EXHIBIT 10.42
FIRST AMENDMENT TO LEASE
This FIRST AMENDMENT TO LEASE is made this 1st day of May, 2002 by and
between Newport Center BP LLC a Florida Limited Liability Company as successor
in interest to Glenborough Properties, L.P., a California limited partnership
(the "Landlord") and Mackenzie Investment Management, Inc., a Delaware
Corporation (the "Tenant").
WITNESSETH:
WHEREAS, Landlord and Tenant entered into that certain Lease Agreement
dated September 18, 1998 (the "Original Lease"), with respect to certain
premises measuring 5,245 rentable square feet (the "Premises"), in the buildings
located at 0000-0000 Xxxx Xxxxxxx Xxxxxx Drive, Suites 106 & 205, Xxxxxxxxx
Xxxxx, Xxxxxxx 00000 (the "Building"), which premises are more particularly
described in the Original Lease;
WHEREAS, Landlord and Tenant now mutually hereby desire to amend the
Lease upon the terms and conditions as set forth below;
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant hereby
covenant and agree as follows:
1. Tenant wishes to extend the Term of the Lease to commence May
1, 2002 and to expire on April 30, 2003.
2. The Annual Base Rent and Monthly Installments of Base Rent
described in paragraphs 2.2 and 2.9 of the Lease shall be
modified as follows:
Monthly Annually
5/1/02 Through 4/30/03 $6,009.90 $72,118.75
3. CONDITION OF PREMISES: Tenant agrees to take the Premises in
an "as-is" condition.
4. RENTABLE SQUARE FEET: The parties agree that for the purposes
of this Lease the Premises shall be deemed to consist of
approximately 5,245 Rentable Square Feet and the Building
shall be deemed to consist of approximately 61,786 Rentable
Square Feet, as measured by Landlord's predecessor in
accordance with the methods of calculating areas and volumes
of buildings, as promulgated by The American Institute of
Architects. The Rentable Square Feet shall mean the square
footage of the Premises measured from the exterior roofline.
Landlord and Tenant acknowledge and accept the square footage
as set forth in the Lease and neither Landlord nor Tenant
shall have the right to demand remeasurement or recalculation
of the Rentable Square Feet amounts within the Building or the
Premises.
5. MISCELLANEOUS:
(a) The Lease, unless otherwise amended by this First Amendment to
Lease is in full force and effect. There are no promises,
understandings, agreements or commitments between Landlord and
Tenant, except as expressly set forth in the Lease, as
amended.
(b) Except as described in the Lease, Tenant does not have (i) any
right or option to renew or extend the term of the Lease; (ii)
any right or option to lease the space within the building
beyond the space Tenant is currently leasing ("Premises"): or
(iii) any preferential right, option or right of first refusal
to purchase all or part of the Premises or the building or
property of which they are a part.
(c) The Lease has been properly executed by Tenant, is in full
force and effect, and constitutes the binding obligation of
Tenant.
(d) To Tenant's actual knowledge without investigation, the
Landlord is not in default under the Lease and no event has
occurred which, with the giving of notice or the passage of
time or both, would result in a default by the Landlord under
the Lease.
(e) Except for those improvements described in this First
Amendment to Lease, the Premises and all improvements to the
Premises required to be made by Landlord under the Lease have
been completed and furnished in accordance with the provisions
of the Lease and have been accepted by Tenant. All required
contributions or payments by Tenant to the Landlord on account
of improvements to the Premises (whether performed by Landlord
or otherwise) have been received in full by the Tenant. Tenant
has no presently accrued defenses offset, liens, claims or
credits against rent or other amounts payable by Tenant under
the Lease.
(f) Tenant is not entitled to and has made no agreement with
Landlord or its agents, or employees concerning future free
rent, partial rent, rebate of rental payments, credit or
offset or reduction in rent, or any other type of rental
concession, including without limitation, lease support
payments or lease buy-outs.
(g) Tenant is obligated to pay monthly base rent to Landlord at
the rate set forth in the Lease. Except as to any application
of security deposits against Base Rent as described in the
Lease, no monthly base rent has been paid more than (1) month
in advance of its due date.
(h) To the best knowledge of Tenant, no actions, whether voluntary
or otherwise are pending against Tenant or the trade name or
assumed name under which tenant conducts business at the
Premises under the bankruptcy laws of the United States.
(i) Tenant does not use, and to the best of the Tenant's
knowledge, the Premises have not been used by Tenant for
storage, generation or use of toxic or hazardous materials
("Hazardous Materials") in violation of applicable laws.
Tenant has not received any notice from any governmental
authority that its operations on the Premises constitute a
violation of or require special procedures under building,
zoning, environmental or other applicable laws or ordinances
and Tenant has no knowledge of any such violation which has
not been satisfied.
(j) Except as set forth in this First Amendment, the Lease is not
otherwise modified and where the provisions of this First
Amendment conflict with the Lease, this First Amendment shall
control.
IN WITNESS WHEREOF, Landlord and Tenant have duly executed this First Amendment
to Lease as of the day and year first written above.
WITNESS: LANDLORD:
NEWPORT CENTER BP LLC, A FLORIDA LIMITED
LIABILITY CORPORATION
By: /s/ Xxx Xxxxxx
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Title: President 5/6/02
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WITNESS: TENANT:
MACKENZIE INVESTMENT MANAGEMENT, INC., A
DELAWARE CORPORATION
/s/ Xxxxxx Xxxxxxx By: /s/ Xxxxxx X. Xxxxx
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/s/ Xxxxx Xxxxx Name: Xxxxxx X. Xxxxx
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(print name)
Title: CTO
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