FIRST AMENDMENT TO LEASE
THIS AMENDMENT TO LEASE made this 14th day of July, 1995, by and between
H.G. & XXXXXXXXX X. XXXXXXX, First Party, hereinafter referred to as "Lessor,"
and SOUTHERN ELECTRONICS DISTRIBUTORS, INC., Second Party, hereinafter referred
to as "Lessee;"
WITNESSETH
WHEREAS, Lessor and Lessee have previously entered into a Lease dated
November 6, 1992, covering the 98,854 square foot space located at 0000 Xxxxx
Xxxxx Xxxxxxx Xxxxx, Xxxxxx, Xxxxxxx 00000, the term of said Lease having
commenced on February 1, 1993; and
WHEREAS, the Lease was for an initial term of three (3) years with the
Lease scheduled to terminate January 31, 1996; and
WHEREAS, both parties are desirous of extending the term of said Lease for
three (3) years past said expiration of January 31, 1996.
NOW, THEREFORE, in consideration of the mutual covenants and conditions
herein, acknowledged by both parties to be adequate and sufficient, the parties
hereto agree as follows:
1. The term of the Lease shall be extended to run for an additional
three (3) year term from February 1, 1996 through January 31, 1999.
2. Lessee shall pay to Lessor as rental for this three (3) year
extension, promptly on the first day of each month in advance without demand
during the term of this Lease extension, a monthly rental as follows:
February 1, 1996 through January 31, 1998 $21,830.00 per month
February 1, 1998 through January 31, 1999 $22,654.00 per month
3. Option to Extend
Lessee shall have the option to extend this Lease for one additional
one-year term commencing February 1, 1999 at $23,478.00 per month under the same
terms and conditions provided Lessee has fulfilled in a timely manner all of the
terms and conditions of this Lease. Notice of Lessee's intent to exercise this
option must be received by July 31, 1998 if this option is to be exercised.
Furthermore, Lessee shall have a second extension option to extend this
Lease for one additional one-year term commencing at the expiration of the first
extension option at a rental of $23,478.00 per month under the same terms and
conditions provided Lessee has fulfilled in a timely manner all of the terms and
conditions of the Lease. Notice of Lessee's intent to exercise this option must
be received by July 31, 1999.
4. Except as expressly amended herein, the Lease is in all respects
ratified and confirmed and all the covenants, agreements, terms, provisions and
conditions thereof shall be and remain in full force and effect.
IN WITNESS WHEREOF, Lessor and Lessee have duly executed this Amendment to
Lease as of the day and year first above written.
X.X. XXXXXXX
BY
XXXXXXXXX X. XXXXXXX
BY
LESSEE
Signed, sealed and delivered
in the presence of:
Witness
SOUTHERN ELECTRONICS DISTRIBUTORS, INC.
(SEAL)
BY
LESSOR
Signed, sealed and delivered
in the presence of:
Witness
