11-09-99
SECOND AMENDMENT TO LEASE
DATED JUNE 28, 1994
BETWEEN
XXXXXX XXXXXXXX REALTY COMPANY, LLC ("Landlord")
AND
CORNERSTONE BANK ("Tenant")
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Second Amendment to Lease made this 24th day of November, 1999 between
Xxxxxx Xxxxxxxx Realty Company, LLC ("Landlord") and Cornerstone Bank
("Tenant").
RECITALS:
A. The parties have entered into a written Lease Agreement covering
premises known as 0000 Xxxx Xxxxx Xxxx, Xxxx Xxxxx Xxxxx, Xxxxxxxx,
Xxxxxxxxxxx (the "Premises") dated as of June 28, 1994 (the
"Lease").
B. By instrument dated June , 1999 the Landlord and Tenant entered
into a First Amendment to Lease setting forth an interim rental
agreement in order to permit the parties to continue negotiations
concerning a possible reduction in the Tenant's square footage and
the possible relocation of the Tenant to another store location in
the Building.
C. The parties have resolved such negotiations and have agreed to
certain amendments to the Lease including:
(i) Modification of the term of the Lease:
(ii) The base annual rental for the First Renewal Term; and
(iii) The Tenant's right of first negotiation in respect to future
space which may open up in the Building.
Now, Therefore, it is hereby agreed as follow:
1. Insofar as the First Amendment to Lease purports to set forth the
rental for the premises for the period November 1, 1999 through
June 30, 2000, said First Amendment to Lease is revoked and
rescinded as of February 29, 2000 to be replaced by the rental
terms set forth in this Second Amendment.
2. Paragraph 31 of the Lease is deleted in its entirety and the
following is inserted in its place:
31. (a) The Tenant has exercised its option for the First
Renewal Term. The period of the First Renewal Term is March 1,
2000 to February 28, 2005. (i) During the period from March 1,
2000 through February 28, 2001, the annual rental shall be
$72,282.96 payable at the monthly rate of $6,023.58; (ii)
during the period from March 1, 2001 through February 28, 2002,
the annual rental shall be $75,809.04 payable at the monthly
rate of $6,317.42; (iii) during the period from March 1, 2002
through February 28, 2003, the annual rental shall be
$79,335.00 payable at the monthly rate of $6,611.25; (iv)
during the period from March 1, 2003 through February 28, 2004,
the annual rental shall be $81,098.04 payable at the monthly
rate of $6,758.17; (v) during the period from March 1, 2004
through February 28, 2005, the annual rental shall be
$84,624.00 payable at the monthly rate of $7,052.00.
(b) At the expiration of the First Renewal Term (February 28,
2005), provided Tenant is not in default of any one or more of
its obligations hereunder, and subject to agreement being
reached on the annual rental as set forth below, Tenant shall
have two (2) options to renew for two (2) additional periods of
five (5) years each. If the Tenant exercises the option for the
Second Renewal Term, the Expiration Date as used herein shall
be deemed to be February 28, 2010, unless the term of this
Lease, as extended by said Second Renewal Term, shall be sooner
terminated as hereinabove provided. If the Tenant exercises the
option for the Third Renewal Term, the Expiration Date as used
herein shall be deemed to be February 28, 2015, unless the
term of this Lease, as extended by said Third Renewal Term,
shall be sooner terminated as hereinabove provided.
As a condition precedent to the exercise of the option
to renew for the Second Renewal Term hereby granted, Tenant
must notify Landlord of its intent to exercise said option by
written notice delivered to Landlord no later than July 1,
2004, time being of the essence. As a condition precedent to
the exercise of the option to renew for the Third Renewal Term
hereby granted, Tenant must notify Landlord of its intent to
exercise said option by written notice delivered to Landlord no
later than July 1, 2009, time being of the essence.
(c) The annual rent payable by Tenant during the Second and
Third Renewal Terms shall be mutually agreed upon by good faith
negotiations between Landlord and the Tenant prior to the
commencement of each said Renewal Term. In the event that
within sixty (60) days of the date of Tenant's notice to
Landlord that it desires to exercise its option for each
Renewal Term the parties are unable to agree upon the annual
rental for each said Renewal Term, then Tenant shall have no
further rights to renew this Lease and this Lease shall
terminate as of the Expiration Date set forth at the end of the
First Renewal Term or Second Renewal Term, as the case may be.
3. Paragraph 41 of the Lease is deleted and the following is
inserted in its place and stead:
41. Provided Tenant is not in default of any one or more of
its obligations hereunder, Tenant shall have the first right to
negotiate a lease for any space located in the Center, south of
the Premises consisting of between 1,000 and 1,400 square feet
in size. Tenant's right of first negotiation shall proceed as
follows. Landlord shall notify the Tenant, in writing, that
such space is available. Tenant shall have seven days from the
date of Landlord's notice to notify Landlord of Tenant's desire
to rent such space. Tenant's notice shall be in writing. The
parties hereto will have thirty (30) days from the date of
Landlord's notice to enter into a written lease agreement
mutually acceptable to Landlord and Tenant. Absent receipt of
Tenant's written notice within the time period hereinabove
specified, or absent the execution of a written lease within
the time period hereinabove specified, time being of the
essence for both periods, Tenant's right to negotiate for the
additional space in question shall cease and determine without
further notice and Landlord shall be free to let the additional
space in question free and clear of Tenant's right of
negotiation.
4. Capitalized terms not otherwise defined herein shall have the
meanings ascribed to such terms in the Lease.
5. The terms, conditions and covenants of the Lease are hereby
expressly incorporated herein and made a part hereof by
reference as if the same were herein set forth at length and
they shall continue in full force and effect, affected only to
the extent of the modification herein set forth.
IN WITNESS WHEREOF, the parties hereto have affixed their hand and seal to
this First Amendment to Lease as of the date first above written.
XXXXXX XXXXXXXX REALTY COMPANY, LLC
By: /s/ XXXX XXXXXXX
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Xxxx Xxxxxxx, Manager
CORNERSTONE BANK
By: /s/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx, President
