BRIER DEVELOPMENT CO. INC.
1801 XX XXXXXX
TOPEKA, KANSAS 66604-3252
913-232-9188
July 15, 1997
Xx. Xxxxxxx X. Xxxxxx
President & CEO
Renaissance Design Gallery Products Inc.
0000 Xxxx Xxxx.
Topeka, KS 66604
Dear Xxxx,
This letter serves to follow up our conversation on Sunday, July 13th.
First, as I indicated, the July rent has not been paid.
Second, as per our conversation regarding our fully executed lease agreement,
(Section 5) wherein "Tenant. shall pay all ad valorem taxes. on a prorata basis.
from and after January 1, 1997". I would suggest we use last year's mill levy
with this year's appraised value. The prorata formula used previously is that
while the actual square footage represents 61.3% of the total space, because
none of Renaissance space is "finished", we reduce the value of the space to
50.8% of the total appraised value. I will prepare that calculation and send
you a statement.
Third, I am authorized to amend your lease in the following manner:
"The rent, effective August 1, 1997, will be reduced by approximately 60% to
$1,000.00 per month; the proration of taxes will be eliminated and in exchange
for these changes you and Renaissance agree to terminating the lease with two
weeks notice."
With every good wish.
Cordially,
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Managing Partner, Lakewood Properties
JHB/ar
Accepted and agreed to this 31st day of July, 1997.
[signature]
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Xxxxxxx X. Xxxxxx, President
Renaissance Design Gallery Products Inc.
