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HomeMy WebLinkAbout11223Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA ORDINANCE NO. 11223 AN ORDINANCE APPROVING A LEASE BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION AND IQOR US, INC., A DELAWARE CORPORATION FOR THE LEASE OF CITY OWNED PROPERTY LOCATED AT 317 NORTH MAIN STREET, PUEBLO, COLORADO 81003 AND AUTHORIZING THE MAYOR TO EXECUTE SAID LEASE BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The Lease between the City of Pueblo, a Colorado municipal corporation and iQor US Inc., a Delaware corporation, a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. The Mayor is authorized to execute and deliver the lease in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. SECTION 2. The officers and staff of the City are authorized and directed to perform any and all acts consistent with this Ordinance and the attached Lease which are necessary or desirable to effectuate the transactions described therein. SECTION 3. This Ordinance shall become effective on the date of final action by the Mayor and City Council. Action by City Council: Introduced and initial adoption of Ordinance by City Council on June 22, 2026. Final adoption of Ordinance by City Council on July 13, 2026. IL nedby: E�?rxB46�... President of City Council Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA Action by the Mayor: Q Approved on 07/15/2026 ❑ Disapproved on based on the following objections: Mayor Action by City Council After Disapproval by the Mayor: ❑ Council did not act to override the Mayor's veto. ❑ Ordinance re -adopted on a vote of , on ❑ Council action on failed to override the Mayor's veto. President of City Council ATTEST Signed by: W P01,6 t t Deputy City Cler Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA City Clerk's Office Item # S10 ciily of "PUEBLO m;µ ...w aflorado Background Paper for Proposed Ordinance COUNCIL MEETING DATE: July 13, 2026 TO: President Mark Aliff and Members of City Council CC: Mayor Heather Graham VIA: Clyde Bishop, City Clerk FROM: Carla Sikes, City Attorney SUBJECT: AN ORDINANCE APPROVING A LEASE BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION AND IQOR US, INC., A DELAWARE CORPORATION FOR THE LEASE OF CITY OWNED PROPERTY LOCATED AT 317 NORTH MAIN STREET, PUEBLO, COLORADO 81003 AND AUTHORIZING THE MAYOR TO EXECUTE SAID LEASE SUMMARY: On November 23, 2015, by Resolution No. 13341, City Council approved a Lease with iQor for approximately 41,379 square feet of the Pope Block Building located at 317. N. Main Street in downtown Pueblo. On March of 2019 by Ordinance 9440, City Council approved a lease with iQor for approximately 12,978 square feet located at 317 N. Main Street. Attached is an Ordinance approving and authorizing the Mayor to sign a lease with iQor US Inc. a Delaware corporation PREVIOUS COUNCIL ACTION: BACKGROUND: On November 3, 2015, iQor entered into a lease with the City to lease 41,379 square feet of the Pope Block Building located at 317 N. Main Street. On March 1, 2019, iQor entered into a second lease with the City for an additional 12,978 square feet of space in the Pope Block Building. Pursuant to the terms of the previous leases, iQor reduced its total leased space to 25,862 square feet effective February 15, 2021. Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA Both previous leases expired on February 28, 2025. Since that time iQor has been leasing the space on a month -to -month basis. iQor wishes to continue leasing approximately 25,863 square feet in the Pope Block Building for three more years with two (2) three (3) year renewal options. iQor's base rent for the Term of this Lease shall be as follows: Dates Cost per Square FootSquare Feet Annual Cost 06/01/26 to$10.00 25,862 $258,620.00 06/30/26 07/01/26 to$11.75 25,862 $303,878.50 12/31 /26 01 /01 /27 to$13.50 25,862 $349,137.00 12/31 /27 01 /01 /28 to$15.00 25,862 $387,930.00 12/31 /28 The space will continue to be used as a call center. This lease is a "gross" lease with the City paying the following: • Maintenance of the building • Building utilities • Major repair of the building • Building property taxes • Building insurance • Building fire systems iQor will be responsible for routine maintenance of its leased space and repairs up to $1,000. Either party may terminate the lease without cause with at least 180 days prior written notice to the other party. The existing security card system which controls access to the building and iQor's area needs to be updated. The City has agreed it will install, update and reconfigure the card reading system. (An ordinance approving the agreement for that transaction will be coming before City Council for approval.) Pursuant to the lease, iQor shall reimburse the City up to $25,000 for the cost of installing the reconfigured card system. FINANCIAL IMPLICATIONS: The lease will generate $1,299,565.50 in revenue to the half cent sales tax fund over the initial three-year term. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Ordinance. Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA STAKEHOLDER PROCESS: Not applicable to this Ordinance. ALTERNATIVES: If this Ordinance is not approved, iQor may move or close its call center in downtown Pueblo. RECOMMENDATION: Approve the Ordinance. ATTACHMENTS: 1. iQor Lease Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA LEASE This Lease is made as of the last date signed below, by and between City of Pueblo, Colorado, a Colorado municipal corporation ("Landlord") and iQor US Inc., a Delaware for -profit corporation ("Tenant"). ARTICLE 1 BASIC DATA Each reference in this Lease to any of the terms contained in this Article or otherwise defined in this Agreement will be construed to incorporate the definitions or data stated under that term, defined as follows: 1.1. Buildin;: 317 North Main Street, Pueblo, CO 81003 known as the Pope Block Building (`Building") 1.2. Leased Premises: Approx. 