EXHIBIT 10.29
THIRD AMENDMENT TO LEASE
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THIS FIRST AMENDMENT TO LEASE made this 25th day of February, 1994, by
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and between STONE MOUNTAIN INDUSTRIAL PARK, INC., First Party, hereinafter
referred to as "Lessor", and WINCUP HOLDINGS, INC., Second Party, hereinafter
referred to as "Lessee":
WITNESSETH
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WHEREAS, Lessor and Dart Industries have previously entered into a lease
dated June 16, 1977, covering the 87,750 square foot building located at 0000
Xxxxx Xxxx, Xxxxx Xxxxxxxx, Xxxxxxx 00000, the term of said Lease having
commenced on September 1, 1977, and set to expire on August 31, 1984, and
WHEREAS, Lessee assigned said Lease to Xxxxxxxx Industries, a
wholly-owned subsidiary of Lessee, on September 27, 1982, said assignment
consented to by Lessor dated October 12, 1982, and
WHEREAS, all of the capital stock of Xxxxxxxx Industries, Inc. was
subsequently acquired by W.M.F. Container Corporation and W.M.F. Container
Corporation assumed Xxxxxxxx'x rights and obligations under the above referenced
lease, and
WHEREAS, by First Addendum to Lease dated August 7, 1984, the term of
the Lease was extended for an additional five (5) year term from September 1,
1984 through August 31, 1989, and
WHEREAS, by Second Addendum to Lease dated October 15, 1984, the term of
the Lease was extended an additional five (5) years and two (2) months past the
expiration date to October 31, 1994, and
WHEREAS, W.M.F. Container Corporation was subsequently acquired by Xxxxx
Container Group, Inc., and Xxxxx Container Group, Inc., was subsequently
acquired by WINCUP HOLDINGS GROUP, INC., now known as Lessee, and
WHEREAS, Lessor and Lessee are desirous of making certain changes to
said Lease;
NOW THEREFORE, in consideration of the mutual covenants and conditions
herein, acknowledged by both parties to be adequate and sufficient, the parties
hereto agree as follows:
1. The term of the Lease shall be amended to run for a five (5) year term
beginning March 1, 1994 and ending February 28, 1999.
2. Lessee shall pay to Lessor as rental promptly on the first day of each
month in advance without demand during the term of this lease a monthly rental
as follows:
March 1, 1994 through February 28, 1995 $14,918/month
March 1, 1995 through February 28, 1996 $16,050/month
March 1, 1996 through February 29, 1997 $17,148/month
March 1, 1997 through February 28, 1998 $18,245/month
March 1, 1998 through February 28, 1999 $19,342/month
3. In any month that the rental payment is not received by Lessor by the
10th day of the month, Lessor will assess and Lessee agrees to pay five (5%)
percent additional rent in the month in which the rent was not paid by the 10th.
4. Paragraph 4 of the Second Addendum to Lease dated October 15, 1984, is
null and void.
5. Except as expressly amended herein, the Lease shall remain in full
force and effect as set forth in the June 16, 1977 Lease as heretofore
referenced.
IN WITNESS WHEREOF, Lessor and Lessee have duly executed this Amendment to
Lease as of the day and year first above written.
STONE MOUNTAIN INDUSTRIAL PARK, INC.
A GEORGIA CORPORATION (CORP. SEAL)
By: /s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx, Vice President
Signed, sealed, and delivered LESSOR
in the presence of:
[SIGNATURE APPEARS HERE]
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Witness
WINCUP HOLDINGS GROUP, INC.
