PARKING LOT LEASE AGREEMENT
THIS PARKING LOT LEASE AGREEMENT (this " Lease ") is made as of February 1, 2002, by and between A. L. Industrier AS, a Norwegian corporation with an address of Postboks 158 Skf8yen, N-212 Oslo 2, Norway (the " Landlord "), and Alpharma AS, a Norwegian corporation with an address of Postboks 158 Skf8yen, N-212 Oslo 2, Norway (the " Tenant "). The Landlord and the Tenant shall also be referred to herein each as a " Party ", and collectively as the " Parties ".
R E C I T A L S
WHEREAS, the Landlord and the Tenant are parties to that certain Lease Agreement dated as of September 28, 1994 for certain premises located adjacent to the Leased Premises (as hereinafter defined); and
WHEREAS, the Landlord has agreed to lease to the Tenant and the Tenant has agreed to lease from the Landlord the Leased Premises, to be used generally as a parking lot, on the terms and conditions herein contained.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby covenant and agree as follows:
1. Demise of Premises . The Landlord hereby demises and lets to the Tenant, and the Tenant hereby takes and leases from the Landlord, for the term or terms and upon the provisions hereinafter specified, the following described property (collectively, the " Leased Premises "): (a) the real property described on Exhibit A of this Lease, attached hereto and made a part hereof, together with all easements, rights and appurtances thereunto belonging or pertaining (collectively, the " Land "), and (b) all improvements now constructed on the Land, if any.
Term. The Tenant is hereby leasing the Leased Premises for the initial term commencing on July 1, 2001 (the " Effective Date ") and terminating on October 3, 2014 (the " Initial Term "). Subject to the following notice requirements, and provided that at the time of such notice the Tenant is not then in Default (as herein defined) under the terms of this Lease, the Tenant is hereby granted the right (each, a " Renewal Option ") to renew the Initial Term of this Lease for four (4) consecutive five (5) year terms (each, a " Renewal Term "). The Tenant shall exercise each Renewal Option, if at all, by noticing the Landlord in writing of its intent to renew within sixty (60) days of the expiration of the then current term. All of the terms and provisions of this Lease shall apply to each Renewal Term, except that the Tenant shall have only the remaining, unexercised Renewal Options. In the event the Tenant timely exercises a Renewal Option, the Landlord and the Tenant each agree to execute an amendment to this Lease in a form reasonably acceptable to both Parties reflecting the extension of the term by the Renewal Term.
Rent. During the Initial Term, the Tenant shall make annual rent payments to the Landlord in the amount of NOK 2.4 million per year (payable in Norwegian Kronor only) (" Rent ") as follows: (a) upon execution hereof, the Tenant shall pay to the Landlord a pro-rated Rent payment for the period from the Effective Date to October 3, 2002 (the " Payment Date ") and (b) on the Payment Date and thereafter on the first and each subsequent anniversary of the Payment Date during the Initial Term and any Renewal Terms, the Tenant shall make full year Rent payments to the Landlord. The Tenant shall make each Rent payment to the Landlord at the Landlord's address set forth above, or at such other place or to such other persons or entities as the Landlord from time to time may designate to the Tenant in writing.
Costs and Expenses. In addition to Rent, the Tenant shall pay and discharge promptly when the same shall become due, as additional rent, all expenses of ownership and operation of the Leased Premises other than expenses that would not be incurred if the Tenant rather than the Landlord owned the Leased Premises, together with all other amounts and obligations which the Tenant assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added lawfully by any such third party payee or collecting authority for nonpayment or late payment thereof.
Taxes; Assessments. During the term of this Lease, the Tenant shall pay annually at the Landlord's option either to the Landlord or directly to the taxing authority, as additional rent for each tax year during the term of this Lease, any and all real estate taxes levied upon the Leased Premises, and a pro rata part of same for any part of a tax year included within said term. The Tenant shall not be liable for any income, excise, excess profit, succession, transfer, franchise, betterment or other tax levied against the Landlord, all of which shall be the obligation of the Landlord.
No Service Provided; Repairs, Maintenance and Alterations. The Parties understand and agree that this Lease is a land lease and that the Landlord shall not be required to furnish any services or facilities or to make any repairs or alterations in or to the Leased Premises. The Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement and maintenance of the Leased Premises. The Tenant shall maintain the Leased Premises in substantially the same condition of repair and appearance existing at the Effective Date, ordinary wear and tear and casualty excepted. The Tenant shall keep the Leased Premises clear of snow and debris, as required. The Tenant shall not make any alterations, additions or improvements to the Leased Premises without the prior written approval of the Landlord.
Use. The Tenant's sole use of the Leased Premises shall be for the parking of cars and vans used by its agents, employees, consultants, affiliates, guests, invitees and third party assignees, sublessors and designees.
Compliance with Laws. Throughout the term of this Lease, the Tenant, at its sole cost and expense, shall comply with any and all laws, regulations and ordinances that are applicable to the Leased Premises or any part thereof. The Tenant shall not be required to correct any condit