SECOND AMENDMENT TO LEASE
Exhibit 10.22
SECOND AMENDMENT TO LEASE
This Second Amendment to Lease is entered into as of the 20th day of December, 2013, by and between Xxxxxxxx Port Washington LLC (“Landlord”) and Duluth Holdings Inc. (“Tenant”).
RECITALS
A. Landlord and Tenant are parties to that certain Retail Space Lease dated January 23, 2012 (the “Lease”), relating to certain premises (“Premises”) of a building located at 000 X. Xxxxxxxx Xxxxxx, Xxxx Xxxxxxxxxx, Xxxxxxxxx (“Building”).
B. Landlord and Tenant now desire to amend and modify the Lease as set forth below.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to amend the Lease as follows:
1. Definitions. All capitalized terms used herein shall have the meanings set forth in the Lease unless they are otherwise defined herein.
2. Landlord and Address. Section 1.01 is hereby eliminated in its entirety and replaced with the following provision:
| 1.01 | Landlord and Address: |
Xxxxxxxx Port Washington LLC
000 Xxxxxxxxxxx Xxxxx
Xxxxxxxxxx, XX
3. Term. Section 1.05 is hereby eliminated in its entirety and replaced with the following provision:
| 1.05 | Term: One-hundred twenty (120) months. |
4. Commencement Date. Section 1.06 is hereby eliminated in its entirety and replaced with the following provision:
| 1.06 | Commencement Date: January 1, 2014. |
5. Expiration Date. Section 1.07 is hereby eliminated in its entirety and replaced with the following provision:
| 1.07 | Expiration Date: The last day of the one-hundred twentieth (120th) full calendar month following the Commencement Date. |
6. Monthly Base Rent. Section 5 of the First Amendment to Lease, dated January 31, 2013 between Landlord and Tenant, which deleted and replaced Section 1.08 of the Lease, is hereby deleted and replaced with the following:
| Calendar Year |
Monthly Base Rent |
Annual Base Rent |
||||||
| 2014 |
$ | 10,608.00 | $ | 127,296.00 | ||||
| 2015 |
$ | 10,820.16 | $ | 129,841.92 | ||||
| 2016 |
$ | 11,036.56 | $ | 132,438.76 | ||||
| 2017 |
$ | 11,257.29 | $ | 135,087.53 | ||||
| 2018 |
$ | 11,482.44 | $ | 137,789.28 | ||||
| 2019 |
$ | 11,712.09 | $ | 140,545.07 | ||||
| 2020 |
$ | 11,946.33 | $ | 143,355.97 | ||||
| 2021 |
$ | 12,185.26 | $ | 146,223.09 | ||||
| 2022 |
$ | 12,428.96 | $ | 149,147.55 | ||||
| 2023 |
$ | 12,677.54 | $ | 152,130.50 | ||||
7. Renewal Option Rent. Section 30 (b) of the Lease is hereby deleted and replaced with the following:
| Calendar Year |
Monthly Base Rent |
Annual Base Rent |
||||||
| 2024 |
$ | 12,931.09 | $ | 155,173.11 | ||||
| 2025 |
$ | 13,189.71 | $ | 158,276.58 | ||||
| 2026 |
$ | 13,453.51 | $ | 161,442.11 | ||||
| 2027 |
$ | 13,722.58 | $ | 164,670.95 | ||||
| 2028 |
$ | 13,997.03 | $ | 167,964.37 | ||||
8. Effect of Amendment. Except as modified herein, all of the terms and the conditions of the Lease shall remain in full force and effect, and Landlord and Tenant hereby reaffirm their respective obligations thereunder. Tenant represents that Landlord is not in default of any terms, conditions, or covenants of the Lease.
9. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one instrument. Signatures delivered by facsimile, electronic mail, or similar electronic methods shall have the same effect as originals.
[Remainder of Page Intentionally Left Blank. Signature Page Follows.]
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IN WITNESS WHEREOF, this Amendment has been executed by the parties as of the date first written above.
| Landlord: | Tenant: | |||||||
| Xxxxxxxx Port Washington LLC | Duluth Holdings Inc. | |||||||
| By: | /s/ Xxxxxxx X. Xxxxxxxx | By: | /s/ Xxxx XxXxxx | |||||
| Xxxxxxx X. Xxxxxxxx, Member | Xxxx XxXxxx, Chief Financial Officer, Senior Vice President - Operations | |||||||
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