SECOND AMENDMENT TO OFFICE LEASE
Exhibit
10.14
SECOND
AMENDMENT TO OFFICE LEASE
THIS
SECOND AMENDMENT TO OFFICE LEASE (the “Amendment”) is dated for reference
purposes only, this 1st
day of
March, 2006, by and between XXXX COMMERCIAL REALTY CORP., A NEVADA CORPORATION
(“Landlord”),
on
the one hand, and PACIFIC COAST NATIONAL BANCORP, A CALIFORNIA CORPORATION,
(“Tenant”)
on the
other hand, with reference to the facts set forth in the Recitals
below.
R
E C I T A L S
A. Landlord
and Tenant are parties to that certain Office Lease dated July 15, 2004, (the
“Original
Lease”),
which
was amended by that certain Amendment to Lease Date Change dated as of February
23, 2005 (the “First
Amendment”);
(as
amended, the “Lease”),
pursuant to which Tenant leases from Landlord those certain premises (the
“Original
Premises”)
consisting of approximately 7,285 rentable square feet commonly known as Suites
100 - 140, of that certain building commonly known as 000 Xxxxx Xxxxxxxx, Xxx
Xxxxxxxx, XX 00000 (the “Building”),
and
more particularly described in the Lease.
B. Capitalized
terms not defined in this Amendment have the meanings given to them in the
Lease.
C. Tenant
desires to lease 2,845 rentable square feet of Additional Space known as Suite
150 on the first (1st)
floor
of the Building. Landlord and Tenant desire to amend the Lease to reflect the
addition of Suite 150 in accordance with the terms hereinafter
provided.
A
G R E E
M E N T
NOW,
THEREFORE, in consideration of the above Recitals and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties agree
as
follows:
1. Additional
Space.
On the
date the Second Amendment is fully executed, Tenant shall lease from Landlord
2,845 rentable square feet which is a portion of the first (1st)
floor
of 000 Xxxxx Xxxxxxxx, Xxx Xxxxxxxx, XX 00000 known as Suite 150 depicted on
Exhibit
“A”
attached
hereto (the “Additional
Space”).
The
term of the lease for the Additional Space only shall commence upon Landlord’s
notice to Tenant that Tenant Improvements as set forth hereinafter are
Substantially Complete, but in no event later than September 1, 2006. At that
time an Addendum (“Date
Change Addendum”)
shall
be created defining said Commencement Date which will be attached hereto and
will become hereof a part of the terms and conditions of this Second Amendment
to Office Lease. The term of the lease for the Additional Space shall expire
May
31, 2015. On the Commencement Date, as defined below, the “Premises” shall
include the Original Premises and the Additional Space and the total square
footage for the Original Premises and the Additional Space shall be 10,130
rentable square feet.
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/s/
JT
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/s/
MH
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Landlord
Initials
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Tenant’s
Initials
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2. Monthly
Base Rent.
The
Base Monthly Rent for the Additional Space only shall be Five thousand six
hundred ninety dollars ($5,690.00) per month Full Service Gross, commencing
upon
Landlord’s written notice to Tenant that Tenant Improvements are Substantially
Completed, but in no event later than September 1, 2006 (“Commencement Date”)
and continuing until May 31, 2015. Commencing with June 1, 2007, the Base
Monthly Rent shall be Five thousand eight hundred thirty-two dollars and
twenty-five cents ($5,832.25) per month Full Service Gross. Commencing with
June
1, 2008, the Base Monthly Rent shall be Five thousand nine hundred seventy-four
dollars and fifty cents ($5,974.50) per month Full Service Gross. Commencing
with June 1, 2009, the Base Monthly Rent shall be Six thousand one hundred
sixteen dollars and seventy-five cents ($6,116.75) per month Full Service Gross.
Commencing with June 1, 2010, the Base Monthly Rent shall be Six thousand two
hundred fifty-nine dollars ($6,259.00) per month Full Service Gross. Commencing
with June 1, 2011, the Base Monthly Rent shall be Six thousand four hundred
one
dollars and twenty-five cents ($6,401.25) per month Full Service Gross.
