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EXHIBIT 10.48
SECOND AMENDMENT TO LEASE
THIS SECOND AMENDMENT TO LEASE, effective January 1, 1999, by and
between 1471 Building Corporation ("Lessor") and Security Associates
International, Inc., a Delaware corporation ("Lessee") modifies and extends that
certain lease of the premises commonly known as 0000 X.X. 00xx Xxxxxx, Xxxxxxx
Xxxxx, Xxxxxxx 00000 (the "Leased Premises") as follows:
WHEREAS, the sublease dated December 29, 1996 by and between Xxxxxxx
Xxxxxxx and Xxxxxxxxx Xxxxxxx and Lessee (the "Sublease") was amended by a First
Amendment to Lease (the "First Amendment") executed on or about January 7, 1997
(the sublease as so amended is referred to as the "Lease"); and
WHEREAS, Lessor and Lessee have agreed to further amend the Lease as
set forth below.
NOW, THEREFORE, in consideration of the premises and the mutual
promises contained herein and in the Lease, the parties agree as follows:
1. Section 1.04 of the Lease is amended to read in its entirety as
follows: "Property: The entire building located at 0000 X.X. 00xx
Xxxxxx, Xxxxxxx Xxxxx, Xxxxxxx consisting of approximately 13,000
square feet; provided, however, that until September 1, 1999 the
Property shall not include the approximately 900 square feet being
leased to The Steritech Group, Inc.
2. Section 1.05 of the Lease is amended to provide that the term of
the Lease is extended December 31, 2003.
3. Section 1.13 is amended to provide that commencing January 1, 1999
Rent shall be $13,750 per month, plus applicable Florida sales
tax, payable in advance, provided, however, until September 1,
1999, the monthly rental shall be $12,850 per month.
4. Section 1.15 is amended so that (i) Lessee's option to extend the
term of the Lease for an additional five (5) years shall be for
the renewal period commencing January 1, 2004, provided that
Lessee gives written notice of its intention to extend no later
than six (6) months before the end of the term. All other
provisions of Section 1.15 shall remain in effect.
5. Section 3.01 is amended to provide that for a calendar year 1999,
Lessee's monthly payment for real estate taxes shall be $1,661 per
month and payments for property and casualty insurance and
maintenance fees shall be $525 per month, provided, however, that
until September 1, 1999, such payments shall be $1,395.24 and $441
per month, respectively. The provisions of Section 3.01 providing
for annual adjustments to the
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amounts payable by Lessee by reason of increase in real estate
taxes, insurance and maintenance fees shall remain in full force
and effect, but only with respect to increases beyond the amounts
assessed for calendar year 1999.
6. Paragraph 2 of the First Amendment (Utilities/Services) shall be
of no further effect. In its place Section 3.02 of the Sublease
shall be the effective provision governing the Lease, as of
January 1,1999, with the following modifications: The last
sentence of Section 3.02 shall read in its entirety as follows:
"Lessee shall supply sewer service and such refuse disposal and
water as is reasonably incident to Lessee's occupancy."
7. Section 5.03 is amended by replacing the first sentence of that
section with the following: "The Lessor, at the expense of the
Lessor, will keep the roof and the foundation of the Building in
good and serviceable condition and repair; provided, however, that
if the roof or foundation of said Building shall become in need of
repair, it shall be the duty of the Lessee to notify the Lessor of
such needed repair. The balance of Section 5.03 shall remain in
full force and effect.
IN WITNESS WHEREOF, Lessor and Lessee have executed this Second
Amendment to Lease, effective as of the day and year first written above.
LESSOR:
1471 BUILDING CORPORATION
By:
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Its:
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LESSEE:
SECURITY ASSOCIATES INTERNATIONAL, INC.
By: /s/ XXXXXX ZITTNO
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Its: CFO
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