25,862 square feet in the Pope Block Building 1.3. Term: Initial term: 36 months 1.4. Commencement date: June 1, 2026 1.5. Renewal option: Tenant shall have the option to exercise two (2) three (3) year renewal options with 90 days prior notice to Landlord. 1.6. Tenant improvement allowance: None 1.7. Agency disclosure and commission: CBRE, Inc. is acting as Tenant's Agent, represented by Jared May. Tenant's Agent's commission, if any, will be paid by Tenant. Tenant shall indemnify and hold Landlord harmless from and against any claim or demand by any broker or other person for bringing about this Lease, including all expenses incurred in defending any such claim or demand (including reasonable attorneys' fees). 1.8. Landlord address: Attn: Mayor 1 City Hall Place, 2nd Floor Pueblo, CO 81003 Phone: (719) 553-2655 1.9. Landlord's property management representative: Darren Bustos Pueblo Facilities Maintenance Superintendent City of Pueblo, (719) 553-2792 dbustos@pueblo.os Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA 1.10. Tenant address: iQor US Inc. Attn: General Counsel 6700 N Andrews Avenue, 6fh Floor Fort Lauderdale, FL 33309 Copy to: legal.notices@igor.com ARTICLE 2 LEASE OF PREMISES 2.1. Leased Premises. In consideration of the mutual covenants and agreements herein contained, Landlord hereby leases to Tenant the premises of approximately 25,862 square feet located in the Building (the "Leased Premises") together with all appurtenances. The Leased Premises are located in the following sections of the Building: first floor east (19,994 square feet); portion of the second floor east (5,668 square feet); portion of the second floor west (200 square feet); and a partial section of the basement for storage. Notwithstanding anything to the contrary contained in this Agreement, neither the size nor location of the Leased Premises may be modified during the Term without Tenant's prior written consent. 2.3. Common Areas. Tenant shall have, as appurtenant to the Leased Premises, the non- exclusive right to use, and permit its invitees to use in common with other tenants of the Building, public lobbies, hallways, stairways, elevators, walkways necessary for access to Leased Premises, loading areas, pedestrian sidewalks and other areas or facilities which are in the Building which are public in nature. ARTICLE 3 TERM 3.1. Commencement Date; Term. The Lease shall have an initial three-year term ("Term"). The Lease Term begins (the "Commencement Date") on June 1, 2026, and terminates on May 31, 2028 (the "Termination Date"). 3.2. Options. Provided Tenant is in full compliance with the terms and conditions of this Lease, Tenant may extend the Term for an Extended Term as follows: Tenant may exercise two (2) three (3) year renewal options (each an "Extended Term") with one hundred eighty (180) days prior notice to the Landlord. The Rent and other terms and conditions will remain unchanged for the Extended Terms but shall be subject to the increase in Section of 4.2. 3.3. Termination Without Cause Option: Tenant shall have the continuing option to cancel this Lease, as it pertains to all, or any portion of the Leased Premises, for any reason whatsoever, by providing the Landlord with one hundred eighty (180) days prior written notice which shall specify the termination date and the portion of the Leased Premises being vacated. To the extent Tenant cancels a portion of the Leased Premise at any time during the Term or applicable Extended Term, the Rent shall be adjusted to reflect the reduced square footage for the remainder of the Term. Landlord shall have a continuing option to cancel this Lease for any reason whatsoever by W Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA providing Tenant one hundred eighty (180) days prior written notice which shall specify the termination date. ARTICLE 4 RENT AND ADDITIONAL CHARGES 4.1. Rent. Tenant's Rent for the Term of this Lease shall be as follows: Dates Cost per Square Foot Square Feet Annual Cost 06/01/26 to 06/30/26 $10.00 25,862 $258,620.00 07/01/26 to 12/31/26 $11.75 25,862 $303,878.50 01/01/27 to 12/31 /27/27 $13.50 25,862 $349,137 01/01/28 to 12/31/28 $15.00 25,862 $387,930 4.2. Increase in Rent for Renewal Terms. The Rent for the Extended Term shall be increased by the lesser of (i) the Consumer Price Index (as defined herein) or (ii) a 3% increase to the preceding year's Rent. The Rent shall be calculated by using the price per square foot amount used in the preceding year. Rent for the second and third year of each Extended Term shall be increased by $1.00 per square foot. In no event shall the Rent be decreased. "Consumer Price Index" shall mean the Consumer Price Index for all urban households (Base Year 1982-1984 = 100) in the West Region (CPI-U) as determined and published by the United States Department of Labor, Bureau of Labor Statistics for the applicable year. 4.3 Gross Lease. It is the intent of the Parties that this Lease be a "gross" lease with the City paying the following: • Maintenance and Management of the Building • Building Utilities • Major Repair of the Building and Leased Premises, unless damage is caused by the intentional, reckless or negligent action or inaction of Tenant, its employees, representatives, agents, or invitees. ("Major Repair" as it relates to the Leased Premises shall mean repairs costing more than $1,000.) • Building Property Taxes • Building use taxes not abated through Pueblo Urban Enterprise Zone • Building Insurance • Building Fire Systems 4.4. Tenant's Tax Obligations. The Tenant shall be solely responsible for the payment of its own tax obligations and agrees that said obligations shall not be paid as part of the City's Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA expenses in Section 4.3. Tenant's own tax obligations include, but are not limited to, sales and use taxes, personal property taxes and possessory interest real property taxes. ARTICLE 5 USE 5.1. Use. Tenant may use the Leased Premises for general, executive, service, sales and administrative office purposes, including as a telephone call center and including any uses incidental to any of the foregoing. Any change of use by the Tenant shall require the prior written consent of the Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. 