FIRST LEASE AMENDMENT AGREEMENT
AMERICAN CONSUMERS, INC.
D/B/A SHOP-RITE SUPERMARKET
CHATSWORTH SHOPPING CENTER
THIS LEASE AMENDMENT AGREEMENT (hereinafter called the "Agreement") made
and entered into this 19th day of March 2003 by and between M&K WAREHOUSES, LLC,
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a Georgia limited liability company, as successor in interest to Xxxxx X. Xxxxx,
a sole proprietorship (hereinafter called the "Landlord") and AMERICAN
CONSUMERS, INC. D/B/A SHOP-RITE SUPERMARKET (hereinafter called the "Tenant");
W I T N E S S E T H :
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WHEREAS, by Lease dated April 29, 1988 (hereinafter called the "Lease"), by
which Landlord leased to tenant those certain premises (hereinafter called the
"Premises") situated at 000 Xxxxx Xxxxx Xxxxxx, Xxxxx X, Xxxxxxxxxx, Xxxxxx
Xxxxxx, Xxxxxxx 00000 as more particularly described in the Lease;
WHEREAS, Landlord and Tenant now desire to amend the Lease so as to extend
the Term thereof and to make other changes as set forth herein below.
NOW THEREFORE, for valuable consideration paid by each of the parties to
the other, receipt of which is hereby acknowledged, it is agreed between the
parties as follows:
1. The Lease Term for the Premises is hereby extended for a period of
five (5) additional years and two (2) days commencing April 29, 2003
and expiring on April 30, 2008.
2. The monthly rent shall be as follows:
Common Area Total Base Rent, Common
Maintenance and Area Maintenance and
Insurance Charges Insurance Charges
Base Rent Monthly* Monthly
Term Monthly (Adjustable Annually) (Adjustable Annually)
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April 29, 2003-April 30, 2003 $ 642.83 $ 50.80 $ 693.63
May 1, 2003-April 30, 2006 $ 9,624.50 $ 762.00 $ 10,404.50
May 1, 2006-April 30, 2008 $10,125.00 $ 762.00 $ 10,887.00
NOTE: Common Area Maintenance=$536.00/mo;Insurance=$226.00/mo.
3. Tenant hereby agrees to pay Landlord, on or before the first of each
month, Seven hundred sixty-two & No/100 Dollars ($762.00) as Tenant's
estimated share of Common Area Maintenance and Insurance for the
leased premises. Said amount may be adjusted annually, or as Landlord
deems necessary, which shall be based on actual expenses incurred by
Landlord.
4. Tenant shall maintain, at its own cost and expense, in responsible
companies approved by Landlord, combined single limit public liability
insurance, insuring Landlord and Tenant, as their interests may
appear, against all claims, demands or actions for bodily injury,
including death of any person, property damage, and personal injury
with limits of $1,000,000.00 for each occurrence and $2,000,000.00 on
an annual aggregate basis. Landlord shall have the right to direct
Tenant to increase such amounts whenever Landlord, Landlord's
insurance carrier or governing authority considers them inadequate.
Such liability insurance shall also cover any liability from signs
erected by Tenant. The policy of insurance shall provide that Landlord
is specifically named as an additional insured therein. Tenant shall
also maintain, at its own cost and expense, in responsible companies
insurance as follows: (1) insurance commonly known as "special all
risk property insurance" on property belonging to Tenant or for which
Tenant is the bailee covering 100% of the replacement cost of any item
of value including Tenant's property and specifically including but
not limited to signs, stock, inventory, furniture and fixtures,
equipment, and improvements and betterments installed by Tenant; (2)
business interruption insurance covering 100% of Tenant's actual loss
sustained for a period not exceeding twelve (12) months; and (3)
insurance covering all glass forming a part of the Premises including
plate glass in the Premises. All of said insurance shall be in form
and in responsible companies licensed to do business in the State of
Georgia acceptable to Landlord and shall endeavor to provide that it
will not be subject to cancellation or termination or change except
after at least thirty (30) days prior written notice to Landlord. The
certificates of insurance shall be deposited with Landlord within
thirty (30) days of the Lease renewal date. Thereafter, Tenant shall
provide Landlord with certificates of insurance within fifteen (15)
days after renewal of any such policy. In the event Tenant fails to
obtain or maintain the insurance required hereunder and fails to
provide Landlord with the required certificates of insurance within
ten (10) days after demand therefore, Landlord may obtain same (but
shall have no obligation to do so) and any costs incurred by Landlord
in connection therewith shall be payable by Tenant upon demand. Tenant
agrees that its insurance shall be primary over any insurance which
may be purchased by the Landlord. The insurance procured by Tenant as
herein required shall contain an express waiver of any right of
subrogation by the insurance company against Landlord.
5. This Agreement together with the Lease contain the entire agreement of
the parties with respect to the subject matter hereof and no
representations, inducements, promises or agreements, oral or
otherwise, between the parties not embodied herein shall be of any
force or effect.
IN WITNESS WHEREOF, the said parties have executed this Lease Amendment
Agreement, as of the day and year set forth above.
LANDLORD:
Signed, sealed and delivered
in the presence of: M&K WAREHOUSES, LLC,
A GEORGIA LIMITED LIABILITY COMPANY
/s/ Xxxxxxx X. Xxxx /s/ Xxxxxx X. Xxxxx
By:
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Notary Public or Witness Xxxxxx X. Xxxxx
Title: Leasing Agent
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Xxxxxxx X. Xxxx
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Name (Please Print)
NOTARY PUBLIC, XXXXXX COUNTY, GEORGIA
MY COMMISSION EXPIRES MAY 20, 2006.
TENANT:
Signed, sealed and delivered
in the presence of: AMERICAN CONSUMERS, INC.
/s/ Xxxx Cleermore /s/ Xxxx X. Xxxx
By:
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Notary Public or Witness Xxxx X. Xxxx
Title: Chief Financial Officer
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Xxxx Cleermore
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Name (Please Print) Telephone : (000) 000-0000
