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DATA CENTER LEASE

BETWEEN

VISA U.S.A. INC.

AND

**

A VIRGINIA LIMITED PARTNERSHIP

 


**

Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.


DATA CENTER LEASE

TABLE OF CONTENTS


         Page
SECTION 1   PREMISES    1

1.1

  Development    1

1.2

  Demise    1

1.3

  Parking Area    1
  1.3.1      Minimum Parking Ratio    1
  1.3.2      Location    2
  1.3.3      Priority Measures    2
  1.3.4      Safety and Convenience Measures    3
  1.3.5      Parking During Construction    4
  1.3.6      Emergency Power Facilities    4
SECTION 2   COMMENCEMENT: TERM    4
SECTION 3   RENT AND EXPENSES    4

3.1

  Rent    5

3.2

  Net Lease    5

3.3

  Non-Duplicative Rights and Obligations    5
SECTION 4   RENT ESCALATION    6
SECTION 5   USE    6

5.1

  Use    6

5.2

  Compliance with Law    7

5.3

  Environmental Requirements    7

5.4

  Condition of Premises    7

5.5

  Zoning Ordinance Representation    8
SECTION 6   MAINTENANCE, REPAIRS AND ALTERATIONS    9

6.1

  Tenant’s Obligations    9

6.2

  Surrender    9

6.3

  Landlord’s Rights    10

6.4

  Landlord’s Obligations; Tenant’s Rights    10

6.5

  Alterations, Additions and Improvements    10


          Page
   6.5.1    Building Improvements; Ancillary Facilities    11
   6.5.2    Premises    11
   6.5.3    Drawings    11
   6.5.4    Liens    11
   6.5.5    Ownership    11
   6.5.6    Compliance with Laws; Workmanship    12
SECTION 7    INSURANCE AND INDEMNITY    12

7.1

   Insurance During Construction    12
   7.1.1    General Contractors    12
   7.1.2    Subcontractors    13

7.2

   Insurance During Term    13
   7.2.1    Landlord’s Liability Insurance    13
   7.2.2    Landlord’s Property Insurance    13
   7.2.3    Insurance To Be Procured by Tenant    13

7.3

   Insurance Policies    14

7.4

   Insurance Requirements    15

7.5

   Waiver of Claims and Subrogation    15

7.6

   Indemnity    15
   7.6.1    Tenant’s Indemnity    15
   7.6.2    Landlord’s Indemnity    16

7.7

   Exemption from Liability    17
SECTION 8    DAMAGE, DESTRUCTION; OBLIGATION TO REBUILD; RENT ABATEMENT    17

8.1

   Determination to Rebuild    17

8.2

   Rent Abatement; Rebuilding; Force Majeure    17

8.3

   Liability    18

8.4

   Vacation; Survival    18
SECTION 9    TAXES    18

9.1

   Payment of Taxes    18

9.2

   Definition    19

9.3

   Joint Assessment    19

9.4

   Personal Property Taxes    19

9.5

   Right to Contest Assessment    20


          Page
SECTION 10    UTILITIES    20
SECTION 11    ASSIGNMENT AND SUBLETTING    20

11.1

   Consent    20

11.2

   Tenant Affiliate    21

11.3

   No Release of Tenant    21
SECTION 12    DEFAULTS AND REMEDIES    21

12.1

   Tenant Defaults    21

12.2

   Landlord’s Remedies    22

12.3

   Landlord Defaults    23

12.4

   Tenant’s Remedies    23
SECTION 13    CONDEMNATION    23

13.1

   Termination: Rent Reduction    23

13.2

   Parking    24

13.3

   Ancillary Facilities    24

13.4

   Apportionment of Award    24

13.5

   Restoration    25
SECTION 14    ESTOPPEL STATEMENT    25

14.1

   Contents    25

14.2

   Failure To Execute    25

14.3

   Financial Statements    26
SECTION 15    LANDLORD’S LIABILITY    26
SECTION 16    SEVERABILITY    26
SECTION 17    INTEREST    26
SECTION 18    INTEGRATION; DUAL TERMINATION    26

