EXHIBIT 10.10
AMERICAN PROPERTY MANAGEMENT
0000 X.X. XXXXXXXX XXXXXXXX, XXXXXX 00000
MAILING ADDRESS: X.X. XXX 00000, XXXXXXXX, XXXXXX 00000
PHONE (000) 000-0000 FAX (000) 000-0000
LEASE EXTENSION
September 11, 1998
AMERICAN PROPERTY MANAGEMENT Account #C-8923-02
It is mutually agreed that the Lease Agreement dated October 29, 1996 and the
First Amendment to Lease dated December 9, 1997 (collectively, the "LEASE"),
between AMERICAN PROPERTY MANAGEMENT CORP. as agent for and on behalf of WESTON
HOLDING CO., L.L.C., ("LESSOR"), and GARDENBURGER, INC. an Oregon Corporation
("LESSEE"), for Suite #400 in the Xxxxxxxx Plaza Office Building at 1411 XX
Xxxxxxxx, in Portland, Oregon, consisting of approximately 18,850 square feet is
hereby modified as follows:
ARTICLE 1
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The Lease term shall be extended for a period of two (2) year(s) commencing
January 1, 1999 and terminating December 31, 2000 ("Extension Term").
ARTICLE 2
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Commencing January 1, 1999 the initial base rental for the Extension Term shall
be $21,206.25 per month.
ARTICLE 4
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The LESSEE shall submit with this signed Lease Extension, the base rent for the
first month of the Lease Extension plus an additional Lease Consideration
Deposit of ($3,001.86) which shall be held by the Lessor together with the Lease
Consideration Deposit currently deposited with the LESSOR under the original
Lease ($19,264.70). The Lease Consideration Deposit equal to the estimated last
month base rent ($22,266.56) shall be held by the Lessor in accordance with the
provisions of the original Lease.
ARTICLE 5
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The rental adjustment date will be January 1, 2000 and the base monthly rental
will be adjusted as follows:
The percentage increase in the yearly Consumer Price Index for U.S. City average
(all urban consumer), which as of July 1998 was 163.2 and the same Consumer
Price Index as of July 1999, and on the same month of each year of the LEASE
term. Such information will be secured from the U.S. Bureau of Labor Statistics.
Said increase shall be subject to a minimum annual increase of 3% and a maximum
annual increase of 5%.
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An equal amount shall be paid to bring the security deposit up to an equal
amount of the current month's rent.
ARTICLE 6
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The following shall replace Section 30.1, Parking:
LESSEE shall have the nonexclusive use of no less than twenty-seven (27) spaces
in the adjacent uncovered lot at 14th and Alder for use during normal business
hours at an initial rate of $95.00 per space per month. In addition, LESSEE
shall have the use of four (4) reserved covered parking spaces in the covered
Xxxxxxxx Plaza Office Building Parking Lot (described in Exhibit "P" Parking)
for use during normal business hours at an initial rate of $125.00 per space per
month.
All parking shall be subject to Section #3.1. The cost of all parking shall be
subject to an annual five percent (5%) fixed increase. LESSOR has sole control
of parking and may designate areas for patrons of the property/building and
assign LESSEE and employees of LESSEE to designated parking areas. LESSEE and
employees shall park their cars only in these areas designated by the LESSEE and
the employees of the LESSEE, and notify LESSOR of any changes within five (5)
days. If LESSEE or its employees fail to park their vehicles in designated
parking areas then LESSOR may charge LESSEE an additional twenty dollars
($20.00) per day per for each day or partial day in any area other than those
designated, or if the area is signed as a towing area, to have the vehicle(s)
towed at the LESSORS's option and at the expense of the LESSEE and it's
employees.
The LESSEE shall be allowed to have up to eight (8) cars parked in the adjacent
lot, located at 14th and Alder, on evenings and weekends on a first come first
serve basis. There shall be no overnight storage of vehicles or trailers in the
parking areas or outside of premises. LESSOR may remove vehicle from property
and LESSEE shall bear the cost of such removal.
