Transcript Lease Summary - First Parish in Cambridge

Youth Housing Project
Draft Lease Summary
First Parish Cambridge
Draft Lease in Review
First Parish prepared detailed draft for
PBHA/YHI
PBHA attorneys have responded with
comments
Discussions ongoing to resolve issues
YOF has received draft PBHA lease for
review
Separate YOF lease will be prepared
Key Lease Provisions
Lease commences on signing – 10 yrs
Rent commences on July 1
PBHA rent paid during construction
Basic rent is equal to ART current rent
shared between YHI & YOF
Rent escalates 5%/yr after 2 yrs with
review at 5 yrs
Specified operating hrs/permitted uses
Key Lease Provisions - cont.
Agree to FP liaison staff time – 10 hrs
Construction activities expectations
No smoking or drug/alcohol use on premises
Repairs to leased premises at tenant expense
Landlord furnishes heat at agreed upon cost
Separately metered electricity, gas,
water/sewer
Key Lease Provisions – cont.
Initial $20K cap on utilities costs for
tenant reviewed after 2 yrs
Tenant credit for estimated current
utilities costs
Indemnification of First Parish
Landlord’s right of access/use specified
Tenant’s protection in case of damage
to premises
Key Lease Provisions – cont.
Eminent domain provisions (standard)
Requirements for tenant’s liability
insurance, workers’ compensation, etc.
Tenant agrees to remove/handle
hazardous waste at own expense,
meeting all current laws
Recourse in case of tenant’s default of
rent/other charges
Lease Exhibits
A. Plan Showing the Premises
B. Plan Showing Access to the Premises
C. Plans and Specifications Showing
Improvements to Premises
D. Schedule for Set Up and Take Down of
Equipment
E. Notice of Lease
F. Operating Agreement Between YHI/YOF
G. Security Plan