STATE OF NORTH CAROLINA
THIRD LEASE AMENDMENT
COUNTY OF MECKLENBURG AND EXTENSION AGREEMENT
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This THIRD LEASE AMENDMENT AND EXTENSION AGREEMENT (the "Agreement"), is
made effective the first day of April, 1998, by and between XXXXXXXX BROTHERS
FIFTH STREET PARTNERSHIP (formerly XXXXXXXX BROTHERS PARTNERSHIP) ("Lessor") and
XXXXXXXX INDUSTRIES, INC. ("Tenant").
STATEMENT OF PURPOSE
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A. Lessor entered into a written Lease Agreement with Tenant dated
December 12, 1990 (the "Lease"), pursuant to which Lessor leased to Tenant and
the Tenant leased from Lessor the Leased Premises described therein which are
located at 000 Xxxx Xxxxx Xxxxxx, Xxxxxxxxx, Xxxxx Xxxxxxxx.
B. The parties entered into a First Lease Amendment and Extension
Agreement effective April 1, 1995.
C. The parties entered into a Second Lease Amendment and Extension
Agreement effective April 1, 1996, and the parties now wish to further amend the
Lease to extend the lease term and modify the rents payable thereunder.
NOW, THEREFORE, in consideration of the Statement of Purpose (which by
this reference is made a substantive part of this Lease Amendment and Extension
Agreement) and other valuable consideration exchanged, the adequacy, sufficiency
and delivery of which are acknowledged by the parties, Lessor and Tenant
mutually agree:
1. INCORPORATION OF STATEMENT OF PURPOSE. The parties hereto ratify and
incorporate by reference the Statement of Purpose set forth above.
2. ADDITIONAL TERM. Lessor hereby leases and demises to Tenant and Tenant
hereby rents and takes from Lessor the Leased Premises for an additional term of
nine months commencing at midnight on the first day of April, 1998 and ending on
December 31, 1998, upon the same terms and conditions as set forth in the Lease,
except as herein modified. Should Tenant wish to renew the Lease, it must give
written notice to Lessor at least 90 days prior to the end of the term. If such
notice is not received, the Lease will automatically renew for an additional six
(6) month period unless Tenant provides Lessor of written notice to the contrary
at least 30 days prior to the end of any term.
3. RENTAL DURING ADDITIONAL TERM. The rent amount during each year of the
Additional Term will be the sum of Three Hundred Fifty-Six Thousand Twenty-Two
and 86/100 Dollars ($356,022.86), payable in equal monthly installments of
Twenty-Nine
Thousand Six Hundred Sixty-Eight and 57/100 Dollars ($29,668.57), payable on the
first business day of each month during the term hereof, commencing on the first
day of April, 1998. Lessor reserves the right to reasonably adjust the rent if
such renewals are made.
4. RATIFICATION OF LEASE. Except as herein amended and extended, the
parties ratify and confirm the Lease. Further, as of the date of this Agreement,
Tenant hereby certifies to Lessor that: (a) the Lease, as amended, is in full
force and effect; (b) Lessor has performed all of its obligations and satisfied
all of its conditions arising under the Lease; and (c) Tenant has not assigned,
sublet or encumbered its interest in the Lease.
5. BINDING EFFECT. This Agreement shall be binding upon and shall inure to
the benefit of Lessor and the parties constituting the Tenant, jointly and
severally, and their respective personal representatives, heirs, successors and
permitted assigns.
6. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the
parties hereto, and no change, qualification or cancellation hereof shall be
effective unless set forth in a writing signed by the parties hereto.
7. NOTICES. All notices, requests, consents and other communications in
connection with this Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed in the United States Mail, First Class,
postage prepaid and addressed as follows:
As to Seller: Xxxxxxxx Brothers Fifth Street Partnership
x/x Xxxxxx X. Xxxxxxxx
000 Xxxx 0xx Xxxxxx
P.O. Box 31215
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
As to Tenant: Xxxxxxxx Industries, Inc.
000 Xxxx 0xx Xxxxxx
P.O. Box 31215
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
8. SEVERABILITY. In the event that any portion of this Agreement is found
to be in violation of or conflict with any federal or state law, the parties
agree that the invalidity or unenforceability of such provision shall in no way
render invalid or unenforceable any other part or provision hereof.
9. GOVERNING LAW. This Agreement shall be construed and enforced in
accordance with the applicable provisions of North Carolina law, and the parties
hereto do further agree and stipulate that any dispute hereunder shall be
brought in the court of proper jurisdiction (State or Federal) in Charlotte,
Mecklenburg County, North Carolina.
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IN WITNESS WHEREOF, the Lessor and Tenant have each executed this
Agreement as of the day and year set forth above.
XXXXXXXX BROTHERS FIFTH STREET
PARTNERSHIP
/s/ XXXXXX X. XXXXXXXX
---------------------- (SEAL)
Xxxxxx X. Xxxxxxxx, Partner
/s/XXXXXXXX X. XXXXXXXX
--------------------------- (SEAL)
Xxxxxxxx X. Xxxxxxxx, Partner
XXXXXXXX INDUSTRIES, INC.
/s/XXXXXX X. XXXXXXXX
---------------------------- (SEAL)
Xxxxxx X. Xxxxxxxx, President
ATTEST:
/s/XXXXX XXXXX
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Secretary
[CORPORATE SEAL]
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STATE OF NORTH CAROLINA
COUNTY OF MECKLENBURG
I, L.XXXX XXXXXX a Notary Public in and for said County and State do hereby
certify that XXXXXX X. XXXXXXXX, as a General Partner of XXXXXXXX BROTHERS FIFTH
STREET PARTNERSHIP, personally appeared before me this day and acknowledged the
due execution of the foregoing instrument.
Witness my hand and notarial seal, this the 9 day of MARCH , 1998.
/s/L. XXXX XXXXXX STATE OF NORTH CAROLINA
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Notary Public
[SEAL]
My Commission Expires: 11-11-2000
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STATE OF FLORIDA
COUNTY OF PALM BEACH
I, XXXXXXX X. XXX a Notary Public in and for said County and State do
hereby certify that XXXXXXXX X. XXXXXXXX, as a General Partner of XXXXXXXX
BROTHERS FIFTH STREET PARTNERSHIP, personally appeared before me this day and
acknowledged the due execution of the foregoing instrument.
Witness my hand and notarial seal, this the 16 day of SEPTEMBER , 1998.
/s/ XXXXXXX X. XXX
---------------------------
Notary Public
[SEAL]
My Commission Expires:12-11-2001
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XXXXX XX XXXXX XXXXXXXX
XXXXXX XX XXXXXXXXXXX
X,X. XXXX XXXXXX, a Notary Public of the County and State aforesaid,
certify that XXXXXX X. XXXXXXXX personally came before me this day and
acknowledged that he is the President of XXXXXXXX INDUSTRIES, INC. and that by
authority duly given and as the act of the corporation, the foregoing instrument
was signed in its name, sealed with its corporate seal and attested by its
Corporate Secretary.
Witness my hand and official stamp or seal, this the 9 day of MARCH, 1998.
/s/L. XXXX XXXXXX
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Notary Public
[SEAL]
My Commission Expires: 11-11-2000
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