5.2. Compliance with Laws. During the Term of this Lease, Tenant shall comply with all applicable laws, rules, regulations and ordinances of all federal, state, county and municipal authorities having jurisdiction over the Leased Premises or the Building. During the Term of this Lease, Landlord shall comply with all applicable laws, rules, regulations and ordinances of all federal, state, county and municipal authorities having jurisdiction over the Building. ARTICLE 6 ALTERATIONS AND SIGNS 6.1. Tenant's Alterations. Alterations, installations, improvements, additions or other physical changes to the Leases Premises shall not be made by the Tenant without the prior written consent of the Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. 6.2. Signage. The size, location, color and design of any sign placed by the Tenant on the Leased Premises or Building, shall be subject to the Landlord's prior written approval, not to be unreasonably withheld, conditioned or delayed. 6.3. Card System. The existing security card system which controls access to the building ("Card System") needs to be updated. The City agrees it will install, update and reconfigure the Card System. The City will control access to the building, office suites, and common areas except that City will cause the Card System to be configured to allow Tenant to retain control over access to the Leased Premises. Tenant shall be responsible for purchasing any supplies necessary for its access including card printers, card stock, or computers. If the Tenant vacates the Leased Premises the Tenant agrees to grant and hand over control of its portion of the Card System to City of Pueblo Facilities Maintenance Superintendent. Tenant agrees to reimburse the City up to up -to Twenty - Five thousand dollars ($25,000) for the cost of installing the reconfigured Card System. Proof of expenses for the installation will be required for reimbursement. Tenant shall be solely responsible for all license fees associated with its use of the Card System. 6.4. Liens. Tenant must keep the Leased Premises and this Lease free from any mechanic's, materialman's, or similar liens or encumbrances, and any claims therefore for labor or materials furnished Tenant. If Tenant fails to do so, Landlord may pay the amount or take such other action as Landlord deems necessary to remove such claim, lien or encumbrance, without il Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA being responsible for investigating the validity thereof. The amount so paid and costs incurred by the Landlord will be deemed additional rent under this Lease payable upon demand, without limitation as to other remedies available to Landlord. 6.5. Surrender. On the Termination Date of this Lease, Tenant shall quit and surrender the Leased Premises in substantially the same condition as they were on the Commencement Date, reasonable wear and tear excepted. Tenant may remove, but shall not be required to remove, any fixtures, alterations or improvements made to the Leased Premises, provided that Tenant repairs any damage caused by such removal. Any items of personal property not removed by Tenant on the Termination Date of this Lease may be retained or disposed of by Landlord, at Tenant's expense. ARTICLE 7 INDEMNIFICATION AND INSURANCE 7.1. Landlord's Indemnity. Landlord shall defend, indemnify and save harmless Tenant and its agents and employees against all costs (including, without limitation, reasonable attorneys' fees), damages or claims whether for personal injury, bodily injury or property damage, during the Term of this Lease, occurring in the Building, if caused by an act or omission by Landlord or its agents or employees, arising out of Landlord's operations or Landlord's use or occupancy of the Building. 7.2. Tenant's Indemnity. Tenant shall defend, indemnify and save harmless Landlord and its agents and employees against all costs (including, without limitation, reasonable attorneys' fees), damages or claims whether for personal injury, bodily injury or property damage, during the Term of this Lease, occurring in the Building, if caused by an act or omission by Tenant or its agents or employees, arising out of Tenant's operations or Tenant's use or occupancy of the Building. 7.3. Liability Insurance. During the Term of this Lease, Landlord must maintain insurance covering Landlord's liability for ownership, maintenance and use of the Building, including common areas. Such insurance must provide limits of not less than $1 million with respect to injury to any one person, $1 million with respect to any one occurrence and $500,000 with respect to property damage arising out of any one occurrence. 7.4. Property Insurance. Tenant must maintain "all-risk" property insurance covering against loss or damage resulting from fire or other insurable loss of Tenant's property. 7.5. Worker's Compensation Insurance. Tenant shall maintain and keep in force an all employees compensation insurance policy as required under the laws of the State of Colorado. 