, upon demand, the Landlord’s costs relating to such repairs or replacements, including but not limited to the fees of any architectural and engineering consultants, plus a sum equal to
fifteen percent (15%) of the total cost thereof representing the Landlord’s overhead and administrative costs. 

 

	 (d)	  	 The Tenant will immediately advise the Landlord of any damage to the glass in or forming part of the Leased Premises (including exterior windows and doors) and the
Landlord will effect the necessary repairs and replacements. The cost of completing repairs and replacements to exterior windows and doors shall be included in Operating Costs unless the damage resulted from the negligence or wilful act or omission
of the Tenant, in which case the Tenant will pay the cost thereof to the Landlord, upon demand, together with an amount equal to fifteen percent (15%) of such cost representing the Landlord’s overhead and administrative costs.

 

17 

 

	 (e)	  	 The Tenant shall immediately notify the Landlord of any condition requiring repair in, or which might cause damage to, the Leased Premises or the Building or any
part thereof, whether or not the Landlord has any obligations with respect thereto. 

 

	 (f)	  	 In the event that the Landlord provides janitorial services to the Leased Premises, the Tenant will leave the Leased Premises in a reasonably neat and tidy
condition at the end of each day in order that the Landlord’s cleaning services may be performed. 

 
Section 7.03    Maintenance by Landlord 
 
If the Tenant refuses or neglects to carry out any maintenance and Alterations properly as required pursuant to Section 7.02
hereof, and to the satisfaction of the Landlord, and after notice in writing has been given by the Landlord to the Tenant, the Tenant fails to rectify same or fails to proceed forthwith to diligently rectify same within a reasonable period of time,
the Landlord may, but shall not be obliged to, perform such maintenance and Alterations, without liability on its part and without being liable for any loss or damage that may result to the Tenant’s merchandise, fixtures or other property or to
the Tenant’s business by reason thereof, and, upon completion thereof, the Tenant shall pay to the Landlord the Landlord’s costs relating to any maintenance and Alterations, plus a sum equal to fifteen percent (15%) thereof representing
the Landlord’s overhead and administrative costs, as Additional Rent upon demand. The Tenant agrees that the making of any maintenance or Alterations by the Landlord pursuant to this Section 7.03 is not a re-entry or a breach of any covenant
for quiet enjoyment contained in this Lease. 
 
Section
7.04    Repair Where Tenant at Fault 
 
Notwithstanding any other terms, covenants and conditions contained in this Lease, if the Building or any part thereof including, without limitation, the Common Areas and Facilities (including those Common Areas and Facilities within
or passing through the Leased Premises), or any equipment, machinery, systems, facilities or improvements contained therein or made thereto, or the roof or outside walls of the Building or any other structural portions or components thereof, require
repair, replacement or alteration or become damaged or destroyed through the fault, default, negligence, want of skill, carelessness, neglect, misuse, act, misconduct or omission (including, without limitation, failure or want of repair on the
Tenant’s part) of the Tenant, or those for whom the Tenant is responsible in law, or because of the requirements of any Authorities relating to the Tenant’s conduct of business or through the Tenant in any way stopping up or damaging the
heating, ventilating or air-conditioning apparatus, water pipes, drainage pipes or other equipment, systems or facilities or parts of the Building, the cost of the resulting repairs, replacements or Alterations, plus a sum equal to fifteen percent
(15%) of the cost thereof representing the Landlord’s overhead, shall be paid by the Tenant to the Landlord as Additional Rent on demand. 
 
Section 7.05    Landlord’s Approval of the Tenant’s Repairs 
 

	 (a)	  	 The Tenant will not make any Alterations to any part of the Leased Premises without first obtaining the Landlord’s prior written consent, such consent not to
be unreasonably withheld or delayed. The Landlord will not be required to consider any request for its approval until the Tenant has submitted to it details of the proposed work, including professionally prepared drawings if requested by the
Landlord, and specifications conforming to good engineering practices. The Landlord shall be entitled to withhold its consent if, in its sole opinion, such Alterations might decrease the rental value of the Leased Premises or are inconsistent or
incompatible with the general design or quality of the Building. Any approval shall be conditional upon the Tenant delivering to the Landlord prior to the commencement of any such Alterations: 

 

	  	 (i)	  	 evidence satisfactory to the Landlord that the Tenant has obtained, at its expense, all necessary consents, permits, licences and inspections from all governmental
and regulatory Authorities having jurisdiction; 

 

	  	 (ii)	  	 evidence of such increases in insurance as the Landlord or Mortgagee requires; and 

 

	  	 (iii)	  	 security in an amount and form required by the Landlord, as an indemnification against construction liens, costs, damages and expenses resulting from such
Alterations. 

 

	 (b)	  	 All Alterations will be performed: (i) by competent workmen; (ii) at the Tenant’s risk and expense; (iii) in a good and workmanlike manner; (iv) in accordance
with the drawings and specifications approved by the Landlord; and (v) subject to Section 7.02(c) and the reasonable regulations, controls and inspection of the Landlord. 

 

	 (c)	  	  Any and all Alterations shall be subject to supervision or inspection by the Landlord or its authorized agents. The Tenant shall pay all the Landlord’s
costs and expenses in connection with the Alterations, including, without limitation, the costs of supervising and inspecting the Alterations, and the cost of examination of the Tenant’s drawings and specifications by the Landlord’s
architects, engineers and other consultants, together with a sum equal to fifteen percent (15%) of such total costs representing the Landlord’s overhead, which shall be paid by the Tenant to the Landlord on demand as Additional Rent. Any such
Alterations made by the Tenant to the Leased Premises without the prior written consent of the 

 

18 

	  	 
 Landlord or which are not made in accordance with the drawings and specifications approved by the Landlord shall, if requested by the
Landlord, be immediately removed by the Tenant at the Tenant’s expense and the Leased Premises restored to their previous condition, failing which the Landlord may, at its option, without notice to the Tenant and without any liability on the
Landlord’s part, enter the Leased Premises and remove them at the Tenant’s expense, plus an administration charge of fifteen percent (15%), which shall be paid by the Tenant to the Landlord as Additional Rent on demand. The Tenant agrees
that such removal by the Landlord is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease. Despite anything contained in this Lease to the contrary, the Landlord may require that the Tenant, upon the expiration or
early termination of this Lease, shall at the Tenant’s sole expense, restore the Leased Premises to the condition that the Leased Premises were in prior to such Alterations. 

 
Section 7.06    Removal and Restoration by the Tenant

 

	 (a)	  	 All Leasehold Improvements immediately become the property of the Landlord upon affixation or installation, without compensation therefore to the Tenant, and will
not be removed unless permitted or required by the Landlord. Notwithstanding the foregoing, the Landlord shall have no obligation to repair, maintain or insure the Leasehold Improvements all of which shall be the Tenant’s responsibility.

 

	 (b)	  	 No Leasehold Improvements or Trade Fixtures shall be removed by or on behalf of the Tenant from the Leased Premises or elsewhere in the Building during the Term of
this Lease except that the Tenant may, during the Term in the usual or normal course of its business and with the prior written consent of the Landlord, remove its Trade Fixtures from the Premises, if such Trade Fixtures have, in the Landlord’s
opinion, become excess for the Tenant’s purpose or if the Tenant is substituting new and similar fixtures therefor, but only if in each case (a) the Tenant is not in default under this Lease, and (b) such removal is done at the Tenant’s
sole cost and expense. 

 

	 (c)	  	 If the Tenant, removes, or commences, attempts or threatens to remove any of the goods, trade fixtures, equipment, furniture, stock-in-trade, chattels or inventory
(collectively the “Items”) of or belonging to the Tenant in the Leased Premises (contrary to the provisions of this Section 7.06 or any other provision of this Lease), the Tenant hereby consents (without limiting any of the Landlord’s
other rights or remedies hereunder) to the Landlord’s obtaining an injunction in a court of competent jurisdiction to restrain the Tenant from removing any of such Items from the Leased Premises, and the Tenant shall pay to the Landlord all
fees (including, without limitation, all professional fees and all legal fees on a solicitor and his client basis) and expenses incurred by or on behalf of Landlord with respect to obtaining such injunction, plus an administration cost of fifteen
percent (15%), which shall be paid by the Tenant to the Landlord as Additional Rent on demand. 

 

	 (d)	  	 The Tenant will effect any installation or removal of Trade Fixtures, Leasehold Improvements or Contaminants, whether during or at the expiration of the Term, only
at times prescribed by the Landlord, at the Tenant’s sole expense, and shall repair any damage caused to the Leased Premises or the Building by such removal. 

 

	 (e)	  	 The Tenant will, prior to the end of the Term, at its cost, remove all Trade Fixtures and will immediately repair any damage to the Leased Premises caused by their
removal. Notwithstanding anything herein the Tenant shall not be required to remove any Leasehold Improvements installed in accordance with Section 7.05 or otherwise restore the Leased Premises provided that the Tenant shall leave the Leased
Premises in a vacant, broom swept condition and otherwise in good repair. 

 

	 (f)	  	 The Tenant will, prior to the end of the Term, at its cost, deliver to the Landlord evidence (including any clearance certificates and demolition permits)
satisfactory to the Landlord that there are no Contaminants located, stored or incorporated in or on any part of the Leased Premises, in accordance with all applicable legislation and safety requirements. 

 

	 (g)	  	 The Landlord may, at its sole option and as it sees fit, without notice to the Tenant and without liability on the Landlord’s part, immediately remove from the
Leased Premises and store or dispose of all Contaminants not removed by the Tenant as required under Section 7.06(f). The Tenant shall pay to the Landlord, upon demand, all costs incurred by the Landlord in removing, storing or disposing of such
Leasehold Improvements or Contaminants plus a sum equal to fifteen percent (15%) of the total cost thereof representing the Landlord’s overhead and administrative costs. 

 

	 (h)	  	  Any Trade Fixtures not removed from the Leased Premises at the expiration or earlier termination of the Term, will at the Landlord’s option, become the
property of the Landlord (and, in such event, this paragraph shall have the effect of assigning the Tenant’s right and title in such Trade Fixtures to the Landlord) without compensation therefore to the Tenant and without notice to the Tenant
and the Landlord may enter the Premises and remove such Trade Fixtures, without liability on the Landlord’s part, as the Tenant’s expense, plus an administrative charge of fifteen percent (15%), which shall be paid by the Tenant as
Additional Rent upon demand, and such Trade Fixtures may, without notice to the Tenant or to any other Person and without obligation to account for them, be sold, destroyed, disposed of or used by the Landlord in such manner as the Landlord
determines, or may be stored in a public warehouse or elsewhere, all at the Tenant’s 

 

19 

	  	 
 expense, plus an administrative cost of fifteen percent (15%), which shall be paid by the Tenant as Additional Rent upon demand.

 

	 (i)	  	 At the expiration or earlier termination of the Term, the Tenant will surrender vacant possession of the Leased Premises to the Landlord in as good a condition as
the Tenant is required to maintain them throughout the Term pursuant to the provisions of Section 7.02 hereof. If the Leased Premises are not surrendered at the subject required time and in the manner set out in this Lease, the Tenant shall promptly
indemnify and hold harmless the Landlord from and against any and all Claims resulting from the delay by the Tenant in so surrendering the Leased Premises, including, without limitation, any Claims made by any succeeding Tenant or occupant founded
on such delay. 

 

	 (j)	  	 The Tenant’s obligation to observe and perform the provisions of this Section 7.06 shall survive the expiration or earlier termination of this Lease.

 
Section 7.07    Tenant to
Discharge all Liens 
 

	 (a)	  	 The Tenant will not allow or cause any construction or other liens or encumbrances in respect of materials supplied or work done or to be done by or on behalf of
the Tenant to be registered against or otherwise affect the Building, the Lands, the Leased Premises or any part thereof or the Landlord’s or Tenant’s interest in the Leased Premises. 

 

	 (b)	  	 If a lien or other encumbrance is registered against or otherwise affects the Building or the Leased Premises or the Landlord’s or Tenant’s interest
therein, and the Tenant fails to discharge or cause any such lien or encumbrance to be discharged within five (5) days after it is filed or registered, then the Landlord may, in addition to its other rights and remedies, discharge the lien or
encumbrance by paying the amount claimed into court or directly to the lien claimant and the Tenant will pay to the Landlord, upon demand, all costs relating thereto including costs incurred for any incidental or consequential Claims or damages
(including the amount so paid and any legal costs and expenses on a solicitor client basis) plus interest at an annual rate of four (4) percentage points above the Prime Rate, calculated and compounded monthly, and a sum equal to fifteen percent
(15%) of the total costs thereof representing the Landlord’s overhead and administrative costs. 

 
Section 7.08    Right of Entry 
 

	 (a)	  	 The Landlord and its agents have the right to enter the Leased Premises upon Twenty Four (24) hours prior written notice (and at any time in the event of an
emergency), without affecting the Tenant’s covenants, obligations or agreements under this Lease, to examine them, to show them to prospective purchasers, tenants or mortgagees, and to supervise any work in or examine them or any portion of the
Building and to obtain information for the determination of the Rentable Area or the Occupiable Area of the 

 

	 (b)	  	 Leased Premises or for the preparation of plans in respect of any portion of the Building, and to make repairs, Alterations or changes to the Leased Premises or the
Building as are permitted or required to be performed by the Landlord under this Lease. For that purpose, the Landlord may take all required material into the Leased Premises, may have access to pipes, conduits, wiring, columns, all ducts located
under the floor or above the ceiling and to access panels to mechanical shafts, and may check, calibrate, adjust or balance any controls or other parts of any heating, ventilating and air-conditioning equipment and facilities.

 

	 (c)	  	 If the Tenant is not personally present to open and permit an entry into the Leased Premises at any time when for any reason an entry therein is necessary or
permissible, the Landlord or its agents may forcibly enter the same, without rendering the Landlord or such agents liable therefor, and without affecting the Tenant’s covenants, obligations and agreements under this Lease.

 

	 (d)	  	 Nothing in this Section 7.08 shall be construed to impose upon the Landlord any obligation for the care, maintenance or repair of the Leased Premises, or any part
thereof, except as otherwise specifically provided in this Lease. 

 

	 (e)	  	 The Rent required to be paid pursuant to this Lease shall not abate or be reduced while any such entry or Alterations are being made because of loss or interruption
of business of the Tenant, inconvenience, disturbance or otherwise. 

 

	 (f)	  	 The Tenant agrees that any entry into the Leased Premises or anything done in, to or the Leased Premises by or on behalf of the Landlord pursuant to any right or
remedy granted by this Lease or at law shall not constitute a breach of any covenant for quiet enjoyment, or (except where expressed by the Landlord in writing) a re-entry into the Leased Premises, or a forfeiture, surrender or termination of this
Lease, or an actual or constructive eviction, or a derogation from the Landlord’s grant. 

 

	 (g)	  	  The Tenant agrees that the Landlord shall not be liable or responsible in any way to the Tenant or any other Person for any act, fault, default, negligence,
breach or omission of the Landlord or its agents, servants, employees or any other persons for whom the Landlord is at law responsible or for any occurrence, or for any cause whatsoever, as a result of such entry or the doing of any such thing,
including without limitation, 

 

20 

	  	 
 (i) any injury to the Tenant or any other Person or for any loss or damage to any property of the Tenant or any other Person, and (ii) any
claim for damages, whether direct, indirect or consequential, nor shall the Landlord be subject to any legal proceeding as a result thereof; and the Tenant shall promptly indemnify and hold harmless the Landlord from and against any and all Claims
as a result of such entry or the doing of any such thing. 

