EXHIBIT 10.27
LEASE EXTENSION AGREEMENT
This Lease Extension Agreement ("Agreement") is entered into by and between
St. Xxxx Knits, Inc., a California corporation as Tenant and The Alhambra
Partners, a California limited partnership as Landlord under that certain
Industrial Real Estate Lease dated November 13, 1985 ("Lease") between Landlord
and Tenant.
R E C I T A L S
A. Pursuant to the terms of the Lease Tenant's extended lease term expires on
August 31, 2001.
B. Tenant has the right to extend the Term of the Lease for one additional
extended term of five years.
C. Tenant has exercised its option to extend the Lease Term to August 31, 2001
and Landlord and Tenant now desire to extend the term of and modify the
provisions of the Lease to provide Tenant the right to occupy the Property for
an additional five (5) year term on the terms and conditions of the Lease as
modified in the manner set forth below.
In consideration of the foregoing recitals and the covenants and conditions
hereinafter contained, the parties agree as follows:
1. LEASE TERM. The term of this Agreement shall be a period of five (5) years,
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commencing September 1, 2001 and ending August 31, 2006. Tenant shall have
the right to extend the Term for one additional five (5) year period.
2. BASE RENT. Base Rent during the initial year of the extension Term shall be
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$314,880.00 per year ($0.64 per square foot per month). Base Rent shall be
increased annually on the 1st day of September of each year thereafter by
an amount equal to 4% of the Base Rent due in August of each year.
3. OPTION TO RENEW. Tenant shall have the right to extend the Term for one
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additional five (5) year period in accordance with the provisions of the
Lease.
4. FULL FORCE AND EFFECT. Except as modified in the manner set forth in this
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Agreement, the Lease shall remain in full force and effect during the
extension Term provided herein.
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5. FURTHER ASSURANCES. Each party agrees to perform any further acts and to
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execute and deliver any further documents which may be reasonably necessary
to carry out the provisions of this Agreement.
Executed this 20 day of November, 2000 to be effective September 1, 2001.
Tenant:
St. Xxxx Knits, Inc., a California corporation
By: /s/ Xxxxx Xxxxxxx
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Landlord:
The Alhambra Partners, a California limited partnership
By: /s/ Xxxxxx X Xxxx
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Xxxxxx X. Xxxx, Trustee of The Xxxx Family Trust, General Partner
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