7.6. Insurance Requirements. All insurance required to be carried by the parties hereunder shall be issued by responsible insurance companies qualified to do business in the State of Colorado. The parties further agree to provide each other with copies of certificates of insurance for all policies required. E Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA 7.7. Waiver of Subrogation. The parties to this Lease hereby release each other and their respective officers, agents, managers, directors, and employees from any and all claims and demands for loss, damages, expense or injury to any person or the Building or to personal property or improvements which are caused by or result from any risk insured against under insurance policies carried or required to be carried by the parties and in force at the time of any such loss, to the extent such loss is covered by such parties' policies. The parties shall each obtain from their respective insurers waivers of all rights of subrogation, which the insurer of one party might have against the other party and Landlord and Tenant shall each indemnify the other against any loss or expense, including reasonable attorneys' fees, resulting from the failure to obtain such waivers of subrogation. ARTICLE 8 ASSIGNMENT 8.1. Assignment Requirements. Notwithstanding anything in this Lease to the contrary, Tenant has the right to assign this Lease or sublet the Leased Premises without Landlord's consent to a parent, subsidiary, or affiliate of Tenant, to a company that has merged or consolidated with Tenant, provided Tenant (or the resulting entity of any merger or consolidation) remains fully liable hereunder. With the exception of the internal assignments referenced in the preceding sentence, it shall be necessary for Tenant to obtain Landlord's prior, written consent to any proposed assignment of this Lease or subletting of the Leased Premises. However, Landlord's consent may not be unreasonably or unduly withheld, conditioned, or delayed, provided, however, that Landlord may withhold consent thereto if in the exercise of its sole judgment it determines that: 8.1.1. Financial Condition. The financial condition of the proposed assignee or subtenant is not consistent with the extent of the obligations undertaken by the proposed assignment or sublease; or 8.1.2. Proposed Use. The proposed use of the Leased Premises is not appropriate for the Building or in keeping with the character of the existing tenancies of the Building. ARTICLE 9 CASUALTY AND RESTORATION 9.1. Restoration. Upon any damage due to fire or other casualty, if such casualty results in damage to more than 5% of the gross leasable area of the Building, Landlord may, in its sole discretion, upon thirty (30) days written notice to Tenant after such casualty, terminate this Lease. Landlord may also, in its sole discretion, undertake restoration of the Building and complete such restoration, with due diligence, after such casualty. 9.2. Equitable Adjustment. Upon damage due to fire or other casualty of more than twenty-five percent (25%) of the Leased Premises, whether or not Landlord decides to undertake restoration of the Building, the parties agree that the Tenant's obligation to pay Rent shall be equitably abated and apportioned from the date of such casualty until such repairs are completed or until Tenant vacates the Leased Premises. no Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA ARTICLE 10 DEFAULT AND REMEDIES 10.1. Tenant's Default. If Tenant (a) fails to make its monthly payment of Rent for more than 10 days after Tenant receives notice of such failure from Landlord; or (b) fails to perform or observe any other agreement or condition contained in this Lease, and such failure is not corrected within thirty (30) days after Tenant receives notice from Landlord of such failure, then, in addition to all other remedies available at law or in equity, Landlord has the right to terminate this Lease and recover possession of the Leased Premises in the manner prescribed by law. 10.2. Landlord's Default. If Landlord fails to perform or observe any agreement or condition contained herein, and such failure is not corrected within thirty (30) days after Landlord receives notice from Tenant of such failure, then, in addition to all other remedies available at law or in equity, Tenant has the right to terminate this Lease. 10.3. Disputes. In the event of an unresolved dispute between Landlord and Tenant regarding the performance by either party of an obligation or condition of this Lease, as a condition precedent to the filing of litigation, authorized representatives of Landlord and Tenant will use good faith and commercially reasonable efforts to resolve such disputes. ARTICLE 11 GENERAL PROVISIONS 11.1. Notices. Notices, consents, and demands required or permitted to be given hereunder must be in writing and be effective when received or refused, whether by hand delivery, nationally recognized overnight courier (with evidence of receipt or refusal), or U.S. Mail (return receipt requested), to the parties' respective Address stated in Article 1 of this Lease, or to such other address as the parties designate by written notice to each other, and each parry may identify additional parties to receive copies of same. 11.2. Holding Over. Should Tenant hold over in possession of the Leased Premises after the expiration of the Term, as extended, such holding over shall not be deemed to extend the Term or renew this Lease, but this Lease will continue as a tenancy from month to month upon the terms and conditions stated herein and at the rental rate shall increase by 10% for any hold over period. 11.3. Waiver/Remedies. The failure of Landlord or Tenant to insist upon strict performance by the other of any of the provisions of this Lease or to exercise any option herein conferred will not be deemed as a waiver or relinquishment for the future of any such provision or option. Except as expressly provided otherwise herein, all rights and remedies provided for herein or otherwise existing at law or in equity are cumulative, and the exercise of one or more rights or remedies by either parry shall not preclude or waive its right to the exercise of any or all the others. 11.4. Partial Invalidity. If any provision of this Lease or the application thereof to any person or circumstance is, at any time or to any extent, invalid or unenforceable, the remainder of 7 Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA this Lease will not be affected thereby, and each such provision will be valid and will be enforced to the fullest extent permitted by law. 11.5. Attorneys' Fees. In the case of any litigation among the parties under this Agreement, the prevailing parry will be entitled to reimbursement for its reasonable costs, including reasonable attorneys' fees, incurred in any such dispute. 