Exhibit 10.3
LEASE EXTENSION AGREEMENT #1
THIS AGREEMENT is made as of the 9th day of October, 2000, by and between
Xxxxxxxxx & Xxxx, Inc. (hereinafter referred to as TENANT) and XXXXXXXX REALTY
COMPANY, as agent for the Beneficiaries of Xxxx Xxxxxx Bank as Trustee under the
Trust Agreement dated the 16th day of June, 1995 and known as Trust Number U/T
954069 (hereinafter referred to as "LANDLORD").
WITNESSETH:
WHEREAS, by lease dated August 23, 1995, LANDLORD leased to TENANT the
premises commonly known as 000-000 Xxxxxxxxxx Xxxx., xx Xxxxxxxx, Xxxxxxxx
(hereinafter referred to as the "PREMISES"), under certain terms, covenants,
conditions and agreements (hereinafter referred to as "LEASE") and said LEASE is
still in full force and effect either under its original terms thereof; and
WHEREAS, the LEASE and this Lease Extension Agreement # 1 are all
incorporated herein and shall collectively hereinafter be referred to as
"REVISED LEASE"; and
WHEREAS, LANDLORD, and TENANT desire to herein make certain modifications,
amendments and additions to the REVISED LEASE.
NOW, THEREFORE, LANDLORD and TENANT, in consideration of the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, covenant and agree as follows:
1. The above recitals are hereby incorporated into this Agreement;
2. The following modifications, amendments and additions are made to the
REVISED LEASE:
(A) The Term of the REVISED LEASE is hereby extended for an extended
Term beginning on February 1, 2001, and terminating on January
31, 2004.
(B) The monthly Base Rent during this extended Term shall be as
follows:
from February 1, 2001 to January 31, 2002 $63,600.00 (annualized)
$ 5,300.00(monthly)
from February 1, 2002 to January 31, 2003 $64,800.00 (annualized)
$ 5,400.00(monthly)
from February 1, 2003 to January 31, 2004 $66,000.00 (annualized)
$ 5,500.00(monthly)
(C) TENANT shall have one (1), three (3) year Option to Extend
("Option") the term of this LEASE for an extended Term beginning
on February 1,
2004 and terminating on January 31, 2007 on the same terms and
conditions except for the Base Rent. TENANT shall give
irrevocable written notice to LANDLORD by Certified Mail return
receipt required of its exercise of this Option by no earlier
than August 30, 2003 nor later than September 30, 2003 time being
of the essence for the giving of such notice. In the event TENANT
fails to so exercise this Option, TENANT'S rights under this
Section 45 shall be null and void and be of no further force or
effect. In the event TENANT so exercises this Option, the Base
Rent for the first year of the extended Term shall be the
prevailing Fair Market Rent as agreed to by LANDLORD and TENANT
acting reasonably and in good faith or an agreed to rental for
the PREMISES, but in no event less than the last year's Base Rent
as set forth in Section 2B herein and the Base Rent for each
successive year thereafter shall be escalated at a Two Point Five
Percent ( 2.5%) annual increase; in the event an agreement as to
the Base Rent is not reached by October 15, 2003, TENANT'S rights
under this Option to shall automatically be terminated. It shall
be a condition of TENANT'S right to exercise this Option that
TENANT is in compliance with all the terms and conditions of this
LEASE both at the time of TENANT'S exercise of this Option and at
the time the Option Term is scheduled to commence. This condition
may be waived by LANDLORD at its sole discretion and may not be
used by TENANT as a means to negate the effectiveness of TENANT'S
exercise of this Option. Except as provided in Section 16 of the
LEASE, TENANT hereby acknowledges that the within Option shall
not be transferred or assigned. At the expiration of this Option
to Extend Term as set forth in this Section 2 (C), TENANT shall
have no further right to extend or renew the Term of this LEASE
pursuant to this Section.
(D) This Lease Extension Agreement #1 and any other future amendments
or extensions of this REVISED LEASE are executed by Xxxxxxxx
Realty Company, not personally, but solely as agent for
Beneficiary. Anything contained in this REVISED LEASE to the
contrary notwithstanding, each of the covenants, undertakings and
agreements of LANDLORD are not made and intended as personal
covenants, undertakings or agreements of Xxxxxxxx Realty Company
or Beneficiary or LANDLORD, individually or collectively or for
the purpose of binding any of them personally. No personal
liability or responsibility of any kind is assumed nor at any
time shall be asserted or enforced against Xxxxxxxx Realty
Company or Beneficiary or LANDLORD, or any of them, or each one's
respective officers, directors, partners, agents or employees on
account of any covenant, undertaking or agreement herein
contained, either expressed or implied, all such personal
liability, if any, being hereby expressly waived and released by
TENANT and by all persons claiming by, through or under TENANT.
TENANT and all other persons claiming by, through or under TENANT
shall look solely to the property which is the subject of this
REVISED LEASE for the performance and enforcement of LANDLORD's
covenants, undertakings, agreements and obligations.
3. All terms, covenant, conditions and agreements of this REVISED LEASE
shall remain unmodified and in full force and effect except as
expressly herein provided.
4. This Lease Extension Agreement #1 shall be binding if executed by
TENANT prior to October 20, 2000.
IN WITNESS WHEREOF, LANDLORD and TENANT have caused this Lease Extension
Agreement #1 to be duly executed as of the date and year first above-written.
LANDLORD:
XXXXXXXX REALTY COMPANY, as agent for
Beneficiaries of Xxxx Xxxxxx Bank as Trustee
under the Trust Agreement dated the 16th day
of June, 1995 and known as Trust Number
U/T 954069.
By: Xxxxxxxx Realty Company as Agent for
Beneficiaries of LANDLORD
/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
President
TENANT: XXXXXXXXX & XXXX, INC.
BY: /s/ Xxxxx X. Xxxxxx
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President
ATTEST /s/ Xxxxx Xxxxx
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Vice President
