LEASE EXTENSION AGREEMENT
Exhibit 10.31
This Lease Extension Agreement is made and entered into as of
the 22nd day of January, 2010 by and between
Graphics IV Limited Partnership, an Illinois limited
partnership (“Lessor”) and Schawk, Inc., a Delaware
corporation (“Lessee”).
WITNESSETH:
WHEREAS, Lessor’s
predecessor-in-interest,
Capplanco Eleven, Inc., a Missouri corporation, Xxxxx Xxxxx
Xxxxx Helmkampf and Xxxxxx Xxxxx Xxxxx, individually, and
Xxxxxxxxx X. XxXxxxxx and Xxxxxx X. XxXxxxxx, trustees of the
Xxxxxxxxx X. XxXxxxxx Revocable Trust No. 1, and
Lessee have entered into a Commercial Lease dated as of
June 1, 1989 (the “Lease”) for certain property
(the “Premises”) located on Sherwin Avenue in Des
Plaines, Illinois and more specifically described in the Lease;
WHEREAS, the Lease will expire on January 31, 2010; and
WHEREAS, the parties desire to extend the term of the Lease to
and including March 31, 2010 on the terms and conditions
herein set forth.
NOW, THEREFORE, in consideration of the premises, and for other
good and valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as
follows:
1. Extension. The Lease is hereby extended to and
shall expire at 11:59 p.m. on March 31, 2010.
2. Base Rent. The monthly Base Rent for the period
from February 1, 2010 to and including March 31, 2010
shall be equal to the monthly Base Rent in effect as of the date
of this Lease Extension Agreement.
3. Rent Adjustment. Lessor and Lessee agree that in
the event (i) Lessor and Lessee enter into a lease
agreement, or further extend the Lease, for the Premises for a
period from and after April 1, 2010 and (ii) the base
rent for the month of April 2010 is less than the monthly Base
Rent during the term of this Lease Extension Agreement, the
Lessor shall refund to Lessee, either in cash or as a credit
against rent becoming due (as elected by Lessee), the difference
between the monthly Base Rent paid during the term of this Lease
Extension Agreement and the monthly base rent payable for the
month of April 2010 multiplied by two (2).
4. Definitions. Capitalized terms used herein and
not defined herein shall have the same meaning as set forth in
the Lease.
5. Ratification. The parties hereby acknowledge and
agree that the Lease remains in full force and effect and is
binding upon the parties hereto with no defaults by either party
thereunder or circumstances which, with the giving of notice or
the passage of time, would constitute a default thereunder.
IN WITNESS THEREOF the parties have signed this Lease Extension
Agreement as of the date first above written.
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GRAPHICS IV LIMITED PARTNERSHIP
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| SCHAWK, INC. | ||||||||||||||||||
| By: | /s/ A. Xxxx Xxxxxxxxx | By: | /s/ Xxxxxx X. Xxxxxxxxx | |||||||||||||||
| Its: Asst. Sec. | Its: VP and General Counsel | |||||||||||||||||
