9038-18 - Lease with Cleveland Clinic at 1450 Belle, 3rd Floor

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OFFICE LEASE This Office Lease (the "Lease ") is made as of the 1st day of January, 2019 between THE CITY OF LAKEWOOD ( "Landlord ") and THE CLEVELAND CLINIC FOUNDATION ( "Tenant "). PREMISES In consideration of the rents, terms, provisions and covenants of this Lease. Landlord hereby leases unto Tenant and Tenant hereby rents and accepts from Landlord those certain premises containing approximately 10,730 square feet and consisting of the entire third floor (the "Premises ") in that certain building known as the Lakewood Community Health Center located at 1450 Belle Avenue, Lakewood, Ohio (the "Building "). The Premises is more fully shown in Exhibit A which is attached hereto and matte a part hereof. The Building, together with the land on which it Is situated, and all other improvements located thereon are collectively referred to herein as the "Property ". Except as otherwise provided herein, Tenant shall have full and unimpaired access to the Premises, and, on a non exclusive basis, to the common areas of the Building and the Property. 2. TERM 2.1 Term: The term of this Lease shall commence on January 1, 2019 (the "Commencement Date ") and expire on December 31, 2023 (the "Initial Term "). The Initial Term, as the same may be extended for any extended term, is referred to herein as the "Term 2.2 Holding Over: If Tenant holds over beyond the expiration of the Initial Term or of any extended Term, Tenant shall be deemed a tenant from month -to- mouth subject to all the provisions of this Lease except that the monthly Base Rent for such holdover shall be 150% of the monthly Base Rent which was payable by Tenant to Landlord for the last month of the Term prior to such expiration. 'Nothing herein shall relieve Tenant from vacating the Premises at the end of the Term or any extension thereof, or earlier termination thereof, and Tenant shall' be liable to Landlord for any damages which Landlord may suffer as the result of Tenant's failure to vacate the Premises on the date required herein. 3. RENT 3.1 Base Rent, Tenant shall pay to Landlord at Landlord's office or at such other place as Landlord may from time to time designate in writing, annual Base Rent as follows: Period 01/01/19- 12/31/19 01/01/20 - 12/31/20 01/01/21 - 12/31/21 01/01/22 - 12/31/22 01/01/23 - 12/31/23 Contract ID 4161927 Annual Base Rent $195,822.50 $199,738.95 $203,733.73 $207,808.40 $211,964.57 Monthly Installment $16,318.54 $16,644.91 $16,977.81 $17.317.37 $17,663.71