SECOND AMENDMENT TO LEASE
WHEREAS, By Lease Agreement dated January 11, 1993, between XXXXXX X
XXXXXX, INC., d/b/a Realvesco Properties, a Court Receiver, as Landlord, and HRM
CLAIM MANAGEMENT, as Tenant, pertaining to the leased premise located at 0000
Xxxxxx Xxxx, Xxxxxxx, XX 00000.
WHEREAS, By First Amendment to Lease dated January 29, 1993, Landlord and
Tenant modified the terms of the Agreement, and
WHEREAS, By a certain Deed and Purchase Agreement dated July 20, 1993,
Northwestern Life Insurance Co. as Landlord, sold, transferred and assigned all
of its interest, rights and obligations unto Xxxxxx-Trestlebridge Limited
Partnership, Successor Landlord, in the Trestlebndge Complex including those
premises located at 0000 Xxxxxx Xxxx, Xxxxxxx, Xx 00000; and
WHEREAS, the parties now desire to further modify said Lease Agreement and
First Amendment to Lease; and
NOW, THEREFORE, it is mutually agreed that the Lease dated January 11,
1993, and First Amendment to Lease dated January 29, 1993, is hereby amended as
follows:
1. TERM:
The term for purpose of this Second Amendment shall be extended for the
period which commenced on July 1, 1993 and shall now expire June 30, 2001.
2. BASE RENT :
Exhibit C (attached to Lease Agreement) is amended as follows:
a. For the Fifth Year of the Lease Agreement, commencing July 1, 1997 and
ending June 30, 1998, the annual minimum rental shall be THREE HUNDRED
SIXTY-EIGHT THOUSAND EIGHT HUNDRED SIXTY-SEVEN AND 75/100
($368,867.75) DOLLARS ($11.75 per rentable square foot of the premises
per annum), payable by Tenant in equal monthly installments of THIRTY
THOUSAND SEVEN HUNDRED THIRTY-EIGHT AND 98/100 ($30,738.98) DOLLARS.
b. For the Sixth Year of the Lease Agreement, commencing July 1, 1998 and
ending June 30, 1999, the annual minimum rental shall be THREE HUNDRED
EIGHTY- FOUR THOUSAND FIVE HUNDRED SIXTY-FOUR AND 25/100 ($384,564.25)
DOLLARS ($12.25 per rentable square foot of the premises per annum),
payable by Tenant in equal monthly installments of THIRTY-TWO THOUSAND
FORTY-SEVEN AND 02/100 ($32,047.02) DOLLARS.
c. The rental obligation for the 7th and 8th years, commencing July 1,
1999, shall be adjusted by the Cost of Living Adjustment as described
below.
3. COST OF LIVING ADJUSTMENT:
The monthly rent to be paid Landlord by Tenant shall be increased annually
effective on the anniversary of the Seventh and Eighth years of this Lease
by a percentage equal to the annual percentage increase in the Consumer
Price Index. The base of the Index for computation of the increase, if any,
shall be forty-five (45) days prior to the month in which the base year
commences (i.e. May, 1999 and May, 2000). The Index for the same month
shall be compared annually to determine the percentage increase and the
resulting percentage shall be applied to the monthly rental rate then in
effect to determine the monthly rent to be paid for the ensuing year.
Landlord shall notify Tenant of any increase in the monthly rental rate
resulting from such computation and Tenant shall pay Landlord the amount of
such increase retroactively to the effective date thereof (i.e. July, 1999
and July 2000). Reference to the Cost of Living Index is to be the official
Consumers Price Index for Urban Wage Earners and Clerical Workers for the
United States City Average, published by the Bureau of Labor Statistics
United States Department of Labor.
4. The additional rent for Building Operating Expenses pursuant to Paragraph
4(a) of the Lease Agreement is hereby deleted in its entirety. Tenant shall
have no responsibility for additional rent of Building Operating Expenses
which shall be deemed waived by the Landlord entirely for the calendar
years 1994 through and including 1997
5. TAXES:
The amounts due and payable by which building taxes exceed Base Year Taxes,
pursuant to paragraph 4(b) of the Lease Agreement shall be deemed waived
entirely for the calendar years 1994 (first full Base Year), 1995 and 1996.
6. ABATEMENT:
Upon completion and execution of this Second Amendment, Tenant shall
receive one (1) month full base rental abatement for the month of August,
1997, toward improvements made thereon to the premises.
In all other respects, the terms, conditions, stipulations and
covenants of the Lease Agreement dated January 11, 1993, and First Amendment to
Lease dated January 29, 1993 are to be continued with like effect to all intents
and purposes as if contained in a new and formal lease agreement including this
Second Amendment to Lease.
This Second Amendment to Lease is entered into this 22 day of July,
1997.
WITNESS LANDLORD:
XXXXXX-TRESTLEBRIDGE, L.P.
Illegible By: Illegible
Its: The Xxxxxx Co. General Partner
WITNESS TENANT: HRM CLAIM MANAGEMENT
By: /s/Xxxxxx X. Xxxxx
Its: Chief Financial Officer
