FIRST AMENDMENT OF LEASE
Exhibit 10.36
FIRST AMENDMENT OF LEASE
THIS
FIRST AMENDMENT TO LEASE AGREEMENT is made and entered into this
31 day of OCT. 2006, by and between JPET LAS
VEGAS, LLC hereinafter referred to as “Landlord”, and MEADOW VALLEY
CORPORATION, INC., hereinafter referred to as “Tenant”.
WHEREAS,
on. July 9, 2001 Landlord and Tenant entered into a certain Lease
Agreement, hereinafter collectively referred to as the “Lease”, providing for the Lease
by Landlord to Tenant of a certain demised premises commonly known as Space F consisting
of approximately 4,320 +/- square feet located in the City of North Las Vegas, County of
Xxxxx, State of Nevada, which demised premises are more particularly described in the
Lease; and,
WHEREAS,
JPET II, Company Limited Partnership assigned all of its right, title and
interest in the Lease Agreement to JPET LAS VEGAS, LLC under an assignment
dated June 20, 2002; and,
WHEREAS,
the parties desire to amend the terms of the Lease in certain respects, and
Landlord does hereby consent to enter into such an agreement;
NOW, THEREFORE, for and in consideration of the mutual promises herein
contained, the parties hereto agree that the Lease shall be, and the same is
hereby, amended as follows:
| 1. | The term of the Lease shall hereby be extended for thirty-six (36) months commencing October 1, 2006 and continuing thereafter until September 30, 2009 (the “Extension Period”). | ||
| 2. | During the Extension Period, Tenant’s basic rent shall be; |
| Months | Rent/Sq. Ft. | Monthly Rent | Annual Rent | |||||||||
1-12 |
$ | 0.8200 | $ | 3,542.40 | $ | 42,508.80 | ||||||
13-24 |
$ | 0.8611 | $ | 3,719.95 | $ | 44,639.40 | ||||||
25-36 |
$ | 0.9041 | $ | 3,905.71 | $ | 46,868.52 | ||||||
| 3. | The effective date of this Amendment is the date of full execution by both parties. | ||
| 4. | The Lease hereinabove defined shall remain in full force and effect as therein stated, except as herein specifically modified or amended. |
IN
WITNESS WHEREOF, this First Amendment to Lease Agreement is executed the date and
year first hereinabove written.
| LANDLORD: | ||||||
| JPET LAS VEGAS, LLC | ||||||
| By: | /s/ J. Xxxxxx Xxxxx | |||||
| TENANT: | ||||||
| MEADOW VALLEY CORPORATION, INC., | ||||||
Attest: |
||||||
/s/
Xxxxx X. XxXxxxxxxx
|
By: | /s/ Xxxxxx Xxxxxx | ||||
| its V.P. | ||||||
| Fed Tax ID# 00-0000000 | ||||||
