OLD MILL CORPORATE CENTER FIRST AMENDMENT TO THE LEASE AGREEMENT
QuickLinks -- Click here to rapidly navigate through this document
OLD MILL CORPORATE CENTER
FIRST AMENDMENT TO THE LEASE AGREEMENT
THIS AGREEMENT MADE and entered into this 1st day of September, 2002, by and between Xxxxxxxx Building East L.L.C. ("Lessor") and Xxxxxxxxx.xxx DE ("Lessee").
RECITALS:
- X.
- Xxxxxxxxxx &
Associates, as Lessor, and Lessee previously entered into a Lease Agreement dated January 23, 2002, for the
premises located at 0000 Xxxxx 0000 Xxxx, Xxxxx 000, consisting of approximately 19,444 rentable square feet
("the Lease").
- X.
- Xxxxxx
is the present owner of the building in which the leased premises are located.
- C.
- Under
the terms of the Lease, Lessee has an option to extend the Lease.
- D.
- Lessee desire to exercise its option to extend the Lease.
NOW, THEREFORE, the parties agree as follows:
- 1.
- Expansion.
Commencing on September 1, 2002, or upon occupancy, whichever shall occur first (the "commencement date"), Lessee
shall expand its facilities into Suite 110, consisting of approximately 1,919 rentable square feet and
1,627 useable square feet (the "new space").
- 2.
- Term.
Lessee shall be entitled to occupy the new space for a term of Four (4) Years and Five (5) Months, commencing on the
commencement date and terminating on the 31st day of January, 2007.
- 3.
- Base
Rent / Operating Expenses. Upon the commencement date, Lessee shall pay Lessor $2,398.75 per month for the base rent associated
with the new space. Should commencement occur on any date other than the first day of the month, rent shall be prorated. Lessee shall also be obligated to pay its share of operating expenses for the
Building, which Lessor estimates will be $5.75 per rentable square foot. The estimated monthly payment for operating expenses shall be $919.52 per
month.
- 4.
- Escalation.
Rent shall escalate by three percent (3%) on February 1st of each year during the extended Lease Term.
- 5.
- Tenant
Improvements. Lessor shall, at its sole expense, clean carpets, install a door leading into the break room, re-key the main door lock, and remove the furniture
currently in the Premises. Any additional tenant improvements shall be at the sole expense of Lessee and must be pre-approved by Lessor prior to the commencement of any work in the
Premises.
- 6.
- Free
Rent. Lessor shall provide Lessee with one (1) month of free base rent and operating expenses to be used during the month of September, 2002.
- 7.
- Signage:
Lessor will allow Lessee's name on one sign by the Lessee's entrance to Suite 110. All signage shall conform to the building standard and shall be pre-approved by
the Lessor. All signage shall be at the sole expense of Lessee.
- 8.
- Provisions of Lease. During the term of the Lease, all terms and conditions of the Lease shall apply except as modified by this First Amendment to Lease.
IN WITNESS WHEREOF, the parties have executed this First Amendment to Lease Agreement as of the day and year first above written.
LESSOR: | LESSEE: | |||||||||
Xxxxxxxx Building East L.L.C. | Xxxxxxxxx.xxx DE | |||||||||
By |
/s/ XXXX XXXX |
By |
/s/ XXXXX XXXX |
|||||||
Xxxx Xxxx |
||||||||||
Its: |
Vice President |
Its: |
Chief Operating Officer |
|||||||
TENANT: | Xxxxxxxxx.xxx DE | |
Monthly Rent Summary per Lease | ||
XXX XXXX XXXXXXXXX XXXXXX | ||
Xxxxxxxx: | 0000 Xxxxx 3000 East | |
Suite: | 110 |
Square Footage Breakdown:
|
USF |
RSF |
||
---|---|---|---|---|
Office | 1,579 | 1,863 | ||
Kitchen | 48 | 56 | ||
Total | 1,627 | 1,919 |
Term: | Four (4) Years and Five (5) Months | |
To/From: | Sep 1, 2002 - Jan 31, 2007 | |
Annual Increase: | 3.0% on 2/1 of each year | |
Usable SF: | 1,627 | |
Rentable SF: | 1,919 | |
Load Factor: | 17.95% | |
Security Dep.: | $0.00 | |
Non-Refundable: | $0.00 |
**BASE RENTAL AND OPERATING EXPENSE PAYMENT DUE ON THE FIRST OF THE MONTH**
** OPERATING EXPENSES ARE ESTIMATED TO BE $919.52 PER MONTH **
|
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
JAN | $ | 2,398.75 | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||
FEB | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||||
MAR | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||||
APR | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||||
MAY | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||||
JUN | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||||
JUL | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||||
AUG | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||||
SEP | $ | 0.00 | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||
OCT | $ | 2,398.75 | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||
NOV | $ | 2,398.75 | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||
DEC | $ | 2,398.75 | $ | 2,470.71 | $ | 2,544.83 | $ | 2,621.18 | $ | 2,699.81 | ||||||||
7,196.25 | 29,576.56 | 30,463.85 | 31,377.77 | 32,319.10 | 2,699.81 | |||||||||||||
NUMBER OF MONTHS: | 53.00 | |||||||||||||||||
TOTAL RENT PER TERM OF LEASE: | $ | 133,633.35 |
ADDITIONAL NOTES:
Total Complex: | 150,233 | 1.28% of complex: | (Triple Net Lease) |
OPERATING EXPENSES Tenant shall pay as additional rent, its proportionate share of operating expenses for the Building, which Landlord estimates will be $5.75 per rentable square foot per year, $919.52 per month.
TENANT IMPROVEMENTS: See Addendum "A"
FREE RENT: See Addendum "A"
Signage: See Addendum "A"
|
Total SF 1919 |
Cost Per SF |
||||
---|---|---|---|---|---|---|
Rent/Mo. | 2,398.75 | 15.00 | ||||
T.I. ÷ # Mo.* | 28.92 | 0.18 | ||||
Other/Mo. | 0.00 | 0.00 | ||||
Net Rates: | $ | 2,369.83 | $ | 14.82 | ||
* Estimated Cost of Tenant Improvements |
||||||
T.I. |
1,300.00 |
|||||
$ | 1,300.00 | |||||
Interest Rate: |
12.00 |
% |
MGMT | ACCOUNTING | |||
X. Xxxxxx |
E: Leasing\Old Mill C.C Leases[Overstock 1st Amend to #100.xls]A
OLD MILL CORPORATE CENTER FIRST AMENDMENT TO THE LEASE AGREEMENT