EXHIBIT 10.25
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT (the "First Amendment") is made
and entered into as of this 8th day of March, 2001, by and between ProLogis
Limited Partnership I, a Delaware Limited Partnership ("Landlord") and At Road,
Inc. a Delaware corporation ("Tenant").
Landlord and Tenant entered into that certain Lease Agreement dated
August 3, 2000 (the "Lease") with respect to certain premises containing
approximately 24,000 rentable square feet, as determined by Landlord, of the
Building commonly known as 00000 Xxxxxxx Xxxxxxxxx, Xxxxxxx, Xxxxxxxxxx (the
"Existing Premises"). Landlord and Tenant now desire to amend the Lease to add
an additional 6,000 rentable square feet of the Building (the "Expansion
Premises"), on the terms and conditions described below.
Landlord and Tenant therefore do agree that the following modifications will be
made to the Lease:
1. Premises: Effective as of the Delivery Date (as defined below), all
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references to the Premises in the Lease and this First Amendment
shall be deemed to include both the Existing Premises and the
Expansion Premises.
2. Delivery Date: Landlord shall tender to Tenant exclusive possession
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of the Expansion Premises, with all of the Improvements fully
completed as described in Paragraph 6 below. The date on which said
possession is tendered shall be referred to herein as the "Delivery
Date".
3. Lease Term and Option to Renew: As set forth in the Lease, the Term
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of the Premises shall terminate on December 31, 2005. Landlord hereby
acknowledges that Tenant shall have a Renewal Option, as set forth in
Addendum II of the Lease, for the entire Premises (including the
Expansion Premises).
4. Base Rent: Effective as of the Delivery Date, the Base Rent for the
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Premises shall be as follows:
Months Rent/Mo/NNN
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Delivery Date - December 31, 2001 $51,600
January 1, 2002 - August 31, 2002 $51,900
September 2, 2002 - December 31, 2002 $53,100
January 1, 2003 - December 31, 2003 $53,400
January 1, 2004 - April 30, 2004 $53,700
May 1, 2004 - December 31, 2004 $54,900
January 1, 2005 - December 31, 2005 $55,200
5. Triple Net Expenses: Effective as of the Delivery Date, Tenant's
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Proportionate Share of the Project shall be 31.25% and Tenant's
Proportionate Share of the Building shall be 100%. The estimated 2001
monthly base year triple net expenses per square foot payable during
the Term are summarized as follows:
Real Estate Taxes $0.130
Common Area Maintenance 0.054
Management Fee 0.012
Insurance 0.004
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TOTAL $0.200 per sq. ft.
per month
6. Improvements: Landlord, at Landlord's sole expense, shall deliver the
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Expansion Premises to Tenant with the following improvements, as per
Landlord's commercially reasonable standards (the "Improvements"),
fully completed:
. Paint interior walls;
. Install new carpet in office area;
. Install new sheet vinyl flooring in restrooms; and
. Create one or two cased openings to the Existing Premises in
locations mutually agreed upon by Landlord and Tenant.
7. Security Deposit: An additional Security Deposit of $34,000 shall be
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required and is due upon execution of the First Amendment. This
amount, in addition to the existing $45,000 Security Deposit, brings
the total Security Deposit amount to $79,000. Said sum shall be
refunded at the expiration of the Term, as set forth in the Lease.
8. Limitation of Liability of Trustees, Shareholders, and Officers of
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ProLogis Trust: Any obligation or liability whatsoever of ProLogis
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Trust, a Maryland real estate investment trust, which may arise at
any time under this Lease or any obligation or liability which may
be incurred by it pursuant to any other instrument, transaction, or
undertaking contemplated hereby shall not be personally binding
upon, nor shall resort for the enforcement thereof be hand to the
property of, its trustees, directors, shareholders, officers,
employees or agents, regardless of whether such obligation or
liability is in the nature of the contract, tort or otherwise.
9. Brokers Commissions: The payment of any brokers' commissions arising
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from or related to this First Amendment shall be the sole
responsibility of the Landlord.
10. Ratification; Conflict: Except as set forth in Paragraphs 1 through
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9 above, the terms of the Lease remain unchanged and Landlord and
Tenant hereby ratify and confirm all of said unchanged terms of the
Lease. In the event of any conflict between the Lease and this First
Amendment, the terms of this First Amendment shall govern.
IN WITNESS WHEREOF, Landlord and Tenant have executed this First
Amendment as of the date first written above.
LANDLORD: TENANT:
ProLogis Limited Partnership, At Road, Inc., a Delaware corporation
a Delaware Limited Partnership
By: /s/ Xxx X. Xxxxxxxx By: /s/ Xxxxx Xxxx
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Xxx X. Xxxxxxxx
Its: Managing Director Its: President
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Date: 3/8/01 Date: 3-05-01
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