11.6. Entire Agreement. This Lease contains the entire and exclusive agreement between the parties relating to the Leased Premises and may not be modified except by written instrument signed by the party to be bound thereby. 11.7. Venue and Waiver of Trial by Jury. In the event of any litigation arising under this Agreement, exclusive venue for any such litigation shall be Pueblo County, Colorado. All such litigation shall be filed in the District Court and each parry submits to the jurisdiction of such District Court. Landlord and Tenant hereby waive trial by jury in any action, proceeding, or counterclaim brought by either against the other, upon any matters whatsoever arising out of or in any way connected with this Lease, Tenant's use or occupancy of the Premises and/or any claim of injury or damage. 11.8. Relationship of the Parties. Neither Parry shall be, or hold itself out as, agent of the other or as joint venturers or partners under this Agreement. 11.9. Drafting of Agreement. Each Parry acknowledges that this Agreement was fully negotiated by the Parties and, therefore, no provision of this Agreement shall be interpreted against any Parry because such Parry or its legal representative drafted such provision. 11.10. No Third -Party Beneficiaries. The provisions of this Agreement are for the exclusive benefit of the Parties hereto and their successors and permitted assigns, and no third parry shall be a beneficiary, or have any rights by virtue of this Agreement. 11.11. Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed for all purposes to be an original, and all such counterparts shall together constitute but one and the same original. 11.12. Survival. Whether or not specifically noted within any section or provision of this Lease, any provision of this Lease which must survive termination of this Lease in order to be effective will so survive such termination. written. IN WITNESS WHEREOF, this Lease is executed and delivered as of the date first above [SIGNATURE PAGE FOLLOWS] Docusign Envelope ID: 24FB9A3D-3B09-8606-8245-6D1698AA73CA TENANT: IQOR US INC., a Delaware for -profit corporation Signature SVP Associate General Counsel Title June 8, 2026 Date STATE OF ) ss: COUNTY OF ) The foregoing instrument was acknowledged , 2025, by US INC., a Delaware for -profit corporation. Witness my official hand and seal. My Commission Expires: LANDLORD: CITY OF P� Heather Graham, Mayor Date: 07/15/2026 [SEAL] s�ned by: Attest: u� pt ut t 349 pa Acting City Clerk before me on this , as Notary Public I day of of iQor LEASE This Lease is made as of th e last date signed below, by and between City of Pueblo, Colorado, a Colorado municipal corporation (“Landlord”) and iQor US Inc., a Delaware for-profit corporation (“Tenant”). ARTICLE 1 BASIC DATA Each reference in this Lease to any of the terms contained in this Article or otherwise defined in this Agreement will be construed to incorporate the definitions or data stated under that term, defined as follows: 1.1. Building: 317 North Main Street, Pueblo, CO 81003 known as the Pope Block Building (“Building”) 1.2. Leased P remises: Approx. 25,862 square feet in the Pope Block Building 1.3.Term: Initial term: 36 months 1.4. Commencement date: June 1, 202 6 1.5. Renewal option: Tenant shall have the option to exercise two (2) three (3) year renewal options with 90 days prior notice to Landlord. 1.6. Tenant improvement allowance: None 1.7. Agency disclosure and commission: CBRE, Inc. is acting as Tenant’s Agent, represented by Jared May. Tenant’s Agent’s commission, if any, will be paid by Tenant. Tenant shall indemnify and hold Landlord harmless from and against any claim or demand by any broker or other person for bringing about this Lease, including all expe nses incurred in defending any such claim or demand (including reasonable attorneys’ fees). 1.8.Landlord address: Attn: Mayor 1 City Hall Place, 2 nd Floor Pueblo, CO 81003 Phone: (719) 553-2655 1.9. Landlord’s property management representative: Darren Bustos Pueblo Facilities Maintenance Superintendent City of Pueblo, (719) 553-2792 dbustos@pueblo.os 1 1.10. T enant address: iQor US Inc. Attn: General Counsel 6700 N Andrews Avenue, 6 th Floor Fort Lauderdale, FL 33309 Copy to: legal.notices@iqor.com ARTICLE 2 LEASE OF PREMISES 2.1. Leased Premises. In consideration of the mutual covenants and agreements herein contained, Landlord hereby leases to Tenant the premises of approximately 2 5,862 square feet located in the Building (the “Leased Premises”) together with all appurtenances. The Leased Premises are located in the following sections of the Building: first floor east (19,994 square feet); portion of the second floor east (5,668 square feet); portion of the second floor west (200 square feet); and a partial section of the basement for storage. Notwithstanding anything to the contrary contained in this Agreement, neither the size nor location of the Leased Premises may be modified during the Term without Tenant’s prior written consent. 2.3. Common Areas. Tenant shall have, as appurtenant to the Leased Premises, the non- exclusive right to use, and permit its invitees to use in common with other tenants of the Building, public lobbies, hallways, stairways, elevators, walkways necessary for access to Lease d Premises, loading areas, pedestrian sidewalks and other areas or facilities which are in the Building which are public in nature. ARTICLE 3 TERM 3.1. Commencement Date; Term. The Lease shall have an initial three-year term (“Term”). The Lease Term begins (the “Commencement Date”) on June 1, 202 6, and terminates on May 31, 2028 (the “Termination Date”). 