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SECOND AMENDMENT TO NET INDUSTRIAL LEASE EXHIBIT 10.14
This Second Amendment to Net Industrial Lease ("Second Amendment") is
entered into as of this 28th day of August, 1998, between 0000 X. XXXXXXXX XXXX
LIMITED PARTNERSHIP, an Arizona limited partnership ("Landlord") and MIDLAND
CREDIT MANAGEMENT, INC., a Kansas corporation ("Tenant").
RECITALS
Landlord and Tenant entered into that Net Industrial Lease dated November
19, 1997, that certain Commencement Date Certificate dated February 17, 1998 and
a First Amendment to Net Industrial Lease ("First Amendment") dated June 22,
1998, (collectively, the "Lease") covering 30,000 square feet (the "Original
Premises") of the building located at 0000 X. Xxxxxxxx Xxxx and 22,613 square
feet (the "Additional Premises") of the building located at 0000 X. Xxxxxxxx
Road, (collectively, the "Premises") Phoenix, Arizona.
Landlord and Tenant wish to adjust the occupancy date for the Additional
Premises due to Tenant's desire for substantial changes in the build out of the
Additional Premises and to make other amendments to the Lease.
Landlord and Tenant agree the Lease is amended as follows:
AGREEMENT
1. Effective Date. Except as otherwise provided herein, the effective date
of the Lease amendments as set out in this Second Amendment is September 1, 1998
(the "Effective Date").
2. Defined Terms. Capitalized terms used but not defined herein shall have
the meanings ascribed to them in the Lease.
3. Adjustments for Build Out of Additional Premises. At Tenant's request,
pursuant to the terms of that certain letter approved by Tenant August 21, 1998,
a copy of which is attached hereto as Exhibit "A", Landlord will make further
changes in the build out of the Additional Premises, including a new office, a
training room, 15-16 new computer jacks, duplex outlets and phone jacks,
activation of two 10-ton AC units in the telemarketing area, including required
duct work, and an electrical panel to accommodate the increased electrical
requirements (collectively, the "Additional 4302 Improvements"), as shown on the
space plan attached hereto as Revised Exhibit "C". The estimated costs of the
Additional 4302 Improvements is $30,000.00. Accordingly, Landlord and Tenant
agree that, retroactive to the Effective Date, once the actual costs of the
Additional 4302 Improvements are determined, the Fixed Minimum Rent for the
Additional Premises shall be increased to include the Additional 4302
Improvements costs, amortized over the Term of the Lease at 10% annual interest.
4. Adjustment to Occupy Date. Notwithstanding anything to the contrary in
the First Amendment, the parties acknowledge that construction of the Additional
4302 Improvements will require additional permits from the City of Phoenix and
will result in the delay of Tenant's occupancy of the Additional Premises until
approximately October 1, 1998. Irrespective of the delay in occupying the
Additional Premises, Tenant specifically agrees that rental payments for the
Additional Premises will commence September 1, 1998, and that such rental
payments will be retroactively adjusted in accordance with the terms of Section
3 of this Second Amendment.
5. Remaining Lease Terms. Except as expressly amended by this Second
Amendment, all the terms, covenants, and conditions of the Lease remain in full
force and effect. In the event of any conflict between the provisions of this
Second Amendment and the Lease, the provisions of this Second Amendment shall
control.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Second
Amendment to Lease on the date written above.
TENANT: LANDLORD:
MIDLAND CREDIT MANAGEMENT, INC., 0000 X. XXXXXXXX XXXX LIMITED PARTNERSHIP,
a Kansas corporation an Arizona limited partnership,
By: San Salvador Management, L.L.C.,
By: /s/ Xxxx X. Xxxxxxxx an Arizona limited liability company
Its: Sr. Vice President Its General Partner
By: /s/ Xxxxx Xxxxxx
Its: Principal
