AMENDMENT No. 1 TO LEASE AGREEMENT
EXHIBIT 10.5
AMENDMENT No. 1 TO LEASE AGREEMENT
This Amendment No. 1 to Lease Agreement (the “First Amendment”) is made and entered into
this 10th day of June, 2002, by and between San Antonio Technology Center Corporation, a
Delaware Corporation, as successor to Medical Plaza Partners, Ltd. (the “Landlord”) and Pan
American Acceptance Corporation, (the “Tenant”).
WITNESSETH:
WHEREAS, Landlord and Tenant have entered into that certain Lease Agreement dated
February 18, 1997, for the premises consisting of 17,082 rentable square feet located at 0000
Xxxx Xxxxx Xxxxx, Xxxxxx 0000 and 0000, Xxx Xxxxxxx, Xxxxx, and,
WHEREAS, the Lease is incorporated herein by reference; and
WHEREAS, Landlord and Tenant desire to amend and revise the Lease as hereinafter set forth.
NOW, THEREFORE, the parties hereto agree that effective July 1, 2002, the Lease Agreement is
amended as follows:
1.)
PREMISES: Effective July 1, 2002 the Premises as described in the above mentioned Lease Agreement shall hereby be expanded by 1,009 RSF and be defined
as Suite 1220 for a new total of 18,091 RSF as shown on Exhibit “A-1”:
2.) BASIC RENT: Commencing July 1, 2002 the “Basic Rent” as stated in
Paragraph 2.1 of the Lease Agreement shall be as follows:
| July 1, 2002 - June 30, 2007 | $21,815.23 per month |
3.) BROKERAGE: Landlord and Tenant each warrant to the other that it has not
dealt with any broker or agent in connection with the negotiation or execution of this
Amendment other than Xxxxxxxx Xxxx Central Texas, Ltd. and The Pinnacle Group, • whose
commission shall be paid by Landlord pursuant to separate written agreements related
thereto. Tenant and Landlord shall each indemnify the other against all costs,
expenses, attorneys’ fees, and other liability for commissions or other compensation
claimed by any other broker or agent claiming the same by, through, or under the
indemnifying party.
6.)
RATIFICATION: Tenant hereby ratifies and confirms its obligations under the Lease, and represents and warrants to Landlord that it has no defenses thereto.
Additionally, Tenant further confirms and ratifies that, as of the date hereof, (a)
the Lease is and remains in good standing and in full force and effect, (b) Tenant
has no claims, counterclaims, set-offs or defenses against Landlord arising out of
the Lease or in any way relating thereto or arising out of any other transaction
between Landlord and Tenant, and (c) except as expressly provided for in this
Amendment, all tenant finish-work allowances provided to Tenant under the Lease or
otherwise, if any, have been paid in full by Landlord to Tenant, and Landlord has no
further obligations with respect thereto, (d) Landlord has made no representations
or warranties with respect to the condition of the Premises.
7.) BINDING EFFECT: GOVERNING LAW: Except as modified hereby, the Lease
shall remain in full effect and this Amendment shall be binding upon Landlord and
Tenant and their respective successors and assigns. If any inconsistency exists or
arises between the terms of the Lease and the terms of this Amendment, the terms of
this Amendment shall prevail. This Amendment shall be governed by the laws of the
State in which the Premises are located.
8.) COUNTERPARTS: This Amendment may be executed in multiple counterparts,
each of which shall constitute an original, but all of which shall constitute one
document.
9.) CONTIGENCY: This expansion is contingent upon the existing Tenant, eai
Healthcare Staffing Solutions, executing that certain document to terminate for the
same Leased Premises, In the event the termination has not been executed by Tenant no
later than May 31, 2002, occupancy shall occur thirty (30) days after the execution of
amendment to terminate.
10.) TERMINATION: Provided Tenant is not in default under this Lease, Tenant
shall have the one (1) time option to terminate the 1,009 square foot area as shown on
Exhibit “A-1” on January 1, 2005 by delivery of the following to Landlord not less
than one hundred eighty (180) days prior to the Termination Date: (i) written notice
of Tenant’s election to terminate (“Termination Notice”); (ii) payment of the
unamortized commissions. For the purposes hereof, the Unamortized Cost of the
Commissions shall mean the unamortized cost on a five (5) year amortization at ten
(10%) percent interest, as of the date of the Termination Notice of the total amount
of commissions paid by Landlord in connection with this Lease which shall equal
$4,994.55. Therefore, the total amount due to Landlord at Termination Notice will be
$2,806.55. Tenant’s failure to timely deliver to Landlord the Termination
Notice and the payments described in clauses (i) and (ii) in accordance with this
paragraph shall constitute Tenant’s election not to terminate this Lease and Tenant
shall have no further options to terminate this Lease pursuant hereto.
11.) TENANT IMPROVEMENTS: Tenant shall be allowed to allocate all or a portion of their
refurbishment allowance described in Exhibit J, paragraph 3 of the Lease dated February
18, 1997, to the expansion space. All costs associated with the expansion shall be
deducted from Tenant’s refurbishment allowance. These costs shall only include the
finishout costs and architectural fees. All construction shall be constructed by
Landlord’s approved contractor upon receipt of final plans by Tenant.
Except as an amended herein, the Lease shall remain in full force and effect and Landlord and
Tenant hereby ratify and affirm the Lease as amended by this instrument.
EXECUTED this day and year first above written.
| LANDLORD: | TENANT: | |||||||||
| San Antonio Technology Center Corporation, a Delaware Corporation |
Pan American Acceptance Corporation | |||||||||
By:
|
Lend Lease Real Estate Investments, Inc. | |||||||||
Its:
|
Advisor | |||||||||
By:
|
/s/ Xxxxx Xxxxxx | By: | /s/ Xxx Xxxxxxxxx | |||||||
| Name: Xxxxx Xxxxxx | Name: Xxx Xxxxxxxxx | |||||||||
| Title: Vice President | Title: President | |||||||||
