EXHIBIT 10.55
AMENDMENT TO LEASE
This Amendment to Lease (hereinafter "Amendment") is made as of this 2nd
day of November 1998, by and between Executive Park Partnership, qualified to
transact business in Arkansas with an office located at 000 Xxxxxxxxx Xxxx
Xxxxxxxx, 000 Xxxxxxxxx Xxxxx, Xxxxxx Xxxx, Xxxxxxxx 00000 (hereinafter
"Lessor"), and Pharmacy Associates, Inc., an Arkansas corporation (hereinafter
"Lessee").
RECITALS:
WHEREAS, Lessor and Lessee entered into a lease which commenced on March 4,
1996, (hereinafter "Lease") under the terms of which Lessor leased to Lessee
approximately 6,240 rentable square feet of space located at 000 Xxxxxxxxx
Xxxxx, Xxxxxx Xxxx, Xxxxxxxx (hereinafter "Premises") for a term of three (3)
years, which commenced on March 4, 1996, and is scheduled to expire on April 30,
1999; and
WHEREAS, Lessor and Lessee desire to amend the terms of the Lease;
NOW, THEREFORE, in consideration of the mutual covenants, terms,
provisions, and agreement of the parties set forth herein in this Amendment, the
parties agree as follows:
1. Recitals.
The Recitals are true and correct and incorporated into this Amendment of
Lease.
2. Lease Term.
The Lease term shall not be affected by this Amendment.
3. Square Footage of Premises.
Beginning on December 1, 1998, or as soon thereafter as practicable, the
Premises shall be redefined to include the following:
a. Suite 201, currently consisting of approximately 3,250 rentable
square feet shall be increased by 750 rentable square feet, identified in
Exhibit A-1, attached hereto and made a part hereof. Suite 201 thereafter
shall consist of approximately 4,000 rentable square feet.
b. Simultaneously with the occurence of Item 3.a. of this Amendment to
Lease, possession of Suite 203, consisting of approximately 1,435 square
feet, shall revert to the Lessor. Lessee shall have no further rights or
privileges to, nor shall Lessee be obligated to pay rent on the
approximately 1,435 square feet of space known as Suite 203.
c. Suite 301, consisting of approximately 1,545 square feet, shall
remain a part of the original leased space.
Upon the occurence of Items 3.a. and 3.b. of this Amendment to Lease, the
Premises will consist of a total of 5,545 rentable square feet, identified in
Exhibit A-2, attached hereto and made a part hereof.
4. Rent.
Beginning with December 1, 1998, the annual rental without deductions,
set-off, prior notice, or demand shall be Seventy-Seven Thousand Eight Hundred
Fifty-One and 80/100 Dollars ($77,851.80), payable in equal monthly installments
of Six Thousand Four Hundred Eighty-Seven and 65/100 Dollars ($6,487.65)
throughout the remainder of the term of the Lease, which expires April 30, 1999.
If possession of the 750 rentable square feet, identified in Exhibit A-1,
does not occur on December 1, 1998, then the rent on the Premises shall remain
at the current annual rent of Eiqhtv-Seven Thousand Six Hundred Four and 44/100
Dollars ($87,604.44), payable in monthly installments of Seven Thousand Three
Hundred and 37/100 Dollars ($7,300.37), until such possession shall take place.
5. Performance
a. Lessor, at Lessor's sole expense, agrees to have constructed a new
wall between Suites 200 and 201 and to have created a doorway opening in
the current wall separating the aforementioned suites. See attached Exhibit
A-1.
x. Xxxxxx, at Lessor's sole expense, agrees to have installed new
carpet in the 750 sq. ft. area identified on attached Exhibit A-1. To the
extent possible, Lessor will match the existing carpet in Suite 201. If
such a match is not possible, Lessor, after consulting with Lessee, will
have installed an acceptable comparable alternative carpet in the newly
acquired space.
x. Xxxxxx, at Lessor's sole expense, agrees to have the newly acquired
space wired for Lessee's card machine according to the manufacturer's
specifications.
x. Xxxxxx, at Lessor's sole expense, agrees to have the current
kitchen area wired to accomodate the relocation of Lessee's vending machine
for the purpose of providing ingress and egress to the front door of Suite
201.
x. Xxxxxx, at Lessor's sole expense, agrees to have balanced the
airflow between Suites 200 and 201 upon completion of the reconstruction.
x. Xxxxxx, at Lessor's sole expense, agrees to have the walls of the
newly acquired area painted to match the existing paint in Suite 201.
g. Lessee, at Lessee's sole expense, agrees to have removed two
non-load-bearing walls identified in attached Exhibit A-2.
h. Lessee, at Lessee's sole expense, agrees to have constructed new
walls and a door identified in attached Exhibit A-2.
6. No Further Modification.
Except as modified by this Amendment to Lease, the Lease and all the
covenants, agreements, terms, and provisions thereof shall remain in full force
and effect. In the event of any conflict between the terms contained in this
Amendment and the Lease, the terms herein contained shall supersede and control
the obligations and liabilities of the parties.
IN WITNESS WHEREOF, Lessor and Lessee have executed this Amendment to Lease
on the dates indicated below.
Date: October 27, 1998 Date: October 2, 1998
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XXXXX XXXXX & ASSOCIATES, INC. PHARMACY ASSOCIATES, INC.
Its Managing Agent
By: /s/Xxxxx Xxxxx By: /s/Xxxx Xxxxxx
Xxxxx Xxxxx Xxxx Xxxxxx
Title: President Title: President