 
Section 7.09    Signs and Advertising 
 
The Tenant will not allow or cause any notice, lettering or other sign to be erected or placed on any part of the outside of the Building or on the exterior or in the interior of the Leased Premises so as to be visible from
the outside of’ the Leased Premises. The Landlord may prescribe a uniform pattern of identification signs for tenants to be placed in a location designated by the Landlord. The Landlord will install, at the Landlord’s expense, the
Landlord’s standard tenant identification signs in accordance with the Landlord’s design criteria, on or near the main door to the Leased Premises and, at the Landlord’s option, at other locations on the floor on which the Leased
Premises are located. At the expiration or earlier termination of this Lease, the Tenant will remove all signs, pictures, advertisements, notices, letterings or decorations from the Leased Premises at the Tenant’s expense and will promptly
repair all damage caused by their installation or removal. The Landlord may provide a directory board in the main lobby of the Building in a location designated by the Landlord, in which event the Tenant’s name may be displayed therein and if
so displayed, the Tenant shall pay to the Landlord as Additional Rent the cost of such display and any ongoing cost thereof. 
 
Section 7.10    Tenant Not to Overload Facilities 
 
The Tenant will not install any equipment which will exceed or overload the capacity of any utility, electrical or mechanical
facilities in or serving the Leased Premises and the Tenant will not bring into the Leased Premises or install any utility, electrical or mechanical facility or service without the Landlord’s prior written approval. The Tenant agrees that if
any equipment installed by the Tenant requires additional utility, electrical or mechanical facilities, the Landlord may, in its sole discretion, if they are available, elect to install them in accordance with plans and specifications to be approved
in advance in writing by the Landlord. The Tenant will pay to the Landlord, upon demand, the total cost incurred by the Landlord in connection with any such installation plus a sum equal to fifteen percent (15%) of the total cost thereof
representing the Landlord’s administrative and overhead costs. In order to ensure that the capacity of the Leased Premises is not exceeded and so as to avert any possible adverse effect upon the existing services of the Building, the Tenant
shall not, without the Landlord’s prior consent in each instance, connect any additional fixtures, appliances or equipment (other than normal electrical fixtures, lamps, typewriters and similar small machines) to the electrical distribution
system of the Building or make any Alterations to the electrical system of the Leased Premises existing as of the Commencement Date. If the Landlord grants such consent, the costs of all additional risers and any other equipment required therefor
shall be paid as Additional Rent by the Tenant to the Landlord upon demand. As a condition to the granting of such consent, the Landlord may require the Tenant to agree to an increase in Additional Rent for electricity by an amount which would
reflect the increased cost to the Landlord of the additional services to be furnished by the Landlord to the Leased Premises. In order to accurately measure such increased use of electricity by the Tenant, the Landlord is entitled, at its option and
at the Tenant’s sole cost and expense, payable as Additional Rent on demand, to install all necessary check meters in the Leased Premises. 
 
Section 7.11    Location and Transportation of Equipment 
 
The Tenant will not bring upon the Building or the Leased Premises any machinery, equipment, article or thing that by reason
of its weight, size or use, might in the opinion of the Landlord damage the Building or the Leased Premises, without the prior written consent of the Landlord, and will not at any time overload the floors of the Leased Premises. With respect to the
transportation and location of any machinery, equipment or article, the Landlord will have the right to prescribe the weight permitted and the position thereof, and the use and design of planks, skids or platforms, to distribute weight. The moving
of all heavy equipment or other office equipment or furniture will occur only by prior arrangement with the Landlord. The Tenant will not employ anyone to do its moving in the Building other than staff of the Building, unless permission to employ
anyone else is given by the Landlord and the reasonable cost of such moving will be paid by the Tenant. Safes and other heavy office equipment and machinery will be moved through the halls and corridors only upon steel bearing plates. If any damage
is caused to the Building or the Leased Premises by any machinery, equipment, object or thing or by overloading, the Tenant will forthwith repair such damage, or, at the option of the Landlord, pay to the Landlord, upon demand, the cost of repairing
such damage plus a sum equal to fifteen percent (15%) of the total cost thereof representing the Landlord’s administrative and overhead costs. 
 
ARTICLE VIII.        DAMAGE AND DESTRUCTION 
 
Section 8.01    Destruction of the Leased Premises 
 

	 (a)	  	 If the Leased Premises are destroyed or damaged as a result of fire or any other peril which is insured against by the Landlord, then if:

 

21 

 

	  	 (i)	  	 the Leased Premises are rendered wholly or partially untenantable, this Lease will continue in full force and effect and the Landlord will commence diligently to
restore the Leased Premises to the extent only of insurance proceeds actually received by the Landlord and only to the extent of the Landlord’s obligations under this Lease (the “Landlord’s Work”). The Landlord’s obligation
to rebuild and restore the Leased Premises shall not include the obligation to rebuild, restore, replace or repair, without limitation, any chattel, furniture, inventory, fixtures (including Trade Fixtures), Leasehold Improvement, installations,
addition or partition in respect of which the Tenant is required to maintain insurance under this Lease, or any other thing that is the property of the Tenant located on, in, under, above or which serve the Leased Premises. To the extent of
insurance proceeds actually received by the Landlord, Basic Rent will abate entirely or proportionately, as the case may be, to the portion of the Leased Premises rendered untenantable from the date of the destruction or damage until the Landlord
has completed the Landlord’s Work; or 

 

	  	 (ii)	  	 the Leased Premises are not rendered untenantable in whole or in part, this Lease will continue in effect, the Rent and other amounts payable by the Tenant will not
abate and the Landlord will commence diligently to restore the Leased Premises to the extent required by this Section 8.01(a). 

 

	 (b)	  	 Notwithstanding the foregoing and without limiting the Landlord’s rights hereunder, Basic Rent shall not be abated hereunder if, in the Landlord’s opinion
acting reasonably, any subject damage or destruction is caused by any fault, neglect, default, negligence, act or omission of the Tenant or those for whom the Tenant is in law responsible or any other Person entering upon the Leased Premises under
express or implied invitation of the Tenant. 

 

	 (c)	  	 Nothing in this Section 8.01 requires the Landlord to rebuild the Leased Premises in the condition and state that existed before the damage, but the Leased
Premises, as rebuilt, will have reasonably similar facilities and services to those in the Leased Premises prior to the damage. 

 

	 (d)	  	 Once the Landlord has substantially completed the Landlord’s Work in accordance with Section 8.01 (a), the Tenant will complete all work required to fully
restore the Leased Premises for business (the “Tenant’s Work”). 

 

	 (e)	  	 Notwithstanding Section 8.01(a), if the Leased Premises are damaged or destroyed by any cause whatsoever, and the Leased Premises cannot be rebuilt to the extent of
the Landlord’s Work within ninety (90) days of the damage or destruction (assuming normal working days without overtime), the Landlord, at its sole option, may elect to, instead of rebuilding or making the Leased Premises fit for the Tenant in
accordance with Section 8.01 (a), terminate this Lease by written notice to the Tenant given within thirty (30) days after the damage or destruction, and in such event Rent shall be adjusted as of the date of damage or destruction.

 
Section 8.02    Destruction
of the Building 
 

	 (a)	  	 Notwithstanding Section 8.01, if twenty-five percent (25%) or more of the Rentable Area of the Building is damaged or destroyed (whether or not the Leased Premises
are damaged or destroyed) and if the damaged or destroyed parts of the Building cannot be rebuilt to the extent of the Landlord’s Work or made fit for the purposes of the respective occupants of the premises within ninety (90) days of the
damage or destruction (assuming normal working days without overtime), then the Landlord may terminate this Lease upon not less than thirty (30) days’ written notice to the Tenant given within sixty (60) days after the damage or destruction. If
the Landlord elects to terminate the Lease as aforesaid, the Term and the tenancy hereby created shall expire, without indemnity or penalty payable or any other recourse from one party to the other and the Tenant shall, within such thirty (30) day
period, vacate the Leased Premises and surrender them to the Landlord with the Landlord having the right to re-enter and repossess the Leased Premises discharged of this Lease and to expel all persons and remove all property therefrom. All Rent
shall be due and payable without reduction or abatement subsequent to the destruction or damage and until the date of termination, unless the Leased Premises shall have been destroyed or damaged as well, in which event the provisions of Section 8.01
hereof shall apply. 

 

	 (b)	  	 If any part of the Building is destroyed or damaged and the Landlord does not elect to terminate this Lease, the Landlord will commence diligently to restore the
Building, to the extent only of insurance proceeds actually received by the Landlord and to the extent only of the Landlord’s Work described in the various leases for the affected premises in the Building, and exclusive of any tenants
responsibilities set out therein. If the Landlord elects to restore the Building, the Landlord may restore according to plans and specifications and working drawings other than those used in the original construction of the Building.

 

	 (c)	  	  Despite anything contained in this Lease to the contrary, and without limiting the Landlord’s right or remedies hereunder, (i) if damage or destruction
occurs to the Building or any part thereof by reason of any cause in respect of which there are no proceeds of insurance available to the Landlord, or if the proceeds of insurance available to the Landlord are insufficient to pay the Landlord for
the costs of rebuilding or making fit the Building or any part thereof (including the Leased Premises), or if any Mortgagee or other Person entitled to the proceeds of insurance does not consent to the payment to the Landlord of such proceeds for
such purpose, or if in the Landlord’s opinion any such damage or destruction 

 

22 

	  	 
 is caused by any fault, neglect, default, negligence, act or omission of the Tenant or those for whom the Tenant is in law responsible or
any other Person entering upon the Leased Premises under express or implied invitation of the Tenant, then the Landlord may, without obligation or liability to the Tenant, terminate this Lease on thirty (30) days’ written notice to the Tenant
and all Rent shall be adjusted as of, and the Tenant shall vacate and surrender the Leased Premises on, such termination date, and (ii) if at any time during the Term of this Lease or any renewal or extension thereof, the Landlord intends to
demolish, renovate, extend or expand the Building or any part thereof, or sell or dispose of the Landlord’s interest in the Building or any part thereof, then the Tenant agrees that the Landlord, without liability or obligation to the Tenant,
shall have the right to terminate this Lease, upon written notice to the Tenant, given by the Landlord to the Tenant at least six (6) months prior to the date of termination of this Lease, and upon such termination date the Tenant shall surrender
and deliver up vacant possession of the Leased Premises in accordance with the provisions of this Lease, all Rent shall be adjusted as of such termination date, and the Tenant shall promptly execute all documents and assurances that are required to
give effect to the provisions of this subsection 8.02(c). 

 
Section 8.03    Expropriation 
 
Both the Landlord and Tenant agree to co-operate with the other regarding an expropriation of the Leased Premises or the Lands or Building or any part thereof, so that each may receive the maximum award to which they are respectively
entitled at law. To the extent that any portion of the Lands or Building other than the Leased Premises is expropriated, the full proceeds accruing or awarded as a result will belong to the Landlord and the Tenant will abandon or assign to the
Landlord any rights which the Tenant may have or acquire by operation of law to those proceeds or awards and will execute all such documents as in the opinion of the Landlord are necessary to give effect to this intention. 
 
Section 8.04    Architect 
 
The opinion, decision or certificate of the Architect will bind the parties
as to (a) the percentage of the Rentable Area of the Building damaged or destroyed; (b) the period of time required to restore the Leased Premises or the Building; (c) whether and to what extent the Leased Premises are rendered untenantable; and (d)
the date upon which the Landlord’s Work or Tenant’s Work is completed or substantially completed. 
 
ARTICLE IX.        ASSIGNMENT AND SUBLETTING 
 
Section 9.01    Assignment and Subletting 
 

	 (a)	  	 The Tenant will not assign this Lease, sublet, share or part with possession of all or any part of the Leased Premises, or mortgage or encumber this Lease, the
Leasehold Improvements, the Trade Fixtures or the Leased Premises (collectively, a “Transfer”), by or in favour of any Person (a “Transferee”) without first submitting to the Landlord, in accordance with Section 9.01(d), a
written request for the Landlord’s consent to the Transfer, and obtaining the Landlord’s prior written consent to the Transfer, which consent (subject to Section 9.01(d)) will not be unreasonably withheld or delayed. Notwithstanding
anything to the contrary including the Commercial Tenancies Act (Ontario) or any other statute or common law, the Landlord will be deemed to be reasonable in withholding its consent to any Transfer if: 

 

	  	 (i)	  	 the Transfer is contrary to any covenants or restrictions granted by the Landlord to other existing or prospective tenants or occupants of the Building, or to the
Mortgagee or any other parties; 

 

	  	 (ii)	  	 in the Landlord’s opinion the financial background, business history and capability of the Transferee is not satisfactory; 

 

	  	 (iii)	  	 the Transfer is in favour of any existing occupant of the Building; or 

 

	  	 (iv)	  	 in the Landlord’s opinion, the nature or character of the proposed business of the Transferee is unethical, immoral, illegal or such that it might harm or tend
to harm the Landlord’s business or reputation or reflect unfavourably on the whole or any part of the Building, the Landlord or the other tenants of the Building. 

 

	 (b)	  	 The prohibition set out in Section 9.01(a) applies to any change in the direct or indirect effective voting control of the Tenant (if the Tenant is or becomes a
corporation), unless (i) the Tenant is a public corporation whose shares are listed and traded on any recognized stock exchange in Canada or the United States, and (ii) the Landlord is satisfied that there will be a continuity of business practices
and polices, and management of the Tenant. If the Tenant is a partnership or is controlled by a partnership (either directly or indirectly), this prohibition against a Transfer also includes a change in the constitution of the partnership resulting
from the withdrawal or addition of any partners. The prohibition also applies to an assignment by operation of law. No Transfer may be made where any amount of Rent is lesser than that provided for in this Lease (except in the case of a sub-lease),
or otherwise on terms more favourable to the Transferee than the terms set forth in this Lease. 

 

23 

 

	 (c)	  	 The consent by the Landlord to any Transfer will not constitute a waiver of the necessity for the Landlord’s prior written consent to any subsequent Transfer.

 

	 (d)	  	 Any request by the Tenant for the Landlord’s consent to a Transfer under Section 9.01 (a) will specify the proposed Transferee and provide full particulars of
the Transfer including, without limitation, copies of any written offer, agreement or draft agreement with respect to the Transfer, setting out the terms the Tenant is prepared to accept subject to compliance with this Lease and disclosing any
monetary payments or other consideration made or to be made by the Transferee as consideration for the Transfer and any other information concerning the Transfer or the financial or business status of the Transferee that the Landlord may require.
The Landlord will, within thirty (30) days after receipt of the request and all necessary information, notify the Tenant in writing either that it consents or does not consent to the Transfer. 

 

	 (e)	  	 Following any Transfer, the Landlord may collect Rent from the Transferee and apply the net amount collected to the Rent payable under this Lease, but no acceptance
by the Landlord of any payments by a Transferee will constitute a waiver of the requirement for the Landlord’s consent to such Transfer, or an acceptance of the Transferee as the Tenant, or a release of the Tenant from the further performance
by the Tenant of its covenants and obligations under this Lease. 

