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EXHIBIT 10o
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT (this "Amendment") is made and
entered effective as of the 8th day of October, 1998, by and between XXXXXX
INCOME PROPERTIES II, LTD., a Texas limited partnership ("Landlord") and XXXXXX
XXXXX CORP., a Pennsylvania corporation, as successor-in-interest to Xxxxxx
Family Partnership Ltd., a Pennsylvania limited partnership, ("Tenant").
RECITALS:
Landlord and Xxxxxx Family Partnership Ltd. entered into that certain
Lease Agreement dated effective as of October 23, 1992 (the "Lease") providing
for the lease of approximately 118,800 square feet of Floor Area in the
Building situated in Grand Prairie, Tarrant County, Texas. Tenant is the
successor-in-interest to all of the right, title and interest, and the
obligations, of Xxxxxx Family Partnership Ltd. under the Lease.
Landlord and Tenant have agreed to extend the Term of the Lease and to
amend the Lease in certain other respects. Landlord and Tenant enter into this
Amendment for the purpose of providing for such amendments.
AGREEMENTS:
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Basic Lease Provisions. (a) The definition of "Term" set forth in
Article I of the Lease is hereby amended in its entirety to read as follows:
"Term shall mean two hundred sixty-four (264) months, commencing on the
Commencement Date and ending on October 31, 2014, as the same may be
extended pursuant to Section 2.04."
(b) The definition of "Base Rental" set forth in Article I of the Lease
is hereby amended to add the following calculation of Base Rental for the
period from and after November 1, 2002 through the end of the Term:
Base
Rental/Square Monthly Base
"Period Foot Rental
------- ---- ------
November 1, 2002-October 31, 2004 $3.00 $29,700.00
November 1, 2004-October 31, 2007 $3.10 $30,690.00
November 1, 2007-October 31, 2009 $3.25 $32,175.00
November 1, 2009-October 31, 2014 $3.50 $34,650.00"
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(c) The following term shall be added to the Basic Lease Provisions set
forth in Article I of the Lease:
"Other Lease shall mean that certain Lease Agreement dated as of October
8 1998, between Landlord and Xxxxxx Xxxxx Corp. (an affiliate of Tenant)
as Tenant providing for the lease of 54,000 square feet of Floor Area in
the Building."
2. Broker. With respect to extension of the Term from November 1, 2002 to
October 31, 2014, Xxxxxx Realty Investors IX, Inc. shall be the "Broker" in
place of Xxxxxxxx Commercial Real Estate Services.
3. Renewal Options. Section 2.04 of the Lease is hereby amended to
provide that the renewal options provided for therein shall be exercisable in
accordance with Section 2.04 at the expiration of the Term of the Lease, as
extended hereby, as opposed to being exercisable at the expiration of the
"initial ten-year Term," as presently provided in Section 2.04. Section 2.04 is
further amended to delete the following language: "provided, however, at no
time during the Renewal Term shall Base Rental be less than $2.65 per square
foot of Floor Area in the Leased Premises."
4. Security Deposit. Thirty (30) days after the execution and delivery of
this Amendment, Landlord shall release to Tenant the Security Deposit in the
amount of $25,740. Section 7.03(d) is hereby deleted in its entirety from the
Lease.
5. Expansion Space. Section 2.06 of the Lease is hereby deleted in its
entirety.
6. Default by Tenant. Section 7.02 of the Lease is hereby amended to add
the following language:
"(k) The occurrence of a default by the tenant under the Other Lease,
following any period for notice and opportunity to cure provided
therein."
7. Defined Terms. Terms defined in the Lease shall have the same meaning
when used in this Amendment.
8. Ratification. Except as expressly provided in this Amendment, the
Lease shall continue in full force and effect in accordance with its terms.
9. Counterparts. This Amendment may be executed in identical
counterparts, which when taken together shall constitute one and the same
instrument.
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IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment as of the date first written above.
LANDLORD:
XXXXXX INCOME PROPERTIES II, LTD., a
Texas limited partnership
By: Xxxxxx Realty Investors IX, Inc., a
Texas corporation
General Partner
By: /s/ Xxxxx Xxxx
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Name: Xxxxx Xxxx
Title: Executive Vice President
TENANT:
XXXXXX XXXXX CORP., a
Pennsylvania corporation
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: Vice President
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