AMENDMENT NO. 8 TO LEASE
Exhibit
10.3
AMENDMENT
NO. 8 TO LEASE
THIS
AMENDMENT NO. 8 TO LEASE (the
“Eighth Amendment”) is made and entered into as of the 21st day of March, 2005
between Landlord and Tenant named below.
| LANDLORD: | Long Wharf Drive, LLC | |
| 000 Xxxxxx Xxxxxx | ||
| Xxx Xxxxx, XX 00000 | ||
| TENANT: | XXX.xxx, Inc. | |
| 000 Xxxx Xxxxx Xxxxx | ||
| Xxx Xxxxx, XX 00000 | ||
| BUILDING: | 000 Xxxx Xxxxx Xxxxx | |
|
Xxx
Xxxxx, XX 00000 |
WHEREAS,
Landlord and Tenant executed a lease dated as of February 5, 1999, as amended by
that certain Amendment No. 1 to Lease dated as of June 9, 1999 (the “First
Amendment”), that certain Amendment No. 2 to Lease dated as of November 9, 1999,
that certain Amendment No. 3 to Lease dated as of January 20, 2000, that certain
Amendment No. 4 to Lease dated as of February 8, 2000, that certain Amendment
No. 5 to Lease dated as of November 12, 2001, that certain Amendment No. 6 of
Lease dated as of April 22, 2002, and that certain Amendment No. 7 to Lease
dated as of December 4th, 2002
(collectively, the “Lease”) for 12,078 square feet of space on the Fifth Floor
(the “Premises”);
WHEREAS,
pursuant to the terms and conditions of the First Amendment, the Tenant leased
from Landlord additional space located on the fifth floor of the Building
containing 19,422 rentable square feet for a total of 31,500 rentable square
feet on the fifth floor (the “Fifth Floor Space”);
WHEREAS, for the
purposes of this Eighth Amendment, the term “Premises” shall be equivalent to
31,500 rentable square feet on the Fifth Floor, and shall not include the Sixth
Floor Space.
WHEREAS, by this
Eighth Amendment, Tenant wishes to extend the term of the Lease with regard to
the Fifth Floor Space only; and
WHEREAS,
Landlord and Tenant wish to execute an amendment of the Lease stating, among
other things, the new term and base rent for the Fifth Floor Space.
NOW,
THEREFORE, in
consideration of the mutual covenants and agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Landlord and Tenant do hereby agree that the Lease is amended as
follows:
1. All
capitalized terms used in this Eighth Amendment, but not defined herein, shall
have the same meanings ascribed thereto in the Lease.
2. The Term
of the Lease is hereby extended for the period beginning June 1, 2005 and
expiring May 31, 2006 (the “Extension Term”).
3. Tenant
shall pay Rent during the Extension Term based upon Twenty-Seven and 50/100
Dollars ($27.50) per rentable square foot per annum and 31,500 rentable square
feet as follows: Base Rent of Five Hundred Fifty-Two Thousand Eight Hundred
Thirty-One and 30/100 Dollars
($552,831.30)
per annum, payable in equal monthly installments of Forty-Six Thousand
Sixty-Nine and 27/100 Dollars ($46,069.27), and Additional Rent of Three Hundred
Thirteen Thousand Four Hundred Eighteen and 70/100 Dollars ($313,418.70) per
annum, payable in equal monthly installments of Twenty-Six Thousand One Hundred
Eighteen and 23/ 100 Dollars ($26,118.23).
4. For the
duration of the Extension Term, Tenant shall, at no additional costs to Tenant,
be entitled to 2.67 unreserved parking spaces for every 1,000 rentable square
feet of Fifth Floor Space in the parking facility located on the Property.
Tenant shall pay Seventy-Five and No/100 Dollars ($75.00) per parking space per
month for any additional parking spaces.
5. Each
party represents to the other that it has not dealt with any broker, agent of
other intermediary, other than Sentry Commercial Real Estate, who is or may be
entitled to be paid a broker commission or finder’s fee in connection with this
Eighth Amendment. Each party agrees to indemnify the other and hold it harmless
from all liabilities arising from breach of the representations stated in this
Paragraph 5. The representations and obligations contained in this Paragraph 5
shall survive the termination of the Lease. Landlord shall be solely responsible
for payment of real estate brokerage commissions to Sentry Commercial Real
Estate based on 2.5% of Base Rent of the Extension Term.
6. Any
provisions or exhibits in the Lease purporting to give Tenant any right to
extend or renew or extend the term of the Lease with regard to the Fifth Floor
Space are hereby void and of no force or effect.
7. Submission
of this Sublease by Landlord or Landlord's agent, or their respective agents or
representatives, to Tenant for examination and/or execution shall not in any
manner bind Landlord; and Landlord shall have no obligations under this Sublease
unless and until this Sublease is fully executed and delivered by both Landlord
and Tenant; provided, however, the execution and delivery by Tenant of this
Sublease to Landlord or Landlord's agent, or their respective agents or
representatives, shall constitute an irrevocable offer by Tenant to lease the
Premises on the terms and conditions herein contained, which offer may not be
revoked for thirty (30) days after such delivery.
8. Except as
modified by this Eighth Amendment, the terms and provisions of the Lease are
hereby confirmed and ratified, and that instrument shall remain in full force
and effect as modified herein.
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IN
WITNESS WHEREOF, Landlord and Tenant have signed this Eighth Amendment as of the
day and year first above written.
LANDLORD:
Long
Wharf Drive, LLC
By:
/s/
Xxxxxxx Xxxxxxxxx
Name:
Xxxxxxx Xxxxxxxxx
Its: Reg.
Manager
TENANT:
XXX.xxx,
Inc.
By:
/s/
Xxxxxx Xxxxxx
Name:
Xxxxxx Xxxxxx
Its: Vice
President - Business Operations
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