EXHIBIT 10.6
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FIRST AMENDMENT TO LEASE AGREEMENT, DATED MAY 18, 2004
between
PROFESSIONAL OFFICES PARK V, INC., LANDLORD
and
ORIENTAL FINANCIAL GROUP INC., TENANT
This First Amendment to Lease Agreement dated as of July 15th, 2005
between PROFESSIONAL OFFICES PARK V, INC., as Landlord, and ORIENTAL FINANCIAL
GROUP Inc., as Tenant.
WITNESSETH:
WHEREAS, Landlord and Tenant entered into a lease agreement dated May 18,
2004, for premises (the "Premises") located at State Road Number 1, kilometer
15.1, Marginal Road, Monacillos Xxxx, San Xxxx, Puerto Rico, which lease as may
be further amended or modified is hereafter called the "Lease";
WHEREAS, Landlord and Tenant have agreed to amend the Lease to add
additional space on the fourth (4th) floor of the Building (the "Additional
Space") and thus, increase the rentable square feet area of the Premises and in
certain other respects;
NOW, THEREFORE, in consideration of the mutual promises herein contained
and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, Landlord and Tenant agree that the Lease shall be amended
as follows:
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1. Unless otherwise provided, terms used herein shall have the same meaning
assigned thereto under the Lease.
2. The following terms and conditions apply to the lease of the Additional
Space:
(a) ADDITIONAL SPACE: The space shown in Exhibit A hereto with an area
of 11,924 rentable square feet (using the BOMA System).
(b) Except as otherwise specifically provided herein, all of the terms
and conditions applicable to the Premises shall be applicable to the
Additional Space.
3. Section 4. The Premises of the Lease is hereby amended to read as follows:
"4. THE PREMISES. Tenant shall lease from Landlord the fifth (5th),
sixth (6th) floors and half of the rentable area of the fourth (4th)
floor of the Building. The fifth (5th) and sixth (6th) floors each
with rentable area of 21,706 square feet and approximately half of
the fourth (4th) floor with a rentable area of 11,924 square feet
for a total rentable area of 55,336 square feet (the "Premises").
The total rentable area of the Premises and the Building and the
percentage that the Premises represents of the total rentable area
of the Building shall be determined by the Building Architects and
verified by Tenant's architects upon the substantial completion of
the Building using the American National Standard BOMA ANSI
265.1-1980, as reaffirmed in 1989, published by the Building Owners
and Managers Association (the "BOMA System").
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"4.1 From the date of execution of this First Amendment to Lease
Agreement to the Commencement Date, Tenant shall have the first
right of refusal with respect to leasing the balance of the fourth
(4th) floor of the Building. Tenant's first right of refusal with
respect to leasing the balance of the fourth (4th) floor of the
Building with a rentable area of 9,782 square feet shall be governed
by the provisions of Section 4.2 of the May 18th, 2004 lease
agreement."
4. Sub-section 19.1 of Section 19 Tenant's Improvement Allowance of the Lease
is hereby amended to read as follows:
"19.1 Tenant's Improvement Allowance. Notwithstanding anything
herein to the contrary, Landlord shall reimburse Tenant in cash the
first $469,404 spent by Tenant in Tenant's Improvements. Such
reimbursement shall be made by Landlord to Tenant within thirty (30)
days after Tenant's Architect certifies to Landlord that Tenant's
Improvements to the Premises have been completed in accordance with
the plans and specifications therefore. The Tenant's Improvement
Allowance will increase by $95,526 before landlord makes improvement
to floor to permit multiple tenants, if Tenant leases the balance of
the fourth (4th) floor of the Building pursuant to the provisions of
Section 4.1 hereinabove."
5. Sub-section 22.1 of Section 22 Parkings of the Lease is hereby amended to
read as follows:
"22. Parking.
22.1 Tenant shall be entitled to the exclusive use of 190 reserved
covered parking spaces at no additional cost to
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Tenant. The locations of those covered parking spaces are indicated
in Exhibit E."
6. Other than as set forth herein, all of the terms and conditions of the
Lease shall remain unamended and in full force and effect and are hereby
ratified and confirmed in all respects. The parties hereby agree that this
Lease Amendment represents the entire agreement between the parties with
respect to the matters herein contained and may not be changed, modified,
or altered except by a written agreement signed by the parties thereto.
This Amendment and the Lease shall be read and construed together as one
instrument. Except for those which are set forth in this Lease Amendment,
no representations, warranties, or agreements have been made by Landlord
or Tenant to one another with respect to this Lease Amendment.
7. Landlord and Tenant warrant and represent that their undersigned
representatives have all due power and authority to execute this Lease
Amendment on behalf of Landlord and Tenant respectively and that all
necessary action has been taken to ensure the validity and enforceability
of the terms and provisions of this Lease Amendment.
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IN WITNESS WHEREFORE, the parties have caused this Amendment to be
executed this 15th day of July, 2005.
PROFESSIONAL OFFICES PARK V, INC.
Landlord
By: /s/ Xxxxxxx Xxxx Del Corral
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Xxxxxxx Xxxx Del Xxxxxx, CPA President
ORIENTAL FINANCIAL GROUP INC.
Tenant
By: /s/ Xxxx Xxxxxx Xxxxxxxxx
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Xxxx Xxxxxx Xxxxxxxxx
President & CEO
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EXHIBIT A
[OFFICE FLOOR PLAN]