18.1

   Integration    26

18.2

   Dual Termination    27
SECTION 19    NOTICES    27

19.1

   Formal Notices    27

19.2

   Informal Notice    28
SECTION 20    WAIVERS    28
SECTION 21    HOLDING OVER    28

21.1

   Month-to-Month Tenancy    28

21.2

   One-Month Extension Right    29


          Page
SECTION 22    CUMULATIVE REMEDIES    29
SECTION 23    BINDING EFFECT; CHOICE OF LAW    29
SECTION 24    SUBORDINATION    29

24.1

   Subordination    29

24.2

   Execution of Documents    29
SECTION 25    ATTORNEY’S FEES    30
SECTION 26    LANDLORD’S ACCESS    30
SECTION 27    SIGNS    30
SECTION 28    RECORDATION    30
SECTION 29    QUIET POSSESSION    31
SECTION 30    RULES AND REGULATIONS    31
SECTION 31    SECURITY MEASURES    31
SECTION 32    AUTHORITY    31
SECTION 33    BROKERS    31
SECTION 34    OPTIONS    31

34.1

   Multiple    31

34.2

   Default    32

34.3

   Lease Extension    32
SECTION 35    CANCELLATION OPTIONS    32

35.1

   Fifty Percent (50%) ** Completion    32

35.2

   Post-** Completion    33
SECTION 36    NOTICE TO LENDER; CURE BY LENDER    33
SECTION 37    DISPUTE RESOLUTION    34

37.1

   Resolution by Principals    34

37.2

   Small Disputes Arbitrable    34

37.3

   Conduct of Hearing    35

37.4

   Remedy    35

37.5

   Division of Costs    35

37.6

   Major Monetary Disputes Arbitrable    35

37.7

   Design and Construction to Continue While Controversy Pending    35
SECTION 38    WAIVER OF LANDLORD’S LIEN    35
SECTION 39    MISCELLANEOUS    36

39.1

   No Construction Against Drafter    36

 


**

Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.


             Page

39.2             Captions, Headings and Sections

   36
 

I.A.1.

  Building Site    38
 

I.A.2.

  Water and Sewer    39
 

I.E.1.

  Soil, Waste and Vent System    41
 

I.E.2.

  Storm Water System    41
 

I.E.3.

  Domestic Water System    41
 

I.E.4.

  Domestic Hot Water System    41
 

IV.D.1.

  Change Orders    47
 

IV.D.2.

  Unanticipated Field Conditions    48

SIGNATURES

     37

ADDENDUM REGARDING ** DEVELOPMENT


I.    **    38
   I.A.    Building Site    38
      I.A.1.    Building Site    38
      I.A.2    Water and Sewer    39
   I.B.    Environment    39
   I.C.    Exterior Construction    40
   I.D.    Electrical    40
   I.E.    Plumbing    41
      I.E.1.    Soil, Waste and Vent System    41
      I.E.2.    Storm Water System    41
      I.E.3.    Domestic Water System    41
      I.E.4.    Domestic Hot Water System    41
   I.F.    Flooring    41
   I.G.    Wall Treatments    41
   I.H.    Doors    41
   I.I.    Toilet Rooms    41
   I.J.    Elevator    42
   I.K.    Stairs    42
   I.L.    Loading Dock, Including Door and Hydraulic Lift    42
   I.M.    Exclusions    42
   I.N.    Accommodation for Building Improvements    42
   I.O.    Additional Structural Criteria    42
II.    Other Items    44
   II.A.    Ancillary Facilities    44
   II.B.    External Equipment    44
   II.C.    Landscaping    44
III.    Schedule, Termination and Compensation    44
   III.A.    Schedule    44
   III.B.    Site Plan Approvals    45
   III.C.    Consequences of Missing Benchmark Dates    45
   III.D.    Tenant Delay; Landlord Delay; Force Majeure    45

 


**

Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.


