THIRD AMENDMENT TO LEASE
THIS THIRD AMENDMENT TO LEASE (hereinafter "Third Amendment"), entered
into this 22nd day of December, 1998 by and between Exchange Center, L.L.C.
(hereinafter called "Landlord"), and Fingerhut Financial Services Corporation, a
Minnesota Corporation, (hereinafter called "Tenant").
RECITALS
WHEREAS, Landlord is the successor to the interest of 4500 Exchange
Tower under said Lease; and shall be known thereafter as Landlord.
WHEREAS, Metris Direct, Inc. is the successor to the interest of Tenant
under said Lease, and shall be known thereafter as Tenant.
WHEREAS, Landlord's predecessor, 1991 Exchange Limited Partnership, and
Tenant entered into a Lease Agreement dated October 31, 1995 (herein called the
"Base Lease"), covering office space on the 3rd floor of the building commonly
known as 4500 Exchange Tower, located at 0000 Xxxxx Xxxxxxx, Xxxxx, Xxxxxxxx,
known as Suite 300 (the "Premises") consisting of approximately 17,590 net
rentable square feet of space; and
WHEREAS, the Base Lease was subsequently modified and amended by a
written instrument dated February 14, 1996, entitled, "First Amendment To Lease"
by and between Tenant and Landlord's predecessor, 1991 Exchange Limited
Partnership, which among other things, permitted tenant to expand the Premises
by approximately 17,120 net rentable square fee; and
WHEREAS, the Base Lease, as amended, was subsequently modified and
amended by a written instrument dated April 20, 1998, entitled "Second Amendment
to Lease" by and between Tenant and Landlord, which among other things permitted
Tenant to expand the Premises by approximately 1,004 net rentable square fee
(the Base Lease, First Amendment to Lease, and Second Amendment to Lease are
hereafter collectively referred to as the "Lease"); and
WHEREAS, Landlord and Tenant desire to amend and modify the Lease in
order to extend the Lease Term and set forth certain other understandings and
agreements as between Landlord and Tenant in accordance with the specific terms
and conditions hereafter provided; and
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants contained
herein and in said Lease the parties hereto agree as follows:
1. The provisions of this Third Amendment shall supersede any
inconsistent provisions contained in the Lease, regardless of
whether such inconsistent provisions are contained in the
printed portion of the Lease or any rider or addendum annexed
hereto and made a part thereof. All capitalized items are not
otherwise defined herein shall have the same meanings
ascribed to them in the Lease.
2. The Lease Term is hereby extended to expire at midnight on the 31st
day of December, 1999.
3. Effective from and after January 1, 1999, Base Rental shall be as
follows:
01/01/99 - 12/31/99 $31,249.75/monthly
4. Tenant represents and warrants to Landlord that it has not
engaged a broker in connection with the negotiation of and
entry into this Third Amendment. Tenant agrees hereby to
indemnify, defend and save Landlord harmless from all
liabilities arising form any losses arising from or relating
to Tenant's breach of this warranty.
5. This Third Amendment shall not constitute an agreement by
Landlord or Tenant and shall not be binding upon Landlord or
Tenant unless and until this Third Amendment shall be executed
by Landlord and Tenant and shall be delivered by Landlord to
Tenant.
6. This Third Amendment may not be changed orally, and shall be
binding upon and shall inure to the benefit of the parties to
it, their respective heirs, successors and, as permitted,
their assigns.
7. Tenant accepts the Demised Premises in their present "as-is"
condition as suitable for Tenant's occupancy thereof, provided
that Landlord, at Landlord's sole cost and expense, shall
provide the following Tenant Improvements:
(1.) Install new carpet and rubber cove base in the third (3rd)
and fifth (5th) floor elevator lobbies per Tenant's
specifications, not to exceed $22.00 per yard.
(2.) Install new carpet and rubber cove base in the third 93rd)
floor reception area per Tenant's specifications, not to
exceed $22.00 per yard.
(3.) Install new wallpaper in the third (3rd) floor conference room per Tenant's
specifications.
(4.) Install two (2) door units with side light window units in the third
(3rd) floor reception areal
Landlord shall complete these Tenant Improvements on or before
April 30, 1999.
It is further understood that the unused portion of the Tenant
Improvement Allowance that is discussed in the "Option to
Renew" provision of the Addendum to Lease dated October 31,
1995 shall be forfeited and no longer available to Tenant in
the future.
Any additional alterations shall be at Tenant's sole cost and
expense with prior approval by Landlord.
8. It is agreed and confirmed that Tenant's Premises contain
approximately 35,714 net rentable square fee.
9. Effective from and after January 1, 1999, Landlord hereby
releases Fingerhut Financial Services Corporation from any and
all financial obligations relating to the Lease, however, such
release shall not release or discharge Fingerhut Financial
Services Corporation from any obligation that has accrued
hereunder prior to January 1, 1999.
EXCEPT as amended herein, the Lease shall remain in full force and
effect.
IN WITNESS HEREOF, Landlord and Tenant have duly executed this Third
Amendment to Lease as of the day and year first above written.
LANDLORD
Exchange Center, L.L.C.,
by and through its agent
P & H Properties, L.L.C.
/s/Xxxxxx X. Xxxxxxxx
By: Xxxxxx X. Xxxxxxxx
Title: Member
TENANT
Metris Direct, Inc.,
a Minnesota Corporation
/s/Xxxxxx X. Xxxxxx
By: Xxxxxx X. Xxxxxx
