Relocation of Landlords Headquarters: If Landlords corporate headquartersĪre relocated to any other location, Landlord may terminate the Lease on 12 months prior written notice. Remedies upon Tenant Default: Lease shall contain standard Landlord remedies upon Tenantĭefault, including (without limitation) acceleration of rent. The Change of Control is the sole Tenant default). ![]() Its sole discretion, declare default by Tenant under the lease, for which Landlord will have all remedies available to it under the lease, including the right to evict Tenant with 6 months prior notice (such 6 month notice period shall only apply if or Valero GP Holdings, LLC, Landlord may, in Of the renewal period (if applicable), and again after the expiration of the first 5 years of the renewal period, the Base Rent shall be adjusted to reflect the actual market rent for comparable office space.Ĭhange of Control Provision: In the event of a change of control (∼hange of Control) of Valero L.P. Rentable square footage of the Leased Premises, and the denominator of which is the rentable square footage of the Building and the other buildings at the Project) of (i) Landlords operating expenses, such as HVAC, janitorial services,Īnd the other Landlord Services (defined below), (ii) the real property ad valorem taxes assessed or imposed on the Project, and (iii) Landlords insurance costs relating to the Project. The Base Rent includes Tenants proportionate share (based on a fraction, the numerator of which is the Thereafter, at the beginning of each 5 year period for the remainder of the Initial Term, Base Rent shall be adjusted to reflect the actual market rent ![]() General office use, and related administrative and ancillary purposesįor the next 5 years, Base Rent shall be adjusted based on changes in the CPI Index Permits and the Leased Premises are ready for occupancy. For purposes hereof, the Substantial Completion Date means the date on which the initial leasehold improvements to the Leased Premises are completed in all material respects in substantial compliance with the final plans and Rent Commencement Date: The earlier of (i) the Substantial Completion Date (defined below) or (ii) the date of Tenants beneficial occupancy of the Leased Premises for the conduct of its business ![]() Headquarters (the Project), in San Antonio, Bexar County, Texas, located on that certain parcel of land (the Land) replatted as Lot 6, Block 2, NCB 14746, recorded in Book 9568,, Plat Records of Bexar County, Texas.Ģ5 years from Rent Commencement Date (defined below) Leased Premises: All of a floor (approximately 63,803 square feet, floor to-be-determined) of the to-be-constructed office building (the ∻uilding) totaling approximately 259,455 square feet at Valero corporate Until such Lease Agreement is executed and delivered on behalf of the parties, the terms of this Memorandum of Understanding shall The Lease Agreement no later than March 31, 2006, or such other date as may be mutually agreed to by the parties. The parties agree to more fully memorialize these agreements in Partnership, will serve to document the agreement of such parties on the principal terms of an Office Lease Agreement (the Lease Agreement) to be executed by the parties. This Memorandum of Understanding, by and between Valero Corporate Services Company, a Delaware corporation, and Valero Logistics Operations, L.P., a Delaware limited Valero Logistics Operations, L.P., as Tenant Memorandum of Understanding Regarding Office Lease Agreement
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