FIRST AMENDMENT TO OFFICE BUILDING LEASE
This First Amendment to Office Building Lease, is made and entered into this 5th
day of October, 1999 by and between Fourth West Associates, L.C., a Utah
Limited Liability Company, ("Landlord") and Commercial Concepts, Inc. ("Tenant")
RECITALS
A. Landlord, entered into a lease with Tenant dated February 18, 1999,
(the "Lease") covering certain Premises located within 000 Xxxxx 000
Xxxx xx Xxxx Xxxx Xxxx, Xxxx. A copy of the Lease is attached hereto as
Exhibit "A".
B. Landlord and Tenant have neither amended nor modified the Lease prior
to the date hereof.
C. Tenant is desirous of increasing its Premises within 000 Xxxxx 000 Xxxx
and the Landlord is desirous of accommodating the Tenant, all
conditioned upon the various terms and conditions set forth below.
NOW, THEREFORE, in consideration of the usual covenants contained herein, as
well as other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged Landlord and Tenant agree as follows:
1. Declaration of Enforceability - Not withstanding any provision of the
Lease to the contrary, whether exercised previously or not, Tenant
hereby declares that the Lease attached as Exhibit "A" hereto is
currently fully binding on Tenant in accordance with its terms and that
all terms thereof with the provisions of this Amendment, shall fully
apply and be enforceable as of this date and into the future.
2. Modification of Lease Premises - Paragraph 2(a) the Lease is amended to
provide for a rentable square footage of 7,105 square feet and a usable
square footage of 6,042 square feet, inclusive of Suite B & E. This
increase of the Premises shall become effective November 1, 1999.
3. Minimum Rent - Paragraph 5 of the lease is hereby amended to provide
for a Minimum Rental per month as follows:
Term Monthly Rental
November - December 1999 $2,310.00
January - February 2000 $6,051.38
March - October 2000 $6,143.78
November 2000 - February 2001 $6,374.32
March - October 2001 $6,471.34
November 2001 - February 2002 $6,651.88
March - October 2002 $6,751.21
November 2002 - February 2003 $6,931.75
March - October 2003 $7,036.70
November 2003 - February 2004 $7,217.24
4. Security Deposit - Tenant has deposited with Landlord the sum of. Two
Thousand Seven Hundred Three Dollars and Seventy Cents ($ 2,703.70 )
said sum shall be increased by $4,513.54 and will be held by Landlord
as security for the faithful performance by Tenant of all the terms,
covenants, and conditions of this Lease during the term hereof. If
Tenant defaults with respect to any provision of this Lease, including,
but not limited to the provisions relating to the payment of rent,
Landlord may (but shall not be required to) use, apply, or retain all
or any part of this security deposit for the payment of any rent or any
other sum in default, or for the payment of any amount which Landlord
may spend or become obligated to spend by reason of Tenant's default,
or to compensate Landlord for any other loss or damage which Landlord
may suffer by reason of Tenant's default. If any portion of said
deposit is to used or applied. Tenant shall within five (5) days after
written demand therefor, deposit cash with Landlord in an amount
sufficient to restore the security deposit to its original amount and
Tenant's failure to do so shall be a material breach of this Lease.
Landlord shall not be required to keep this security deposit separate
from its general funds, and Tenant shall not be entitled to interest on
such deposit. If Tenant shall fully and faithfully perform every
provision of this Lease to be performed by it, the security deposit or
any balance thereof shall be returned to the Tenant (or, at Landlord's
option, to the last valid assignee of Tenant's interest hereunder) at
the expiration of the Lease term.
5. Exhibit "A" Amendment - Exhibit "A" to the Lease which outlines the
Premises shall be amended effective November 1, 1999 as outlined in
Amendment Exhibit "B".
6. Tenant Iml2rovement - Landlord agrees to improve the Premises in
accordance with the plans and specifications which have been agreed
upon between Landlord and Tenant as outlined in Amendment Exhibit "C"
7. Ratification - In all other respects not inconsistent with this
Amendment, the Lease is hereby ratified and affirmed in its entirety.
8. Tenant shall have First Right to Purchase 000 Xxxxx 000 Xxxx, Xxxx Xxxx
Xxxx, Xxxx building which will extend for a period of 12 months
expiring on October 31, 2000. Price on said purchase shall be
$800,000.00 cash.
9. Tenant shall have the right of early occupancy of Suite E upon mutual
execution of this document.
IN WITNESS WHEREOF, the parties have executed this FIRST AMENDMENT TO OFFICE
BUILDING LEASE as of the date first above written.
LANDLORD:
Fourth West Associates, L.C., a Utah
Limited Liability Company
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------------
Xxxxxxx X. Xxxxxx, Member
TENANT:
Commercial Concepts, Inc.
/s/ Xxxxxx Xxxxxxxx
AMENDMENT EXHIBIT "C"
Tenant will take aforementioned space on an "as is" basis. No Tenant
Improvements will be provided for by Landlord. If Tenant improves space by doing
any improvements valued over $1,000, Tenant shall deliver to Landlord plans and
specifications (the "Plans") setting forth the Work. The "Work" shall consist
of, but not limited to, improvements such as painting, partitions, light
fixtures, wiring, plumbing, HVAC and other similar types of permanent
improvements and shall not consist of purchasing movable partitions, furniture
or movable personal property for use by Tenant. The Plans shall be subject to
Landlord's approval, which will not be unreasonably withheld. Landlord shall
review the Plans and notify Tenant of any objections to them within three (3)
business days after receipt thereof and Lessee shall revise the Plans
accordingly within three (3) business days thereafter. Landlord shall not be
liable for any delay in completing the "Work" due to governmental regulation,
unusual scarcity or inability to obtain labor or material, labor difficulties,
casualty or other causes reasonably beyond Landlord's control. In the event
Tenant desires to perform the "Work", prior to commencing same it shall secure
all necessary licenses and permits and submit to Landlord, for its approval, a
complete list of all contractors, subcontractors and material suppliers who will
be performing the "Work" or supplying materials therefor. Lessee shall also
deliver to each contractor or subcontractor a policy or policies providing
comprehensive general liability insurance, Workers' compensation Insurance and
property damage insurance, naming the contractor or subcontractor, as
applicable, as the insured and the Landlord as an additional insured, all such
certificates and insurance to be in a form, amount and substance satisfactory to
Landlord. All work performed by Tenant, its contractors and subcontractors shall
be performed in a good and workmanlike manner in compliance with all applicable
laws, codes and ordinances.