FIRST AMENDMENT TO LEASE
Exhibit 10.20
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE (“First Amendment”) made as of the 23rd day of December, 2013, by and between Southport Business Park Limited Partnership, a North Carolina limited partnership (the “Landlord”) and Xxxxxxx & Xxxxxxx, LTD., a North Carolina corporation (the “Tenant”).
WITNESSETH:
WHEREAS, Landlord and Tenant entered into a certain lease (“Lease”) dated as of December 9th, 2013 (the “Lease”), for certain premises located at 000 Xxxxxxxxx Xxxxx, Xxxxxxxxxxx, Xxxx Xxxxxx, Xxxxx Xxxxxxxx (the “Demised Premises”), the Demised Premises being more particularly described in the Lease; and
WHEREAS, Landlord and Tenant desire to modify the terms of the Lease to change the dates of the Lease and the rent schedule; among other things;
NOW THEREFORE, in consideration of the premises contained herein, the sum of Ten Dollars ($10.00) and other good and valuable consideration, the mutual receipt and sufficiency of which is hereby acknowledged, the parties agree to amend the Lease as follows:
| 1. | Page Two and Three: Section 1.02 — TERM OF THE LEASE |
In the first paragraph delete “August 31, 2021” and insert the following in its place:
“the last day of the 89th full calendar month following the Commencement Date (the “Expiration Date”),”
In the second paragraph delete “April 1, 2014” and insert the “April 15, 2014” in its place.
| 2. | Page Three and Four: Section 1.04. RENT AND ADJUSTMENTS TO RENT |
Delete the "Minimum Rent Chart" shown under the first paragraph and insert the following in its place:
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Lease Year
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Annual
Minimum Rent
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Monthly
Minimum Rent
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Annual Minimum
Rent Per Rentable
Square Foot
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Lease Year 1
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$
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545,160.00
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$
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45,430.00
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$
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15.00
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Commencement Date through first 12 full months
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Lease Year 2
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$
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560,151.90
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$
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46,679.33
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$
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15.41
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Months 13 through 24
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Lease Year 3
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$
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575,556.08
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$
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47,963.01
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$
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15.84
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Months 25 through 36
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Lease Year 4
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$
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591,383.87
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$
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49,281.99
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$
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16.27
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Months 37 through 48
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Lease Year 5
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$
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607,646.93
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$
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50,637.24
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$
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16.72
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Months 49 through 60
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Lease Year 6
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$
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624,357.22
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$
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52,029.77
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$
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17.18
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Months 61 through 72
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Lease Year 7
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$
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641,527.04
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$
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53,460.59
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$
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17.65
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Months 73 through 84
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Partial Year
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N/
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A
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$
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54,930.75
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N/
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A
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Months 85 through 89
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| 3. | Page Five — SECTION 1.05 — RENT ABATEMENT Delete this section in its entirety and insert the following in its place: |
Notwithstanding what is shown on the Minimum Rent Chart, no Monthly Minimum Rent shall be due for the following months (the "Abatement Months"): the first seven (7) full months following the Commencement Date.
| 4. | Tenant warrants that it has had no dealings with any broker or agent in connection with this First Amendment, other than Xxxxxx "Dee" Xxxxxx Xxxxxxx, SIOR of NAI Carolantic Realty and Xxxxxxx Xxxxx of Xxxxx Xxxx LaSalle Brokerage, Inc., and covenants to pay, hold harmless and indemnify Landlord from and against, any and all cost, expense or liability for any compensation, commissions and charges claimed by any other broker or agent with respect to this First Amendment or the negotiation thereof. |
Except as herein amended, the terms and conditions of said Lease shall remain in full force and effect. Each person signing as Landlord or Tenant warrants and represents that she or he is authorized to execute and deliver this First Amendment and to make it a binding obligation of Landlord or Tenant.
2
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed the date and year first above written.
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LANDLORD:
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SOUTHPORT BUSINESS PARK LIMITED
PARTNERSHIP, a North Carolina limited
partnership
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By:
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SOUTHPORT BUSINESS PARK
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INVESTORS CORPORATION, a North Carolina
corporation, its general partner
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BY:
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/s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
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Vice President
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TENANT:
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XXXXXXX & XXXXXXX, LTD, a North
Carolina corporation
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By:
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/s/ Xxxxx XxXxxxxxxx
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Xxxxx XxXxxxxxxx
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President & CEO
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3
EXHIBIT A - ACCEPTANCE OF DEMISED PREMISES AND EXPIRATION DATE MEMORANDUM
ACCEPTANCE OF DEMISED PREMISES
AND EXPIRATION DATE MEMORANDUM
DATE:
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TO:
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Xxxxx XxXxxxxxxx
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President & CEO
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Xxxxxxx & Xxxxxxx, Ltd.
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FROM:
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Xxxxxxxxx Xxxxxxx
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General Manager
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Southport Business Park
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SUBJECT:
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Commencement Date/Expiration Date
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******************************************************************************
This is to record your official Commencement Date of ________, for the Lease dated ________. Per Section 1.02 - Term of the Lease, Landlord and Tenant each agrees to sign a statement confirming the actual date on which the term begins as soon as it is determined and a confirmation of the Expiration Date. In accordance with the Lease dated ________, this shall serve as a signed statement confirming the actual Commencement Date as ________ and the Expiration Date as ________.
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/s/ Xxxxx XxXxxxxxxx
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Xxxxx XxXxxxxxxx
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Date
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President & CEO
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Xxxxxxx & Xxxxxxx, Ltd.
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Xxxxxxxxx Xxxxxxx
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Date
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General Manager
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Southport Business Park
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4
