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MODIFICATION AND RATIFICATION OF LEASE
This Modification and Ratification of Lease is made and entered into,
effective the 24th day of July, 1995, between THE WOODLANDS CORPORATION (Lessor)
and CHAMPION COMMUNICATIONS SERVICES, INC. (Lessee) for and in consideration of
One Dollar ($1.00), and other good and valuable consideration.
W I T N E S S E T H:
1. Lessor and Lessee hereby confirm and ratify (as modified below) all of
the terms, conditions and covenants in that certain Lease Agreement dated
November 10, 1994, modified by Modification and Ratification of Lease dated
April 4, 1995, under which Lessee has leased 4,629 square feet of net rentable
area in that building located at 0000 Xxxxxxxxx Xxxxx, Xxxxx 000, Xxx
Xxxxxxxxx, Xxxxxxxxxx Xxxxxx, Xxxxx.
2. Lessor and Lessee agree that effective August 1, 1995 ("Expansion Area
Effective Date"), the area of the Premises shall be increased by 812 square
feet of net rentable area ("Expansion Area") which Expansion Area is outlined
on attached Exhibit "A", changing the size of the Premises to 5,441 square feet
of net rentable area.
3. Lessor and Lessee agree that, effective on the Expansion Area Effective
Date, the Base Rent, as set out in Section 5 of the Lease Agreement, shall be
as follows:
Period Monthly Base Rent
------ -------------------
August 1, 1995 through November 30, 1997 $4,935.00 per month
December 1, 1997 through December 31, 1999 $5,287.67 per month
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4. Lessor agrees to make alterations and improvements ("Improvements") to
the Expansion Area, upon the terms set forth in Exhibit "B" attached hereto.
5. Lessee, contemporaneously with the execution of this Lease has deposited
with Lessor the sum of eight hundred seventy-nine and 67/100 ($879.67) as
additional Security Deposit, to be held subject to the terms of Section 4. of
the Lease.
SIGNED this the 23 day of June, 1995, at The Woodlands, Texas.
LESSOR:
THE WOODLANDS CORPORATION
BY: /s/ XXXX X. XXXXXX
-----------------------------------
NAME: Xxxx X. Xxxxxx
---------------------------------
TITLE: Vice President-
Investment Properties
LESSEE:
CHAMPION COMMUNICATIONS SERVICES, INC.
BY: /s/ XXXXX X. XXXXXX
-----------------------------------
Name: Xxxxx X. Xxxxxx
Title: President
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[MAP OF THE WOODSTEAD BUILDING]
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EXHIBIT B
Champion Communications Services, Inc.
0000 Xxxxxxxxx Xxxxx, Xxxxx 000
Xxx Xxxxxxxxx, Xxxxx 00000
Re: Leasehold improvements for 812 rentable square feet (706 usable square
feet) of ("Expansion Area") space in a building known as 0000 Xxxxxxxxx
Xxxxx in The Woodlands, Texas.
Gentlemen:
Lessor is pleased to quote for your approval the cost of work necessary to
construct the proposed leasehold improvements in the above referenced space.
The cost of work is based upon the attached drawings dated June 6, 1995
Total Cost of Work $5,379.50
Lessor Allowance $5,379.50
Total Amount Due from Lessee $ -0-
=========
If Lessor further agrees to perform, at your request, any additional or
non-standard work over and above that specified on the attached plans, such
work shall be performed by Lessor, at your sole expense, as a tenant extra.
Prior to commencing any such work requested by you, Lessor will submit to you
written estimates of the cost of any such work. Within one (1) week from the
date of submission thereof by Lessor, you shall either provide written approval
of the estimate for construction, submit to Lessor revisions in the plans and
specifications, or notify Lessor that the work is no longer requested. You
agree to pay Lessor promptly upon being billed, therefore, the cost of all such
work, together with fifteen percent (15%) of the cost for Lessor's overhead.
You agree that in the event of default in payment thereof, Lessor shall (in
addition to all other remedies) have the same rights as in the event of default
of payment of rent under the Lease.
It is agreed that, notwithstanding the date provided in the Lease as the
effective date of the expansion, your obligation for the payment of increased
rental thereunder shall not commence until Lessor has substantially completed
all work to be performed by Lessor pursuant to this agreement; provided,
however, that if Lessor shall be delayed in substantially completing the work
as required hereunder as a result of:
*Lessor hereby agrees that if the total cost of work should exceed $5,379.50,
Lessee will either reduce the scope of work and reduce the cost to equal the
Lessor Allowance or Lessee agrees to pay the coverage amount in cash to Lessor
prior to occupancy of the Expansion Area.
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LEASEHOLD IMPROVEMENTS
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(a) Your failure to timely furnish the information and approval as and
when required;
(b) Your request for materials, finishes or installations other than
specified on plans attached;
(c) Your changes in approved plans or specifications; or
(d) The performance by a person, firm or corporation employed by you and
the completion of said work by said person, firm or corporation.
then the effective date of the expansion and the payment of increased rent
thereunder shall be accelerated by the number of days of such delay.
All monies due from you for leasehold improvements must be paid to Lessor
prior to your occupancy of your space.
Upon your approval as indicated below, Lessor will begin construction of
your leasehold improvements and estimate construction completion within 4 weeks
of commencement of construction.
Sincerely,
/s/ XXXXX X. XXXXXX 7/7/95 By: [ILLEGIBLE]
------------------- -------- -------------------------------
Tenant Acceptance Date Sales Director
[ILLEGIBLE]
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Director of
Tenant Improvements