3.2. Options. Provided Tenant is in full compliance with the terms and conditions of this Lease, Tenant may extend the Term for an Extended Term as follows: Tenant may exercise two (2) three (3) year renewal options (each an “Extended Term”) with one hundred eighty (180) days prior notice to the Landlord. The R ent and other terms and conditions will remain unchanged for the Extended Terms but shall be subject to the increase in Section of 4.2. 3.3. Termination Without Cause Option: Tenant shall have the continuing option to cancel this Lease, as it pertains to all, or any portion of the Leased Premises, for any reason whatsoever, by providing the Landlord with one hundred eighty (180) days prior written notice which shall specify the termination date and the portion of the Leased Premises being vacated. To the extent Tenant cancels a portion of the Leased Premise at any time during the Term or applicable Extended Term, the Rent shall be adjusted to reflect the reduced square footage for the remainder of t he Term. Landlord shall have a continuing option to cancel this Lease for any reason whatsoever by 2 providing Tenant one hundred eighty (180) days prior written notice which shall specify the termination date. ARTICLE 4 RENT AND ADDITIONAL CHARGES 4.1. Rent. Tenant’s Rent for the Term of this Lease shall be as follows: Dates Cost per Square Foot Square Feet Annual Cost 0 6/01/26 to$10.00 25,862$25 8,620.0 0 06/30/26 0 7/01/2 6 to $1 1.75 25,862 $303,878.50 12/31/26 01/01/27 to $1 3.50 25,862 $349,137 1 2/31/27/27 01/01/2 8 to $1 5.00 25,862 $387,930 1 2/3 1/28 4.2. Increase in Rent for Renewal Terms. The R ent for the Extended Term shall be increased by the lesser of (i) the Consumer Price Index (as defined herein) or (ii) a 3% increase to the preceding year’s Rent. The Rent shall be calculated by using the price per square foot amount used in the preceding year. Rent for the second and third year of each Extended Term shall be increased by $1.00 per square foot. In no event shall the Rent be decreased. “Consumer Price Index” shall mean the Consumer Price Index for all urban households (Base Year 1982-1984 = 100) in the West Region (CPI-U) as determined and published by the United States Department of Labor, Bureau of Labor Statistics for the applicable y ear. 4.3 Gross Lease. It is the intent of the Parties that this Lease be a “gross” lease with the City payi n g the following: Maintenance and Management of the Building Building Utilities Major Repair of the Building and Leased Premises, unless damage is cau s ed by the intentional, reckless or negligent action or inaction of Tenant, its employees, representatives, agents, or invitees. (“Major Repair” as it relates to the Leased Premises shall mean repairs costing more than $1,000.) Building Property Taxes Building use taxes not abated through Pueblo Urban Enterprise Zone Building Insurance Building Fire Systems 4.4. Tenant’s Tax Obligations. The T enant shall be solely responsible for the payment of its own tax obligations and agrees that said obligations shall not be paid as part of the City’s 3 expenses in Section 4.3. Tenant’s own tax obligations include, but are not limited to, sales and use taxes, personal property taxes and possessory interest real property taxes. ARTICLE 5 USE 5.1. Use. Tenant may use the Leased Premises for general, executive, service, sales and administrative office purposes, including as a telephone call center and including any uses incidental to any of the foregoing. Any change of use by the Tenant shall require the prior written consent of the Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. 5.2. Compliance with Laws. During the Term of this Lease, Tenant shall comply with all applicable laws, rules, regulations and ordinances of all federal, state, county and municipal authorities having jurisdiction over the Leased Premises or the Building. During the Term of this Lease, Landlord shall comply with all applicable laws, rules, regulations and ordinances of all federal, state, county and municipal authorities having jurisdiction over the Building. ARTICLE 6 ALTERATIONS AND SIGNS 6.1. Tenant’s Alterations. Alterations, installations, improvements, additions or other physical changes to the Leases Premises shall not be made by the Tenant without the prior written consent of the Landlord, which consent shall not be unreasonably withheld, conditioned or dela yed. 6.2.Signage. The size, location, color and design of any sign placed by the Tenant on the Leased Premises or Building, shall be subject to the Landlord’s prior written approval, not to be unreasonably withheld, conditioned or delayed. 6.3. Card System. The existing security card system which controls access to the building (“Card System”) needs to be updated. The City agrees it will install, update and reconfigure the Card System. The City will control access to the building, office suites, and common areas except that City will cause the Card System to be configured to allow Tenant to retain control over access to the Leased Premises. Tenant shall be responsible for purchasing any supplies necessary for its access including card p rinters, card stock, or computers. If the Tenant vacates the Leased Premises the Tenant agrees to grant and hand over control of its portion of the Card System to City of Pueblo Facilities Maintenance Superintendent. Tenant agrees to reimburse the City up to up-to Twenty- Five thousand dollars ($25,000) for the cost of installing the reconfigured Card System. Proof of expenses for the installation will be required for reimbursement. Tenant shall be solely responsible for all license fees associated with it s use of the Card System. 6.4. Liens. Tenant must keep the Leased Premises and this Lease free from any mechanic’s, materialman’s, or similar liens or encumbrances, and any claims therefore for labor or materials furnished Tenant. If Tenant fails to do so, Landlord may pay the amount or ta ke such other action as Landlord deems necessary to remove such claim, lien or encumbrance, without 4 being responsible for investigating the validity thereof. The amount so paid and costs incurred by the Landlord will be deemed additional rent under this Lease payable upon demand, without limitation as to other remedies available to Landlord. 