FIRST AMENDMENT TO OFFICE LEASE
Exhibit
10.62
FIRST
AMENDMENT TO OFFICE LEASE
THIS FIRST AMENDMENT TO OFFICE LEASE is made and entered into as
of the 15th day of December, 1990, by and between West*Mac
Associates Limited Partnership, a Virginia limited partnership,
hereinafter called “Landlord,” and The Federal Home
Loan Mortgage Corporation, a federally-chartered corporation,
hereinafter called “Tenant.”
RECITALS
A. On December 22,1986, Landlord and Tenant
entered into that certain Office Lease (the “Lease”)
for the lease of the building to be constructed located at the
corner of Xxxxx Branch Drive and International Drive in McLean,
Virginia (the “Building”) together with associated
parking areas and the land legally described on Exhibit A
attached to the Lease (the Building, parking areas and land are
hereinafter referred to as the “Demised Premises”).
B. Landlord and Tenant have agreed that:
(i) Tenant may occupy a portion of the Building prior to
completion of construction of the entire Building and
(ii) the formula for calculating the Basic Annual Rent (as
defined in the Lease) set forth in the Lease shall be modified
until such time as the construction of the Building is completed.
C. As a result, Landlord and Tenant have agreed to
modify certain terms and provisions of the Lease as more fully
set forth herein.
NOW, THEREFORE, in consideration of the Recitals and other good
and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Landlord and Tenant agree as follows:
1. Section 2 of the Lease is hereby amended to add the
following as new Section (E):
(E) Notwithstanding the foregoing provisions of this
Section 2, Landlord and Tenant agree that Tenant shall pay
an estimated Basic Annual Rent for the period (the
“Estimated Rental Period”) commencing on the Lease
Commencement Date through and including the date (the “Loan
Conversion Date”) on which the loan (the “Loan”)
from Tenant to Landlord is converted to a permanent loan
pursuant to the provisions contained in a certain Substitute
Deed of Trust Note (the “Note”) dated
June 8, 1991 made by Landlord and payable to the order of
Tenant in the face amount of $90,000,000. The estimated Basic
Annual
Rent (the “Estimated Rent”) shall be determined in
accordance with the formula set forth in Section 2(A) above
with the following terms:
|
Cost of Building Shell for the
Demised Premises (estimated as of December 31, 1990) |
= | $81,682,768 | ||||
|
Estimated Construction Period
Interest on Land as of December 31, 1990 |
= | 5,424,804 | ||||
|
Estimated Mortgage Constant
on the Permanent Financing for the Demised Premises |
= | 8% |
Based upon the terms set forth above, the Estimated Rent for the
first year of the Lease term is $17.60 per gross square foot of
space in the Building. The Estimated Rent due on the Lease
Commencement Date and throughout the Estimated Rental Period
shall be equal to $17.60 times the gross square footage of space
in the Building occupied by Tenant on the Lease Commencement
Date and throughout the Estimated Rental Period. For example,
Tenant initially will occupy 91,695 gross square feet of space
in the Building, therefore the Estimated Rent on the Lease
Commencement Date will be $1,613,832.00 per annum or $134,486.00
per month. As Tenant occupies additional space in the Building,
the Estimated Rent shall be increased from the date Tenant
occupies such additional space by an amount equal to $17.60 per
gross square foot times the number of additional square feet of
space in the Building occupied by Tenant. On the Loan Conversion
Date, the amount of the Basic Annual Rent shall be recalculated
based upon the actual Total Cost of Building Shell, the actual
Construction Period Interest and the actual Mortgage Constant on
the Permanent Financing, and Tenant shall be obligated
commencing with the first day of the month following the month
in which the Loan Conversion Date occurs to pay the recalculated
Basic Annual Rent. Within thirty (30) days after the
recalculation of the Basic Annual Rent, Tenant shall be
obligated to pay to Landlord the difference between the
Estimated Rent paid during the Estimated Rental Period and the
amount of Basic Annual Rent that would have been paid by Tenant
based on the square footage occupied if the recalculated Basic
Annual Rent had been payable during the entire Estimated Rental
Period, other than the abatement period set forth in
Section 3(B) below.
2. Section 3(B) of the Lease shall be amended to
delete that Section in its entirety and insert the following in
lieu thereof:
For purposes of this Lease, the “Lease Commencement
Date” shall be December 15, 1990. The Basic Annual
Rent shall be abated for the first sixteen (16) days of the
Lease term, so that Tenant’s obligation to pay the Basic
Annual Rent shall commence on January 1, 1991.
3. Except as set forth herein, the Lease remains
unmodified, free from default and in full force and effect.
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IN WITNESS WHEREOF, Landlord and Tenant have hereunto affixed
their hands and seals as of the date first above written.
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LANDLORD: |
||
|
WEST*MAC ASSOCIATES LIMITED PARTNERSHIP, a Virginia limited partnership |
||
| ATTEST: |
By: THE FEDERAL HOME LOAN
MORTGAGE CORPORATION, a federally-chartered corporation, General Partner |
|
|
/s/ Xxxxx
Xxxxxx [Corporate Seal] |
By:
/s/ Xxxxxx X. Xxxxxx
Name: XXXXXX X. XXXXXX
Title: VICE PRESIDENT, A&CP
|
|
| ATTEST: |
By: WESTPARK MANAGEMENT COMPANY, a Virginia Corporation, General Partner |
|
|
/s/ [ Illegible ] [Corporate Seal] |
By:
/s/ X. X. Xxxxxx
Name: X. X. Xxxxxx
Title:
|
|
|
TENANT: |
||
|
ATTEST:
|
THE FEDERAL HOME LOAN MORTGAGE CORPORATION, a federally-chartered corporation, General Partner |
|
|
/s/ Xxxxx
Xxxxxx [Corporate Seal] |
By:
/s/ Xxxxxx X. Xxxxxx
Name: XXXXXX X. XXXXXX
Title: VICE PRESIDENT, A&CP
|
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