   III.E.    Schedule Revisions    46
IV.    Coordination    46
   IV.A.    Simultaneous Construction    46
   IV.B.    Cooperation; Sharing of Information    47
   IV.C.    Tenant Review    47
   IV.D.    Change Orders and Unanticipated Field Conditions    47
      IV.D.1.    Change Orders    47
      IV.D.2.    Unanticipated Field Conditions    48
   IV.E.    Rules and Regulations    49
   IV.F.    Inspection During Construction    49
   IV.G.    Unexpected Expenses    49
   IV.H.    Completion of **    50
   IV.I.    Landlord Responsibilities After Close-In of the **    50
   IV.J.    Payment for ** Upgrades    51
V.    Building Improvements    51
VI.    Environmental Certification    51
VII.    Miscellaneous    52
   VII.A.    Unforeseen Issues    52
   VII.B.    Time of Essence    52
   VII.C.    No Assignment    52
   VII.D.    Conflict with Drawings    52
SIGNATURES    53

 


**

Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.


EXHIBITS


EXHIBIT A    SITE PARCEL DESCRIPTION    54
EXHIBIT B    N/A - NO EXHIBIT B   
EXHIBIT C    RULES AND REGULATIONS    56
EXHIBIT D    MEASUREMENT OF SQUARE FOOTAGE    57
EXHIBIT E    SCHEDULE TO BE ATTACHED    58
EXHIBIT F    DEFINITION OF “CLOSE-IN OF THE **    59
EXHIBIT G    DEFINITION OF “SUBSTANTIAL COMPLETION”    60
EXHIBIT H    PARCEL DESCRIPTIONS - **    62

 


**

Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.


DATA CENTER LEASE

THIS DATA CENTER LEASE (“Lease”) is made and entered into this 18th day of April, 1991, by and between **, A VIRGINIA LIMITED PARTNERSHIP (“Landlord”) and VISA U.S.A. INC., a Delaware corporation (“Tenant”).

SECTION 1 PREMISES

1.1 Development. Landlord shall, at Landlord’s expense, construct the ** (as defined in the Addendum Regarding ** Development appended to this Lease (the “Addendum”)); and Tenant shall, at Tenant’s expense, construct the Building Improvements (as defined in the Addendum), to construct together a building containing approximately 65,360 square feet of gross floor area, with related parking facilities to be constructed at Landlord’s expense and certain Ancillary Facilities (as defined in the Addendum) to be constructed at Tenant’s expense. The ** and Building Improvements are collectively referred to herein as the “Building.” The Building shall be constructed on the parcel that is legally described in Exhibit A attached hereto (the “Site”).

1.2 Demise. Landlord hereby demises and leases to Tenant, and Tenant hereby leases and rents from Landlord, (i) the Site; (ii) the **; (iii) in common with Landlord and others, the right to utilize all easements and rights-of-way across any land, highway, street, road or avenue open or proposed in, on, across, abutting or adjoining and benefitting the Site, for the purpose of ingress or egress; and (iv) in common with Landlord and others, the right to utilize the Parking Area (as defined in Section 1.3), all of which taken together shall constitute the “Premises.”

1.3 Parking Area. The area which at any particular time during the effective period of this Lease is then being provided as parking for the Building is herein called the “Parking Area”. Landlord and Tenant are contemporaneously herewith entering into a Lease for office and computer facility space in the building to which the Building is to be annexed, called the “**”, and that lease is hereinafter called the “** Lease”. The parking area provided to Tenant pursuant to the ** Lease shall be called the “** Parking Area”. Tenant currently leases space in the ** from Landlord pursuant to a lease entered into February 15, 1977, and subsequent amendments thereto, called the “** Lease”. Under the ** Lease, Tenant is provided at least 4 parking spaces per 1,000 rentable square feet located adjacent to the **. Tenant agrees that commencing with the commencement of construction of the Building, the ratio of parking spaces in the Parking Area and the ** Parking Area to rentable floor area in the Building and the ** may be reduced by Landlord, subject to the following conditions:

1.3.1 Minimum Parking Ratio. At no time during which this Lease is in force (including any renewal periods) shall Landlord provide to Tenant less than 2.6 parking spaces per 1,000 square feet of rentable space in the Building. At no time during which both this Lease

 


**

Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.

