THIRD LEASE AMENDMENT
Exhibit 10.1
In consideration of the rents and covenants set forth herein and in the Lease (as defined below), Landlord and Tenant hereby amend the Lease.
A. | DATE: The date of this Third Lease Amendment is February 27, 2015. |
B. |
Lease Amendment dated August 19, 2002 and that certain Lease Amendment dated September 25, 2002.
C. | LANDLORD: Delegates LLC, an Arizona limited liability company. |
D. | TENANT: Universal Technical Institute of Phoenix, Inc., fka The Xxxxxxx Xxxxxx |
Corporation, a Delaware corporation.
E. | PREMISES: 0000 Xxxxxxxxx Xxxxx, Xxxxxxx, Xxxxxxx |
ARTICLE 1
TERM
Landlord and Tenant hereby agree that the Term of the Premises shall be extended from July 1, 2016 to expire at midnight on August 31, 2022.
ARTICLE 2
RENT
Commencing on July 1, 2016, the provisions of Article 3 Rent shall be and hereby are deleted and replaced in their entirety by the following rent provision:
Tenant shall pay, in advance, to Landlord, as rent for the premises, without notice, demand, deduction or any setoff whatsoever at the address of Landlord as set forth in Paragraph J of the Basic Lease Provisions or such other address as may be specified by Landlord, the following amounts, payable monthly on the first day of each month during the Term hereof.
Time Period | Number of Months | Annual Triple Net Base Rent Per Square Foot | Annual Triple Net Base Rent |
07/01/16-12/31/16 | 6 | $15.09 | $477,726.76 |
10/01/17-12/31/17 | 12 | $15.54 | $983,946.18 |
01/01/18-12/31/18 | 12 | $16.01 | $1,013,705.10 |
01/01/19-12-31/19 | 12 | $16.49 | $1,044,097.30 |
01/01/20-12/31/20 | 12 | $16.98 | $1,075,122.60 |
01/01/21-12-31/21 | 12 | $17.49 | $1,107,414.30 |
01/01/22-08/31/22 | 8 | $18.02 | $760,648.20 |
ARTICLE 3
EFFECT
Other than as set forth above, the Lease shall remain in full force and effect.
LANDLORD:
Delegates LLC, an Arizona limited liability company
By: The White Family trust, managing member
By: /s/ X. Xxxxx Xxxxxxxxxx
X. Xxxxx Xxxxxxxxxx, Trustee
TENANT:
Universal Technical Institute of Phoenix, Inc., fka The Xxxxxxx Xxxxxx Corporation, a Delaware corporation
By: /s/ Xxxxxx Xxxxxx
Xxxxxx Xxxxxx, President and CFO