LEASE EXTENSION AGREEMENT
Exhibit 10.22
THIS LEASE EXTENSION AGREEMENT (“Agreement”) is entered into this 31st day of July,
2006, by and between MACTARNAHAN LIMITED PARTNERSHIP, an Oregon limited partnership (“Landlord”),
and PBC ACQUISITION, LLC, a Delaware limited liability company (“Tenant”).
Recital
A. Landlord, as landlord, and Tenant, as tenant, entered into that certain Indenture of Lease
(the “Brewery Lease”) dated effective July 31, 2004, for all portions of the Building located at
0000 XX 00xx Xxxxxx, Xxxxxxxx, Xxxxxx, except portions of the first floor of said Building
consisting of the “Alehouse” and “common areas”, which Premises are more particularly described in
the Brewery Lease.
B. The Brewery Lease was scheduled to terminate on July 31, 2006, unless Tenant exercised its
option to extend the term as contained in the Brewery Lease. Tenant timely exercised the option to
extend the term of the Brewery Lease. By this Agreement, the parties hereby set forth their
agreement regarding the same.
Agreement
For good and valuable consideration, the adequacy of which the parties hereby acknowledge, the
parties hereby agree as follows:
1. Capitalized Terms. Capitalized terms used in this Agreement shall have the same meaning as
set forth in the Brewery Lease, except as otherwise expressly provided herein.
2. Extension and Term of Extension. The Brewery Lease is hereby extended for an additional
period of five (5) years, commencing on August 1, 2006, and terminating on July 31, 2011 (the
“Renewal Term”); on and subject to all of the terms and conditions set forth in the Brewery Lease,
except that (i) the number of options to extend the Brewery Lease under Article VI thereof shall be
two instead of three, and (ii) Base Rent during the Renewal Term shall be $6,177.04 per month,
payable in accordance with the provisions of the Brewery Lease.
3. No Other Changes. Except as specifically provided herein to the contrary, all of the terms
and conditions of the Brewery Lease shall remain in full force and effect. In the event of a
conflict between the terms of this Agreement and the Brewery Lease, the terms of this Agreement
shall control.
4. Counterparts. This Agreement may be executed and delivered in counterparts, each of which
shall be deemed an original and all of which taken together shall constitute one and the same
instrument; facsimile delivery of signatures is sufficient to form a binding agreement.
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IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first written
above.
| LANDLORD: | TENANT: | |||||||||||||
| MACTARNAHAN LIMITED PARTNERSHIP, | PBC ACQUISITION, LLC, a Delaware | |||||||||||||
| an Oregon limited partnership | limited liability company | |||||||||||||
By:
|
Xxxxxx Mill & Logging Supply Co., an
Oregon corporation, General Partner |
|||||||||||||
By:
|
/s/ R. Xxxxx XxxXxxxxxxx | By: | /s/ Xxxxx Xxxx | |||||||||||
Name:
|
R. Xxxxx XxxXxxxxxxx | Name: | Xxxxx Xxxx | |||||||||||
Title:
|
Pres. | Title: | Manager | |||||||||||
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