2
AMENDMENT TO LEASE AGREEMENT
THIS AMENDMENT TO LEASE AGREEMENT is made and entered
into this 28th day of June, 1996, by and between CAROUSEL
PROPERTIES, INC., an Oklahoma corporation, hereinafter referred
to as "Landlord," and HAROLD'S STORES, INC., an Oklahoma
corporation, hereinafter referred to as "Tenant,"
W I T N E S S E T H:
For and in consideration of the mutual covenants
hereinafter contained, the parties agree as follows:
1. Recitations. On or about May 1, 1996, the parties
entered into a Lease Agreement (the "Lease") in regard to the
property described on Exhibit A hereto. The parties desire to
amend the Lease as set forth herein.
2. Amendment. The following provision is added to
the Lease as Section 5.3:
"5.3 Recapture of Leasehold Improvements.
In consideration for the Tenant's construction of
leasehold improvements on the Premises, which will not
be removable trade fixtures as defined in Section 5.1
of the Lease, Landlord agrees that if the gross sales
from the Premises in any lease year (May 1 through
April 30) exceed $4,500,000.00, Tenant shall be
entitled to recapture up to $500,000.00 over the term
of the Lease out of fifty percent (50%) of the Rent due
on all gross sales in excess of $4,500,000.00."
3. Other Provisions. All other provisions of the
Lease shall remain in full force and effect. In the event of any
inconsistency between the terms and provisions of this Amendment
to Lease Agreement and the Lease, the terms and provisions of
thisAmendment to Lease Agreement shall control.
IN WITNESS WHEREOF, the parties hereto have executed
this Amendment to Lease Agreement the day and year first above
written.
"LANDLORD" CAROUSEL
PROPERTIES, INC., an Oklahoma
Corporation
By:/s/Xxxxxx X. Xxxxxx
Title:Vice President & Secretary
Address: 000 Xxx Xxxxxx
Xxxxxx, XX 00000
"TENANT"
HAROLD'S STORES, INC., an
Oklahoma Corporation
By:/s/H. Xxxxxx Xxxxxx
Title:President
Address: X.X. Xxxxxx 0000
Xxxxxx, XX 00000-0000
\ ACKNOWLEDGMENTS
STATE OF OKLAHOMA )
) ss:
COUNTY OF CLEVELAND)
The foregoing instrument was acknowledged before me
this 28th day of June , 1996, by Xxxxxx X. Xxxxxx, Vice President
of CAROUSEL PROPERTIES, INC., an Oklahoma corporation, on behalf
of said corporation.
/s/Xxxx X. Xxxxxxx
Notary Public
My commission expires:February 25, 0000
XXXXX XX XXXXXXXX )
) ss:
COUNTY OF CLEVELAND)
The foregoing instrument was acknowledged before me
this 28th day of June, 1996, by H. XXXXXX XXXXXX, President of
HAROLD'S STORES, INC., an Oklahoma Corporation, on behalf of said
corporation.
/s/Xxxx X. Xxxxxxx
Notary Public
My commission expires: February 25, 1997
EXHIBIT A
to
AMENDMENT TO LEASE AGREEMENT
LEGAL DESCRIPTION OF PREMISES
That portion of Lots Twenty-Seven (27) through Thirty (30) in
Block One (1) of XXXXX'x UNIVERSITY ADDITION to the City of
Norman, Cleveland County, Oklahoma, according to the recorded
plat thereof, which is shown as Tracts E, F, ED, G, H, EH, C, D,
I and A on the drawing attached, and that portion of Lots Thirty-
One (31) and Thirty-Two (32) in Block One (1) of XXXXX'X
UNIVERSITY ADDITION which is currently paved and used for
parking.
