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EXHIBIT 10.50
AMENDMENT NO. 1
TO
COMMERCIAL LEASE AGREEMENT
BY AND BETWEEN
IIS REALTY, LTD., AS LANDLORD
AND
INSPIRE INSURANCE SOLUTIONS, INC., AS TENANT
This Amendment No. 1 to the Commercial Lease Agreement dated as of November 4,
1998 by and between IIS Realty Ltd., a Texas limited partnership, as Landlord
and INspire Insurance Solutions, Inc., as Tenant, (the "Lease Agreement"), is
entered into as of the 1st day of May, 1999 by and between Landlord and Tenant.
W I T N E S S E T H:
WHEREAS, Tenant has heretofore leased from Landlord certain space
located on the first (1st), second (2nd) and third (3rd) floors of that certain
office building known as 000 Xxxxxxx Xxxxxx, Xxxx of Fort Worth, Tarrant County,
Texas (hereinafter referred to as the "Building");
WHEREAS, Tenant hereby desires to increase the amount of square footage
covered by the Lease;
WHEREAS, such change will necessitate the amendment of the Lease
Agreement.
NOW, THEREFORE, for and in consideration of the mutual covenants herein
contained and contained in the Lease Agreement, the parties do hereby agree and
amend such Lease Agreement as follows:
1. The demised premises shall be described as follows:
The entire first (1st), second (2nd), third (3rd) and a
portion of the fourth (4th) floor of that certain building located at
000 Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxx, comprising approximately 101,610
rentable square feet.
2. Paragraph (a), on Page one (1) of the Lease is deleted in its
entirety and the following substituted therefor:
(a) RENT: Tenant agrees to pay the Landlord, without offset or
deduction, rent for the demised premises at the rate of (i) Eight
Dollars ($8.00) per rentable square foot, totaling
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Sixty Seven Thousand Seven Hundred Forty and 00/100 Dollars
($67,740.00) per month in advance effective May 1, 1999, for the
remainder of the first five (5) years of the term and (ii) Nine and
00/100 Dollars ($9.00) per rentable square foot, totaling Seventy Six
Thousand Two Hundred Seven and 05/100 Dollars ($76,207.50) per month in
advance for the remaining five (5) years of the term. One such monthly
installment shall be due and payable on or before the beginning date of
this lease, and a like monthly installment shall be due and payable on
or before the first day of each succeeding calendar month during the
term hereof; provided that, in the event the term hereof shall commence
or end during a calendar month, the rent for any fractional calendar
month following the commencement or preceding the end of the term of
this lease shall be pro rated by days.
Tenant has deposited with Landlord, upon delivery of this Lease, One
Hundred Twenty-eight Thousand Two Hundred Thirteen and 32/100 Dollars
($128,213.32) to be applied as follows:
3. Save and except the foregoing amendments, all other paragraphs and
covenants of the Lease Agreement shall remain in full force and effect as
therein stated.
EXECUTED to be effective the 1st day of May, 1999.
LANDLORD:
IIS Realty, Ltd., a Texas limited
partnership
By: Xxxxxx Solutions, L.L.C., a Texas
limited liability company
By: /s/ F. XXXXXX XXXXXX, III
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Name: F. Xxxxxx Xxxxxx, III
Title: Managing Member
TENANT:
INSpire Insurance Solutions, Inc.
By: /s/ XXXXXXX X. XXXXXXX
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Name: Xxxxxxx X. Xxxxxxx
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Title: EVP & CFO
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