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EXHIBIT 10.08
SECOND AMENDMENT TO LEASE AGREEMENT
THIS SECOND AMENDMENT TO LEASE AGREEMENT (this "Amendment") is made this 22nd
day of December, 1995, by and between MCDONOGH SCHOOL, INCORPORATED, a Xxxx-
land Corporation with an office at McDonogh School, Owings Mills, Maryland
21117-0380 ("Landlord"), and TRP SUBURBAN, INC., a Maryland Corporation with
a office at 000 Xxxx Xxxxx Xxxxxx, 0xx Xxxxx, Xxxxxxxxx, Xxxxxxxx 00000
("Tenant").
RECITALS
A. Landlord and Tenant are parties to a Lease Agreement dated April 17,
1990, an Addendum to Agreement of Lease dated April 17, 1990, a Short Form
Lease for recording dated April 17, 1990 and an Amendment to Lease Agreement
dated June 18, 1991 (collectively the "Lease"), concerning land located at
00000 Xxx Xxx Xxxxxxxxx, Xxxxxxxxx Xxxxxx, Xxxxxxxx.
B. The Short Form Lease for recording was recorded among the Land Records of
Baltimore County, Maryland on April 22, 1990 in liber SM8465, folio 516.
C. Landlord and Tenant desire to amend the Lease as hereinafter set forth.
NOW, THEREFORE, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency which is hereby
acknowledged, Landlord and Tenant agree as follows:
1. EXTENSION OF TERM. Section 1.02 of the Lease is hereby amended to pro-
vide that the Term shall expire ninety-nine years after the Commencement
Date. All references in the Lease to Expiration Date shall mean the date
which is ninety-nine years after the Commencement Date.
2. PAYMENT FOR CONSTRUCTION OF ADDITIONAL IMPROVEMENTS. The Premises are
currently improved by a building containing One Hundred Fourteen Thousand
(114,000) gross square feet of floor area. The provisions of paragraph (a)
of Section 2.02 of the lease permitting the construction of up to One Hundred
Sixty-Five Thousand (165,000) gross square feet of floor area, exclusive of
parking facilities, in consideration of the payment of the Single Rent Pay-
ment, is hereby deleted and the following is inserted in lieu thereof.
(a) In addition to the Improvements currently located on the Demised
Premises containing One Hundred Fourteen Thousand (114,000) gross square feet
of floor area, Tenant may construct additional Improvements containing not
more than Fifty-One Thousand (51,000) gross square feet of floor area,
exclusive of parking facilities, on the following terms and conditions:
(i) For a period of eighteen (18) months from the date of this
Amendment, Tenant shall pay the Landlord the sum of Seventeen Dollars
($17.00) per square foot of additional Improvements exclusive of parking
space. Commencing on the date which is eighteen (18) months from the date of
this Amendment and continuing on each anniversary of that date, the cost per
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square foot of additional Improvements as set forth above shall increase by
four percent (4%) per annum, compounded annually.
(ii) The payments set forth above, as applicable, shall be made before
any construction activities, including site work, occur in connection with
additional Improvements.
3. CLARIFICATION OF TENANT'S REIMBURSEMENT OBLIGATIONS. Landlord's costs
specified in Section 8.02 of the Lease shall include reasonable overhead
directly related to the performance of Landlord's responsibilities under
Section 8.01 of the Lease. Reasonable overhead shall include the salary of a
property manager, administrative support and office space, which shall be
allocable in accordance with generally accepted accounting principles.
4. REVOCATION OF EXTENSION PRIVILEGES. Article 20 of the Lease relating to
Extension Privileges is hereby revoked in its entirety.
5. TERMS. Terms which are used but not defined herein shall have the same
meanings as set forth in the Lease.
6. NO OTHER MODIFICATIONS. Except as set forth herein the Lease is
unmodified and remains in full force and effect.
WITNESS the hands and seals of the parties hereto, under seal, as of the date
first above written.
McDONOGH SCHOOL, INCORPORATED
By: /s/ Xxxxxxxxx Xxxxxxxxx
Title: President
TRP SUBURBAN, INC.
By: /s/ Xxxxxx X. Xxxxxx
Title: Vice President
