FOURTH AMENDMENT TO AGREEMENT
OF LEASE DATED JANUARY 7, 1994
THIS FOURTH AMENDMENT TO AGREEMENT OF LEASE is made this 9th day of
April, 1996, by and between TCW Realty Fund IV Pennsylvania Trust (the
"Landlord") and American Business Financial Services, Inc. ("Tenant").
WHEREAS, Tenant and Landlord entered into that certain Agreement of
Lease (the "lease") dated January 7, 1994, wherein Tenant leased from Landlord
suite 215 containing approximately 7,555 rentable square feet located on the
second floor of the office building located at 000 Xxxxxxxxxxxx Xxxxxxxxx,
Xxxx Xxxxxx, XX (the "Lease"); and
WHEREAS, Tenant and Landlord entered into that certain First Amendment
to Agreement of Lease dated October 24, 1994, wherein Tenant expanded its
Premises to include Suite 252A comprising an additional area of 780 rentable
square feet; and
WHEREAS, Tenant and Landlord entered into that certain Second Amendment
to Agreement of Lease dated December 23, 1994, wherein Tenant further expanded
its Premises to include Suite 253 comprising approximately 1,650 rentable square
feet; and
WHEREAS, Tenant and Landlord entered into that certain Third Amendment
to Agreement of Lease dated July 25, 1995, wherein Tenant further expanded its
Premises to include Suites 256, 142, 252, 253, and 249; and
WHEREAS, Tenant and Landlord wish to further amend said Agreement of
Lease upon the terms and conditions hereinafter set forth; and
WHEREAS, all undefined terms used herein shall have the same meaning as
in the Lease.
NOW THEREFORE, in consideration of the foregoing and the terms,
covenants and agreements hereinafter set forth, Landlord and Tenant hereby agree
as follows:
1. Effective May 1, 1996, Tenant's Leased Premises shall include Suite
146 containing approximately 3,091 rentable square feet. Landlord shall deliver
Suite 146 in "as-is, where-is" condition with reasonable wear and tear from
prior occupants.
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2. Tenant covenants and agrees to pay regular and monthly installments
of Base Rent on or before the first day of each month for Suite 146 from May 1,
1996 until the expiration or sooner termination of the Lease in accordance with
the following schedule:
Year PSF Monthly Base Rent
---- --- -----------------
1 05/01/96 - 10/31/96 $23.00 $5,924.42
2 11/01/96 - 10/31/97 $23.69 $6,102.15
3 11/01/97 - 10/31/98 $24.40 $6,285.03
4 11/01/98 - 10/31/99 $25.13 $6,473.07
5 11/01/99 - 10/31/2000 $25.88 $6,666.25
3. Landlord shall provide Tenant with an Improvement Allowance (the
"Improvement Allowance") in a sum up to but not more than $37,000.00. The
Improvement Allowance shall only be utilized to improve the Leased Premises in
any manner Tenant desires provided that all such improvements shall, at a
minimum, conform to the minimum building standard specifications of the
Landlord. All improvements to the Leased Premises and expenditures from the
Improvement Allowance shall first be approved by Landlord whose approval shall
not be unreasonably withheld nor delayed. Tenant shall, at Tenant's sole cost,
retain all necessary architects, engineers and or space planners to determine
Tenant's desired layout for any and all improvements to be made hereunder and
Tenant shall promptly provide all necessary drawings and plans to Landlord's
approved contractors so as not to delay completion.
Tenant shall, upon presentation, pay, as Additional Rent, any and all
invoices for any expense in excess of the Improvement Allowance incurred in the
course of improving the Leased Premises.
It is hereby understood and agreed that delays in the completion of any
of the improvements to be made hereunder shall not operate to delay or excuse
any of Tenant's obligations pursuant to this Amendment of the Agreement of
Lease.
4. Tenant's Base Year for Suite 146, only, shall be the calendar year
1996.
5. Effective May 1, 1996, "Tenant's Proportionate Share", as the term
is defined in Paragraph (4) of the Lease, shall increase by .0179 (1.79%) such
that Tenant's Proportionate Share shall then be .1096 (10.96%). Tenant's Total
Leased Premises shall comprise approximately 18,909 square feet.
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6. All other terms and conditions contained in the Lease not specially
modified or amended herein, shall remain unchanged and continue in full force
and effect.
7. Exculpation. This Fourth Amendment to Agreement of Lease is executed
and delivered by (the "Trustee") not personally but solely as trustee under and
pursuant to that certain Declaration of Trust of TCW Realty Fund IV Pennsylvania
Trust dated as of May 10, 1991. Notwithstanding anything to the contrary set
forth herein, it is expressly understood and agreed by and between the parties
hereto (i) that each of the covenants, undertakings, obligations,
representations, warranties and agreements herein made on the part of Trustees,
while in form purporting to be covenants, undertakings, obligations,
representations, warranties and agreements of Trustees, are nevertheless each
and every one of them made and intended not a personal covenants, undertakings,
obligations, representations, warranties and agreements of Trustees for the
purpose or with the intent of binding Trustees personally, but are instead made
and intended for the purpose of binding only the assets of TCW Realty Fund IV
Pennsylvania Trust; (ii) that no personal liability or personal responsibility
is or on account of any covenants, undertakings, obligations, representations,
warranties and agreements contained in this Agreement of Lease, either express
or implied, all such liability or personal responsibility (if any) being
expressed waived and released; and (iii) Tenant agrees to look solely to the
assets of TCW Realty Fund IV Pennsylvania Trust for the enforcement of any
claims against Trustees arising pursuant to this Fourth Amendment to Agreement
of Lease.
8. The individuals signing this Addendum on behalf of the Tenant
represent and affirm that they have authority to bind Tenant and that any and
all requisite approvals of the Board of Directors, of Tenant, conferring such
authority have been obtained. Tenant shall, upon request, deliver to Landlord a
resolution of the Board of Directors of Tenant ratifying this Fourth Amendment
to Agreement of Lease.
[SIGNATURES ON NEXT PAGE]
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IN WITNESS WHEREOF, Landlord and Tenant have caused this Fourth Amendment to
Agreement of Lease to be executed by their duly authorized representatives on
the date first set forth above.
LANDLORD: TCW REALTY FUND IV PENNSYLVANIA TRUST,
A Pennsylvania Business Trust
BY: /s/ Xxxxxxx X. Xxxxx BY: /s/ Xxxx Xxxx Xxxxxx
------------------------------- --------------------------------
Xxxxxxx X. Xxxxx* Xxxx Xxxx Xxxxxx*
*not individually but solely as trustee under Declaration of Trust dated
May 10, 1991.
TENANT: AMERICAN BUSINESS FINANCIAL SERVICES, INC.
a Delaware Corporation
BY: /s/ Xxxxxxx X. Xxxxxxxxx BY: /s/ Xxxxxxx X. Xxxxxxxx, Xx.
---------------------------- ----------------------------
Its: Senior Vice President Its: Chairman
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