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THIRD AMENDMENT TO NET INDUSTRIAL LEASE EXHIBIT 10.15
This Third Amendment to Net Industrial Lease ("Third Amendment") is
entered into as of this 5th day of November, 1998, between 0000 X. XXXXXXXX XXXX
LIMITED PARTNERSHIP, an Arizona limited partnership ("Landlord") and MIDLAND
CREDIT MANAGEMENT, INC., a Kansas corporation ("Tenant").
RECITALS
Landlord and Tenant entered into that Net Industrial Lease dated November
19, 1997, that certain Commencement Date Certificate dated February 17, 1998, a
First Amendment to Net Industrial Lease ("First Amendment") dated June 22, 1998,
and a Second Amendment to Net Industrial Lease ("Second Amendment") dated August
28, 1998 (collectively, the "Lease") covering 30,000 square feet (the "Original
Premises") of the building located at 0000 X. Xxxxxxxx Xxxx and 22,613 square
feet (the "Additional Premises") of the building located at 0000 X. Xxxxxxxx
Road, (collectively, the "Premises") Phoenix, Arizona.
Landlord and Tenant wish to adjust the rent for the Premises and to make
other amendments to the Lease.
Landlord and Tenant agree the Lease is amended as follows:
AGREEMENT
1. Effective Date. Except as otherwise provided herein, the effective date
of the Lease amendments as set out in this Third Amendment is September 1, 1998
(the "Effective Date").
2. Defined Terms. Capitalized terms used but not defined herein shall have
the meanings ascribed to them in the Lease.
3. Rental Adjustments for Premises. Notwithstanding anything to the
contrary in the First Amendment or the Second Amendment, following full
execution of this Third Amendment, Landlord will adjust Tenant's Rent for the
Premises pursuant to the terms of this Section 3. Accordingly, effective as of
the Effective Date, Exhibits "E" and "F" attached to the First Amendment are
replaced by the "Combined Fixed Minimum Rent Schedule for Premises" attached
hereto as Revised Exhibit "E".
(a) The parties acknowledge that, pursuant to Landlord's letter to
Tenant dated August 3, 1998, as a result of tenant change
orders and City of Phoenix Plan Check changes, the costs
incurred to build out the Additional Premises as provided for
in the First Amendment exceeded the estimated excess costs by
$20,577.83.
(b) At Tenant's further request, pursuant to a certain letter
approved by Tenant August 21, 1998, Landlord made further
changes in the build out of the Additional Premises, (the
"Additional 4302 Improvements") as provided for in the Second
Amendment. Landlord and Tenant agreed that, from and after the
Effective Date, once the actual costs of the Additional 4302
Improvements were determined, the Fixed Minimum Rent for the
Additional Premises would be further increased to include the
Additional 4302 Improvements costs, amortized over the Term of
the Lease at 10% annual interest.
(c) The parties further acknowledge that additional excess costs
for tenant improvements have been incurred for both the
Original Premises and the Additional Premises due to change
orders requested by Tenant.
(d) Pursuant to Landlord's Memo to Tenant on the subject of
"Additional Tenant Improvements" dated November 5, 1998 (with
attachments documenting additional excess costs incurred), the
total amount of additional excess costs incurred, as provided
for in subsections (a), (b) and (c) hereinabove, (collectively
(the "Additional Excess Costs") is $81,358.00. Landlord and
Tenant agree, as of the Effective Date, the Fixed Minimum Rent
for the Premises shall be increased to include the Additional
Excess Costs, amortized over the Term of the Lease at 10%
annual interest.
4. Remaining Lease Terms. Except as expressly amended by this Third
Amendment, all the terms, covenants, and conditions of the Lease remain in full
force and effect. In the event of any conflict between the provisions of this
Third Amendment and the Lease, the provisions of this Third Amendment shall
control.
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Third Amendment
to Lease on the date written above.
TENANT: LANDLORD:
MIDLAND CREDIT MANAGEMENT, INC., 0000 X. XXXXXXXX XXXX LIMITED PARTNERSHIP,
a Kansas corporation an Arizona limited partnership,
By: San Salvador Management, L.L.C.,
By: /s/ Xxxx X. Xxxxxxxx an Arizona limited liability company
Its: Sr. Vice President Its General Partner
By: /s/ Xxxxx Xxxxxxx
Its: Member
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