Sample Business Contracts
Maryland-Rockville-One Taft Court Lease - W.M. Rickman Construction Co. and Novavax Inc.
Construction Contract: Customize your construction contract to avoid misunderstandings on project scope, timelines and payment terms.
[NOVAVAX INC LETTERHEAD]
September 29, 1999
W.M. Rickman Construction Company
15215 Shady Grove Road
Rockville, MD 20850
Fax: 301 840 5992
Attention: Ross L. Englehart
Subject: One Taft Court
Dear Mr. Englehart:
This letter serves as notice that Novavax is exercising its option to extend the term of the lease for the property at One Taft Court, Rockville, MD 20850, pursuant to the conditions stated in Section 2 (TERMS) of the Lease Agreement dated March 30, 1995 between W.M. Rickman Construction Co. and Dyncorp Advanced Technology Services, Inc., which was assigned to Novavax, Inc. on August 10, 1999. If you have any questions, please do not hesitate to call.
Sincerely,
/s/ DONALD J. MACPHEE
Donald J. MacPhee
Vice President and Treasurer
cc: H. Montgomery Hougen, DynCorp
[W.M. RICKMAN CONSTRUCTION CO. LETTERHEAD]
September 1, 1999
DynCorp Advanced Technology Services, Inc.
Attention: H. Montgomery Hougen
2000 Edmund Halley Drive
Reston, Virginia 20191-3436
Dear Mr. Hougen:
W.M. Rickman Construction Company grants permission for DynCorp to assign the Lease dated March 30, 1995, between W. M. Rickman Construction Co. and DynCorp Advanced Technology Services, Inc., to Novavax, Inc., effective August 10, 1999. The Premises is located on the second floor (11,743 square feet) at 1 Taft Court, Rockville, Maryland.
Novavax, Inc., is obligated to abide by all terms, covenants and conditions of the Lease.
DynCorp shall remain liable for the performance of all terms, covenants, and conditions as stated in paragraph 19 Assignment or Subletting of the Lease.
Sincerely,
/s/ ROSS L. ENGLEHART
Ross L. Englehart
Director of Facilities
cc: Donald J. MacPhee, CFO
Novavax
LEASE AGREEMENT
THIS LEASE AGREEMENT, made this 30 day of March 1995, by and between W.M. RICKMAN CONSTRUCTION CO., hereinafter called LANDLORD and DYNCORP ADVANCED TECHNOLOGY SERVICES, INC., a Virginia corporation, hereinafter called TENANT.
WITNESSETH
1. | LEASED PREMISES | |
LANDLORD hereby demises unto tenant, and TENANT hereby leases from LANDLORD for the terms and upon the conditions set forth in this Lease 11,743 square feet of space in the building located at 1 Taft Court, Rockville, MD 20850, (hereinafter referred to as BUILDING), as laboratory facilities, all as set forth on Exhibit A, hereto attached, said space being referred to as PREMISES. | ||
2. | TERM | |
The term of this lease shall be for a period of five years, commencing on the 1st day of April, 1995, and terminating on the 31st day of March, 2000 with an option for an additional five years at the same terms and conditions in this lease, provided that TENANT shall have given the LANDLORD written notice of TENANTs intention to do so six (6) months prior to the expiration of this lease and that the Tenant is not in default of the Lease. | ||
3. | RENT | |
The TENANT shall pay to the LANDLORD an annual rental (herein called minimum rent) in the amount of One Hundred fifty eight thousand five hundred thirty & 50/100 DOLLARS ($158,530.50), subject to adjustment as hereinafter set forth, payable without deduction or set off in equal monthly installments of Thirteen thousand two hundred ten & 88/100 DOLLARS ($13,210.88) per month in advance, the first installment of which is due and payable April 1,1995 and all subsequent installments due and payable on the 1st day of each calendar month hereafter until the total rent provided for herein is paid. No payment by TENANT or receipt of LANDLORD of a lesser amount than a monthly installment of rent herein stipulated shall be deemed to be other than on account of such stipulated rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and LANDLORD may accept such check for payment without prejudice to LANDLORDs right to recover the balance of such rent or pursue any other remedy provided for in this lease. | ||
4. | ADJUSTMENT OF MINIMUM RENT | |
The minimum rent shall be adjusted at the end of each year during the term hereof by a 3% increase over the rent then being paid. There also shall be no additional pass-throughs of increases in operating expenses except as specifically referenced herein. | ||
5. | REAL ESTATE TAXES | |
In the event the real estate taxes levied or assessed against the land and building of which the premises are a part in future tax years are greater than the real estate taxes for the base tax year, the TENANT, shall pay within thirty |
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(30) days after submission of the bill to TENANT for the increase in real estate taxes, as additional rent a proportionate share of such increases, which proportionate share shall be computed at 22.08% of the increase in taxes, but shall exclude any fine, penalty, or interest charge for late or non-payment of taxes by LANDLORD. The base tax year shall be July 1, 1994 to June 30, 1995. | ||
In the event that LANDLORDs contest or appeal of the Real Estate Taxes and/or assessment regarding the building of which the Premises form a part shall result in a reduction or refund of Real Estate Taxes, TENANT shall receive a proportionate share, as defined in this section of said refund for taxes TENANT has paid, or in the case of a tax reduction before payment by TENANT, TENANT shall be obligated only to pay its share of the reduced amount. LANDLORD shall provide TENANT with copies of all Real Estate tax bills and copies, in reasonable detail, of LANDLORDs computations showing TENANTs proportionate share. LANDLORD shall be under no obligation to appeal any proposed re-assessment of the land or building. | ||
6. | UTILITIES | |
TENANT shall be responsible for the payment of all utilities used or consumed by the TENANT in and upon the Premises. Electric is to be separately metered. Water is to be either separately metered or an equitable allocation be made between the tenants based on the quantity of water consumed. In the event any utility service to the premises shall be interrupted for a period of more than two (2) days due to the negligence or willful misconduct of LANDLORD, its agents or servants, then the minimum rent shall abate from the interruption of such services until such services are fully restored. | ||
7. | EXCLUSIVE USE | |
TENANT shall have the right to use the demised premises for the operation of offices and laboratories consistent with TENANTs business and for no other purpose, except as approved by the LANDLORD in advance in writing, such approval not to be unreasonably withheld. | ||
8. | LATE CHARGE | |
If any installment of rent accruing hereunder or any other sums payable hereunder shall not be paid within Fifteen (15) days after written notice to TENANT, such installment and other sums shall be increased without affecting the LANDLORDs other rights under this Lease, by a late charge of five (5%) percent of the delinquent installment. Anything contained herein to the contrary notwithstanding, LANDLORD shall waive the late charge set forth herein of for the first two (2) late payments during each lease year of the term of this Lease, provided that such payments shall be made with 10 days of written notice to TENANT to such lateness. | ||
9. | REPAIRS AND MAINTENANCE | |
LANDLORD shall be responsible for all structural repairs, including repairs to the roof and load-bearing walls of the building, and for maintaining the parking area. The LANDLORD shall be responsible for walkways, and all common areas within the building. The TENANT shall be responsible for the maintenance and repair of the Premises and all fixtures, appliances and equipment therein, including, but not limited to, the Heating and Air Conditioning system. LANDLORD will pay for major Heating and Air Conditioning component replacement and all repairs to the heating and air |
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