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EXHIBIT 10.70
MODIFICATION AND RATIFICATION OF LEASE
This Modification and Ratification of Lease Agreement is made and entered into
between Fountain Parkway, Ltd. ("Lessor") and Xxxxxxxxx Industries, L.P.
("Lessee") subject to the terms and conditions of the Lease Agreement commencing
the 1st day of December 1996 by and between Lessor and Lessee for and in
consideration of One Dollar ($1.00) and other good and valuable consideration,
receipt of which is hereby acknowledged.
WITNESSETH;
1. Lessor and Lessee hereby confirm and ratify, except as modified below, all
of the terms, conditions and covenants in that certain written Lease
Agreement commencing on December 1, 1996, between Lessor and Lessee for the
rental of the property containing approximately 300,000 square feet.
2. Lessor and Lessee agree to modify Article 9.03 of subject Lease Agreement
to accept attached Sublease Agreement between Xxxxxxxxx Industries, L.P.
and Directory Distributing Associates, Inc. for approximately 45,200 square
feet of Leased Premises.
3. Lessee acknowledges that Lessor has no responsibility to Sublessee to
perform responsibilities of Sublessor (Lessee) and Lessee affirms its
obligations to fulfill responsibility for entire Leased Premises.
4. Lessee agrees to pay leasing commissions for Sublease Agreement.
5. Lessee agrees to pay for Leasehold Improvements of Sublease Agreement and
acknowledges that improvements shall remain property of Lessor.
6. As additional consideration for consenting to this Modification, Lessor and
Lessee agree that the monthly base rent of subject Lease shall increase by
$2,000. per month for months 66 through 89 (i.e., $48,000.) of Lease
Agreement.
7. Lessor and Lessee agree that all other terms and conditions as set forth in
the Lease commencing on December 1, 1996 will remain in full force and
effect for this Modification and Ratification of Lease commencing on June
1, 1999.
8. This Modification and Ratification of Lease is not effective until
execution by and delivery to both Lessor and Lessee.
EXECUTED THIS 10th DAY OF MAY, 1999.
LESSOR: FOUNTAIN PARKWAY, LTD.
By: Inner Fountain, Inc. its General Partner
BY: /s/ XXXXXXXX X. XXXXX
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By: Xxxxxxxx X. Xxxxx, President
EXECUTED THIS 12th DAY OF MAY, 1999.
LESSEE: Xxxxxxxxx Industries, L.P.
BY: /s/ XXXXX XXXXXXXXX
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Xxxxx Xxxxxxxxx, Chief Executive Officer
of Xxxxxxxxx Operating Corp., its General Partner
