This AGREEMENT made and entered into as of this 17th day of March, 1998, by and
between JEPCO Development Co., LLC, an Oregon Limited Liability Corporation as
Lessor (herein called "Lessor"), and LaCrosse Footwear, Inc., a Wisconsin
Corporation, as Lessee (herein called "Lessee"):
WITNESSETH
1. ORIGINAL LEASE. Lessor is the successor in interest to JEPCO
Development Co., an Oregon General Partnership ("JEPCO Partnership"),
the lessor under a lease dated the 14th day of March, 1994, between
Lessee and JEPCO Partnership ("Lease"). The Lease covers the Xxxxxx
building and grounds at 00000 X.X.
Xxxxxxx Xxx, Xxxxxxxx, Xxxxxx.
2. EXERCISE OF OPTION. The Lessee hereby exercises its option under the
Lease to extend the lease five years from March 13, 2004, until March
13, 2009. Lessor hereby accepts the exercise of such option. The
parties acknowledge that the term of the lease has now been extended
until March 13, 2009.
3. RENTAL
a) Parking Lot Improvement. Lessor agrees to expand the parking lot
in accordance with the drawings of V8LMK engineering firm,
attached hereto as Exhibit A. The parking lot improvement shall
be undertaken in accordance with applicable zoning and land use
regulations. It is currently estimated that the cost will be
$120,000 excluding the Code Updates described in "C" below. The
useful life is assumed to be 15 years.
b) Basic Rental Adjustment. On substantial completion of the
parking lot, or upon its first use by Lessee, whichever first
occurs, the annual rent shall be increased by the Amortizable
Cost of Parking Lot, as defined below. The Amortizable Cost
shall be the Total Actual Cost divided by 15. The Total Actual
Cost shall be the sum of all monies spent on building and
developing the Parking Lot, including but not limited to
engineering fees, permit fees, and amounts paid to contractors
and subcontractors for actually building and landscaping the
parking lot.
c) Code Updated. Lessee will, in the process of making the
currently planned internal tenant improvements on the Xxxxxx
Building, work with Lessor so that these improvements will be
counted as the 1020 code updates required by the government as
part of the Parking Lot Improvement.
4. ORIGINAL LEASE TERMS. All other terms of conditions of the original
Lease shall remain in full force and effect.
IN WITNESS WHEREOF, Lessor and Lessee have executed this instrument under seal,
as of the day and year first above written.
LESSOR: JEPCO DEVELOPMENT CO. LESSEE: LACROSSE FOOTWEAR, INC.
By: /s/Xxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxxx
Xxxx X. Xxxxxx Xxxxxxx X. Xxxxxxx
Exhibit A
[Drawing of Parking lot]
