FOURTH AMENDMENT OF LEASE
THIS FOURTH AMENDMENT OF LEASE is written and made in duplicate on the 31st
day of March, 1997, by and between SCHNITZER INVESTMENT CORP. (the "Landlord")
and SCHNITZER STEEL INDUSTRIES, INC., Successor in Interest to Schnitzer Steel
Products Co. (the "Tenant"). Each may be referred to from time to time as a
"Party" and collectively as the "Parties".
RECITALS
WHEREAS, under a certain indenture of Lease (the "Lease") dated March 24,
1980, as extended by the Extension of Lease dated April 19, 1985, an Amendment
to Lease dated June 4, 1987, a Second Extension of Lease dated April 15, 1988, a
Third Extension of Lease dated September 1, 1988, a Second Amendment of Lease
dated April 1, 1991, a Fourth Extension of Lease dated August 27, 1993, and a
Third Amendment of Lease dated May 29, 1996, which are, with the Lease,
incorporated by this reference, the Landlord leased certain real property to the
Tenant in Portland, Multnomah County, Oregon, as described in the Lease to the
Tenant, and;
WHEREAS, the Parties now wish to amend the Lease to provide for decreased
square footage effective January 1, 1997, and it is the purpose of this Fourth
Amendment of Lease to set forth all of the terms and conditions of the Parties'
agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and conditions
contained in this Fourth Amendment of Lease, the Parties covenant and agree as
follows:
1. Premises: Effective January 1, 1997, Paragraph 1. Premises of the Lease is
hereby amended to provide for 5,043 square feet of office space.
2. Rent: Effective January 1, 1997, Paragraph 3. Rent of the Lease is hereby
amended to provide for equal monthly installments of $5,253.00 each.
3. Proportionate Share: Effective January 1, 1997, Tenant's proportionate
share of operating expense increases as set forth under Paragraph 6 of the
Lease shall decrease to 30%.
4. Other Terms: Except as they may be modified by this Fourth Amendment of
Lease, all the other terms and conditions of the Lease shall remain in full
force and effect.
IN WITNESS WHEREOF, the Landlord and Tenant have signed this Fourth
Amendment of Lease as of the date first hereinabove written.
Landlord Tenant:
SCHNITZER INVESTMENT CORP. SCHNITZER STEEL INDUSTRIES, INC.
Successor in Interest to Schnitzer
Steel Products Co.
By: /s/ Xxxxx Xxxxxxxxx By: /s/ X.X. Xxxxxxxxxx
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Title: Vice President Title: Corporate Controller
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