Terms of Service for Vault Real Estate Community
Landlord: Real Property Management NOW
2755 North Ave
Grand Junction, Colorado 81501
Tenant: Members Name
Tenant's Trade Name: Members Business
Effective Date: (Today INTENDED date for fully executed membership contract).
Premises: Suite No. signed up for with membership (shown in the approximate location identified on the Building Plan attached hereto Located at VaultGJ.com.)
Permitted Use of Premises: Tenant shall use the Premises only for the following purpose: 24 hr. access to commercial work space. Any changes to said use or the format of tenant’s business shall require the prior written consent of Landlord.
Membership Term: 1 year unless specified differently in the membership agreement (1 year is based on the end of your first month of occupancy in the following yeary)
Option: Tenant shall have one (1) successive option to extend the Membership Term for a period of 12 months (“Option Term”) at the then fair market rent exercisable in writing no less than 180 calendar days prior to the expiration of the original membership term. Option rent shall not be less than the rent paid in the preceding period;
Rent Commencement Date: Rent and all other charges shall commence prior to Delivery. If applicable, tenant agrees upon execution of this Letter of Intent to commence design drawings and submit plans to Landlord for approval within 45 days.
Delivery Date: Landlord shall deliver the Premises for possession to Tenant upon payment.
Rent: Amount Specified in membership
Rent can increase annually at a rate of Landlords discretion for duration of the initial membership term.
Membership Rent with Office Space: In addition to the Rent, Tenant shall pay an additional $0/person to Landlord for Coffee bar, utilities, cleaning fees, internet access, wCAREi memberships, the ability to host talks, exc. (1 free member/office space)
Each additional member of the business will be required to have a membership of $199/ per month for Coffee bar, utilities, cleaning fees, internet access, exc.
Membership Cost without Office Space: Each member of Vault Real Estate Community that will not be utilzing private office space will be required to have a $299/ per month membership for Conference rooms, Coffee bar, utilities, cleaning fees, internet access, exc.
Insurance Expense: Tenant shall be responsible for maintaining its own policy of commercial general liability insurance for the Premises and a policy of property insurance (ISO Special Form) for all furniture, fixtures, inventory and other improvements made by Tenant within the premises, together with business interruption, with Landlord being named as an additional insured thereunder, all in accordance with the requirements to be set forth in the membership agreement
Utilities and Common Area Expenses: Landlord will pay all utilities and will be charged a flat rate for all including building services including but not limited to internet, water, sewer, trash, and furnished common areas.
- Membership agreement
- Walls framed and finished to advertised specs.
- Where applicable, plumbing stubbed to Premises, in the location shown on Landlord’s drawings.
- Installed HVAC systems in the rented office space that allows for individual thermostat control.
- Landlord shall provide all electrical outlets and connections in the space agreed to be occupied. Tenant shall provide all necessary cabling extending from the Landlord supplied wall outlets.
- Telephone conduit shall be provided by Landlord in a size and location shown on Landlord’s plan.
- Free high speed internet connection
- Access to coffee bar
- Flex furniture to use for meetings and events
Security Deposit: Upon execution of the membership agreement, Tenant shall deposit an amount equal to 1 month’s gross rent with Landlord to secure Tenant’s performance under the membership agreement. Landlord shall hold the deposit, without interest, for the term of the membership agreement.
Tenant’s Work. Tenant, at Tenant’s expense, shall improve the premises and install signage suitable to Tenant’s use of the premises, subject to Landlord’s prior written approval. It is understood that Tenant’s plans and specifications for improvements are subject to the approval of the applicable local government authorities and Landlord. Signage must be in compliance with Comprehensive Sign Plan. .
Guarantor: Scott Schindelar and Matt Telinde, Mascott Inc.
Landlord has entered into an agreement with occupants broker, and Landlord shall pay any commissions or fees that are payable to occupants broker with respect to this membership in accordance with provisions of a separate commission contract. Landlord shall have no further or separate obligation for payment of commissions or fees to any other real estate broker, finder or intermediary.
Membership Agreement. Upon the acceptance of Terms and Conditions by Tenant and Landlord, via Proximity.space shall be provided for the occupants and the membership is executed. This Terms of Service agreement shall be binding on the parties until both of the parties have fulfilled the outline agreement of the Membership.
Financial Contingency: Tenant may be required to submit a complete set of financials to Landlord. Any agreement in membership terms shall be subject to review and approval by the Landlord of the above stated financials.
Confidentiality: The parties shall maintain in the strictest confidence all matters concerning (1) the terms of this Agreement, (2) any information or documentation related to the negotiations relating to this Agreement, and (3) the transaction set forth in this Agreement. If asked about any of the above matters, each party shall respond that it is not at liberty to discuss these matters because they are the subject of a confidentiality agreement. Notwithstanding the foregoing, the parties may disclose (i) information necessary to enforce their rights under this Agreement, (ii) information which the parties are required to disclose pursuant to due process of law, and (iii) such limited information concerning this Agreement to such persons required to have knowledge of such information in order for the parties to comply with the terms and conditions of this Agreement. Landlord and Tenant agree not to issue any press release or make any public disclosure concerning the transaction contemplated hereby without the prior written approval of the other party, and agree not to disclose such matters except to such attorneys, accountants, lenders and others as are reasonably required in order to consummate the transaction. A breach of this covenant shall entitle the aggrieved party to damages caused by such disclosure as well as injunctive relief. The term of this paragraph shall survive the expiration or termination of this Letter of Intent.