The LESSEE acknowledges that the adjacent lot, at 14th and Alder, may be
developed at which time the LESSOR will not be responsible for providing the
twenty-seven (27) parking spaces described above. In this event, the LESSOR will
make its best efforts to find parking within a four (4) block radius of the
building. LESSOR agrees to provide Lessee with three months notice prior to
LESSOR terminating parking due to development.
ARTICLE 7
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Shower Facility
LESSEE has the option to pay one-hundred fifty dollars ($150.00) per month for
GARDENBURGER, INC. employees' to use the men's and women's shower facilities
located on the fifth floor of the Terminal Sales Building located at 1220 XX
Xxxxxxxx. Shower facility use will be limited to business hours between 7:00
a.m. and 6:00 p.m. except weekends and holidays and limited to use by no more
than fifteen men and women on any given day. The above monthly charge will
commence once access keys are provided to the LESSEE and will end once all
access keys are returned. A $20.00 per key deposit will be charged for every key
given to the LESSEE. The deposit will be returned after access keys are returned
to the LESSOR.
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LESSEE shall not store or leave any personal belongings in the shower or
anywhere on the premises of the locker room areas or anywhere else in the
Terminal Sales Building. LESSOR will not be responsible for any lost or stolen
items.
This option is subject to re-negotiation at the end of this two (2) year Lease
Term.
ARTICLE 8
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Lessor Agreed Tenant Improvements -- See Exhibit "B-1" Space Plan and Exhibit
"C-1" Interior Space Work Agreement.
The above described Exhibit "B-1" Space Plan shall be attached to the LEASE
after the LESSEE submits a space plan to the LESSOR which includes the work
described in Exhibit C-1 Interior Space Work Agreement and in the LESSOR's
opinion, has residual value.
The LESSOR shall be responsible for coordinating the tenant improvements after
receiving prior written notice from LESSEE. The LESSEE's contact person for
scheduling tenant improvements is Xxxx Xxxxx, phone (000) 000-0000. If LESSOR
arrives to perform tenant improvements on a mutually agreed date and LESSEE is
either not ready (i.e. furniture and equipment is not three (3) feet away from
walls, etc.) or LESSEE wishes to reschedule and denies LESSOR access, the LESSOR
shall have the option to reschedule at least thirty (30) days out and charge
LESSEE A $150.00 rescheduling fee.
If any provisions contained in this Exhibit "C-1" Interior Space Work Agreement
are inconsistent with any other provisions contained in this LEASE (ie: Exhibit
"B-1" Space Plan), the provisions contained in this Exhibit "C-1" Interior Space
Work Agreement shall control.
ARTICLE 9
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The signing of this Lease Extension by the parties hereto constitutes a Lease
between them incorporating all of the terms and conditions contained in the
original LEASE heretofore made between LESSEE and LESSOR, or LESSOR's
predecessor in interest, except as modified by the terms of this Lease
Extension. If any provisions contained in this Lease Extension are inconsistent
with any other provisions of the original LEASE, the provisions in this Lease
Extension shall control, unless otherwise provided in this Lease Extension. This
Lease Extension is to be attached to the original LEASE, which is to be deemed
part of it. This Lease Extension shall not be binding at the sole option of the
LESSOR if, as of the commencement date of the extension term herein, the LESSEE
is in default under any of the provisions of the original LEASE above described.
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ARTICLE 10
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This offer to extend LESSEE'S LEASE shall expire at THE SOLE OPTION OF THE
LESSOR if this Lease Extension is not signed and delivered to the LESSOR with no
changes and accompanied by appropriate pre-paid monies by September 21, 1998.
