Exhibit 10.38
LEASE AMENDMENT # 1
THIS LEASE AMENDMENT pertains to that certain lease (the "Lease") dated
January 30, 2004 by and between CRT Properties, Inc., a Florida corporation, as
landlord ("CRT"), and SendTec, Inc., a Florida Corporation, as Tenant. Pursuant
to that certain Xxxx of Sale and General Assignment Agreement dated September
27, 0000, XXX XXX Acquisition Corp., as successor by merger to CRT, assigned all
of its right, title and interest as landlord under the Lease to DRA CRT St.
Petersburg Center LLC, a Delaware limited liability company ("Landlord").
NOW THEREFORE, in consideration of the mutual covenants and agreements
between the parties, Landlord and Tenant hereby reaffirm and desire to keep in
force all currently existing terms and conditions of the Lease except for the
following revisions/changes that shall have priority and become effective on
April 1, 2006: "Commencement Date".
1. COMMENCEMENT: "Commencement Date" shall be the date which is the earlier
to occur of (a) the date when Tenant takes possession of the Expansion Space, ad
defined below for the conduct of its business, or (b) the date of Substantial
Completion of the Tenant Improvements to the Expansion Space. "Substantial
Completion" shall mean the date on which the Tenant Improvements are
substantially completed so that Tenant may use the Expansion Space for its
intended purposes notwithstanding that punchlist items or insubstantial details
concerning construction, decoration, or mechanical adjustments remain to be
performed. Tenant shall, if Landlord so requests, execute a letter confirming
the commencement Date and the Expiration Date of the Term.
Landlord shall cause the Commencement Date for the Expansion Space to occur by
no later than April 1, 2006 and shall cause the substantial completion of Tenant
Improvements to the existing Premises to occur by no later than April 1, 2006;
subject, however, to delays caused by Tenant, its agents or employees, and
circumstances outside the reasonable control of Landlord, including force
majeure, and labor and material shortages. If the Commencement Date or
completion of any work is not accomplished by such dates through no default of
Landlord, Landlord shall not be in default under the Lease, but the Commencement
Date shall be adjusted day for day until the actual Commencement Date. If the
actual Commencement Date is other than April 1, 2006, Landlord and Tenant shall
enter into a Lease Amendment memorializing the Commencement Date and expiration
of the Lease term.
2. SQUARE FOOTAGE: The revised Premises Square Footage shall be 19,804
Rentable Feet. (Existing 14,411 Rentable Square Feet, plus Expansion Space of
5,393 Rentable Square Feet). The Expansion Space is shown on the drawing by Xxxx
Xxxxx' plans as described in Section 5.
3. RENT SCHEDULE: Monthly Rent effective April 1, 2006 shall be:
TOTAL MONTHLY
TERM MONTHLY BASE RENT SALES TAX @7% RENT
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April 1, 2006 - February 28, 2007 $ 25,844.22 $ 1,809.10 $ 27,653.32
March 1, 2007 - March 31, 2007 $ 26,293.69 $ 1,840.56 $ 28,134.25
April 1, 2007 - February 28, 2008 $ 26,568.96 $ 1,859.83 $ 28,428.79
March 1, 2008 - March 31, 2008 $ 27,029.68 $ 1,892.08 $ 28,921.76
April 1, 2008 - February 28, 2009 $ 27,314.58 $ 1,912.02 $ 29,226.60
March 1, 2009 - March 31, 2009 $ 27,786.82 $ 1,945.08 $ 29,731.90
April 1, 2009 - February 28, 2010 $ 28,081.70 $ 1,965.72 $ 30,047.42
4. OPERATING AND EXPENSE COST BASE YEAR: Percentage of occupancy increased
now to be 29.88 %.
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5. TENANT IMPROVEMENTS: Landlord at its sole cost and expense, shall
provide Tenant Improvements, per the drawings by Xxxx Xxxxx dated December 25,
2005 and July 12, 2005 rev. 2 dated January 3, 2006 attached as Exhibits "B" and
"C".
6. Xxxxxxxxx 00X, "Option To Cancel" is deleted in its entirety.
IN WITNESS WHEREOF, this Amendment has been executed on behalf of
Landlord and Tenant.
Tenant: SendTec, Inc., a Florida corporation Landlord: DRA CRT TRS Corp., a Delaware
corporation, its sole member
By: /s/ Xxxxxx Xxxxx, Xx. (SEAL) By: /s/ (SEAL)
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(Print Name) Xxxxxx Xxxxx, Xx. Name
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Title CFO Title Vice President
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Date: 1/12/06 Date: 1/27/05
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Signed in the presence of: Signed in the presence of:
(1) /s/ Xxxx Xxxxxxx, CEO STAC (1) /s/
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(Print Name) Xxxx Xxxxxxx (Print Name)
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(2) /s/ Xxxxxxxx Xxxxxxxxxx (2) /s/
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(Print Name) Xxxxxxxx Xxxxxxxxxx (Print Name)
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As to Tenant As to Landlord
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