EXHIBIT 10.31
FIFTH ADDENDUM TO LEASE
BY AND BETWEEN
THE XXXXXX AND XXX XXXX REVOCABLE TRUST
("THE LANDLORD")
AND
FAIR, XXXXX AND COMPANY, INCORPORATED
("THE TENANT")
This Fifth Addendum to Lease dated November 22, 1996 ("Fifth
Addendum"), is hereby attached to and incorporated into and made a part of that
Lease dated October 11, 1993, by and between The Xxxxxx and Xxx Xxxx Revocable
Trust and Fair, Xxxxx and Company, Incorporated as amended by a First Addendum
to Lease; a Second Addendum to Lease dated January 31, 1994; a Third Addendum to
Lease dated December 15, 1994; and Fourth Addendum to Lease dated April 3, 1995
("the Lease"). The parties agree to the following terms and conditions set forth
herein below:
Recitals
A. Landlord and Tenant are parties to the Lease pursuant to which
Landlord leased to Tenant and Tenant leased from Landlord office space
containing approximately 11,875 rentable square feet and 10,642 useable square
feet comprising part of the of the First Floor of that certain office building
known as Regency Center I ("Regency I") located at 000 Xxxxx Xxxxx Xxxx, Xxx
Xxxxxx, Xxxxxxxxxx ("the Premises").
B. Landlord is currently constructing a building adjacent to Regency I,
which new building will be known as Regency Center II, and which will be leased
in its entirety to Tenant pursuant to an Office Building Lease of even date
herewith.
C. Landlord and Tenant now desire to amend the Lease as hereinafter set
forth.
D. The capitalized terms herein, unless otherwise indicated, shall have
the meanings ascribed to them in the Lease.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Paragraph 3 ("Right of First Opportunity") of the First Addendum to
Lease is hereby deleted in its entirety.
2. Subparagraph A and sub-subparagraph (i) of Paragraph 2 ("Option to
Extend") of the First Addendum to Lease are hereby deleted and the following
substituted therefor:
"A. Landlord grants to Tenant the option to extend the term of
this Lease for the Existing Premises for one (1) ten (10) year
period commencing upon expiration of the Term for the lease of
the Existing Premises, upon each and all of the following
terms and conditions:"
"(i) Tenant gives to Landlord and Landlord receives
notice of the exercise of the option to extend this
Lease for said additional term no later than twelve
(12) months prior to the time that the option period
would commence if the option were exercised, time
being of the essence. If said notification of the
exercise of said option is not so given and received,
this option shall automatically expire;"
3. Except as set forth herein, the Lease shall remain unmodified and in
full force and effect. Should there by any conflict between the terms of the
Lease and the terms of this Fifth Addendum, the terms of this Fifth Addendum
shall control.
IT WITNESS WHEREOF, the parties have executed this Fifth Addendum to
Lease as of the date first written above.
The Xxxxxx and Xxx Xxxx RevocableTrust
By: /s/ Xxxxxx Xxxx
--------------------------------
Xxxxxx Xxxx, Trustee
By: /s/ Xxx Xxxx
--------------------------------
Xxx Xxxx, Trustee
Fair, Xxxxx and Company, Incorporated
By: /s/ Xxxxxxx X. Xxxxxx
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Its: Vice President