IN WITNESS WHEREOF
LESSOR: LESSEE:
AMERICAN PROPERTY MANAGEMENT CORP. GARDENBURGER, INC.
as agent for and on behalf of an Oregon corporation
WESTON HOLDING CO., L.L.C.
x /s/Xxxxxxx X. Xxxxxxxx x /s/Xxxxxxx X. Xxxxx
--------------------------------- -----------------------------
Xxxxxxx X. Xxxxxxxx Xxxxxxx X. Xxxxx
Vice President of Commercial Property Chief Financial Officer
DATE: 9-16-98 DATE: 9-11-98
----------------------------- -------------------------
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EXHIBIT "B-1" SPACE PLAN
GARDENBURGER, INC. an Oregon Corporation
0000 XX Xxxxxxxx, #000
Xxxxxxxx, XX 00000
Account #C-8923-02
[Specs for space plan--unable to convert]
ANY CHANGES TO THIS EXHIBIT "B-1" SPACE PLAN ARE SUBJECT TO LESSOR'S APPROVAL.
ANY CHANGE TO THIS PLAN SHALL BE AT LESSEE'S SOLE COST AND EXPENSE, SHALL NOT
DELAY LEASE COMMENCEMENT AND MAY DELAY LESSEE'S OCCUPANCY.
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EXHIBIT "C-1" INTERIOR SPACE WORK AGREEMENT
LESSEE: GARDENBURGER, INC. an Oregon Corporation
ACCOUNT #C-8923-02 BUILDING/SUITE #: XXXXXXXX PLAZA, #400
ACCEPTED AGREED LESSOR LESSEE
ITEM AS-IS IMPROVEMENTS EXPENSE EXPENSE
---- -------- ------------ ------- -------
LESSOR to paint new
partitions only matching
existing paint color.
PAINTING: _____ NONE __X__ ____
(Building Standard Color)
FLOORCOVERING: __X__ NONE _____ ____
(Building Standard Carpet
Color/Cove Base Color)
VINYL FLOORCOVERING: __X__ NONE _____ ____
(Building Standard Vinyl)
LIGHTING: __X__ NONE _____ ____
(Building Standard Fixtures)
ELECTRICAL: _____ LESSOR to provide one (1) __X__ ____
(Building Standard 110 Volt) four plug outlet per new
partition only.
CEILING: __X__ NONE _____ ____
(Building Standard Acoustical Tile)
PARTITIONS: _____ LESSOR to provide three (3) __X__ ____
(Building Standard Sheetrock) additional private offices
as described in Exhibit "B-1"
Space Plan using medal frame
and sheet rock partitions
only, subject to Article 8
of this Agreement.
DOORS/FRAMES ______ Add one new door to __X__ ____
(Building Standard Quality) existing private office.
LOCKS/HARDWARE __X__ NONE _____ ____
(Building Standard Quality)
RELIGHTS: __X__ NONE _____ ____
(Building Standard Interior)
WINDOWCOVERINGS: __X__ NONE _____ ____
(Building Standard Exterior)
TELEPHONE: __X__ NONE _____ ____
(Building Standard Mud Rings)
PLUMBING: __X__ NONE _____ ____
MILLWORK __X__ NONE _____ ____
Note: LESSEE acknowledges that LESSOR will be performing the above described
work during normal business hours. LESSEE agrees to move all furniture and
equipment at least three (3) feet away from work areas.
If LESSEE is modifying their existing space layout, or expanding their leased
premises, it is understood and agreed that all Lessor Agreed Tenant Improvement
work may be performed during normal business hours and will not be deemed as an
interruption of LESSEE's business and that AMERICAN PROPERTY MANAGEMENT CORP.
assumes no liability for damage to any existing hidden electrical located in the
walls, ceiling and/or floors (i.e., electrical for phones, fax, computers,
office equipment, etc.) that is not indicated on this agreement and brought to
the attention of AMERICAN PROPERTY MANAGEMENT CORP. prior to the office remodel
or is not equipped with an appropriate power surge protection device.
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EXHIBIT "P" PARKING
GARDENBURGER, INC. an Oregon Corporation
0000 XX Xxxxxxxx, #000
Xxxxxxxx, Xxxxxx 00000
Account #C-8923-02
[Parking Lot Specification Drawing--unable to convert]
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