A DELAWARE CORPORATION (CORP. SEAL)
By: [SIGNATURE APPEARS HERE]
-----------------------------------
Title: SR. VICE PRESIDENT-
ADMINISTRATION
Signed, sealed, and delivered LESSEE
in the presence of:
[SIGNATURE APPEARS HERE]
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Witness
2
SECOND ADDENDUM TO LEASE
THIS ADDENDUM TO LEASE made this 15th day of October, 1984, by and between
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STONE MOUNTAIN INDUSTRIAL PARK, INC., First Party, hereinafter referred to as
"Lessor", and W.M.F. CONTAINER CORPORATION, Second Party, hereinafter referred
to as "Lessee";
WITNESSETH
WHEREAS, Lessor and Dart Industries, Inc. have previously entered into a
Lease dated June 16, 1977, covering the 87,750 square foot building located at
0000 Xxxxx Xxxx, Xxxxx Xxxxxxxx, Xxxxxxx 00000, the term of said Lease having
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commenced on September 1, 1977, and
WHEREAS, Lessee assigned said Lease to Xxxxxxxx Industries, a wholly-owned
subsidiary of Lessee, on September 27, 1982, said assignment consented to by
Lessor dated October 12, 1982, and
WHEREAS, all of the capital stock of Xxxxxxxx Industries, Inc. was
subsequently acquired by W.M.F. Container Corporation and W.M.F. Container
Corporation has assumed Xxxxxxxx'x rights and obligations under the above
referenced Lease, and
WHEREAS, both parties extended the term of said Lease for an additional five
(5) years past said expiration date of August 31, 1984 to August 31, 1989, by
First Addendum to Lease dated August 7, 1984, and
WHEREAS, both parties are desirous of extending the term of said Lease for
an additional five (5) years and two (2) months past the expiration date of
August 31, 1989 to October 31, 1994.
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NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein, acknowledged by both parties to be adequate and sufficient, the parties
hereto agree as follows:
1. The term of the Lease shall be extended to run for an additional five
(5) years and two (2) months from September 1, 1989 to October 31, 1994.
2. Lessor has determined that there are utilities at the property line
adequate to provide for the following additional utility requirements by Lessee
for its expanded operation;
A) Electrical Requirements - 3000 Amp 480/277 volt main service with 2500
XVA transformer.
B) Natural Gas Requirements - 30,000 ft./3/ 3/hr. @ 5 psig delivery
pressure inside building.
C) Water Requirements - 60 gal/min delivered at minimum 40 psig.
(1)
3. W.M.F. Container Corporation shall pay to Lessor as rental for this five
(5) year two (2) month extension, promptly on the first day of each month in
advance without demand during the term of this Lease, a monthly rental of
Sixteen Thousand Four Hundred Fifty ($16,450.00) Dollars.
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4. At the expiration of the lease at October 31, 1994, Lessee shall have
the option to extend this lease for a further term of ten (10) years, upon the
same terms and conditions herein set forth, except that the monthly rental rate
shall be adjusted as follows:
The monthly rental shall be adjusted to reflect such sum of money as is
equivalent at the time of commencement of the further term to the
purchasing power of $16,450.00 at the commencement of the First Addendum to
Lease provided that Lessee shall have fulfilled completely and in a timely
manner all of the terms and conditions of the Lease. This equivalent
purchasing power shall be measured by the index number of the "Consumer
Price Index For All Urban Consumers - All Items (1967 - equals 100)" as
prepared by the Bureau of Labor Statistics of the United States Department
of Labor for the month immediately preceding the termination of the term of
the First Addendum to the Lease as same compares with said index number as
it existed for the month of commencement of the First Addendum. As an
example how the new rental rate will be determined, if the said index
number for the commencement month of the First Addendum is 150.00 and if
the said index number for the month immediately preceding the termination
of the First Addendum to Lease is 210.00, the percentage difference used to
adjust the rent as of the commencement date of the Second Addendum would be
40% (calculated as follows: 210.00 minus 150.00 equals 60.00, which divided
by 150.00 equals 40%). Thus, the rental for the renewal term in this
example would be $23,030.00 [which is $16,450 (rent per First Addendum X
40% - $6,580.00 plus $16,450.00 (rent per First Addendum)]. In the event
the Consumer Price Index referenced herein is discontinued, the parties
shall accept comparable statistics on the purchasing power of the
consumers' dollars as published at the time of said discontinuation by a
responsible periodical of recognized authority to be chosen by the parties.
Lessee shall notify Lessor in writing at least one hundred eighty (180)
days prior to the expiration date of the First Addendum to Lease as to
whether it intends to exercise said option. Notwithstanding anything
contained herein to the contrary, the minimum rental under this option
shall be $16,450.00 per month.
5. Except as expressly amended herein, the Lease is in all respects
ratified and confirmed and all the covenants, agreements, terms, provisions, and
conditions thereof shall be and remain in full force and effect.
(2)
IN WITNESS WHEREOF, Lessor and W.M.F. Container Corporation have duly
executed this Second Addendum to Lease as of the day and year first above
written.