 

	 (f)	  	 Any consent by the Landlord to it Transfer will be subject to the following conditions: 

 

	  	 (i)	  	 no Transfer or other disposition by the Tenant of this Lease or of any interest under this Lease shall release the Tenant from the performance of any of its
covenants or obligations hereunder and the Tenant shall continue to be bound by and liable under this Lease. The Tenant’s liability under the Lease after any Transfer, will continue notwithstanding the bankruptcy, insolvency or liquidation of
any Transferee or the termination of this Lease for default or the termination, disclaimer, surrender or repudiation of this Lease pursuant to any statute or rule of law; 

 

	  	 (ii)	  	 all reasonable costs of the Landlord incurred with respect to any assignment or sublease by the Tenant shall be paid by the Tenant forthwith upon demand;

 

	  	 (iii)	  	 any legal costs of the Landlord in connection with documents relating to the Transfer or the Landlord’s consent, will be paid by the Tenant together with the
Landlord’s administrative charge for providing its consent; 

 

	  	 (iv)	  	 no Transfer shall take place by reason of a failure by the Landlord to reply to a request by the Tenant for a consent to a Transfer; 

 

	  	 (v)	  	 the Tenant, at is expense, shall cause the Transferee to execute promptly an agreement (prepared by the Landlord at the Tenant’s expense) directly with the
Landlord (i) agreeing to be bound by all the terms of this Lease (including, without limitation, the provisions of Section 5.01 relating to the use of the Leased Premises, but if the Transfer is a sublease, such sublease shall exclude the last day
of the Term, and the Tenant shall cause such sublease to contain a covenant by the subtenant to the Landlord that (A) at the Landlord’s option all the subtenant’s right, title and interest in and to the Leased Premises absolutely
terminates upon the surrender, release, disclaimer or merger of this Lease, notwithstanding the provisions of the Commercial Tenancies Act (Ontario), and (B) upon notice from the Landlord to the subtenant, with a copy to the Tenant, all
amounts payable by the subtenant each month under the sublease shall thenceforth be paid by such tenant directly to the Landlord, who shall apply the same on account of the Tenant’s obligations under this Lease) as if the Transferee had
originally executed this Lease as the Tenant, but the Tenant shall not be released from its primary obligations under this Lease for the balance of the Term and the Tenant shall be (and shall cause, in addition to the Transferee, any Indemnifier to
be) a party to such agreement, and the liability of the Tenant and the Transferee for the fulfilment of any obligations of the Tenant under this Lease, including any modifications agreed to by the parties, shall be joint and several;

 

24 

 

	  	 (vi)	  	 unless the Transferee is a subtenant, upon the Transfer the Transferor will retain no rights under this Lease in respect of the Leased Premises or the obligations
to be performed by the Landlord under this Lease, but notwithstanding anything to the contrary, the Transferor will not be released from its continuing primary liability for the performance by the Tenant of all terms, covenants, obligations and
agreements on the part of the Tenant under this Lease; 

 

	  	 (vii)	  	 all amounts payable by the Tenant pursuant to this Lease up to the effective date of the Transfer shall be paid in full prior to the Landlord’s executing the
document effecting the Transfer. Where any such amounts cannot be finally determined at that time, the Tenant shall deposit with the Landlord an amount reasonably estimated by the Landlord to cover such undetermined amounts, to be held by the
Landlord without any liability for interest thereon until the estimated amounts become finally determined by the Landlord, at which time the appropriate adjustments shall be made; 

 

	  	 (viii)	  	 notwithstanding the effective date of any permitted Transfer as between the Tenant and Transferee, all Rent for the month in which such effective date occurs shall
be paid in advance by the Tenant so that the Landlord shall not be required to accept partial payment of Rent for such month from either the Tenant or any Transferee; 

 

	  	 (ix)	  	 any Transfer not expressly permitted under this Lease shall be null and void and of no force or effect; 

 

	  	 (x)	  	 if this Lease is disaffirmed, disclaimed or terminated by any trustee in bankruptcy of a Transferee, or if this Lease is otherwise terminated for default or is
terminated, disclaimed, surrendered or repudiated pursuant to any statute or rule of law, then, in addition to and without limiting Tenant’s liability under this Lease, the original Tenant named in this Lease or any Transferee (except the
bankrupt Transferee) will be considered, upon notice from the Landlord given within thirty (30) days after the surrender, repudiation, disaffirmation, disclaimer or termination, to have entered into a lease (the “Remainder Period Lease”)
with the Landlord, on the same terms and conditions as are contained in this Lease, mutatis mutandis, except that the Term of the Remainder Period Lease shall commence on the date of the disaffirmation, disclaimer or termination and shall
expire on the date this Lease would have expired had it not been so surrendered, repudiated, disaffirmed, disclaimed or terminated; and 

 

	  	 (xi)	  	 if Basic Rent under any sublease exceeds the rate of Basic Rent hereunder, such excess Basic Rent shall be payable to the Landlord by the Tenant as Additional Rent.

 

	 (g)	  	 The Tenant shall not advertise the whole or any part of the Leased Premises or this Lease for the purposes of a Transfer and shall not print, publish, post, display
or broadcast any notice or advertisement to that effect and shall not permit any broker or other Person to do any of the foregoing, unless the complete text and format of any such notice, advertisement, or offer is first approved in writing by the
Landlord. Without in any way restricting or limiting the Landlord’s right to refuse any text or format on other grounds, any text or formal proposed by the Tenant shall not contain any reference to the rental rate of the Leased Premises or any
other premises in the Building. 

 
Section
9.02    Assignment by the Landlord 
 
The
Landlord shall be liable for the performance of its covenants and obligations pursuant to this Lease only during the period of its ownership of, or interest in, the Building or any part thereof, and in the event of any sale, lease or other
disposition of the Building or any part thereof, or the assignment of this Lease or any interest of the Landlord hereunder, the Landlord shall thereupon and without further agreement be relieved of all liability with respect of such covenants and
obligations, and the Tenant shall thereafter look solely to the Landlord’s successor-in-interest in and to this Lease. The Tenant shall immediately upon request, and without charge to the Landlord, attorn in writing to such
successor-in-interest. The Landlord shall have the unrestricted right to sell, lease, convey or otherwise dispose of all or any part of the Building or any interest of the Landlord in this Lease. 
 
ARTICLE X.        STATUS STATEMENT,
SUBORDINATION AND ATTORNMENT 
 
Section
10.01    Status Statement 
 
Within five
(5) days after any request therefore by the Landlord, or upon any sale, assignment, lease or mortgage of the Leased Premises or the Lands or the Building or any part thereof by the Landlord, the Tenant shall in each instance execute, acknowledge and
deliver, in a form supplied by the Landlord, a status statement to the Landlord or to any assignee, Mortgagee, purchaser or any other Person designated by the Landlord (collectively “designatees”) stating (if such is the case):

 

	 (a)	  	 that this Lease is unmodified and in full force and effect (or if there have been modifications, that this Lease is in full force and effect as modified and
identifying the modification agreements) or, if this Lease is not in full force and effect, the statement shall so state; 

 

25 

 

	 (b)	  	 the Commencement Date and expiry date of this Lease; 

 

	 (c)	  	 the amount of Rent being paid and the last date to which Rent has been paid under this Lease, and the amount of any Advance Rent or any Security Deposit or any
other deposit or Letter of Credit held by the Landlord; 

 

	 (d)	  	 whether or not there is any existing default by the Tenant in the payment of any Rent or other sum of money under this Lease, and whether or not there is any other
existing or alleged default by either party under this Lease with respect to which a notice of default has been served and, if there is any such default, specifying the nature and extent thereof in reasonable detail; 

 

	 (e)	  	 whether there are any set-offs, defences or counterclaims against enforcement of the obligations to be performed by the Tenant under this Lease;

 

	 (f)	  	 with reasonable particularity, details respecting the Tenant’s and any Indemnifier’s financial standing and corporate organization;

 

	 (g)	  	 that the Landlord’s Work, as set out in a Schedule to this Lease or as set out in any other agreement between the parties hereto relating to the Leased
Premises, has been completed and that the Tenant is in possession of the Leased Premises; and 

 

	 (h)	  	 such other matters relating to this Lease as the Landlord or any of its designatees reasonably requires. 

 
Any statement delivered under this Section 10.01 may be conclusively relied
upon by any purchaser or prospective purchaser or any Mortgagee of the fee or the leasehold. 
 
Section 10.02    Subordination and Attornment 
 

	 (a)	  	 This Lease and all the rights of the Tenant hereunder are, and shall at all times be, subject and subordinate to any and all mortgages, trust deeds and the charge
or lien resulting from, or any instrument of, financing, refinancing or collateral financing and any renewals or extensions thereof from time to time in existence against the Building or Lands or any part thereof. Upon request at any time and from
time to time, the Tenant shall subordinate this Lease and all its right hereunder in such form as the Landlord requires to any and all mortgages, trust deeds or the charge or lien resulting from, or any instrument of, financing, refinancing or
collateral financing and to all advances made or hereafter to be made on the security thereof (and shall, if applicable, postpone any short form of lease registered by the Tenant pursuant to Section 12.12 hereof), and, if requested, the Tenant shall
attorn to the holder thereof and to the registered owners of the Building or Lands or any part thereof. 

 

	 (b)	  	 The Tenant shall, if possession is taken under, or any proceedings are brought for the foreclosure of, or in the event of the exercise of the power of sale under,
any mortgage, charge, lease or sale and leaseback transaction, deed of trust, or the lien resulting from any other method of financing, refinancing or collateral financing made by the Landlord or otherwise in existence against the Building or Lands
or any part thereof, attorn to the mortgagee, chargee, lessee, trustee, other encumbrancer or the purchaser upon any such foreclosure or sale and recognize such mortgagee, chargee, lessee, trustee, other encumbrancer or the purchaser as the Landlord
under this Lease. 

 

	 (c)	  	 The Landlord or the Mortgagee may, at its option, make this Lease and all the Tenant’s rights hereunder superior to any and all mortgages, trust deeds and the
charge or lien resulting from, or any instrument of, any financing, refinancing or collateral financing and any renewals or extensions thereof from time to time in existence against the Building or any part thereof, by giving the Tenant written
notice thereof. If required by the Landlord or the Mortgagee, the Tenant shall, upon request at any time and from time to time, and without charge to the Landlord, execute such documentation as the Landlord or the Mortgagee requires to give effect
to this provision. 

 

	 (d)	  	 The Landlord shall provide a non-disturbance agreement to the Tenant on terms satisfactory to the Tenant from any existing Mortgagee and any future Mortgagee or
purchaser of the Lands to whom the Tenant is required to attorn or subordinate. 

 
Section 10.03    Execution of Documents 
 
The Tenant shall, upon request at any time and from time to time of the Landlord or the Mortgagee or any other Person having an interest in the Building
or Lands or any part thereof, immediately execute and deliver without charge to the Landlord such instruments, statements, acknowledgements or certificates (collectively “Instruments”) to carry out the intent of Section 10.01, Section
10.02 or any other provision of this Lease. This Lease and any Rent hereunder may be assigned by the Landlord to any Mortgagee as security. If any Mortgagee or any prospective Mortgagee requires modifications or changes in the terms and provisions
of this Lease (provided no such change shall vary the location, size or use of the Leased Premises or the amount of Rent hereunder except as expressly permitted under this Lease), the Tenant, upon request of the Landlord, shall immediately execute
without charge to the Landlord any Instruments incorporating such changes as may be requested. 
 

26 

 
Section
10.04    Financial Information 
 
ARTICLE XI.        DEFAULT 
 
Section 11.01    Right to Re-enter 
 

	 (a)	  	 An “Event of Default” occurs whenever: 

 

	  	 (i)	  	 the Tenant defaults in the payment of Rent or Sales Taxes and the default continues for five (5) days after written notice to the Tenant;

 

	  	 (ii)	  	 the Tenant commits a breach of, or fails to observe or perform any covenant or condition of this Lease other than a breach specified below in Section 11.01(a)(iii)
and the breach is not remedied within ten (10) days (or such longer period of time as may be required under the Commercial Tenancies Act) after written notice to the Tenant; or 

 

	  	 (iii)	  	 any of the following events occurs and the Landlord gives to the Tenant whatever notice is required under the Commercial Tenancies Act (Ontario):

 

	  	 (A)	  	 the Tenant, or a Person carrying on business in the whole or in any part of the Leased Premises, or an Indemnifier becomes bankrupt or insolvent or takes the
benefit of any statute for bankrupt or insolvent debtors or makes any proposal, assignment or arrangement with its creditors; or 

 

	  	 (B)	  	 a receiver, an interim receiver, a receiver and manager, a liquidator or like Person is appointed for all or a part of the property of the Tenant, or of another
Person carrying on business in the Leased Premises, or of an Indemnifier; or 

 

	  	 (C)	  	 steps are taken or proceedings are instituted for the dissolution, winding up or other termination of the Tenant’s or the Indemnifier’s existence or the
liquidation of their respective assets; or 

 

	  	 (D)	  	 property is sold, disposed of or removed from the Leased Premises so that there does not remain sufficient property on the Leased Premises available for distraint,
free and clear of any lien, charge or other encumbrance ranking ahead of the Landlord’s right of distress, to satisfy the Rent due or accruing for at least twelve (12) months; or 

 

	  	 (F)	  	 the Tenant effects or attempts to effect a Transfer that is not permitted by this Lease; or 

 

	  	 (G)	  	 the Tenant makes or attempts to make a sale in bulk of any of its assets, wherever situated (other than a bulk sale made to a Transferee permitted under this
Lease); or 

 

	  	 (H)	  	 the Tenant vacates or abandons or attempts to vacate or abandon (either actually or constructively) the Leased Premises or any part thereof, or the Landlord has
reasonable cause to believe that the Tenant intends to vacate or abandon or attempt to vacate or abandon the Leased Premises or any part thereof; or 

 

	  	 (I)	  	 the Leased Premises or any part thereof are used by any Persons other than such as are entitled to use them under the terms of this Lease; or

 

27 

 

	  	 (J)	  	 the Tenant effects or attempts to effect a Transfer or a change in the effective voting control of Tenant that is not permitted by this Lease; or

 

	  	 (K)	  	 the Tenant fails to carry on business in the Leased Premises pursuant to the terms of this Lease; or 

 

	  	 (L)	  	 the Tenant fails to acquire and retain the insurance required under this Lease or to pay the premiums for such Insurance; or 

 

	  	 (M)	  	 any insurance policies covering all or any part of the Building are actually or threatened to be cancelled or adversely changed as a result of any use or occupancy
of the Leased Premises; or 

 

	  	 (N)	  	 re-entry is permitted under any other terms of this Lease; or 

 

	  	 (O)	  	 the Tenant is convicted or charged under any applicable environmental legislation in connection with its use or occupation of the Leased Premises; or

 

	  	 (P)	  	 this Lease or any of the Tenant’s assets on the Leased Premises are taken or seized under a writ of execution, an assignment, pledge, charge, debenture, or
other security instrument. 

 

	 (b)	  	 Upon the occurrence of an Event of Default under this Lease, the Landlord, in addition to any other rights or remedies it has pursuant to this Lease or at law,
shall have the immediate right of re-entry upon the Leased Premises and it may repossess the Leased Premises and enjoy them as of its former estate, and the Tenant hereby agrees that Landlord may expel all Persons and remove all property from the
Leased Premises and that such property may, at the Landlord’s option, be removed and (1) sold or disposed of by the Landlord by public auction or otherwise, and either in bulk or by individual item, all as the Landlord in its sole discretion
may decide, and the Tenant agrees that the proceeds of such sale or disposition shall be applied by the Landlord in the same manner as set out in Section 11.02(b) hereof, in so far as applicable, or (2) stored in a public warehouse or elsewhere at
the cost and for the account of the Tenant, all without service of notice by the Landlord to the Tenant thereof or resort by the Landlord to legal process and without the Landlord being considered guilty of trespass or becoming liable or responsible
for any injury or any loss or damage which may be occasioned thereby, or any claim for damages. The Tenant hereby irrevocably waives (i) the benefit of any present or future Laws, statutory or otherwise, which in any way may take away, limit or
diminish the Landlord’s right to terminate this Lease or re-enter into possession of the Leased Premises in pursuance of its rights or remedies as set forth in this Lease, and (ii) any and all rights of redemption granted by or under any
present or future Laws, statutory or otherwise, in the event of the Tenant’s being evicted or dispossessed for any cause, or in the event of the Landlord’s obtaining possession of the Leased Premises by reason of the violation by the
Tenant of any of the terms or conditions of this Lease or otherwise. 

