Location: Metro-North’s Bedford Hills Station Building – Harlem Line 46 Depot Plaza, Bedford Hills, NY 10507 Landlord: Tenant: Town of Bedford *Town of Bedford currently lessee to MTA Metro-North Railroad, more information provided in Exhibit M To be identified in proposal with required contract information (“Tenant”) Site Description: Retail unit located in a one-story free-standing station building located on E Hartsdale Avenue. Size: Approximately 900 square feet of primary leasable space (does not include bathrooms, waiting area. See floor plan for additional information). Term: It is the Town’s intent to enter into a ten (10) year lease agreement; however, the Town is willing to consider other termed lease agreements. Options: Landlord prefers a ten (10) year base term but proposals with an option for additional term(s) with a market rate reset of rent may be considered. Termination: Landlord may terminate lease upon 90 days’ notice to Tenant for corporate or transportation purposes. If the lease is terminated by Landlord within ninety (90) days after the commencement date, Landlord will reimburse tenant for the documented unamortized reasonable costs of its permanent improvements, amortized on a straight-line basis over ten (10) years. Annual Rate of Rent and Increases: Please refer to and complete the Rent Proposal Form (Exhibit B). Security Deposit: Upon signing a Conditional Designation Letter (CDL), an earnest money deposit will be required equivalent to a minimum of three (3) months of the proposed 10th year’s base rent subject to review of Tenant’s financials. Once the lease agreement is signed, this deposit will be used as the security deposit. Personal Guaranty: Unless the tenant itself is a creditworthy entity or a creditworthy principal of tenant acceptable to Landlord and the MTA, tenant shall provide a guaranty of the performance & payment obligations of tenant under the lease. If tenant is a newly formed entity, the individual proposer(s)/principal(s) shall provide full personal guaranties. Under appropriate circumstances, such as when tenant is making a significant capital investment in the premises, Landlord in its discretion, may accept a “limited guaranty” (or so-called ‘good guy’ guaranty) limiting the guarantor(s)’ liability to (i) tenant’s obligations to complete the initial improvements, (ii) tenant’s payment & performance obligations while in possession of the premises prior to a voluntary surrender of the same in its required condition, & (iii) an additional period of time to guaranty tenant’s rent obligation beyond its voluntary surrender for up to twelve (12) months to afford Landlord and/or the MTA an opportunity to re-let the premises.
