Exhibit 10.60
SECOND AMENDMENT TO LEASE
This Second Amendment to Lease (the "Amendment") is entered into as of
July 15 , 1996, (the "Effective Date"), by and between LAKESHORE TOWERS
-----
LIMITED PARTNERSHIP, PHASE I, a California limited partnership ("Landlord"), and
Information Management Associates, Inc., a Connecticut corporation ("Tenant"),
with reference to the following facts:
A. Landlord and Tenant entered into that certain Full Service Office Lease
dated November 4, 1994 ( the "Lease"), as amended by that certain First
Amendment to Lease dated January 26, 1995 (as amended, the "Lease"), pursuant to
which Tenant leases from Landlord those certain premises located on the eleventh
floor of the Building at 00000 Xxx Xxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxx, as more
particularly described in the Lease (the "Premises").
B. Landlord and Tenant mutually desire to amend the Lease in order to, among
other things, extend the Term of the Lease and to expand the Premises to include
additional space on the twelfth floor of the Building.
C. The purpose of this Amendment is to provide for certain modifications to the
Lease in connection with, among other things, the extension of the Term and
expansion of the Premises.
NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereby agree as follows:
1. Extension of Term.
-----------------
Landlord and Tenant agree that as of the Effective Date, the original
Term of the Lease shall be extended for (12) months from January 20, 2000 until
January 19, 2001. Accordingly, Item "6" of the Basic Lease Provisions is amended
and restated in full to read as follows:
6. "Term" means seventy-two (72) months.
The "Option" set forth in Section 2.C. of the Lease shall remain in full
force and effect to provide that Tenant shall have the right to extend the Term
for an additional one (1) year period beyond January 19, 2001, and an additional
four (4) year period beyond January 19, 2002.
2. Expansion Space.
---------------
Landlord hereby leases to Tenant and Tenant hereby leases from Landlord
approximately four thousand one hundred sixty-five (4,165) rentable square feet
and three thousand three hundred sixty-eight (3,368) usable square feet located
on the twelfth floor of the Building, as more particularly identified and shown
on Schedule "1" attached hereto and incorporated herein by this reference (the
------------
"Expansion Space"). Except as otherwise provided for herein, the Expansion Space
is leased to Tenant subject to all the terms, covenants and conditions set forth
in the Lease Accordingly, from and after the "Expansion Space Commencement Date"
(as that term is defined hereinbelow), the Lease is hereby amended to provide
that the term "Premises", as such term is defined in Item "5" of the Basic Lease
Provisions, shall mean and include, collectively, the original Premises and the
Expansion Space for a total of twenty-six thousand three (26,003) rentable
square feet and twenty-two thousand nine hundred two (22,902) usable square
feet.
-1-
3. Expansion Space Monthly Rental.
------------------------------
Effective as of the Expansion Space Commencement Date, the Expansion
Space Monthly Rental payable by Tenant under the Lease shall be the following
amounts:
Months Monthly Rental
From Expansion Rate Per Expansion Space
Space Commencement Rentable Monthly
Date Square Foot Rental
------------------ -------------- ---------------
1 - 2 $0.00 $ 0.00
3 - end of lease term $1.75 $7,288.75
If the Expansion Space Commencement Date should occur on a day other
than the first day of a calendar month, or the Expiration Date should occur on a
day other than the last day of a calendar month, then the rental for such
fractional month shall be prorated on a daily basis based upon a thirty (30) day
calendar month.
4. Monthly Rental.
--------------
Landlord and Tenant agree that as of the Expansion Space Commencement
Date, the term "Monthly Rental" as defined in Item "8" of the Basic Lease
Provisions, for the entire premises including Expansion Space, shall be amended
to mean as follows:
Months from Total
Lease Commencement Monthly
Date Rental
------------------ -----------
20 $36,155.59
21 - 24 $42,229.55
25 - 30 $41,137.65
31 - 60 $43,321.45
61 - 72 $45,505.25
5. Expansion Space Commencement Date.
---------------------------------
Tenant shall commence leasing from Landlord the Expansion Space on the
date that Landlord has substantially completed all Expansion Improvements to the
Expansion Space required to be constructed by Landlord pursuant to Schedule C-l
------------
attached hereto, and has tendered possession of the Expansion Space to Tenant
ready for occupancy or on such earlier date as Tenant takes possession of or
commences use of the Expansion Space for any purpose (the "Expansion Space
Commencement Date"). The term for the leasing of the Expansion Space shall
continue thereafter until January 19, 2001, which is coterminous with the Term
of the original Premises. Notwithstanding anything herein to the contrary, if
the completion of the Tenant Improvements to the Expansion Space is delayed by a
Tenant Delay, then the Expansion Space Commencement Date and Tenant's obligation
to commence the payment of Monthly Rental for the Expansion Space shall not be
delayed for the period of any such Tenant Delay.
6. Tenant's Proportionate Share.
----------------------------
Landlord and Tenant agree that commencing on the Expansion Space
Commencement Date and continuing thereafter until the expiration of the Lease,
Tenant's Proportionate Share shall be adjusted in order to reflect the total
square footage of the Expansion Space. Accordingly, from and after the
Expansion Space Commencement Date, the Lease is hereby amended to provide that
the term "Tenant's Proportionate Share" as such term in defined in Item "10" of
the Basic Lease provisions means seven and 226/1000ths percent (7.226%).
-2-
7. Parking.
-------
Effective as of the Expansion Space Commencement Date, the number of
parking spaces allocated to Tenant under Item "12" of the Basic Lease Provisions
shall be increased to eighty-six (86) from seventy-two (72). The Monthly
Parking Charge for all parking spaces allocated to Tenant shall be as follows:
Non-Reserved Reserved Designated Reserved
------------ -------- -------------------
$20.00 per stall $50.00 per stall $75.00 per stall
8. Conflict or Inconsistency.
-------------------------
In the event there is any conflict or inconsistency between the terms
and conditions of this Amendment and the terms and conditions of the Lease, the
terms and conditions of this Amendment shall govern and control the rights and
obligations of the parties.
9. Defined Terms.
-------------
Any term commencing with an initial capital letter which is not
otherwise defined herein shall have the same meaning in this Amendment as such
term has in the Lease.
10. Effect of Amendment.
-------------------
Except as modified herein, all other terms and conditions of the Lease
shall remain unmodified and in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.
"TENANT" "LANDLORD"
Information Management LAKESHORE TOWERS LIMITED PARTNERSHIP
Associates, Inc., PHASE I, a California
a Connecticut corporation limited partnership
By: /s/ Xxxx X. Xxxxxxx By: XXXXXXXX LAKESHORE, LTD., a
------------------------------ California limited partnership,
Its: Chief Financial Officer General Partner
----------------------------
Date: 7/10/96 By: XXXXXXXX LAKESHORE CORPORATION,
a California corporation,
General Partner
By: /s/ Baron X. Xxxxxxxx
-------------------------
Baron X. Xxxxxxxx
President
By:
------------------------
SIGNATURES CONTINUED ON NEXT PAGE
-3-
By: SKIPPER REALTY CORPORATION,
a Delaware corporation,
General Partner
By: [SIGNATURE APPEARS HERE]
---------------------------------
Its:
--------------------------------
By:
---------------------------------
Its:
--------------------------------
-4-
