10.95
LEASE EXTENSION AGREEMENT
THIS LEASE EXTENSION AGREEMENT ("Agreement") is made and entered into this
____ day of _____________________, 2001, by BRESMIRO ASSOCIATES, L.L.C., a North
Carolina limited liability company ("Landlord"), and QUAKER FABRIC CORPORATION
OF FALL RIVER, a Massachusetts corporation ("Tenant").
WITNESSETH:
WHEREAS, Tenant is a party to a certain Lease (the "Lease") dated April 1,
1996, with C&M Investments of High Point, Inc. for certain premises (the
"Premises") located at 0000 Xxxx Xxxx Xxxxx, Xxxxxxxxxxx, Xxxxx Xxxxxxxx 00000,
as more particularly described in the Lease; and
WHEREAS, Landlord heretofore acquired title to the Premises from C&M
Investments of High Point, Inc., received an assignment of the Lease, and is now
the "Landlord" under the Lease for all purposes; and
WHEREAS, the initial term of the Lease is scheduled to expire on July 31,
2001; and the parties desire to enter into this Agreement in order to extend the
said term for an additional period of three years upon the terms and conditions
hereinafter set forth;
NOW, THEREFORE, in consideration of the foregoing premises and of the
mutual covenants hereinafter set forth, the parties hereby agree as follows:
1. Renewal Term. The term of the Lease shall be, and hereby is, extended
for an additional period of three (3) years, beginning on August 1, 2001, and
expiring on July 31, 2004, both dates inclusive (the "Renewal Term").
2. Rental. During the Renewal Term, Tenant shall pay to Landlord, as
rental for the Premises, without notice or demand therefor, rental in the amount
of (a) Thirty-Four Thousand Five Hundred Dollars ($34,500.00) per year during
the first year of the Renewal Term, payable in equal monthly installments of Two
Thousand Eight Hundred Seventy-Five Dollars ($2,875.00) per month, (b)
Thirty-Five Thousand Five Hundred Thirty-Five Dollars ($35,535.00) per year
during the second year of the Renewal Term, payable in equal monthly
installments of Two Thousand Nine Hundred Sixty-One and 25/100 Dollars
($2,961.25) per month, and (c) Thirty-Six Thousand Six Hundred Dollars
($36,600.00) per year during the third year of the Renewal Term, payable in
equal monthly installments of Three Thousand
Fifty and 09/100 Dollars ($3,050.09) per month. Rental payments shall be payable
in advance on the first day of each month, and any rental payments received
after the 10th day of the month shall carry a late fee of One Hundred
Twenty-Five Dollars ($125.00). Any check issued by Tenant that is returned
marked "Non-Sufficient Funds", "NSF", or similar designation shall carry a
service fee of One Hundred Dollars ($100.00).
3. Renewal. Landlord grants to Tenant the right, privilege, and option to
extend the lease term for an additional period of three (3) years after the
expiration of the Renewal Term, provided that Tenant is not then in default in
the rent or any other of the covenants contained in the Lease. The additional
term of three (3) years shall begin immediately upon the expiration of the
Renewal Term upon notice in writing to Landlord of Tenant's exercise of such
option, such notice to be given at least one hundred twenty (120) days prior to
the expiration of the Renewal Term. All of the terms and provisions of the
Lease, as modified by this Agreement, shall be applicable during the renewal
period, except that Tenant shall pay annual rental for the Premises during each
year of such renewal period equal to the annual rental in effect during the
immediately preceding lease year plus three percent (3%), payable in equal
monthly installments in advance on the first day of each month.
4. Deletion of Article 4. Article 4 of the Lease is hereby deleted in its
entirety.
5. Notice Address. Article 18 of the Lease is hereby amended to provide
that Landlord's address for notices under the Lease is: 000 Xxxxxxxx Xxxxx,
Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000.
6. Improvements to Premises. In connection with the extension of the lease
term hereunder, Tenant has requested certain repairs and improvements to the
Premises, and Landlord has agreed to make certain of the repairs and
improvements requested by Tenant. The parties acknowledge and agree that set
forth on Exhibit A attached hereto is a list of each repair and improvement
requested by Tenant and the status thereof as of the date of this Agreement.
7. Ratification of Lease. Except as hereby modified and extended, the
Lease shall continue in full force and effect in accordance with its terms.
8. Miscellaneous. This Agreement contains the entire understanding of the
parties regarding the subject matter hereof and there are no conditions
precedent to its effectiveness or collateral understandings with respect to its
subject matter. This Agreement may not be modified except by a writing signed by
the parties. This Agreement shall be binding upon, and inure to the benefit of,
the parties hereto and their successors and assigns; provided, however, that the
assignment of the Lease is governed by Article 16 thereof. The Lease and this
Agreement shall be governed by North Carolina law.
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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the
day and year first above written.
BRESMIRO ASSOCIATES, L.L.C.
By:_________________________________(SEAL)
Xxxxxx Xxxxxxx, Manager
QUAKER FABRIC CORPORATION OF FALL RIVER
By:______________________________________
Xxxx Xxxxxxx, Vice President
ATTEST:
________________________________
______ Secretary
[CORPORATE SEAL]
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EXHIBIT A
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ITEM STATUS
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Awnings over both dock doors Agreed to by Landlord. Ordered from Sunmaster, and
installation is pending.
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Parking lot Landlord has agreed to re-gravel as necessary as
required by Tenant.
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Window into warehouse Agreed to by Landlord. Installation has been completed.
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Window into main office Agreed to by Landlord. Installation has been completed.
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Thicker panels on walls Not agreed to by Landlord. Present wall covering is
acceptable to Xxxx Xxxxxx.
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Cracks in concrete Repairs agreed to by Landlord. Repairs have been
completed.
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Large fan in wall Agreed to by Landlord, provided Tenant pays 1/2 of
expense. Job quoted at $1,400. Fan ordered and
installation pending.
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Thicker, more insulated dock and roll up doors Not agreed to by Landlord. Present doors are acceptable
to Xxxx Xxxxxx.
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Light bank over cut table Agreed to by Landlord. Contract entered into with
electrician to perform this work. Work pending.
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New bumper pads on 2 dock doors Agreed to by Landlord. Work contracted for, and
installation is pending.
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New pad around farthest dock door Not agreed to by Landlord. Xxxx Xxxxxx agrees that
installation of awnings makes this unnecessary.
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