FIRST AMENDMENT TO LEASE AGREEMENT
Exhibit 10.8 (a)
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made and entered into as of
this 1st
day of November, 2000 by and between AETNA LIFE INSURANCE COMPANY c/o UBS
REALTY INVESTORS, LLC, a Massachusetts limited liability company (“Landlord”) and ULTA,
SALON.COSMETICS & FRAGRANCE, INC., a Delaware corporation (“Tenant”).
WITNESSETH:
WHEREAS, Landlord and Tenant’s predecessor-in-interest, Ulta3 Cosmetics & Salon Inc. (“Ulta
3”), entered into that certain Lease Agreement dated June 22,1999 (the “Original
Lease”), pursuant to which Landlord leased to Ulta3 approximately 291,305 square feet of space
at 0000 Xxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx as more particularly set forth in the Original Lease; and
WHEREAS, Landlord and Tenant desire to amend the Original Lease according to the terms hereof to
modify the Base Rental and confirm other items set forth in the Lease (as amended by this
Amendment, the Original Lease is hereinafter referred to as the “Lease”);
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and
Tenant hereby agree as follows:
1. Controlling Language. Insofar as the specific terms and provisions of this Amendment
purport to amend or modify or are in conflict with the specific terms, provisions and exhibits of
the Original Lease, the terms and provisions of this Amendment shall govern and control; in all
other respects, the Original Lease shall remain unmodified and in full force and effect.
2. Base Rental. Landlord and Tenant have finally determined Construction Rent and therefore
hereby modify the Lease to specify the actual amounts of Base Rental (Carry-Over Rent plus
Construction Rent) due under the terms of the Lease. Therefore, Item 9 of the “Basic Definitions
and Lease Provisions” is hereby deleted and replaced in its entirety by Schedule 1 attached hereto.
3. Security
Deposit. The parties to the Lease have elected not to make any change in the
amount of the Letter of Credit Landlord now holds based on the final determination of Construction
Rent.
4. Work. Landlord and Tenant acknowledge and agree that notwithstanding the terms of the
Lease, Landlord shall have no obligation to perform any of the Second Phase Work, Mezzanine or
Elevator.
5. Miscellaneous.
A. Landlord and Tenant hereby agree that (i) this Amendment is incorporated into and made a part
of the Lease, (ii) any and all references to the Lease hereinafter shall include this Amendment,
(iii) the Lease and all terms, conditions and provisions of the Lease are in full force and effect
as of the date hereof, except as expressly modified and amended hereinabove, and (iv) neither
Landlord nor Tenant is in default under the terms of the Lease.
B. All terms capitalized but not defined herein shall have the same meaning ascribed to such terms
in the Lease.
C. This Amendment shall be governed by and construed under the laws of the State of Illinois.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.
| LANDLORD: AETNA LIFE INSURANCE COMPANY | ||||
By:
|
UBS REALTY INVESTORS, LLC, (f/k/a
Allegis Realty Investors LLC) a Massachusetts limited liability company, its Investment Advisor and Agent |
|||
By: Name: |
/s/ Xxxxxx X. Xxxxxxx
|
|||
Title:
|
Director | |||
Date:
|
November 1, 2000 | |||
| TENANT: | ||||
| ULTA SALON.COSMETICS & FRAGRANCE, INC., a Delaware corporation |
||||
By: Name: |
/s/ Xxxx Xxxxxx
|
|||
Title:
|
V.P. Distribution | |||
Date:.
|
Oct 28, 2000 | |||
2
Schedule 1
Rent Stream
6/21/00
Term 10/1/99-4/30/2010
Building Expansion with Soft Costs |
$ | 3,974,195 | ||
Cost Capped @11% with 3% annual escalations |
$ | 437,161.41 | 1st year |
| Original Building | Expansion | Total Rent | ||||||||||||||||||||||||||
| 170,087 sf | 121,218 sf | 291,305 sf | ||||||||||||||||||||||||||
| Rent | Rent | Rent | ||||||||||||||||||||||||||
| Lease Period | Annual Rent | (psf) | Annual Rent | (psf) | Annual Rent | (psf) | ||||||||||||||||||||||
| From | To | (Payable Monthly) | Annualized | (Payable Monthly) | Annualized | (Payable Monthly) | Annualized | |||||||||||||||||||||
10/1/99 |
9/30/00 | $ | 680,000.00 | $ | 4.00 | $ | 437,161.41 | $ | 3.61 | $ | 1,117,161.41 | $ | 3.84 | |||||||||||||||
10/1/00 |
9/30/01 | $ | 680,000.00 | $ | 4.00 | $ | 450,276.25 | $ | 3.71 | $ | 1,130,276.25 | $ | 3.88 | |||||||||||||||
10/1/01 |
9/30/02 | $ | 680,000.00 | $ | 4.00 | $ | 463,784.54 | $ | 3.83 | $ | 1,143,784.54 | $ | 3.93 | |||||||||||||||
10/1/02 |
9/30/03 | $ | 740,208.00 | $ | 4.35 | $ | 477,698.07 | $ | 3.94 | $ | 1,217,906.07 | $ | 4.18 | |||||||||||||||
10/1/03 |
9/30/04 | $ | 765,000.00 | $ | 4.50 | $ | 492,029.02 | $ | 4.06 | $ | 1,257,029.02 | $ | 4.32 | |||||||||||||||
10/1/04 |
9/30/05 | $ | 765,000.00 | $ | 4.50 | $ | 506,789.89 | $ | 4.18 | $ | 1,271,789.89 | $ | 4.37 | |||||||||||||||
10/1/05 |
9/30/06 | $ | 783,063.00 | $ | 4.60 | $ | 521,993.58 | $ | 4.31 | $ | 1,305,056.58 | $ | 4.48 | |||||||||||||||
10/1/06 |
9/30/07 | $ | 790,500.00 | $ | 4.65 | $ | 537,653.39 | $ | 4.44 | $ | 1,328,153.39 | $ | 4.56 | |||||||||||||||
10/1/07 |
9/30/08 | $ | 790,500.00 | $ | 4.65 | $ | 553,782.99 | $ | 4.57 | $ | 1,344,282.99 | $ | 4.61 | |||||||||||||||
10/1/08 |
9/30/09 | $ | 808,563.00 | $ | 4.75 | $ | 570,396.48 | $ | 4.71 | $ | 1,378,959.48 | $ | 4.73 | |||||||||||||||
10/1/09 |
4/30/10 | $ | 476,000.00 | $ | 4.80 | $ | 342,713.22 | $ | 4.85 | $ | 818,713.22 | $ | 4.82 | |||||||||||||||
| TOTAL RENT | $ | 13,313,112.83 | ||||||||||||||||||||||||||
