1
EXHIBIT 10.14
FIRST AMENDMENT TO SUBLEASE
THIS FIRST AMENDMENT TO SUBLEASE ("First Amendment") is made and executed
as of February 27, 2001 between INLAND REAL ESTATE INVESTMENT CORPORATION, a
Delaware corporation ("Sublessor") and INLAND REAL ESTATE CORPORATION, a
Maryland corporation, ("Sublessee").
RECITALS
WHEREAS, Sublessor and Sublessee entered into a Sublease (the "Sublease")
dated June 27, 2000, of approximately 7,438 square feet ("Original Sublet
Premises") contained in the office building located at 0000 Xxxxxxxxxxx Xxxx,
Xxx Xxxxx, Xxxxxxxx (the "Premises"); and
WHEREAS, Sublessee desires to amend the Sublease to change the Sublet
Premises to that area identified on Exhibit A attached hereto and made a part
hereof ("New Sublet Premises").
NOW, THEREFORE, for good and valuable consideration the parties hereto
agree as follows:
1. Effective as of the date of execution of this First Amendment,
Sublessee hereby leases from Sublessor the New Sublet Premises.
Following execution of this First Amendment, the Sublet Premises shall
consist of the New Sublet Premises aggregating approximately 9,684
square feet and all Sublessee obligations and covenants contained in
the Sublease shall apply to and include the New Sublet Premises.
Following execution of this First Amendment, all references in the
Sublease to Exhibit A shall now refer to Exhibit A attached hereto and
all references to the Sublet Premises shall mean the New Sublet
Premises.
2. By execution hereof, Sublessee confirms that it has elected to
exercise its option to extend the term of the Sublease commencing on
July 1, 2001 and ending on June 30, 2002.
3. Section 2.01 of the Sublease is modified to provide that commencing on
July 1, 2001 and continuing on the first day of each successive month
to and including June 1, 2002, the Rent as defined in the Sublease
shall be paid in the following amounts:
Annual Payment Monthly Payment
-------------- ---------------
$170,825.76 $14,235.48
Prior to July 1, 2001, Sublessee shall continue to be obligated to pay the
monthly Rent of $10,933.86 per month.
1
2
All references in Section 2.01 to adjustments to the Rent payable by
Sublessee during the Second Renewal Term, Third Renewal Term, Fourth Renewal
Term and Fifth Renewal Term shall include all pass-throughs including, but not
limited to, real estate taxes, insurance and common area expense paid by
Sublessor on a per square foot basis to the lessor under the Prime Lease on the
New Sublet Premises.
4. Section 10.02 of the Sublease is amended to permit Sublessee to
complete alterations to the New Sublet Premises similar in nature and
value to the improvements which were made to the Original Sublet
Premises. All such alterations shall be performed lien-free by
Sublessee, at its sole cost and expense, in a good and workmanlike
manner and shall be expeditiously completed in compliance with all
legal requirements.
5. Except as modified hereby, the Sublease shall remain in full force and
effect in accordance with its terms. All future references to the
Sublease shall mean and include both the Sublease and this First
Amendment.
IN WITNESS WHEREOF, INLAND REAL ESTATE INVESTMENT CORPORATION and INLAND
REAL ESTATE CORPORATION have each caused this First Amendment to Sublease to be
executed all as of the day and year first above written.
INLAND REAL ESTATE INVESTMENT CORPORATION
By: /s/ Xxxxxx Xxxx Xxxxxx
Its: President
INLAND REAL ESTATE CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxx
Its: President
2
