EXHIBIT 10.25
Re: 0000-0000 Xxxxxxxx Xxxx
Farmers Branch. Texas
3RD AMENDMENT TO LEASE AGREEMENT
THIS 3RD LEASE AMENDMENT (this "Amendment") is made this _______ day of
__________________ 1999 by and between, THE REALTY ASSOCIATES FUND III,
L.P. ("Lessor") and BEAUTICONTROL COSMETICS, INC. ("Lessee").
R E C I T A L S:
X. Xxxx-Southland Joint Venture No. 1 Joint Venture (by Xxxxxxxx
Xxxx Company No. 68, General Partner), ("Prior Lessor") and Lessee
entered into that certain lease (the "lease") dated May 7, 1990,
as amended December 17, 1991 and The Realty Associates leased
approximately 59,312 square feet in that certain facility located
at 0000-0000 Xxxxxxxx Xxxx, Xxxxxxx Xxxxxx, Xxxxx (the "Project").
X. Xxxxxx has succeeded to Prior Lessor's ownership of the
Project and rights as Lessor under the Lease.
X. Xxxxxx and Lessee desire to renew and extend the term of
the Lease subject to the terms set forth in this Amendment.
NOW THEREFORE for and in consideration of the covenants set forth
above and other good and valuable consideration, thc receipt and
sufficiency of which are hereby acknowledged and confessed, the parties
intending to be legally bound do hereby agree as follows:
1. Extensions The term of the Lease is extended for an additional
period of sixty (60) months commencing on October 1, 1999 and
terminating on September 30, 2004. The base rental due during the
extension period will be calculated as follows per square foot, per
annum and must be paid by Lessee to Lessor in monthly installments.
Annual Monthly
Months Base Rent Base Rent
----- --------- ----------
1-60 $3.35NN $16,557.93
2. Renewal Option. Provided that the Lessee is not in default of any of
the terms, covenants and conditions hereof and this Lease has not
been assigned or the premises (or part thereof) sublet, Lessee shall
have the right and option to extend the original term of this Lease
for one further term of sixty (60) months. Such extension of the
original term shall be on the same terms, covenants and conditions
as provided for in the original term except for this paragraph and
except that the rental during thc extended term shall be at the fair
market rental then in effect on equivalent properties, of equivalent
size. Lessee shall, deliver written notice to Lessor of Lessee's
intent to exercise the renewal option granted herein not more than
six (6) months nor less than four (4) months prior to the expiration
of the original term of this Lease. In the event Lessee fails to
deliver such written notice within the time period set forth above,
Lessee's right to extend the term hereof shall expire and be of no
further force and effect. In the event Lessor and Lessee fail to
agree in writing upon the fair market rental within thirty (30) days
after exercise by Lessee of this renewal option then Lessee's right
hereunder to extend the term shall become null and void.
3. Miscellaneous. The Lease is further amended wherever necessary in
order to reflect the amendments set forth in this Amendment. The
Lease, as amended hereby, is hereby ratified, confirmed and deemed in
full force and effect. This Agreement may be executed in multiple
counterparts each of which will be deemed an original, but together
constitute one and the same instrument.
IN WITNESS WHEREOF, this Amendment has been executed as of (but not
necessarily on) the day and year first above written.
LESSOR:
THE REALTY ASSOCIATES FUND III, L.P.
by: Realty Associates Fund III
GP, Limited Partnership
(its general partner)
by: Realty Fund III GP, Inc.
(its general partner)
by: /s/
------------------------
Xxxxx X. Xxxx
Regional Director
LESSEE:
BEAUTICONTROL. COSMETICS, INC.
By: /s/
------------------------
Name:
Title: C.O.O.
