AMENDMENT TO LEASE
Between
00 0xx Xxxxxx Associates ("Landlord")
and
Western Beef Mineola, Inc. ("Tenant")
Premises: 00 0xx Xxxxxx
Xxxxxxx, Xxx Xxxx
This Amendment is made and entered into this 1st day of February, 1997
("Effective Date") between 00 0xx Xxxxxx Associates, as Landlord and Western
Beef Mineola, Inc. ("Western"), as Tenant.
WHEREAS, on January 23, 1992, Landlord and Quarex, Inc. ("Quarex") entered
into a certain Lease Agreement ("Lease") for the building known as 00 0xx
Xxxxxx, Xxxxxxx, Xxx Xxxx.
WHEREAS, on January 30, 1997, Quarex, as Assignor, Western, as Assignee
and Western Beef, Inc. as Guarantor, with the approval of Landlord, entered into
a certain Assignment and Assumption of Lease whereby Quarex assigned to Western
all of Quarex's rights, title and interest in the Lease.
WHEREAS, 00 0xx Xxxxxx Associates, as Landlord, and Western Beef, Inc., as
Tenant, desire to amend the Lease as follows:
1. The Parties restate Paragraph 67 as follows:
"Provided the Tenant is not in default under any provisions of this
Lease, the Parties agree to extend the Lease Term for an additional
fifteen (15) year period to wit: February 1, 1997 through January
31, 2012."
Commencing February 1, 1997, through January 31, 1998, the annual
base rent shall be $446,698.44 ($37,224.87 per month). Thereafter
the annual base rent shall be as provided in Paragraph 42, below.
2. The Parties restate Paragraph 42 as follows:
"For the purposes of this Lease, "Lease Year" shall be deemed to be
the period from February 1st through January 31st. Commencing
February 1,
1998, and each year thereafter, such annual base rent shall be
adjusted in accordance with the provisions of this Article.
The annual base rent for each Lease Year shall be increased by five
(5%) percent of the prior Lease Year's rent. (Annexed hereto and
made a part hereof as Schedule "A" is the base rent schedule for the
term hereunder.)
Such percentage increase shall be multiplied by the then current
annual base rent to determine the amount required to be paid by the
Tenant as additional rent for the then current Lease Year. The
Landlord shall give the Tenant a written statement of the
calculation of the amount of any increase so determined prior to the
end of a Lease Year.
For each Lease Year, the annual base rent and increase thereto shall
be due and payable to the Landlord in twelve (12) equal monthly
installments beginning February 1st of each Lease Year (however in
the event increased to the annual base such accrued by unpaid
additional rent for any such month(s) subsequent to February 1st
shall be due with the next rent payment as herein provided).
Adjustments hereunder shall survive the termination of this Lease.
3. All other terms and conditions of the Lease, its Assignment and
Guaranty shall remain in full force and effect for term hereunder.
The Parties have signed this Lease Amendment as of the date and year first
written above.
LANDLORD
00 0XX XXXXXX ASSOCIATES
By: /s/ Xxxxxxx Xxxxxxxxxx
-------------------------
TENANT
WESTERN BEEF MINEOLA, INC.
By: /s/ Xxxxx Xxxxxxxxxx, Xx.
-------------------------
GUARANTOR
WESTERN BEEF, INC. (A Delaware Corporation)
By: /s/ Xxxxx Xxxxxxxxxx, Xx.
-------------------------
SCHEDULE A
BASE RENT SCHEDULE
MONTHLY YEARLY
YEAR RENT RENT
---- ---- ----
02/01/1998 - 01/31/1999 39,086.11 469,033.36
02/01/1999 - 01/31/2000 41,040.42 492,485.03
02/01/2000 - 01/31/2001 43,092.44 517,109.28
02/01/2001 - 01/31/2002 45,247.06 542,964.74
02/01/2002 - 01/31/2003 47,509.41 570,112.98
02/01/2003 - 01/31/2004 49,884.88 598,618.63
02/01/2004 - 01/31/2005 52,379.13 628,549.56
02/01/2005 - 01/31/2006 54,998.08 659,977.04
02/01/2006 - 01/31/2007 57,747.99 692,975.89
02/01/2007 - 01/31/2008 60,635.39 727,624.69
02/01/2008 - 01/31/2009 63,667.15 764,005.92
02/01/2009 - 01/31/2010 66,850.51 802,206.22
02/01/2010 - 01/31-2011 70,193.04 842,316.53
02/01/2011 - 01/31/2012 73,702.69 884,432.35
[Letterhead of Property Appraisal Services, Inc.]
Xx. Xxxxx Xxxxxxxxxx, Xx. March 4, 1997
Ant Realty Corp.
00-00 Xxxxxxxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
Re: 00 Xxxxxx Xxxxxx
Xxxxxxx, XX
Dear Xx. Xxxxxxxxxx:
In reference to the above mentioned property, as indicated in our April 1996
appraisal of the property, the Fair Market Rental Value is $15 per square foot
or $677,835 per year, based upon a "Net" lease where the tenant pays all
operating costs and increases in fixed costs over the base year. A typical lease
would be for 10 years with 4 percent annual increases.
If you have any additional questions, please do not hesitate to contact us.
Very truly yours,
/s/ Xxxxxxx X. Xxxxxxxxx /s/ P. Xxxx Xxxxxxx
Xxxxxxx X. Xxxxxxxxx, XXX X. Xxxx Xxxxxxx, ASA
NYS certified General NYS Certified General
Appraiser #46-2882 Appraiser #46-670
[Letterhead of The Xxxxxxx X. Xxxxxxx Law Firm]
March 25, 1997
VIA OVERNIGHT MAIL
Western Beef, Inc.
00-00 Xxxxxxxxxxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxx 00000
Attn: Xxxxxxx Xxxxxxxxxx
Re: 00 0xx Xxxxxx, Xxxxxxx, Xxx Xxxx
Dear Santino:
Enclosed herewith please find revised Lease Amendment and Assignment and
Assumption of Lease in accordance with our telephone conversations today.
I will contact you tomorrow around 12:00 p.m. to discuss the Xxxxxxx
Lease.
Should you require anything additional with respect to this matter, please
do not hesitate to contact me.
Very truly yours,
/s/ Xxxxxxx X. XxXxxxx
Xxxxxxx X. XxXxxxx
PVD:jm
enclosure