 

- 1 -


and the ** Lease are in force shall Landlord provide to Tenant less than 2.6 spaces per each 1,000 rentable square feet demised to Tenant under both this Lease and the ** Lease. At the commencement of both said Leases, Landlord and Tenant agree that such minimum number of spaces for the combined leases shall be 275 spaces. In addition to such spaces allocated hereunder to Tenant, Landlord shall reserve the minimum number of spaces for handicap parking required by law adjacent to the handicap access ramp to the **, plus six spaces reserved for visitors of all tenants of the **, located adjacent to the front entrance of the **.

1.3.2 Location. Landlord has represented that such minimum number of spaces cannot be provided entirely adjacent to the Building and/or the **. Landlord shall always provide to tenants of the Building and the ** the maximum number of spaces adjacent to the Building (i.e., on the ** Parcel) as can reasonably be built as surface parking on that site (except during construction of the Building as set forth below). Additionally, Landlord shall develop, solely at Landlord’s expense, the maximum number of spaces for surface parking reasonably possible taking into account engineering requirements, on the parcel immediately across **, known as the ** Parcel (“** Parking Area”). This parking area shall be included in the Parking Area and the ** Parking Area until such time, if ever, as Landlord constructs a parking structure on the ** parcel and provides parking spaces to Tenant therein in accordance with Section 1.3.3 below. Further, Landlord shall use its best efforts to obtain immediately the agreement of the tenants of the office building located on the ** Parcel to permit Tenant’s employees and invitees to park in the parking area presently serving that building, provided that Tenant and Landlord agree that such tenant’s employees and invitees may park in the ** Parking Area and Tenant agrees to accept such parking areas on the ** parcel in lieu of the ** Parking area. Upon the expiration or termination of such ** tenant’s lease, including any renewal options exercised by such tenant, Landlord shall provide to Tenant access to the ** parking area in accordance with this Section 1.3. If and when Landlord constructs the parking structure on the ** parcel, Landlord may relocate Tenant’s parking spaces from the ** and/or ** parcels to such structure, such allocation to be in accordance with this Section 1.3. If parking is provided in such structured parking facility to any party or parties other than tenants of the building to be built on the ** parcel, then Tenant, at its option, may have its parking spaces reallocated from the ** and/or ** parcels to such structured parking facility and Tenant agrees to accept such parking areas in lieu of parking areas on the ** and/or ** parcels, provided that Tenant is always provided the minimum parking ratio as stated above in Section 1.3.1. The **, **, ** and ** Parcels are defined as shown on Exhibit H.

1.3.3 Priority Measures. If Tenant shall reasonably determine, at any time during which this Lease or the ** Lease is in force, that Tenant’s employees and invitees cannot find sufficient parking spaces within the Parking Area or the ** Parking Area with reasonable convenience, whether because occupancy of the surrounding buildings has increased substantially or because third parties have encroached upon the Parking Area and ** Parking Area or for other reasons, then upon Tenant’s request, Landlord shall reserve 162 spaces on the

 


**

Omitted pursuant to a confidential treatment request. The confidential portion has been filed separately with the SEC.

 

2


** Parcel and 113 spaces on the ** Parcel (or ** Parcel) for Tenant’s exclusive use. Such spaces on both parcels shall be those most immediately adjacent to the Building and the ** without, however, displacing the spaces reserved for handicapped and visitor parking. The balance, if any, of the Parking Area or ** Parking Area shall be provided to Tenant, in common with other tenants of Landlord, on the ** and ** parcels. If Landlord shall not have obtained for Tenant parking spaces on the ** Parcel, then the spaces to be reserved for Tenant thereon shall be reserved for Tenant on the ** Parcel, provided that such reservation of spaces on the ** Parcel shall not relieve Landlord of its duty to use its best efforts to obtain such spaces for Tenant on the ** Parcel.