 
Section 11.02    Right to Relet 
 

	 (a)	  	 If the Landlord elects to re-enter the Leased Premises as herein provided, or if it takes possession pursuant to legal proceedings or pursuant to any notice
provided for by law, it may either terminate this Lease (by leaving in or upon the Leased Premises or affixing to an entrance door to the Leased Premises a notice terminating this Lease) or it may from time to time without terminating this Lease, as
agent for the Tenant or otherwise, make such Alterations and repairs as are necessary in order to relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such Rent and upon such
other terms, covenants and conditions as the Landlord in its sole discretion considers advisable. 

 

	 (b)	  	 Upon each such reletting all Rent received by the Landlord from such reletting shall be applied, first to the payment of any indebtedness other than Rent due
hereunder from the Tenant to the Landlord; second, to the payment of any costs and expenses of such reletting including brokerage fees and solicitor’s fees and of costs of such Alterations and repairs; third, to the payment of Rent due and
unpaid hereunder; and the residue, if any, shall be held by the Landlord and applied in payment of future Rent as the same becomes due and payable hereunder. If such Rent received from such reletting during any month is less than that to be paid
during that month by the Tenant hereunder, the Tenant shall pay any such deficiency, which shall be calculated and paid monthly in advance on or before the first day of each and every month. 

 

	 (c)	  	 No such re-entry or taking possession of the Leased Premises by the Landlord shall be construed as an election on its part to terminate this Lease unless a written
notice of such intention is given to the Tenant. 

 

	 (d)	  	 Notwithstanding any such reletting without termination, the Landlord may at any time thereafter elect to terminate this Lease for such previous breach.

 

	 (e)	  	  If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it
incurs by reason of such breach, including, without limitation, the cost of recovering the Leased Premises, solicitor’s fees (on a solicitor and client basis) and 

 

28 

	  	 
 including the worth at the time of such termination of the excess, if any, of the amount of Rent and charges equivalent to Rent required to
be paid pursuant to this Lease for the unexpired remainder of the Term, had it not been terminated, over the then reasonable rental value of the Leased Premises for the remainder of the Term, plus the unamortized portion of any allowance, concession
or inducement paid by the Landlord under the terms of this Lease or otherwise, all of which amounts shall be immediately due and payable by the Tenant to the Landlord. 

 

	 (f)	  	 If such termination or re-entry takes place, the annual Rent for the purpose of calculating the Landlord’s damages will be considered to be equal to the
aggregate of (i) the annual Basic Rent specified in this Lease; and (ii) all Additional Rent for the preceding twelve (12) month Lease Year. 

 

	 (g)	  	 In any of the events referred to in this Section 11.02 hereof, in addition to any and all other rights, including the rights referred to in this Section and in
Section 11.01 hereof, the full amount of the current month’s instalment of Basic Rent and Additional Rent including, without limitation, the aggregate of the monthly contributions towards Taxes, Utilities, insurance premiums, the Tenant’s
Proportionate Share of Operating Costs, and any other payments required to be made monthly hereunder, together with the next three (3) months’ instalments of Basic Rent and the aggregate of such Additional Rent payments for the next three (3)
months, all of which shall be deemed to be accruing due on a day-to-day basis, shall immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for the same, together with any Rent arrears then unpaid.

 

	 (h)	  	 The Landlord’s rights and remedies and the Tenant’s obligations under Sections 11.01 and 11.02 hereof shall survive the expiration or earlier termination
of this Lease. 

 
Section
11.03    Expenses 
 
If legal action is
brought for recovery of possession of the Leased Premises, for the recovery of Rent or any other amount due under this Lease, or because of the breach of any other terms, covenants or conditions herein contained on the part of the Tenant to be kept
or performed, and a breach is established, the Tenant shall pay to the Landlord as Additional Rent upon demand, all costs and expenses incurred therefor, including, without limitation, any professional, consultant and legal fees (on a solicitor and
his client basis), unless a Court shall otherwise award. 
 
Section 11.04    Removal of Chattels 
 
The Tenant agrees that all goods, chattels and fixtures when moved into the Leased Premises shall not, except in the normal course of business, be removed from the Leased Premises until all Rent due or to become due during the Term,
and all other amounts payable by the Tenant, are fully paid. In the case of removal by the Tenant of the goods and chattels of the Tenant from the Leased Premises, the Landlord may follow same for thirty (30) days in the same manner as is provided
for in the Commercial Tenancies Act (Ontario) or any like legislation in any other province in Canada. 
 
Section 11.05    Waiver of Exemption from Distress 
 
The Tenant hereby waives and renounces the benefit of any present or future Laws purporting to limit or qualify the Landlord’s right to distrain.
Notwithstanding any term or condition of this Lease or anything contained in any present or future Laws, none of the goods and chattels of the Tenant at any time during the continuance of the Term shall be exempt from levy by distress for Rent or
other sums provided in this Lease to be paid by the Tenant as Rent in arrears, and upon any claim being made by the Landlord, this provision may be pleaded as an estoppel against the Tenant in any action brought to test the rights to the levying
upon any such goods as are named as exempted in such legislation, the Tenant hereby waiving all and every benefit that it could or might have with regard thereto. 
 
Section 11.06    Landlord May Cure Tenant’s Default of Perform Tenant’s Covenants

 
If the Tenant fails to pay, when due, any Rent or other
charge required to be paid pursuant to this Lease, the Landlord, after giving five (5) days’ notice in writing to the Tenant, may, but shall not be obligated to, pay all or any part of the same. If the Tenant is in default in the performance of
any of its covenants or obligations hereunder (other than the payment of Rent or other charge required to be paid pursuant to this Lease) the Landlord may from time to time after giving such notice as it considers sufficient (or without notice in
the case of an emergency) having regard to the circumstances applicable, perform or cause to be performed any of such covenants or obligations, or any part thereof, and for such purpose may do such things as may be required, including, without
limitation, entering upon the Leased Premises and doing such things as may be required upon or in respect of the Leased Premises or any part thereof as the Landlord reasonably considers requisite or necessary. All expenses incurred and expenditures
made pursuant to this Section 11.06 plus a sum equal to fifteen percent (15%) thereof representing the Landlord’s overhead shall be paid by the Tenant as Additional Rent forthwith upon demand. The Landlord shall have no liability to the Tenant
for any loss or damages resulting from any such action or entry by the Landlord upon the Leased Premises. The Tenant agrees that the Landlord’s exercise of its rights conferred under this Section 11.06 shall not be deemed to be a re-entry or a
breach of any covenant for quiet enjoyment contained in this Lease nor an election on its part to terminate this Lease. 
 

29 

 
Section
11.07    Security Interest 
 
Section
11.08    Charges Collectible as Rent 
 
If
the Tenant is in default in the payment of any amounts, monies or charges required to be paid by the Tenant pursuant to this Lease, they shall, if not paid when due, or when otherwise provided hereunder, be collectible as Rent in arrears together
with the next monthly instalment of Basic Rent thereafter falling due hereunder, but nothing herein contained is deemed to suspend or delay the payment by the Tenant of any amount, money or charge at the time same becomes due and payable hereunder,
or limit any other remedy of the Landlord. The Tenant agrees that the Landlord may, at its option, apply or allocate any sums received from or due to the Tenant against any amounts due and payable hereunder in such manner as the Landlord sees fit.

 
Section 11.09    Remedies Generally

 

	 (a)	  	 Mention of this Lease of any particular remedy of the Landlord in respect of the default by the Tenant does not preclude the Landlord from any other remedy in
respect thereof, whether available at law or in equity or by statute or expressly provided for in this Lease. No remedy shall be exclusive or dependent upon any other remedy, and the Landlord may from time to time exercise any one or more of such
remedies independently or in combination, such remedies being cumulative and not alternative. 

 

	 (b)	  	 Upon the occurrence of an Event of Default under Section 11.01 hereof, the Landlord shall thereupon have the right (“Such Right”), in addition to any
other right or remedy the Landlord may have under this Lease, and notwithstanding any other provision of this Lease to the contrary, immediately to terminate the supply to the Leased Premises of any benefit or service (including, without limitation,
elevator service or any other means of ingress to or egress from the Leased Premises) or any of the Utilities then being supplied by the Landlord to the Leased Premises. The exercise by the Landlord of Such Right shall not constitute, and shall be
deemed not to constitute, a termination by the Landlord of this Lease or a breach of any covenant by the Landlord under this Lease, and the Landlord shall not be liable to the Tenant for any Claims or injury resulting from the exercise by the
Landlord of Such Right. 

 

	 (c)	  	 Whenever the Tenant seeks a remedy in order to enforce the observance or performance of one of the terms, covenants and conditions contained in this Lease on the
part of the Landlord to be observed or performed, the Tenant’s only remedy shall be for such damages as the Tenant shall be able to prove in a court of competent jurisdiction that it has suffered as a result of a breach (if established) by the
Landlord in the observance and performance of any of the terms, covenants and conditions contained in this Lease on the part of the Landlord to be observed or performed, except that where this Lease provides that the Landlord’s consent or
approval is not to be unreasonably withheld, the Tenant’s sole remedy if the Landlord unreasonably withholds consent or approval, shall be an action for specific performance and the Landlord shall not be liable for any damages.

 
Section 11.10    Default
Under Other Lease 
 
An Event of Default by the Tenant under
this Lease shall constitute a default of the same nature and amount by the Tenant under any other lease by the Tenant with the Landlord, and any default by the Tenant under any other lease by the Tenant with the Landlord shall constitute a default
of the same nature and amount by the Tenant under this Lease and, accordingly, all Rent payable by the Tenant under this Lease shall also be added to and form part of the rent payable by the Tenant under any other lease by the Tenant with the
Landlord, and all rent and other sums payable by the Tenant under any other lease by the Tenant with the Landlord shall be added to and form part of the Rent payable by the Tenant under this Lease. 
 
Section 11.11    Waiver of Repudiation of Lease

 
The Tenant waives and renounces the benefit of Section 65.2
of the Bankruptcy and Insolvency Act (Canada) or any successor legislation as such statute may be amended from time to time and the Tenant covenants and agrees that it will not repudiate this Lease pursuant to Section 65.2 of the
Bankruptcy and Insolvency Act. Upon any attempt to repudiate this Lease by the Tenant pursuant to Section 65.2 of the Bankruptcy and Insolvency Act, the Landlord shall be entitled to plead this covenant and agreement as an estoppel
against the Tenant repudiating this Lease. 
 

30 

 
ARTICLE
XII.        MISCELLANEOUS 
 
Section 12.01    Rules and Regulations 
 
The Tenant will observe any rules and regulations from time to time adopted by the Landlord for the Building and the Lands (the “Rules and Regulations”), including but not limited to those set out in Schedule
“C”, and all such Rules and Regulations are a part of this Lease. The Rules and Regulations may differentiate between different types of businesses, but the Rules and Regulations will be adopted and promulgated by the Landlord acting
reasonably and in such manner as would a prudent landlord of a reasonably similar facility. The Landlord reserves the right to amend or supplement the Rules and Regulations applicable to the Leased Premises or the Building or any part thereof as the
Landlord considers necessary for the safety, care, cleanliness and efficient operation of the Building and the Lands. Notice of the Rules and Regulations and amendments and supplements, if any, will be given to the Tenant and the Tenant will
thereupon observe them provided that they do not contradict any terms, covenants and conditions of this Lease. Any breach of any of the Rules and Regulations by the Tenant constitutes a breach under this Lease and, with respect thereto, the Landlord
may avail itself of all remedies and rights generally available to the Landlord for a breach by the Tenant under this Lease. The Landlord is not responsible to the Tenant for any non-observance of a rule or regulation or of the terms, covenants and
conditions of any other lease of the Rentable Area of the Building. 
 
Section 12.02    Intent and Interpretation 
 

	 (a)	  	 Net Lease 

 
It is intended that this Lease is a completely carefree net lease to the Landlord, except as expressly set out in this Lease. The Landlord
is not responsible during the Term for any costs, charges, expenses and outlays of any nature whatsoever arising from or relating to the Leased Premises, or the use and occupancy thereof. The Tenant will pay all charges, impositions, costs and
expenses of every nature and kind, extraordinary as well as ordinary, foreseen as well as unforeseen, relating to the Leased Premises, the use and occupancy thereof, the contents thereof, and the business carried on therein, except as expressly set
out in this Lease. For greater certainty, any amount and any obligation which is not expressly declared in this Lease to be the responsibility of the Landlord shall be the responsibility of the Tenant, to be paid or performed by or at the
Tenant’s expense in accordance with the terms of this Lease. 
 

	 (b)	  	 Obligations as Covenants and Severability 

 
Each obligation or agreement of the Landlord or the Tenant expressed in this Lease, even if not expressed as a covenant, is considered to
be a covenant for all purposes. If any provision of this Lease is or becomes unenforceable, it shall be considered separate and severable from the Lease and the remaining provisions shall remain in force and be binding upon the parties as though
such provision had not been included. 
 

	 (c)	  	 Entire Agreement and Amendment or Modification 

 
This Lease and the Schedules, and Riders, if any, attached together with the Rules and Regulations set forth all covenants, promises,
agreements, conditions or understandings, either oral or written, between the Landlord and the Tenant. No alteration or amendment to this Lease will be binding upon the Landlord or the Tenant unless in writing and signed by the Tenant and the
Landlord. 
 

	 (d)	  	 Headings 

 
The headings introducing sections and articles in this Lease are inserted for convenience of reference only and in no way define, limit,
construe or describe the scope or intent of such sections or articles. 
 

	 (e)	  	 Extended Meanings 

 
The words “hereof”, “herein”, “hereunder” and similar expressions used in any section or subsection of this
Lease relate to the whole of this Lease and not to that section or subsection only, unless the context indicates otherwise. The use of the neuter singular pronoun to refer to the Landlord or the Tenant is deemed a proper reference even though the
Landlord or the Tenant is an individual, a partnership, an association, a corporation or a group of two or more individuals, partnerships, associations or corporations. The necessary grammatical changes required to make the provisions of this Lease
apply in the plural sense where there is more than one the Landlord or the Tenant and to either corporations, associations, partnerships or individuals, males or females, shall in all instances be assumed as though in each case fully expressed.
Words, phrases or expressions which are defined herein in the plural have a corresponding meaning when used herein in the singular, and words, phrases or expressions which are defined herein in the singular have a corresponding meaning when used
herein in the plural. Nothing in this Lease shall be construed as or shall constitute an express or implied grant by the Landlord to the Tenant of any form of right to light or air. 
 

	 (f)	  	 Governing Law 

 

31 

 
This Lease
will be construed in accordance with and governed by the Laws of the Province of Ontario. 
 

	 (g)	  	 Time of the Essence 

 
Time is of the essence of this Lease and of every part of it. 
 
Section 12.03    Successors 
 
All rights and liabilities herein granted to or imposed upon the respective parties hereto, extend to and bind the respective
successors and assigns of each party hereto constituting the Landlord and the heirs, executors, administrators and permitted successors and assigns of the Tenant, as the case may be. No rights, however, shall enure to the benefit of any Transferee
of the Tenant unless the Transfer to such Transferee is permitted under the terms of this Lease. 
 
Section 12.04    Waiver 
 

	 (a)	  	 The waiver by either party of any breach of any term, covenant or conditions herein contained is not deemed to be a waiver of such term, covenant or condition
herein contained. The subsequent acceptance of Rent hereunder by the Landlord is not deemed to be a waiver of any preceding breach by the Tenant of any term, covenant or condition of this Lease, regardless of the Landlord’s knowledge of such
preceding breach at the time of acceptance of such Rent. No term, covenant or condition of this Lease is deemed to have been waived by a party unless such waiver is in writing to the other party. 

 

	 (b)	  	 All rent to be paid by the Tenant to the Landlord hereunder shall be paid without any deduction, abatement, set-off or compensation whatsoever (except for Basic
Rent to the extent it may be abated pursuant to Section 8.01), and the Tenant hereby waives the benefit of any statutory or other rights in respect of abatement, set off or compensation in its favour at the time hereof or at any future time.