STONE MOUNTAIN INDUSTRIAL PARK, INC.
(CORPORATE SEAL)
By /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx, Vice Pres.
Signed, sealed and delivered in
the presence of:
/s/ Xxxxxxx X. XxXxxxx
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Witness
/s/ Xxxxx Xxxxx
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Notary Public
Notary Public, Georgia State at Large
My Commission Expires Sept. 17, 1988.
W.M.F. CONTAINER CORPORATION (CORPORATE
SEAL)
BY: /s/ Xxxxx X. XxXxxx
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Xxxxx X. XxXxxx, Asst. Sec./Treas.
Signed, sealed and delivered in
the presence of:
/s/ Xxxxxx X. Fellatier
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Witness
/s/ Xxxxx XxxXxx AKA Xxxxx Xxxxxx
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Notary Public
My commission expires 2/2/86
(3)
SECOND AMENDMENT TO LEASE
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THE FIRST AMENDMENT TO LEASE made this 28TH day of February, 1994, by
and between STONE MOUNTAIN INDUSTRIAL PARK, INC., First Party, hereinafter
referred to as "Lessor", and WINCUP HOLDINGS, INC., Second Party, hereinafter
referred to as "Lessee";
WITNESSETH
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WHEREAS, Lessor and W.M.F. Container Corporation have previously entered
into a lease dated October 15, 1984, whereby Lessor leased to W.M.F. Container
Corporation 82,625 square feet known as 0000 Xxxxx Xxxx, Xxxxx Xxxxxxxx,
Xxxxxxx, reference being specifically made to said lease for further
description, and
WHEREAS, W.M.F. Container Corporation was acquired by Xxxxx
Container Group, and Lessor and Xxxxx Container Group, Inc., entered into a
First Addendum to Lease dated September 20, 1989, whereby Lessor leased to Xxxxx
Container Group, Inc., an approximate 1.0 acre site at 0000 Xxxxx Xxxx for a
term of five (5) years from August 1, 1989 through October 31, 1994, and
WHEREAS, Xxxxx Container Group, Inc., was acquired by WINCUP HOLDINGS,
INC., now known as Lessee, and
WHEREAS, the Lessor and Lessee are desirous of making certain changes to
the Lease;
NOW THEREFORE, in consideration of the mutual covenants and conditions
herein, acknowledged by both parties to be adequate and sufficient, the parties
hereto agree as follows:
1. The term of the Lease shall be amended to run for a five (5) year
term beginning March 1, 1994 and ending February 28, 1999.
2. Lessee shall pay to Lessor as rental promptly on the first day of
each month in advance without demand during the term of this lease a monthly
rental as follows:
March 1, 1994 through February 28, 1995 $17,336/month*
March 1, 1995 through February 29, 1996 $18,335/month*
March 1, 1996 through February 28, 1997 $19,368/month*
March 1, 1997 through February 28, 1999 $20,745/month*
*Includes $1,500/month rent on 1.0 acre of land
1
3. In any month that the rental payment is not received by Lessor by the
10th day of the month, Lessor will assess and Lessee agrees to pay five (5%)
percent additional rent in the month in which the rent was not paid by the
10th.
4. Paragraph 30 of the Lease dated October 15, 1984, is null and void.
5. Paragraph 5 of the First Amendment to Lease dated September 20, 1989,
is null and void.
6. Except as expressly amended herein, the Lease shall remain in full force
and effect as set forth in the October 15, 1984 Lease as heretofore referenced.
IN WITNESS WHEREOF, Lessor and Lessee have duly executed this Amendment to
Lease as of the day and year first above written.
STONE MOUNTAIN INDUSTRIAL PARK, INC.
A GEORGIA CORPORATION (CORP. SEAL)
By: /s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx, Vice President
Signed, sealed, and delivered LESSOR
in the presence of:
[SIGNATURE APPEARS HERE]
-------------------------------
Witness
WINCUP HOLDINGS GROUP, INC.
AN DELAWARE CORPORATION (CORP SEAL)
By: [SIGNATURE APPEARS HERE]
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Title: SR. VICE PRESIDENT-ADMINISTRATION
Signed, sealed, and delivered LESSEE
in the presence of:
[SIGNATURE APPEARS HERE]
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Witness