Commencing with June 1, 2012, the Base Monthly Rent shall be Six thousand five
hundred forty-three dollars and fifty cents ($6,543.50) per month Full Service
Gross. Commencing with June 1, 2013, the Base Monthly Rent shall be Six thousand
six hundred eighty-five dollars and seventy-five cents ($6,685.75) per month
Full Service Gross. Commencing with June 1, 2014, the Base Monthly Rent shall
be
Six thousand eight hundred twenty-eight dollars ($6,828.00) per month full
Service Gross.
3. Tenant
Improvements.
Landlord agrees to complete, at Landlord’s sole expense, the following Tenant
Improvements in the Additional Space only, as follows:
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1.
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Replace
carpeting throughout with Landlord’s standard carpet in Tenant’s choice of
colors;
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2.
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Paint
Premises with Landlord’s standard
paint;
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3.
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Clean
entire suite to “move-in”
condition;
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Landlord
shall complete the Tenant Improvements in accordance with all applicable
building codes and ordinances, and Landlord shall use building-standard
materials and finishes. Landlord shall complete the Tenant Improvements in
a
good and workmanlike manner and shall use only new materials. Landlord shall
make every reasonable effort to complete the above Tenant Improvements as soon
as reasonably possible after receipt of this signed Second Amendment to Office
Lease and move-in monies, and estimates said work to take approximately two
(2)
to three (3) weeks to complete from date of Landlord’s receipt of signed Second
Amendment to Office Lease and move-in monies and vacation and surrender of
the
Premises by the existing Tenant, but Landlord can make no guaranty of an exact
date of completion. However, Landlord shall complete the Tenant Improvements
before September 1, 2006.
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/s/
JT
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/s/
MH
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Landlord
Initials
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Tenant’s
Initials
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“Substantially
Completed” or “Substantially Completes” shall be defined as when the Tenant
Improvements as set forth herein are completed and the suite is cleaned to
the
point that any reasonable tenant walking the Additional Space would deem it
ready to occupy, minor punch-list items excepted, and Landlord has tendered
possession of the Additional Space to Tenant.
4. Tenant’s
Prorata Share.
Effective as of the Commencement Date for the Additional Space of 2,845 rentable
square feet, Tenant’s Prorata share for the entire Premises of 10,130 rentable
square feet shall be 11.92%.
5. Base
Building Operating Expenses.
In
addition to the expenses set forth in the Original Office Lease, Tenant shall
pay annually Tenant’s Share of increases in Building Operating Expenses in
excess of the 2006 Base Year Expenses for the Additional Space only (Suite
150).
6. Option
to Extend.
Landlord and Tenant acknowledge and agree that the Option to Extend as set
forth
in Addendum “D” of the Original Lease remains in full force and effect for the
Original Premises and/or the Additional Space upon the terms and conditions
set
froth therein.
7. No
Other Modifications.
Except
as modified in this Agreement, all other terms and conditions of the Lease
and
previous Amendments thereto shall remain unchanged and in full force and effect.
To the extent of a conflict between the terms of the Lease and the terms of
this
Amendment, the terms of this Amendment shall prevail. A breach by Tenant of
any
of the terms of this Amendment shall constitute a material breach by Tenant
of
the Lease as to which Landlord shall have all rights and remedies. This
Amendment may be executed in multiple counterparts, each of which shall be
deemed to be an original, but all of which, together, shall constitute one
and
the same instrument.
8. Upon
Execution.
Tenant
shall pay Landlord upon execution hereof, Eleven thousand three hundred eighty
dollars ($11,380.00) which includes: Five thousand six hundred ninety dollars
($5,690.00) for the first month’s Rent and Five thousand six hundred ninety
dollars ($5,690.00) Security Deposit for the Additional Space.