 
Section 12.05    Accord
and Satisfaction 
 

	 (a)	  	 No payment by the Tenant or receipt by the Landlord of a lesser amount than any instalment or payment of Rent due under this Lease shall be deemed to be other than
on account of the amount due, and no endorsement or statement on any cheque or any letter accompanying any cheque or payment of Rent shall be deemed an acknowledgement of full payment or an accord and satisfaction, and the Landlord may accept and
cash such cheque or payment without prejudice to the Landlord’s right to recover the balance of such instalment or payment of Rent or pursue any other rights or remedies provided in this Lease or at law. 

 

	 (b)	  	 No receipt of monies by the Landlord from the tenant after the termination of this Lease in any lawful manner shall reinstate, continue or extend the Term, or
affect any notice previously given to the Tenant, or operate as a waiver of the right of the Landlord to enforce the payment of Rent then due or thereafter falling due, or operate as a waiver of the right of the Landlord, to recover possession of
the Leased Premises by proper suit, action, proceedings or other remedy; it being agreed that, after the service of notice to terminate this Lease and the expiration of the time therein specified, and after the commencement of any suit, action,
proceeding or other remedy, or after a final order or judgment for possession of the Leased Premises, the Landlord may demand, receive and collect any monies, due, or thereafter falling due without any manner affecting such notice, suit, action,
proceeding, order or judgment; and any and all such monies so collected shall be deemed payments on account of the use and occupation of the Leased Premises or at the election of the Landlord on account of the Tenant’s liability hereunder.

 
Section 12.06    No
Partnership or Agency 
 
Nothing in the Lease shall create any
relationship between the parties to this Lease other than that of Landlord and Tenant and it is acknowledged and agreed that the Landlord shall not in any way or for any purpose become a partner of the Tenant in the conduct of its business, or
otherwise, or a joint venturer or a member of a joint enterprise with the Tenant, nor shall the relationship of principal and agent be created. 
 
Section 12.07    Constitution of Tenant 
 
If at any time during the Term (a) there is more than one tenant or more than one Person constituting the Tenant hereunder,
then they shall each be liable jointly and severally for all the Tenant’s obligations hereunder and a default by one shall be deemed a default by all, or (b) the Tenant is a partnership, joint venture or co-tenancy (the “Tenant
Partnership”), each Person who is presently a member of the Tenant Partnership, and each Person who becomes a member of any successor Tenant Partnership hereafter, shall be and continue to be liable jointly and severally for the full and
complete performance of, and shall be and continue to be subject to, the terms, covenants and conditions of this Lease, whether or not such Person ceases to be a member of such Tenant Partnership or successor Tenant Partnership. 
 

32 

 
Section
12.08    Overholding—No Tacit Renewal 
 
If the Tenant remains in possession of the Leased Premises after the end of the Term without having signed a new lease or an extension of term agreement, there is no tacit renewal of this Lease or the Term, notwithstanding any
statutory provisions or legal presumptions to the contrary, and the Tenant will be deemed to be occupying the Leased Premises as a tenant from month-to-month at a monthly Basic Rent equal to twice the monthly amount of Basic Rent payable during the
last month of the Term, and otherwise, upon the same terms, covenants and conditions as are set forth in this Lease (including the payment of Additional Rent) so far as they are applicable to a monthly tenancy. 
 
Section 12.09    Limitation of Liability

 
 
Section 12.10    Force Majeure 
 
Notwithstanding anything in this Lease, if either party is bona fide delayed or hindered in or prevented from the performance of any term, covenant or act required hereunder by reason of strikes or labour troubles; inability to
procure materials or services; power failure; restrictive governmental Laws or regulations; riots; insurrection; sabotage; rebellion; war; act of God; or other reason whether of a like nature or not which is not the fault or within the reasonable
control of the party affected, then the performance of that term, covenant or act is excused for the period of the delay and the time for performing that term, covenant or act will be extended accordingly. However, the provisions of this Section do
not operate to excuse the Tenant from the prompt payment of Rent. 
 
Section 12.11    Notices 
 
Any notice, demand, request or other instrument required or permitted to be given under this Lease shall be in writing, and (a) if given by the Tenant to the Landlord shall be sufficiently given if delivered prepaid to the Landlord,
c/o Emerald Property Services Inc., 5945 AIRPORT ROAD, Suite 255, Mississauga, ON, L4V 1R9, and (b) if given by the Landlord to the Tenant shall be sufficiently given if delivered prepaid to the Tenant’s address at the Leased Premises, and
every such notice is conclusively deemed to have been given upon the date it was so delivered, or, if mailed by registered mail, three (3) days (excluding Saturday, Sunday and statutory holidays) after the date of mailing. If there is more than one
Tenant, any notice required or permitted by this Lease may be given by or to any one of them and has the same force and effect as if given by or to all of them. Either party may give written notice of any change of its address and thereafter the new
address is deemed to be the address of that party for the giving of notices. 
 
Section 12.12    Registration 
 
The Tenant will not allow or cause this Lease to be registered. If either party intends to register a document for the purpose only of giving notice of this Lease or of any assignment or sublease of this Lease, then, upon request,
both parties will join in the execution of a short form or notice of this Lease which will (a) be prepared by the Landlord or its solicitors at the expense of the requesting party, and (b) only describe the parties, the Leased Premises, the Term,
the Commencement Date, and any options to renew the Term. On or before the expiry or earlier termination of this Lease, the Tenant shall, if the Tenant was the requesting party, at its expense, remove from the title to the Lands, any short form or
notice of this Lease registered thereon. 
 
Section
12.13    Accrual of Basic Rent and Additional Rent 
 
Rent will be considered as annual and accruing from day-to-day based upon a three hundred and sixty-five (365) day calendar year and where it becomes necessary for any reason to calculate Rent for an irregular period of less than one
(1) year, an appropriate apportionment and adjustment will be made. 
 
Section 12.14    Compliance with the Planning Act 
 
It is a condition of this Lease that the subdivision control provisions of the applicable legislation in force in the Province of Ontario from time to time, be complied with if they apply. If the
provisions of such legislation do 
 

33 

apply, then until any necessary consent to this Lease is obtained, the Term (including any extensions thereof) and the Tenant’s rights
granted by this Lease are deemed to extend for a period only of twenty-one (21) years less one (1) day from the Commencement Date. 
 
Section 12.15    Quiet Enjoyment 
 
If the Tenant pays the Rent and observes and performs all its terms, covenants and conditions of this Lease, the Tenant will quietly hold and enjoy the
Leased Premises for the Term without interruption by the Landlord, unless otherwise provided under this Lease. 
 
Section 12.16    Corporate Tenancy 
 
If the Tenant is a corporation, the undersigned officers of the Tenant hereby warrant and certify to the landlord that (i) the Tenant is a corporation in good standing and duly incorporated and
organized under the laws of Ontario or, if incorporated in a jurisdiction other than Ontario, is a corporation in good standing and duly incorporated and organized under the Laws of that jurisdiction and is authorized to do business in Ontario and
(ii) that they, as such officers, are authorized and empowered to bind the corporation to the terms of this Lease by their signatures hereto. 
 
Section 12.17    Confidentiality 
 
The Tenant shall itself, and shall use its best efforts to ensure that those for whom the Tenant is in law responsible and its professional advisors, keep
confidential the provisions of this Lease. 
 
Section
12.18    Rights of Existing Tenants 
 
 
Section 12.19    Indemnity 
 
 
Section 12.20    Option to Renew 
 
See Schedule “D”. 
 
Section 12.21    Schedules 
 
Schedules “A” to “D” inclusive form part of and are
included in this Lease. 
 
ARTICLE
XIII.        SPECIAL PROVISIONS 
 
Section 13.01    Mechanical Installation 
 
The Landlord shall, at its expense, ensure that the Leased Premises and all mechanical, heating, air conditioning, plumbing and electrical equipment in the Leased Premises are in good repair and working order as of the
Commencement Date. 
 
Section
13.02    Parking 
 

	 (a)	  	 So long as the Tenant is in occupation of the whole of the Leased Premises and is not in default or breach of any of its covenants, obligations or agreements
contained in this Lease, the Landlord will make available to the Tenant for its use during the Term three (3) unreserved parking space(s) in such area of the Parking Facility to be designated by the Landlord from time to time and subject to
Landlord’s rules and regulations with respect to such Parking Facility. 

 

	 (b)	  	 The Tenant acknowledges that the Landlord is under no obligation to supervise or otherwise police the parking of vehicles in the Parking Facility, nor is the
Landlord liable for any damages or other losses howsoever caused to the vehicles of the Tenant and its employees or otherwise arising in respect of the Parking Facility. 

 
Section 13.03    Access 
 
Except in cases of emergency and subject to the Rules and Regulations, the Tenant shall have access to the Leased 

 

34 

Premises 24 hours a day each and every day of the year throughout the Term. 
 
IN WITNESS WHEREOF, the Landlord and the Tenant have signed and sealed this Lease as of the day and year first above
written. 
 
SIGNED, SEALED AND DELIVERED in the presence of:

 

	  AIRWAY CENTRE (PHASE I)
LIMITED

	
	  Per:
	  	   

	  	  	  Name:
  Title:

	  
	
	  Per:
	  	   

	  	  	  Name:
  Title:

 

	  We have authority to bind the Corporation.
   
   
   

	  WHITNEY CANADA INC.

	
	  Per:
	  	      /s/    Stephanie D.
Whiffen        

	  	  	  Name:  Stephanie D. Whiffen
  Title:    VP of Administration,
                Whitney Canada, Inc.

	  
	
	  Per:
	  	   

	  	  	  Name:
  Title:

	   
  We have authority to bind the
Corporation.

 

35 

 
SCHEDULE
“A” 
 
LEGAL DESCRIPTION OF
LANDS 
 
That certain parcel or tract of land and premises
situate, lying and being in the City of Mississauga, in the Regional Municipality of Peel, being composed of those parts of Lot 5, Concession 7, East of Hurontario Street, in the said City, designated as Parts 5, 6, 9, 10, 11 and 12 on plan of
survey prepared by Marshall Macklin Monaghan Ontario Limited, O.L.S., and deposited in the Land Registry Office for the Registry Division of Peel (No. 43) as Plan 43R-7479. 
 
SUBJECT TO an easement on and under said Part 6 on Reference Plan 43R-7479 in favour of Her Majesty The Queen in right of the
Province of Ontario as represented by the Minister of Transportation and Communications for the Province of Ontario, The Regional Municipality of Peel, The Hydro-Electric Commission of the City of Mississauga, The Consumers’ Gas Company,
Ontario Hydro, and The Bell Telephone Company of Canada in respect of utility services as more particularly described in a grant of easement registered in the said Land Registry Office on the 4th day of April, 1978 as No. 469581. 
 
SUBJECT ALSO to a right and licence in perpetuity in favour of Mississauga
Hydro-Electric Commission and Bell Canada to enter upon part of said Lot 5 as more particularly described in a Licence Agreement registered in the said Land Registry Office on the 14th day of August, 1979 as No. 524985 for the purpose of
constructing, repairing, replacing, inspecting, operating, maintaining and extending thereon their respective Plant, subject as provided in the said Licence Agreement. 
 
SUBJECT ALSO to a right-of-way over, long and upon said Part 10 on Plan 43R-7479 for the benefit of the owners from time to
time of those parts of said Lot 5 designated as Parts 1, 2, 3, 4, 7 and 8 on Plan 43R-7479. 
 
SUBJECT ALSO to a right and easement in perpetuity in favour of Bell Canada over, along and upon that part of said Lot 5 designated as Parts 1, 2, 3, 4, 5 and 6, Reference Plan 43R-7764 as set out in
Instrument No. 568964. 
 
SUBJECT ALSO to a right and easement in
perpetuity in favour of Mississauga Hydro-Electric Commission to enter onto Parts 8 and 9, Reference Plan 43R-16159 for the purposes set out in Instrument No. 976956. 
 
TOGETHER WITH an easement for storm sewer purposes on and under those parts of said Lot 5 designated as Parts 2 and 8 on Plan
43R-7479. 
 
TOGETHER WITH a right-of-way in common with others
entitled thereto over, along and upon said Lot 5 designated as Parts 13, 21 and 22, Reference Plan 43R-13291 as set out in Instrument No. 817778. 
 
TOGETHER WITH a right-of-way in common with others entitled thereto over, along and upon said Lot 5 designated as Parts 6, 10 and 17, Reference Plan
43R-13291 as set out in Instrument No. 817778. 
 
TOGETHER WITH a
right-of-way in common with others entitled thereto over, along and upon said Lot 5 designated as Parts 5 and 9, Reference Plan 43R-13291 as set out in Instrument No. 817778. 

 
SCHEDULE
“B” 
 
FLOOR PLAN

 
SCHEDULE
“C” 
 
RULES AND REGULATIONS

 
The Tenant shall observe the following Rules and Regulations
(as amended, modified or supplemented from time to time by the Landlord as provided in this Lease): 
 

	 1.	  	 The sidewalks, entrances, elevators, stairways and corridors of the Building shall not be obstructed or used by the Tenant, its agents, servants, contractors,
invitees or employees for any purpose other than access to and from the Leased Premises. 

 

	 2.	  	 The Tenant shall not permit in the Leased Premises any cooking or the use of any apparatus for the preparation of food or beverages (except the use of coffee
makers, kettles, microwave ovens or refrigerators or where the Landlord has approved of the installation of cooking facilities as part of the Tenant’s Leasehold Improvements). 

 

	 3.	  	 The floors, sky-lights and windows that reflect or admit light into passageways or into any place in the Building shall not be covered or obstructed by the Tenant,
and no awnings shall be put over any window. 

 

	 4.	  	 The toilets, sinks, drains, washrooms and other water apparatus shall not be used for any purpose other than those for which they were constructed, and no
sweepings, rubbish, rags, ashes or other substances, such as chemicals, solvents, noxious liquids or pollutants shall be thrown therein, and any damage resulting to them from misuse shall be borne by the Tenant by whom or by whose employees, agents,
servants, contractors or invitees the damage was caused. 

 

	 5.	  	 In the event that the Landlord provides and installs a Public Directory Board inside the Building, the Tenant’s name shall be placed on the said Board at the
expense of the Landlord. 

 

	 6.	  	 The Tenant shall not perform any acts or carry on any activity which may damage the Leased Premises or the common areas or be a nuisance to any other Tenant.

 

	 7.	  	 Any hand trucks, carry-alls, or similar appliances used in the Building shall be equipped with rubber tires, side guards and other such safeguards as the Landlord
shall require. 

 

	 8.	  	 The Tenant shall provide the Landlord with a key to the Premises and the code for any security device and the current names, addresses and telephone numbers of two
(2) authorized employees of the Tenant who may be contacted by the Landlord in the event of an emergency relative to the Leased Premises. 

 

	 9.	  	 All Persons entering and leaving the Building at any time other than Normal Business Hours shall register in the books kept by the Landlord at or near such entrance
or entrances designated by the Landlord and the Landlord will have the right to prevent any Person from entering or leaving the Building unless provided with a key to the Leased Premises to which such Person seeks entrance and a pass in a form to be
approved by the Landlord and provided at the Tenant’s expense. 

 

	 10.	  	 The Tenant shall not permit or allow its servants, agents, employees, invitees, licensees, guests or anyone for whom the Tenant is in law responsible to smoke
cigarettes, cigars, pipes or any other tobacco product in or about the Common Areas and Facilities or within the Leased Premises pursuant to restrictions imposed by any Laws. 