6.5. Surrender. On the Termination Date of this Lease, Tenant shall quit and surrender the Leased Premises in substantially the same condition as they were on the Commencement Date, reasonable wear and tear excepted. Tenant may remove, but shall not be required to rem ove, any fixtures, alterations or improvements made to the Leased Premises, provided that Tenant repairs any damage caused by such removal. Any items of personal property not removed by Tenant on the Termination Date of this Lease may be retained or disposed of by Landlord, at Tenant’s expense. ARTICLE 7 INDEMNIFICATION AND INSURANCE 7.1. Landlord’s Indemnity. Landlord shall defend, indemnify and save harmless Tenant and its agents and employees against all costs (including, without limitation, reasonable attorneys’ fees), damages or claims whether for personal injury, bodily injury or property damage, during the Term of this Lease, occurring in the Building, if caused by an act or omission by Landlord or its agents or employees, arising out of Landlord’s operations or Landlord’s use or occupancy of the Building. 7.2. Tenant’s Indemnity. Tenant shall defend, indemnify and save harmless Landlord and its agents and employees against all costs (including, without limitation, reasonable attorneys’ fees), damages or claims whether for personal injury, bodily injury or property damage, during the Term of this Lease, occurring in the Building, if caused by an act or omission by Tenant or its agents or employees, arising out of Tenant’s operations or Tenant’s use or occupancy of the Building. 7.3.Liability Insurance. During the Term of this Lease, Landlord must maintain insurance covering Landlord’s liability f or ownership, maintenance and use of the Building, including common areas. Such insurance must provide limits of not less than $1 million with respect to injury to any one person, $1 million with respect to any one occurrence and $500,000 with respect to property damage arising out of any one occurrence. 7.4. Property Insurance. Tenant must maintain “all-risk” property insurance covering against loss or damage resulting from fire or other insurable loss of Tenant’s property. 7.5. Worker’s Compensation Insurance. Tenant shall maintain and keep in force an all employees compensation insurance policy as required under the laws of the State of Colorado. 7.6. Insurance Requirements. All insurance required to be carried by the parties hereunder shall be issued by responsible insurance companies qualified to do business in the State of Colorado. The parties further agree to provide each other with copies of certificates of insurance for all policies required. 5 7.7.Waiver of Subrogation. The parties to this Lease hereby release each other and their respective officers, agents, managers, directors, and employees from any and all claims and demands for loss, damages, expense or injury to any person or the Building or to personal property or improvements which are caused by or result from any risk insured against under insurance policies carried or required to be carried by the parties and in force at the time of any such loss, to the extent such loss is covered by such parties’ policies. The parties shall each obtain from their respective insurers waivers of all rights of subrogation, which the insurer of one party might have against the other party and Landlord and Tenant shall each indemnify the other against any loss or expense, including reasonable attorneys’ fees, resulting from the failure to obtain such waivers of subrogation. ARTICLE 8 ASSIGNMENT 8.1. Assignment Requirements. Notwithstanding anything in this Lease to the contrary, Tenant has the right to assign this Lease or sublet the Leased Premises without Landlord’s consent to a parent, subsidiary, or affiliate of Tenant, to a company that has merged or consolidated with Te nant, provided Tenant (or the resulting entity of any merger or consolidation) remains fully liable hereunder. With the exception of the internal assignments referenced in the preceding sentence, i t shall be necessary for T enant to obtain Landlord’s prior, written consent to any proposed assignment of this Lease or subletting of the Leased Premises. However, Landlord’s consent may not be unreasonably or unduly withheld, conditioned, or delayed, provided, however, that Landlo rd may withhold consent thereto if in the exercise of its sole judgment it determines that: 8.1.1. Financial Condition. The financial condition of the proposed assignee or subtenant is not consistent with the extent of the obligations undertaken by the proposed assignment or sublease; or 8.1.2. Proposed Use. The proposed use of the Leased Premises is not appropriate for the Building or in keeping with the character of the existing tenancies of the Building. ARTICLE 9 CASUALTY AND RESTORATION 9.1. Restoration. Upon any damage due to fire or other casualty, if such casualty results in damage to more than 5% of the gross leasable area of the Building, Landlord may, in its sole discretion, upon thirty (30) days written notice to Tenant after such casualty, termi nate this Lease. Landlord may also, in its sole discretion, undertake restoration of the Building and complete such restoration, with due diligence, after such casualty. 9.2. Equitable Adjustment.Upon damage due to fire or other casualty of more than twenty-five percent (25%) of the Lease d Premises, whether or not Landlord decides to undertake restoration of the Building, the parties agree that the Tenant’s obligation to pay Rent shall be equitably abated and apportioned from the date of such casualty until such repairs are completed or until Tenant vacates the Leased Premises. 