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/s/
JT
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/s/
MH
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Landlord
Initials
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Tenant’s
Initials
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IN
WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the
day
and year set forth above.
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LANDLORD:
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XXXX
COMMERCIAL REALTY CORP.
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A
NEVADA CORPORATION
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By:
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/s/ Xxxxx Xxxxxx | ||
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Name:
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Xxxxx
Xxxxxx
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Title:
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Vice
President
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TENANT:
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A
CALIFORNIA CORPORATION
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By:
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/s/ Xxxxxxx X. Xxxx | ||
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Name:
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Xxxxxxx
X. Xxxx
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Title:
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President
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By:
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/s/ Xxxxx X. Xxxxxx | ||
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Name:
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Xxxxx
X. Xxxxxx
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Title:
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Secretary
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PACIFIC
POINTE CORPORATE CENTRE
000
Xxxxx
Xxxxxxxx
Xxx
Xxxxxxxx, XX 00000
[graphic]
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/s/
JT
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Exhibit
“A”
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/s/
MH
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Landlord’s
Initials
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Tenant’s
Initials
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ADDENDUM
TO SECOND AMENDMENT TO OFFICE LEASE
THIS
ADDENDUM TO SECOND AMENDMENT TO OFFICE LEASE is dated for reference purposes
only, this 30th day of June, 2006, by and between XXXX COMMERCIAL REALTY CORP.,
A NEVADA CORPORATION “Landlord”,
and
PACIFIC COAST NATIONAL BANCORP, A CALIFORNIA CORPORATION, hereinafter called
“Tenant”.
Landlord
and Tenant entered into that certain written Office Lease, dated July 15, 2004,
(the “Original
Lease”)
which
was amended by that certain Amendment to Lease/Date Change (the “First
Amendment”),
dated
February 23, 2005; Second Amendment to Office Lease dated March 1, 2006 (the
“Second
Amendment”)
pursuant to which Tenant leases from Landlord those certain Premises (the
“Original
Premises”)
consisting of approximately 10,130 rentable square feet commonly known as Suites
100-140 and 150 of that certain building commonly known as 000 Xxxxx Xxxxxxxx,
Xxx Xxxxxxxx, XX 00000 (the “Building”),
and
more particularly described in the Lease.
Landlord
and Tenant hereby express their mutual desire and intent to amend the Term
of
the Second Amendment to Office Lease for the Additional Space of 2,845 rentable
square feet known as Suite 150, as follows:
The
term
of this Lease for the Additional Space known as Suite 150 shall be
for:
Eight
(8) years and Nine (9)_months.
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A.
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Original
Commencement Date for the Additional Space was: upon
Landlord’s notice to Tenant that Tenant Improvements as set forth herein
are Substantially Complete, but in no event later than September
1,
2006.
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B.
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Revised
Commencement Date for the Additional Space is: August
1, 2006.
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C.
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Expiration
Date for the Additional Space is: May
31, 2015.
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/s/
BK
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/s/
MH
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Landlord’s
Initials
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Page
1 of 2
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Tenant’s
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Addendum
to Second Amendment to Office Lease
June
30,
2006
Except
as
modified herein, all other terms and conditions of the Lease between the Parties
above described, and attached hereto, shall continue in full force and
effect..
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LANDLORD:
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XXXX
COMMERCIAL REALTY CORP.
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A
NEVADA CORPORATION
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By:
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/s/
Xxxxxx Xxxxxxx
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Name:
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Xxxxxx
Xxxxxxx
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Title:
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Director
of Marketing
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Date:
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7/13/06
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TENANT:
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A
CALIFORNIA CORPORATION
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By:
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/s/
Xxxxxxx X. Xxxx
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Name:
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Xxxxxxx
X. Xxxx
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Title:
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President
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Date:
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7/6/2006
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By:
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/s/
Xxxxx X. Xxxxxx
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Name:
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Xxxxx
X. Xxxxxx
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Title:
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Secretary
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Date:
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7/10/06
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