 

	 11.	  	 No animals or birds shall be brought into the Building or kept on the Leased Premises. 

 

	 12.	  	 The Tenant shall not mark, drill into, bore or cut or in any way damage or deface the walls, ceilings or floors of the Leased Premises provided that the Tenant
shall be entitled to hang pictures and decorate. No wires, pipes or conduits shall be installed in the Leased Premises without prior written approval of the Landlord. No broadloom or carpeting shall be affixed to the Leased Premises by means of a
non-soluble adhesive or similar products. 

 

	 13.	  	 No one shall use the Leased Premises for sleeping apartments or residential purposes, for the storage of personal effects or articles other than those required for
business purposes, or for any illegal purpose. 

 

	 14.	  	 The Tenant shall not use or permit the use of any objectionable advertising medium such as, without limitation, loudspeakers, public address systems, sound
amplifiers, radio, broadcast or television apparatus within the Building which is in any manner audible or visible outside of the Leased Premises. 

 

	 15.	  	  The Tenant must observe strict care not to allow windows to remain open so as to admit rain or snow, or so as to interfere with the heating of the Building. The
Tenant neglecting this rule will be responsible for any 

	  	 
 damage caused to the property of other tenants, or to the property of the Landlord, by such carelessness. The Tenant, when closing the
Leased Premises, shall close all windows and lock all doors. 

 

	 16.	  	 The Tenant shall not without the express written consent of the Landlord, place any additional locks upon any doors of the Leased Premises and shall not permit any
duplicate keys to be made therefor; but shall use only additional keys obtained from the Landlord at the expense of the Tenant, and shall surrender to the Landlord on the termination of the Lease all keys of the Leased Premises.

 

	 17.	  	 No inflammable oils or other inflammable, toxic, dangerous or explosive materials shall be kept or permitted to be kept in or on the Leased Premises.

 

	 18.	  	 No bicycles or other vehicles shall be brought within the Leased Premises or upon the Landlord’s property, including any lane or courtyard, unless otherwise
agreed in writing. 

 

	 19.	  	 Nothing shall be placed on the outside of the windows or projections of the Leased Premises. No air-conditioning equipment shall be placed at the windows of the
Leased Premises without the consent in writing of the Landlord. 

 

	 20.	  	 The moving of all heavy equipment and office equipment or furniture shall occur only between 6:00 p.m. and 8:00 a.m. or any other time consented to by the Landlord
and the persons employed to move the same in and out of the Building must be acceptable to the Landlord. Safes and other heavy equipment shall be moved through the Leased Premises and common areas only upon steel bearing plates. No deliveries
requiring the use of an elevator for freight purposes will be received into the Building or carried in the elevators, except during hours approved by the Landlord. 

 

	 21.	  	 Canvassing, soliciting and peddling in the Building is prohibited. 

 

	 22.	  	 The Tenant shall first obtain in writing the consent of the Landlord to any alteration or modification to the electrical system in the Leased Premises and all such
alterations and modifications shall be completed at the Tenant’s expense by an electrical contractor acceptable to the Landlord. 

 

	 23.	  	 The Tenant shall first obtain in writing the consent of the Landlord to the placement by the Tenant of any garbage containers or receptacles outside the Leased
Premises or Building. 

 

	 24.	  	 The Tenant shall not install or erect on or about the Leased Premises television antennae, communications towers, satellite dishes or other such apparatus.

 

	 25.	  	 The Landlord shall have the right to make such other and further reasonable rules and regulations and to alter, amend or cancel all rules and regulations as in its
judgement may from time to time be needed for the safety, care and cleanliness of the Building and for the preservation of good order therein and the same shall be kept and observed by the Tenant, its employees, agents, servants, contractors or
invitees. The Landlord may from time to time waive any of such rules and regulations as applied to particular tenants and is not liable to the Tenant for breaches thereof by other tenants. 

 

2 

 
SCHEDULE
“D” 
 
OPTION TO RENEW

 
Provided that the Tenant is the original
Tenant and is itself in possession of and conducting its business in the whole of the Leased Premises in accordance with the terms of this Lease and further provided that the Tenant is not, either at the time of exercise of the right of renewal or
at the commencement of the renewal term, in default of payment of Rent or any of its other obligations under the Lease, then the Tenant shall have the right, upon giving the Landlord not less than Six (6) months notice prior to the expiration of the
Term to renew the Term for one (1) further period of Five (5) years (the “Renewal Term”) on the same terms and conditions as are contained in the Lease, except that: 
 

	  	 (i)	  	 the annual rate of Basic Rent payable by the Tenant during any Renewal Term shall be the then current fair market rent for similar premises in comparable buildings
in the vicinity of the Leased Premises having regard to improvement allowances, turnkey packages, the quality of existing leasehold improvements and/or cash inducements given by landlords to achieve such rent which rent shall be negotiated between
the Landlord and the Tenant at that time. If the then current market rent is not agreed upon by the Landlord and Tenant prior to the expiry of the Term, the then current market rent shall be determined under binding arbitration pursuant to the
provisions of the Arbitration Act of Ontario. The Landlord and Tenant will each pay one half of the fees and expenses of the arbitrator and all other costs of arbitration. If a final decision under the arbitration is not reached before the
beginning of the renewal term, the Tenant will continue to pay on account, in equal monthly instalments, Rent paid by the Tenant for the last month of the Term. Upon release of the arbitrator’s decision, the Landlord and the Tenant shall adjust
for the Basic Rent by the Tenant prior to the release of such decision; 

 

	  	 (ii)	  	 there shall be no further right to renew the Term; 

 

	  	 (iii)	  	 the Landlord may, at its option, require that the Tenant enter into an agreement prepared by the Landlord to give effect to the Renewal Term;

 

	  	 (iv)	  	 no tenant’s allowance, inducement or other payment of a similar nature shall be payable by the Landlord to the Tenant in any renewal term except as may be
negotiated at that time; and 

 

	  	 (v)	  	 if the Tenant fails to exercise its rights to renew within the time limited in this Schedule, then the renewal rights shall be null and void and the Tenant shall
have no further rights of renewal with respect to the Leased Premises.Utah Office Lease

Exhibit 10.02 
 
COMMERCIAL LEASE 
 
THIS LEASE (the “Lease”) dated this 18th Day of September 2001 is entered into by and between DRAPER BUSINESS PARK, L.C., a Utah Limited Liability Company (“Landlord”), and
WHITNEY CONSULTING SERVICES, a Wyoming Corporation (“Tenant”). 
 
1.    PREMISES. 
 
(a)    Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, for the term and subject to the terms and conditions hereinafter set forth, to each and all of which Landlord and Tenant hereby
mutually agree, those certain premises (the “Premises”) generally shown on Exhibit A (site-plan) attached hereto, which include approximately 6,840 Rentable square feet. The location of the Premises is commonly known as: 12244 South
Business Park Drive, Suite 230, Draper, UT 84020, Building #7 (“Building”). 
 
(b)    In addition, the Premises shall include the appurtenant right to use, in common with others, the site, parking and landscaped areas, Landlord shall provide Tenant 5
Non-reserved parking stalls per 1,000 Usable square feet of Premises in the adjacent parking lots of the Premises. 
 
(c)    Acceptance of Premises.    Unless otherwise notified by Tenant within thirty (30)
days of taking possession, by entry hereunder Tenant accepts the Premises as being in the condition in which Landlord is obligated to deliver the Premises. Tenant shall at the end of the term and any extension herein surrender to Landlord the
Premises and all alterations, additions and improvements thereto in the same condition as when received; ordinary wear and tear, damage by fire, earthquake, or act of God excepted. Landlord has no liability and has made no representation to alter,
improve, repair, or paint the Premises or any part thereof, except as specified in Article 2(c), 2(d) & 6 herein. 
 
2.    TERM, OPTION, TENANT IMPROVEMENTS. 
 
(a)     Lease Term.    The initial Lease Term shall be five
(5) years and is anticipated to commence November 1, 2001 (“Commencement Date”). 
 
(b)     Option.    Provided that Tenant is not in default under the Lease, and not later than one hundred eighty (180) days prior to expiration of the
Lease or any extension period herein, Tenant may by written notice to Landlord extend the Lease by exercising a 5 year option on a timely basis. Tenant shall possess the Premises during the option period upon the same terms and conditions of the
Lease, except that Base Rent under Article 4(a) herein will be adjusted for the option period to the year 5 base rent rate plus a percent equal to the U.S. Consumer price index not to exceed 4% (for calculation purposes in determining the starting
rate for the extension period the indexes to be used will be the 9th month of year four to the ninth month of

 

1 

year 5 of the lease) the then fair market rate for similar space in similar condition in the surrounding area. During the option period base
rent shall increase four percent (4%) annually for the remaining four years. 
 
(c)    Base Building Improvements.    Landlord has constructed and installed the Building’s roof and structural elements (“Shell”),
provided basic utility access to and an initial HVAC unit for the Premises, and has construct the common areas of the Premises and Building, as more specifically outlined in Exhibit B—Base Building Improvements (collectively “Base Building
Improvements”). 
 
(d)    Tenant Improvements.    Tenant accepts the premises in an “as is” condition at the execution of the Lease, except that the Landlord shall install missing floor base,
repair walls as needed and repaint entire space, and repair, clean and shampoo carpets. Landlord will provide a wiring allowance of $15,000 to upgrade the wiring within the suite. Wiring allowance will be applied by credit off sets to rent of
$5,000.00 each in the months of October, November and December 2001. 
 
(e)    Substantial Completion of Tenant Improvements. – 
 
This section has been intentionally omitted. 
 
(f)    First Right to Lease.    Tenant is hereby granted the
following right of first right to lease space in the Draper Business Park. If Tenant should desire additional space, Tenant shall notify Landlord in writing of the amount of space desired. Within ten (10) days Landlord shall advise what space is
available meeting Tenant’s request and the fair market rental value of such space. (Landlord may exclude space which is not suitable or economic to modify or reduce in size to the area specified by Tenant.) Tenant shall, within five (5) days,
give written notice if Tenant elects to take the additional space. Landlord and Tenant shall enter into a written lease, substantially in the form of this Lease, for the additional space, including rent increases annually Landlord, at its election,
may require that the term of the lease on the new space coincide with the term of this Lease or on the date of increase under the Lease, at Landlord election. 
 
3.    NON-OCCUPANCY OF IMPROVED SPACE. 
 
In the event Tenant does not occupy the Premises and fails to pay Rents as required in Article 4 of the
Lease, all Tenant Improvements become due and payable upon invoicing by Landlord. Further, such invoicing by Landlord does not waive any other rights or remedies Landlord may have against Tenant for failure to occupy. 
 
4.    RENT. 
 
(a)    Base
Rent.    Base Rent shall be $10.75 Per Rentable sq. Ft. for the first 6 months and $11.00 Per Rentable sq. Ft. for the last 6 months of the first year; with an annual escalation of 4% annually for the remaining years 2, 3, 4,
and 5, (based on 6840 Rentable sq. Ft., numbers 

 

2 

rounded to 2 decimal places) calculated as follows: 
 

	  YEAR

	  	  RENT/SQ FT.

	  	  ANNUAL BASE RENT

	  	  MONTHLY BASE RENT

	  Year 1 mo. 1-6
	  	  $10.75/rent sq. Ft.
	  	  $36,765.00
	  	  $6,127.50

	  Year 1 mo. 7-12
	  	  $11.00/rent sq. Ft.
	  	  $37,620.00
	  	  $6,270.00

	  Year 2
	  	  $11.44/rent sq. Ft.
	  	  $78,249.60
	  	  $6,520.80

	  Year 3
	  	  $11.90/rent sq. Ft.
	  	  $81,379.56
	  	  $6,781.63

	  Year 4
	  	  $12.37/rent sq. Ft.
	  	  $84,634.80
	  	  $7,052.90

	  Year 5
	  	  $12.87/rent sq. Ft.
	  	  $88,020.12
	  	  $7,335.01

 
payable in
advance each month on or before the 1st day of each month during the duration of the Lease, with the first such monthly rental payment and security deposit (see section 33) being due upon the execution of the Lease. Any partial months
shall be prorated accordingly. Base Rent will be increased (approximately 4% annually) during the Lease Term, as indicated in the schedule above, and during any Option period (after adjustment to fair market value at beginning of any Option period).
All Base Rent and Additional Rent (collectively “Rents”) shall be paid as follows, unless otherwise directed in writing: Draper Business Park, L.C.; 12257 So Business Park Drive Suite 110, Draper, UT 84020. 
 
(b)     Additional
Rent.    All obligations payable by Tenant under the Lease other than Base Rent are called “Additional Rent”. Unless otherwise provided, Additional Rent shall be paid with the next monthly installment of Base Rent
upon invoicing from Landlord. 
 
(c)    Interest, Late Charges, Costs and Attorney’s Fees.    If Tenant fails to pay within five (5) days of the date due any Rents which Tenant is obligated to pay under the Lease,
the unpaid amount shall bear interest at ten (10%) percent per annum. Tenant acknowledges that any late payments of Rents shall cause Landlord to lose the use of that money and incur costs and expenses not contemplated under the Lease, including
without limitation administrative, collection and accounting costs, the exact amount of which is difficult to ascertain. Therefore, in addition to interest, any payments not received by Landlord within five (5) days from the date it is due, Tenant
shall also pay Landlord a late charge equal to five (5%) percent of the late Rents. Further, as Additional Rent, Tenant shall be liable to Landlord for costs and attorneys’s fees incurred as a result of late payments or non-payments. Acceptance
of any interest, late charge, costs or attorneys’ fees shall not constitute a waiver of any default by Tenant nor prevent Landlord from exercising any other rights or remedies under the Lease or at law. 
 
5.    USE. 
 
(a)    The Premises shall be used for
general office purposes, and any other lawful purpose incidental to Tenant’s business, and no other, unless consented to in writing by Landlord. Tenant shall not do or permit to be done in or about the Premises or Building anything 

 

3 

which is prohibited by or in any way in conflict with (in the case of hazardous materials, Tenant shall notify Landlord of any such materials
and shall ensure that any such hazardous material is properly controlled, safeguarded, and disposed of) any and all laws, statutes, ordinances, rules and regulations now in force or which may hereafter be enacted or promulgated or which is
prohibited by the standard form of fire insurance policy, or which will increase the existing rate of or affect any fire or other insurance upon the Premises or Building or any of its contents, or cause a cancellation of any insurance policy
covering the Premises or Building or any part thereof or any of its contents. Tenant shall not do or permit anything to be done in or about the Premises or Building which will in any way violate Rules or Regulations reasonably promulgated by
Landlord throughout the Lease, obstruct or interfere with the rights of other tenants, or injure them or use or allow the Premises or Building to be used for any improper, immoral, or unlawful purpose, nor shall Tenant cause, maintain or permit any
nuisance, in, on or about the Premises of Building or commit or suffer to be committed any waste in, on or about the Premises or Building. 
 
(b)    Tenant shall not use the name of the Building in which the Premises are located, in connection with any
business carried on in said Premises (except as Tenant’s address) without written consent of Landlord. 
 
(c)    Tenant shall not manufacture, assemble or store materials inside the common areas outside of Building.

 
6.    LANDLORD’S
SERVICES. 
 
Landlord, at its sole expense, is
only responsible to maintain the Shell and roof of the Premises and Building. All other operating services, including but not limited to repairs, maintenance, common area utilities, tenant utilities, common area janitorial, mutually-agreed tenant
janitorial, sewer and garbage, insurance, taxes, and property management on the Premises, Building, and common areas shall be coordinated by Landlord, but are the financial responsibility of the Tenant through prorated Operating Expenses as more
fully outlined in Article 7 herein. 
 