6 ARTICLE 10 DEFAULT AND REMEDIES 10.1. Tenant’s Default. If Tenant (a) fails to make its monthly payment of Rent for more than 10 days after Tenant receives notice of such failure from Landlord; or (b) fails to perform or observe any other agreement or condition contained in this Lease, and such failure is not corrected within thirty (30) days after Tenant receives notice from Landlord of such failure, then, in addition to all other remedies available at law or in equity, Landlord has the right to terminate this Lease and recover possess ion of the Leased Premises in the manner prescribed by law. 10.2. Landlord’s Default. If Landlord fails to perform or observe any agreement or condition contained herein, and such failure is not corrected within thirty (30) days after Landlord receives notice from Tenant of such failure, then, in addition to all other remedies available at law or in equity, Tenant has the right to terminate this Lease. 10.3. Disputes. In the event of an unresolved dispute between Landlord and Tenant regarding the performance by either party of an obligation or condition of this Lease, as a condition precedent to the filing of litigation, authorized representatives of Landlord and Ten ant will use good faith and commercially reasonable efforts to resolve such disputes. ARTICLE 11 GENERAL PROVISIONS 11.1. Notices. Notices, consents, and demands required or permitted to be given hereunder must be in writing and be effective when received or refused, whether by hand delivery, nationally recognized overnight courier (with evidence of receipt or refusal), or U.S. Mai l (return receipt requested), to the parties’ respective Address stated in Article 1 of this Lease, or to such other address as the parties designate by written notice to each other, and each party may identify additional parties to receive c opies of same. 11.2. Holding Over. Should Tenant hold over in possession of the Leased Premises after the expiration of the Term, as extended, such holding over shall not be deemed to extend the Term or renew this Lease, but this Lease will continue as a tenancy from month to month upon the terms and conditions stated herein and at the rental rate shall increase by 10% for any hold over period. 11.3. Waiver/Remedies. The failure of Landlord or Tenant to insist upon strict performance by the other of any of the provisions of this Lease or to exercise any option herein conferred will not be deemed as a waiver or relinquishment for the future of any such provision or o ption. Except as expressly provided otherwise herein, all rights and remedies provided for herein or otherwise existing at law or in equity are cumulative, and the exercise of one or more rights or remedies by either party shall not preclude or waive its right to the exercise of any or all the others. 11.4. Partial Invalidity. If any provision of this Lease or the application thereof to any person or circumstance is, at any time or to any extent, invalid or unenforceable, the remainder of 7 this Lease will not be affected thereby, and each such provision will be valid and will be enforced to the fullest extent permitted by law. 11.5. Attorneys’ Fees. In the case of any litigation among the parties under this Agreement, the prevailing party will be entitled to reimbursement for its reasonable costs, including reasonable attorneys’ fees, incurred in any such dispute. 11.6. Entire Agreement. This Lease contains the entire and exclusive agreement between the parties relating to the Leased Premises and may not be modified except by written instrument signed by the party to be bound thereby. 11.7. Venue and Waiver of Trial by Jury. In the event of any litigation arising under this Agreement, exclusive venue for any such litigation shall be Pueblo County, Colorado. All such litigation shall be filed in the District Court and each party submits to the jurisdiction of such District Court. Landlord and Tenant hereby waive trial by jury in any action, proceeding, or counterclaim brought by either against the other, upon any matters whatsoever arising out of or in any way connected with this Lease, Tenant’s use or occupancy of the Premises and/or any claim of injury or damage. 11.8.Relationship of the Parties. Neither Party shall be, or hold itself out as, agent of the other or as joint venturers or partners under this Agreement. 11.9.Drafting of Agreement. Each Party acknowledges that this Agreement was fully negotiated by the Parties and, therefore, no provision of this Agreement shall be interpreted against any Party because such Party or its legal representative drafted such provision. 11.10.No Third-Party Beneficiaries. The provisions of this Agreement are for the exclusive benefit of the Parties hereto and their successors and permitted assigns, and no third party shall be a beneficiary, or have any rights by virtue of this Agreement. 11.11.Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed for all purposes to be an original, and all such counterparts shall together constitute but one and the same original. 11.12. Survival. Whether or not specifically noted within any section or provision of this Lease, any provision of this Lease which must survive termination of this Lease in order to be effective will so survive such termination. IN WITNESS WHEREOF, this Lease is executed and delivered as of the date first above written. [SIGNATURE PAGE FOLLOWS] 8 TENANT: IQOR US INC.,a Delaware for-profit corporation Signature SVP Associate General Counsel Title June 8, 2026 Date STATE OF ______________ ) ) ss: COUNTY OF ____________ ) The foregoing instrument was acknowledged before me on this _______ day of ________________, 20 25, by ________________________, as __________________ of iQor US INC., a Delaware for-profit corporation. Witness my official hand and seal. My Commission Expires: __________________________ _________________________________________ Notary Public LANDLORD: CITY OF PUEBLO Heather Graham, Mayor Date: _______________________________ [ S E A L ] Attest: Acting City Clerk 9