	 7.	  	 OPERATING EXPENSES—REPAIRS, MAINTENANCE, INSURANCE, TAXES AND PROPERTY MANAGEMENT. 

 
Since the Premises is part of a Building or group of
buildings, Tenant is responsible for a prorated share of Operating Expenses, including but not limited to repairs, maintenance, common area utilities, tenant utilities, common area janitorial, mutually-agreed tenant janitorial, sewer and garbage,
insurance, taxes, and property management incurred in the operation and management of the Premises, Building, and common areas as shall be reasonably determined by the Landlord. Proration shall be on a square footage basis with all other tenants and
Tenant’s proration shall be calculated by multiplying the Operating Expenses by an equation, the numerator being the Rentable square feet of the Premises and the denominator being the total 
 

4 

Rentable square feet of the Building. The Operating Expenses shall be prorated to Tenant and be payable by Tenant as Additional Rent on a
monthly basis. Further, the following terms and conditions apply: 
 
(a)    Tenant’s prorated share of the Operating Expenses shall be computed and paid in twelve (12) equal monthly estimated payments as determined in the Landlord’s reasonable discretion. Such
Additional Rent shall be paid by Tenant on or before the 1st day of each month with Base Rent. As soon as reasonably possible, but in any event within ninety (90) days following the end of each calendar year. Landlord shall furnish to Tenant a
statement showing the Premises’ and Building’s actual Operating Expenses for the preceding calendar year. In the case of a deficiency, Tenant shall remit within thirty (30) days of notice thereof its prorata share of such deficiency to
Landlord. In the case of a surplus, Landlord shall apply said surplus to the next Additional Rent due from Tenant. 
 
(b)    Right to Review.    Tenant may review at his sole cost and expense any Operating
Expenses prorated to Tenant by Landlord, including assessed Real Estate Taxes as may be statutorily allowed. Landlord shall make available the applicable Operating Expenses’ invoices and statements. However, any such review must be requested
and completed within sixty (60) days of receipt of the annual statement. 
 
8.    ALTERATIONS. 
 
(a)    Tenant will not make or suffer to be made any alterations, additions or improvements in excess of $1,000, excluding the initial Tenant Improvements, (collectively “Alterations”) to or
upon the Premises, Building, or any part thereof, or attach any fixtures or equipment thereto, without first obtaining Landlord’s written approval, which shall not be unreasonably withheld or delayed. Any Alterations to or upon the Premises
shall be made by Tenant at Tenant’s sole cost and expense and any contractor selected by Tenant to make the same shall be subject to Landlord’s reasonable prior written approval. All such Alterations permanent in character, made in or upon
the Premises either by Tenant or Landlord, may at the option of Landlord, become Landlord’s property and, at the end of the term or any extension hereof, shall remain on the Premises without compensation to Tenant unless Landlord requests that
Tenant remove any such Alterations. Notwithstanding the above, Tenant’s work stations and other items of personal property shall remain Tenant’s property. 
 
(b)    Any Alterations shall, when completed, be of such a character as not to lessen the
value of the Premises or improvements as may be located thereon. Any Alterations shall be made promptly, in a workmanlike manner, and in compliance with all applicable permits, building and zoning laws, and with all other laws, ordinances, orders,
rules, regulations and requirements of all federal, state and municipal governments, departments, commissions, boards and offices. The costs of any Alterations shall be paid by Tenant, so that the Premises be free of liens for services performed,
labor and material supplied or claimed to have been supplied. Before any Alterations shall be commenced, Tenant shall pay any increase in premiums on 
 

5 

insurance policies (provided for herein) or ensure adequate coverage is in place for all risks related to the construction of such
Alterations and the increased value of the Premises. 
 

6 

 
9.    PERSONAL PROPERTY & SIGNAGE. 
 
Placement of signs on the exterior of the Building or monument, including the type, size, and lighting of signs and the location and availability of space for signs, must be approved in writing by
Landlord Prior to their installation, however, Landlord shall permit Tenant to transfer existing signage from Building 5 to Building 7 and place signage in similar location as on Building 5. Such personal property must be removed at the end of the
Term of the Lease, any Option period herein, or upon Tenant’s failing to have possession of the Premises. 
 
10.    LIENS. 
 
Tenant shall keep the Premises and the Building free from any mechanics’ and/or materialmen’s liens or other liens arising out of any work performed, materials furnished or obligations
incurred by Tenant. Tenant shall notify Landlord in writing at least seventy-two (72) hours before any work or activity is to commence on the Premises which may give rise to such liens to allow Landlord to post and keep posted on the Premises any
notices which Landlord may deem to be proper for the protection of Landlord and the Premises from such liens. 
 
11.    DESTRUCTION OR DAMAGE. 
 
(a)    If the Premises is partially damaged by fire, earthquake, or other Act of God, Landlord shall repair the same
at Landlord’s expense, subject to the provision of the Article and provided such repairs can, in Landlord’s reasonable opinion, be made within sixty (60) days. During such repairs, the Lease shall remain in full force and effect, except
that if there shall be damage to the Premises and such damage is not the result of the negligence or willful misconduct of Tenant. Tenant’s employees, agents, or invitee’s, an abatement of Rents shall be allowed Tenant for such portion of
Premises and period of time as the Premises was unusable by Tenant. 
 
(b)    If in Landlord’s reasonable opinion the partially damaged Premises can be repaired, but not within sixty (60) days, the Landlord may elect, upon written notice to Tenant within thirty (30)
days of such damages, to repair such damages over a longer time period and continue the Lease in full force and effect, but with Rents partially abated as provided in Article 11(a). In the event such repairs cannot be made within sixty (60) days,
Tenant shall have the option to terminate the Lease provided that written notice is given to Landlord within thirty (30) days of receipt of Landlord’s notice stated in this paragraph. 
 
(c)    If the partially damaged Premises is to be repaired under this Article, Landlord
shall repair such damages to the Premises itself, and to the Tenant Improvements supplied by Landlord herein. Except in the event of Landlord’s gross negligence or willful misconduct, Tenant shall be responsible for Tenant’s equipment,
furniture and fixtures, and other alteration, additions and improvements made by Tenant to the Premises and Building. 
 

7 

 
(d)    If in Landlord’s reasonable opinion, the Premises is totally or substantially destroyed by fire or other casualty, the Lease shall terminate upon notice by Landlord. 
 
12.     SUBROGATION. 
 
Landlord and Tenant shall each prior to Tenant’s taking
possession or immediately after the execution of the Lease, procure from each of the insurers under all policies of fire, theft, public liability, workmen’s compensation and other insurance now or hereafter existing during the term and any
extension hereof and purchased by either of them insuring or covering the Premises and/or Building or any portion thereof or operations therein, a waiver of all rights of subrogation which the insurer might otherwise, if at all, have against the
other. 
 
13.    INDEMNIFICATION

 
Tenant and Landlord hereby agree to
indemnify and hold the other party harmless from any damage to any property, including the release of any hazardous materials, or injury to or death of any person arising from the use of the Premises, Building, or common areas by Tenant or the
ownership, management or maintenance of the Premises, Building, or common areas by Landlord, except such as is caused by reason of the negligent or willful act of the other party, its agents, employees or contractors. The foregoing indemnity
obligation of Tenant and Landlord shall include reasonable fees, investigation costs and all other reasonable costs and expenses incurred by Landlord or Tenant from the first notice that any claim or demand is made, except in the event of the other
party’s negligence or willful misconduct. The provisions of this Article shall survive the Lease’s termination with respect to any damage, injury or death occurring prior to such termination. 
 
14.    COMPLIANCE WITH LEGAL REQUIREMENTS.

 
Tenant shall, at its sole cost and expense,
promptly comply with all laws, statutes, ordinances and governmental rules, regulations or requirements now in force or which may hereafter by in force, the requirements of any board of fire underwriters or other similar body now or hereafter
constituted, any direction or occupancy certificate issued pursuant to any law by any public officer or officers, as well as the provisions of all recorded documents affecting the Premises, (collectively the “Applicable Laws”), insofar as
any thereof relate to or affect the use of occupancy of the Premises, Building, or common areas, excluding requirements of structural changes now related to or affected by improvements made by or for Tenant. 
 
Landlord shall, at its sole cost and expense, promptly comply
with all Applicable Laws, including the American with Disabilities Act (“ADA”), insofar as any thereof relate to or affect Landlord’s obligations under the Lease, or its ownership of the Premises, Building, or common areas, except for
Tenant’s requirements in the immediately preceding paragraph herein. 
 

8 

 
15.    INSURANCE. 
 
(a)    Commercial General Liability.    Tenant shall maintain a Commercial General Liability policy including all coverages normally provided therein. Such policies shall specifically
name Landlord as an addition insured, with a cancellation period of thirty (30) days prior written notice of a cancellation. A Certificate of Insurance shall be provided to Landlord. All policies of insurance shall be issued by responsible insurance
companies licensed to do business in the State of Utah. 
 
The minimum limits of coverage acceptable are: 
 

	  	 (i)	  	 $2,000.000 Each Occurrence Combined Single Limit for Bodily Injury and Property Damage, 

        And 

	  	 (ii)	  	 $5,000,000 Annual Aggregate 

 
(b)    Premises and Building Insurance.    Landlord shall insure the Premises and Building,
including Landlord supplied Shell and Tenant Improvements, as deemed necessary in Landlord’s reasonable discretion. Tenant shall pay for such insurance as outlined in Article 7 herein, involving Tenant’s prorated share of Operating
Expenses. All policies of insurance shall be issued by responsible insurance companies licensed to do business in the State of Utah. 
 
(c)    Tenant’s Additional Insurance.    Tenant may, at its sole cost and expense,
cause all equipment, machinery, furniture and fixtures, personal property, and Tenant Improvements supplied by Tenant from time to time used or intended to be used in connection with the operation and maintenance of the Premises, to be uninsured by
Tenant against loss or damage. Except for losses caused by Landlord’s gross negligence or willful misconduct. Landlord is in no way liable for any uninsured Tenant’s property. 
 
16.    ASSIGNMENT AND SUBLETTING 
 
In the event Tenant should desire to assign the Lease or sublet the Premises. Tenant shall give Landlord
written notice of such desire at least ninety (90) days in advance of the date on which Tenant desires to make such assignment of sublease. Landlord shall then have a period of thirty (30) days following receipt of such notice within which to notify
Tenant in writing that Landlord elects either (i) to terminate the Lease as of the date so specified by Tenant, in which event Tenant will be relieved of all further obligations hereunder, or (ii) to permit Tenant to assign or sublet such space,
subject to prior written approval of the proposed assignee by Landlord, such consent not to be unreasonably withheld or delayed, so long as the use of the Premises by the proposed assignee would be a permitted use and the proposed assignee is of
sound financial condition as reasonably determined by Landlord. If Landlord should fail to notify Tenant in writing of such election within said thirty (30) day period, Landlord shall have deemed to have waived option (i) above, but written approval
by Landlord of the proposed 
 

9 

assignee shall still be required. Failure by Landlord to approve a proposed assignee shall not cause a termination of the Lease. Any rents or
other consideration realized by Tenant under any such sublease and assignment in excess of the Rents hereunder, after amortization of the reasonable costs of extra tenant improvements for which Tenant has paid and reasonable subletting and
assignment costs, shall be divided and paid ninety (90%) percent to Landlord and ten (10%) percent to Tenant. 
 
Notwithstanding the above, Tenant shall have the right to sublease or assign all or any portion of the Premises during the Term or any
Option period to any related entity, subsidiary, or affiliate of Tenant, having at least fifty-one (51%) percent direct common ownership, without having to receive Landlord’s consent, but still requiring written notice to Landlord on or before
such sublease or assignment. No assignment or subletting by Tenant shall relieve Tenant of any obligation under the Lease. Any assignment or subletting which conflicts with the provisions hereof shall be void. 
 
17.    RULES. 
 
Tenant shall faithfully observe and comply with all Rules and
Regulations reasonably promulgated by Landlord, in writing and after reasonable notice, during the Term or any Option period herein. Landlord must apply rules equitably against all Tenants, but shall not be responsible to Tenant for the
non-performance by other Building tenants, or adjacent buildings’ tenants, of any of said Rules and Regulations. 
 
18.    ENTRY BY LANDLORD. 
 
The Landlord may enter the Premises or Building at reasonable hours and upon 24 hours written notice to Tenant to (a) inspect the same,
(b) show the same to prospective (i) purchasers and lenders, and (ii) tenants within 180 days of expiration of lease provided Tenant has not exercised its option to extend said Lease pursuant to paragraph 2.B. thereof unless Tenant is in default on
this Lease pursuant to Section 19, (c) determine whether Tenant is complying with all of Tenant’s obligations hereunder, (d) post notices of non-responsibility or (e) make repairs required of Landlord under the Lease, repairs to adjoining space
or utility service, or make repairs, alterations or improvements to the Building, provided that all such work shall be done as promptly as possible and with as little interference to Tenant as reasonably possible. Tenant hereby waives any claim for
damages for any inconvenience to or interference with Tenant’s business, any loss of occupany or quiet enjoyment of the Premises occasioned by such entry. Landlord shall at all times have and retain a key to unlock all doors in, on or about the
Premises (excluding Tenant’s vaults, safes and similar areas designated in writing by Tenant). In the event of any emergency, Landlord shall have the right to use any and all means which Landlord may deem proper to enter the Premises, without
notice, for the limited purpose of abating as possible said emergency. Such emergency entrance shall not be construed or deemed to be a forcible or unlawful entry into or a detainer of the Premises or an eviction, actual or constructive, of Tenant
from the Premises, or any portion thereof. 
 

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19.    EVENTS OF DEFAULT. 
 
The occurrence of any one or more of the following events (“Events of Default”) shall constitute a breach of the Lease by Tenant: (a) if Tenant fails to pay Rents when and as the same becomes due and payable and
such failure continues for more than ten (10) business days after written notice of Landlord, or (b) if Tenant fails to pay any other sum when and as the same becomes due and payable and such failure continues for more than ten (10) business days
after receipt of written notice thereof; or (c) if Tenant fails to perform or observe any material term or condition of the Lease, such failure continues for more than thirty (30) days after written notice from Landlord, and Tenant does not within
such period begin with due diligence and dispatch the curing of such default, or, having so begun, thereafter fails or neglects to complete with due diligence and dispatch the curing of such default; or (d) if Tenant shall make a general assignment
for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due or shall file a petition in bankruptcy, or shall be adjudicated as bankrupt or insolvent, or shall file a petition seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting or shall fail timely to contest the material allegations of a petition
filed against it in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or any material part of its properties; or (e) if within thirty (30) days after the commencement of
any proceeding against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or
if, within thirty (30) days after the appointment without the consent or acquiescence of Tenant, or any trustee, receiver or liquidator of Tenant or of any material part of its properties, such appointment shall not have been vacated; or (f)
vacation or abandonment of the Premises for a continuous period in excess of fifteen (15) days or, (g) if the Lease or any estate of Tenant hereunder shall be levied upon under any attachment or execution and such attachment or execution is not
vacated within ten (10) days or receipt thereof by Tenant. 
 
20.    TERMINATION UPON TENANT’S DEFAULT. 
 
If an Event of Default shall occur, Landlord at any time thereafter may give a written termination notice to Tenant, and on the date specified in such notice (which shall not be less than three (3)
business days after service) Tenant’s right to possession shall terminate and the Lease shall terminate, unless on or before such date all Rents, arrearages and other sums due by Tenant under the Lease, including reasonable costs and
attorneys’ fees incurred by or on behalf of Landlord, shall have been paid by Tenant and all other Events of Default by Tenant shall have been fully cured to the satisfaction of Landlord. Upon such termination, Landlord may recover 

 

11 

 
from Tenant: 
 
(a)    the worth at the
time of award of the unpaid Rents which had been earned at the time of termination; plus 
 
(b)    the worth at the time of award of the amount by which the unpaid Rents which would have been
earned after termination until the time of award exceeds the amount of such Rents loss that Tenant proved could have been reasonably avoided; plus 
 
(c)    the worth at the time of award of the amount by which the unpaid Rents for the balance of the
term of the Lease after the time of award exceeds the amount of such Rents loss that Tenant proves could be reasonably avoided; and plus 
 
(d)    any other amount reasonably necessary to compensate Landlord for all the detriment proximately
caused by Tenant’s failure to perform its obligations under the Lease or which in the ordinary course of things would be likely to result therefrom; and/or 
 
(e)    At Landlord’s elections, such other amounts in addition or in
lieu of the foregoing as may be permitted from time to time herein or by applicable law. 
 
The “worth at the time of award” of the amounts referred to in clauses (a) and (b) above is computed by allowing interest at the rate of 10% per annum. The “worth at the time of
award” of the amount referred to in clause (c) above means the monthly sum of the Rents under the Lease. Failure of Landlord to declare any default immediately upon occurrence thereof, or delay in taking any action in connection therewith,
shall not waive such default, but Landlord shall have the right to declare any such default at any time thereafter. 
 
21.    CONTINUATION AFTER DEFAULT. 
 
Even though Tenant has defaulted the Lease and abandoned the Premises, the Lease shall continue in effect as long as Landlord does not
terminate Tenant’s right to possession, and Landlord may enforce all of its rights and remedies under the Lease, including the right to recover the Rents as they become due under the Lease. Acts of maintenance or preservation or efforts to
relet the Premises or the appointment of a receiver upon initiative of Landlord to protect Landlord’s interest under the Lease shall not constitute a termination of Tenant’s right to possession. If any fixture, equipment, improvement,
installation or appurtenance shall be required to be removed from the Premises and/or Building by Tenant, then Landlord (in addition to all other rights and remedies) may, at its election by written notice to Tenant, deem that the same has been
abandoned by Tenant to Landlord, or Landlord may remove and store the same and restore the Premises to its original condition at the reasonable expense of Tenant, as Additional Rent to be paid within ten (10) days after written notice to Tenant of
such expense. 
 
22.    LANDLORD’S
DEFAULT. 
 

12 

 
If Landlord
fails to perform or observe any of its Lease obligations herein and such failure continues for thirty (30) days after written notice from Tenant, or such additional time, if any, that is reasonably necessary to promptly and diligently cure such
failure after receiving written notice, Landlord shall be in breach of the Lease (a “Default”). If Landlord commits a Default, Tenant may pursue any remedies given in the Lease or under law. 
 
23.    LANDLORD’S RIGHT TO CURE DEFAULTS.

 
All terms and provisions to be performed by
Tenant under the Lease shall be at Tenant’s sole cost and expense and without any abatement of Rents. If Tenant fails to pay any sum of money, other than Rents, required hereunder or fails to perform any other act required hereunder and such
failure continues for thirty (30) days after notice by Landlord, Landlord may, but shall not be obligated, and without waiving or releasing Tenant from any obligations of Tenant, make any such payment or perform any such act on Tenant’s part to
be made or performed as provided in the Lease. All sums paid by Landlord and all incidental costs shall be deemed Additional Rent hereunder and shall be payable within ten (10) days of written notice of such sums paid. 
 
24.    OTHER RELIEF. 
 
The remedies provided for in the Lease are in addition to any
other remedies available to Landlord at law or in equity by statute or otherwise. 
 
25.    ATTORNEYS’ FEES. 
 
In the event either party places the enforcement of the Lease, or any part thereof, or the collection of any Rents, or recovery of the possession of the Premises, or files suit upon the same, then the
prevailing party shall recover its reasonable attorneys’ fees and costs. 
 
26.    EMINENT DOMAIN. 
 
If all or any part of the Premises shall be taken or conveyed as a result of the exercise of the power of eminent domain, the Lease shall terminate as the part so taken as of the date of taking, and, in the case of a partial
taking, either Landlord or Tenant shall have the right to terminate the Lease as the balance of the Premises by written notice to the other within thirty (30) days after such date; provided, however, that a condition to the exercise by Tenant of
such right to terminate shall be that the portion of the Premises taken or conveyed shall be of such extent and nature as substantially to handicap, impede or impair Tenant’s use of the balance of the Premises. In the event of any taking,
Landlord shall be entitled to any and all compensation, damages, income, rent awards or any interest therein whatsoever which may be paid or made in connection therewith, and Tenant shall have no claim against Landlord for the value of any unexpired
term of the Lease or otherwise, provided that Tenant shall be entitled to any and all compensation, damages, income, rent or awards paid for or on account of Tenant’s moving expenses, trade fixture, equipment and any leasehold improvements in
the Premises, the cost of 
 

13 

which was borne by Tenant, to the extent of the then unamortized value of such improvements for the remaining term of the Lease. In the event
of a taking of a Premises which does not result in a termination of the Lease, the monthly rental herein shall be apportioned as of the date of such taking so that thereafter the rent to be paid by Tenant shall be in the ratio that the area of the
Premises not so taken bears to the total area of the Premises prior to such taking. 
 
27.     SUBORDINATION, ATTORNMENT & NONDISTURBANCE; AND ESTOPPEL CERTIFICATE. 
 
At Landlord’s request, Tenant agrees to execute, acknowledge, and deliver within ten (10 days to Landlord a Subordination, Attornment
& Nondisturbance Agreement (“Subordination Agreement”), in Landlord’s proposed form(s). Such Subordination Agreement shall subordinate the Lease to any ground lease, mortgage, deed of trust, or any other hypothecation for security
now or hereafter placed upon the Premises, Building or common areas, or any part thereof, to any and all advances made on the security, and to all renewals, modification, consolidations, replacements, and extensions thereof, whether the Lease is
dated prior or subsequent to the date of said ground lease, mortgage, deed of trust or other hypothecation or the date of recording thereof. Further, at Landlord’s request, Tenant agrees to execute, acknowledge, and deliver within ten (10) days
to Landlord an Estoppel Certificate, subject to Landlord’s proposed form(s). Such Subordination Agreement and Estoppel Certificate may be relied upon by any prospective purchaser, mortgagee, or beneficiary under any ground lease, mortgage, deed
of trust, or any other hypothecation of the Premises, Building, or common areas, or any part thereof. Notwithstanding such Subordination Agreement Tenant’s right to quiet possession of the Premises shall not be disturbed so long as Tenant is
not in default under the Lease, unless the Lease is otherwise terminated pursuant to its terms. 
 
In the event that Tenant fails to execute, acknowledge, and deliver to Landlord such Subordination Agreement and Estoppel Certificate (sample documents attached hereto as Exhibits C & D) within ten
(10) days of Landlord’s request, the parties herein expressly agree that Tenant shall be deemed in default of the Lease without further notice. In the event of such Tenant default, the parties herein further expressly agree that the
Subordination Agreement and Estoppel Certificate are deemed to have been executed by Tenant. 
 
28.    NO MERGER. 
 
The voluntary or other surrender of the Lease by Tenant, or a mutual cancellation thereof, shall not work a merger, and shall, at the option of Landlord terminate all or any existing subleases or
subtenancies, or may, at the option of Landlord, operate as an assignment to it of any or all such subleases or subtenancies. 
 
29.    SALE. 
 
In the event the original Landlord hereunder, or any successor owner of the Premises, Building, or common areas shall sell or convey the
Premises, Building, or common areas, and 

 

14 

the purchaser assumes the obligations of Landlord under the Lease, all liabilities and obligation on the part of the original Landlord, or
such successor owner, under the Lease accruing thereafter shall terminate, and thereupon all such liabilities and obligations shall be binding upon the new owner. Tenant agrees to attorn to such a new owner. 
 
30.    NO LIGHT, AIR OR VIEW EASEMENT.

 
Any diminution or shutting off of light, air
or view by any structure erected on land adjacent to the Building shall in no way affect the Lease or impose any liability on Landlord. 
 
31.    HOLDING OVER. 
 
If, without objection by Landlord, Tenant holds possession of the Premises after expiration of the Term or any Option period of the Lease,
Tenant shall become a tenant from month to month upon the terms herein specified, but at a monthly Base Rent equivalent to 110% of the Base Rent at the end of the term or extension period pursuant to Article 4, payable in advance on or before the
1st day of each month. All Additional Rent shall also apply. Each party shall give the other notice at least one month prior to the date of termination of monthly tenancy of its intention to terminate such tenancy. 
 
32.    ABANDONMENT. 
 
If Tenant shall abandon or surrender the Premises, or be
dispossessed by process of law or otherwise, any personal property belonging to Tenant and left on the Premises shall be deemed to be abandoned, at the option of Landlord, except such property as may be mortgaged to Landlord. 
 
33.    SECURITY DEPOSIT. 
 
Landlord shall transfer Tenant security deposit with Landlord
for building 5, 12227 South Business Park Dr. upon execution of the Lease in the amounts of $3,233.58 for suite 200 and $3,113.02 for suite 100 for a total of $6,346.60(“Security Deposit”). The Security Deposit shall be held by Landlord as
security for the faithful performance by Tenant of all of the provisions of the Lease to be performed or observed by Tenant. In the event Tenant fails to perform or observe any of the provisions of the Lease to be performed or observed by it, then,
at the option of the Landlord, Landlord may (but shall not be obligated to do so) apply the Security Deposit, or so much thereof as may be necessary to remedy such default or to repair damages to the Premises caused by Tenant. In the event Landlord
applies any portion of the Security Deposit to remedy any such default or to repair damages to the Premises caused by Tenant, Tenant shall pay to Landlord, within thirty (30) days after written demand for such payment by Landlord, all monies
necessary to restore the Security Deposit up to the original amount. Any portions of the Security Deposit remaining upon termination of the Lease shall be returned. 
 

15 

 
34.    WAIVER. 
 
All waivers by either party herein must be in writing and signed by such party. The waiver of any term or conditions herein shall not be deemed to be a waiver of any subsequent breach of the same or any other agreement, condition or
provision herein contained, nor shall any custom or practice between the parties be construed to waive or to lessen the right of either party to insist upon the performance by the other party in strict accordance with said terms. The subsequent
acceptance of Rents hereunder by Landlord shall not be deemed to be a waiver of any breach by Tenant of any term or condition of the Lease, regardless of Landlord’s knowledge of such breach at the time of acceptance of such Rents. 
 
35.    NOTICES. 
 
All notices and demands which may or are required to be given
by either party to the other under the Lease shall be in writing and shall be deemed to have been fully given when deposited in the United States mail, certified or registered, postage prepaid, and addressed as follows: 
 

	  To  Tenant:
	   	  Whitney Consulting Services

	  	   	  c/o Whitney Education Group, Inc.

	  	   	  Attn: Vice President of Administrations

	  	   	  4818 Coronado Parkway

	  	   	  Cape Coral, FL 33904

	  	   	  
	  To  Landlord:
	   	  Draper Business Park, L.C.; Attn: Scott Waldron, Manager

	  	   	  12257 So. Business Park Dr., Suite 110

	  	   	  Draper, Utah, 84020

 
A party may designate
another place for notice, in place of those listed above, upon notice to the other party in the manner set forth in this section. 
 
36.    COMPLETE AGREEMENT. 
 
There are no oral agreements between Landlord and Tenant affecting the Lease, and the Lease supersedes and cancels any and all previous
negotiations, arrangements, brochures, agreements and understandings, if any, between Landlord and Tenant with respect to the subject matter of the Lease. The Lease may not be altered, changed or amended, except by an instrument in writing signed by
both parties hereto. 
 
37.    CORPORATE
AUTHORITY. 
 
The person(s) executing the Lease
on behalf of the parties herein hereby covenants and warrants that (a) such party is a duly authorized and validly existing entity under the laws in which it was formed, (b) such party has and is qualified to do business in Utah, (c) such entity has
full right and authority to enter into the Lease, and (d) each person executing the Lease on 
 

16 

behalf of such entity is authorized to do so. 
 
38.    GUARANTEE OF LEASE. 
 
Tenant guarantees, upon execution of the Lease, to occupy the Premises. Any failure to occupy the Premises does not release the Tenant
from the obligation of paying Rents or any other terms set forth herein. 
 
39.    MISCELLANEOUS 
 
(a) The words “Landlord” and “Tenant” as used herein shall include the plural as well as the singular. If there be more than on Tenant, the obligations hereunder imposed upon Tenant shall be joint and several.

 
(b) Time is of the essence on the Lease and each
and all of its terms and conditions. 
 
(c) The
terms and conditions herein shall apply to and bind the heirs, executors, administrators, successors and assigns of the parties hereto. 
 
(d) The captions of the Lease are solely to assist the parties and are not a part of the terms or conditions of the Lease. 
 
(e) The Lease shall be governed by and construed in accordance
with the laws of the State of Utah, and is deemed to be executed within the State of Utah. 
 
40.    SEVERABILITY. 
 
If any term provision of the Lease, or the application thereof to any person or circumstance, shall to any extent be invalid or unenforceable, the remainder of the Lease, or the application of such
provision to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and each provision of the Lease shall be valid and shall be enforceable to the extent permitted by law. 
 
IN WITNESS WHEREOF, the parties have executed the Lease dated
the day and year first above written. 
 

	  TENANT,
	  	  	  	  LANDLORD,

	
	  WHITNEY CONSULTING SERVICES
	  	  	  	  DRAPER BUSINESS PARK, L.C

	
	  By:
	  	  /s/    Stephanie D. Whiffen

	  	  	  	  By:
	  	  /s/    Scott M. Waldron

	  	  	  Whitney Education Group, Inc.
  Vice President of Administration
	  	  	  	  	  	  Scott M. Waldron, Manager

	
	  	  	  /s/    <to come>

	  	  	  	  	  	  
	  	  	  Whitney Education Group, Inc.
  Vice President of Administration
   
	  	  	  	  	  	  
	
	  Its:
	  	
	  	  	  	  	  	  

 

17 

 
EXHIBIT B

BASE BUILDING IMPROVEMENTS 
 
The Base Building Improvements and systems as described below shall be furnished by Landlord at Landlord’s sole cost and
expense. These include: 
 

	 1.	  	 The Building structure will be designed for a minimum floor load of 50 lb. Live load plus a 20 lb. Partition dead load. 

 

	 2.	  	 The Building shell will include a core consisting, elevator with equipment room, stairwell enclosures, 1 man and 1 woman rest-room on each floor, finished lobbies
and exterior perimeter walls and windows and all building columns. 

 

	 3.	  	 A Concrete floor will be installed with a smoothed trowel finish for installation of glued-down carpet. The Floor will be poured level and finished in accordance
with current AC1 Standard Specifications 117. 

 

	 4.	  	 A Life Safety system will be installed in accordance with the more stringent of applicable national, state and local codes or the Americans with Disabilities Act
Regulations, throughout the Building, including all corridors, stairwells and rest-rooms (strobes). The sprinkler system will be installed to code and connected to alarms. 

 

	 5.	  	 Electrical distribution will be provided to the main panel boxed in the electrical closet on each floor. The electrical system shall be sized for seven (7) watts
per usable square foot for Tenant’s consumption, over and above base building electrical requirements. 

 

	 6.	  	 The Building will be equipped with a packaged-unit heating, ventilation and air conditioning system sufficient for Tenant’s anticipated occupancy requirements.
The system will be designed to maintain a space temperature between 70-75 degrees F on a year-round basis, based on maximum average occupancy of one (1) person for each 150 square feet of usable area. The requirements for ventilation shall comply
with present ASHRAE (American Society of Heating, Refrigeration and Air-Conditioning Engineers) standard 62-1989 as a minimum requirement. Tenant shall be furnished with a price per ton for package unit if additional air conditioning is required.

 

	 7.	  	 Telephone service, as provided by the local utility, will be brought to Tenant’s main telephone room. 

 

	 8.	  	 Common corridor walls and walls between tenant suites will be provided with the side finished only to the common areas. 

 

	 9.	  	 Roadways necessary for Tenant’s access to and egress from the building, along with parking, landscaping and sprinklers. 

 

18

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