FIRST AMENDMENT TO LEASE AGREEMENT
Exhibit 10.2
FIRST AMENDMENT TO LEASE AGREEMENT
This First Amendment to the
Lease Agreement is made and entered into by and between the
Bowling Xxxxx-Xxxxxx County Industrial Park Authority, Inc., a Kentucky corporation,
(“LESSOR”);
and Stoody Xxxxxx Xxxxxxxx, Inc., a Delaware
corporation, (“LESSEE”); and
Thermadyne Industries, Inc., a Delaware corporation, and Thermadyne Holdings Corporation, a
Delaware corporation, (collectively referred to as “guarantor”);
FOR VALUE RECEIVED, the receipt and legal sufficiency of which is hereby
acknowledged, it is agreed as follows;
1. That the
Lease Agreement by and between the parties hereto shall be and is hereby amended
by deleting Subsections (a) and (b) of Article VII in their entireties and substituting there for
Subsections (a) and (b) and adding a new Subsection (e) to Article VII as follows:
(a) | Rent Commencement. The commencement date of the lease shall be the 1st day of July, 1991, (“COMMENCEMENT DATE”). Rent shall start on the 1st day of April, 1992, (“RENT COMMENCEMENT DATE”). | |
(b) | Rent. The Lessor and Lessee acknowledge that this lease is a “triple net” lease. Therefore, all costs, expenses and charges relating to the premises, except as expressly provided herein attributable to the premises after the commencement date shall be paid by the Lessee. For purposes of determining the rental amount to be paid by the Lessee, the lease during the initial term shall be divided into four (4) five (5) year periods. | |
On or before July 15, 1991, Lessee shall make an initial rental payment of $126,000.00. | ||
During the first nine (9) months of the first (1st) five (5) year period (Period 1) of this Contract, the base rental shall be abated. During the tenth (10th) through twelfth |
(12th) month of Period 1 the base rental shall be $63,000 per month. During the remainder of Period 1, the base rental shall be $65,672 per month or an annual base rent of $788,064 after the first twelve (12) months. | ||
At the end of each five (5) year period, the base rent for the next five (5) year period shall be adjusted (up or down) in accordance with the Consumer Price Index (the “CPI”) Changes from the first day of the prior five (5) year period to the first day of the current five (5) year period; provided, however, there shall be no adjustment beyond the fourth (4th) five (5) year period of the initial term. | ||
(e) | Soft-Cost Reimbursement. The Lessee agrees to reimburse Lessor for certain out of pocket indirect costs (the “Soft-Costs”) in an amount not to exceed Forty-Five Thousand Dollars ($45,000.00) on the Commencement Date upon presentation to Lessee of proof of payment by Lessor. As used herein the term “Soft-Costs” shall include legal expenses and appraisal fees. |
2. All remaining provisions of the lease agreement by and between the parties hereto,
including all amendments thereto, which are amended by this agreement and which are not in conflict
herewith, shall remain in full force and effect.
WITNESS the signatures hereon on the date first below written.
BOWLING XXXXX-XXXXXX COUNTY INDUSTRIAL PARK AUTHORITY, INC. |
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By: | /s/ Xxxxxx Xxxxxxx | |||
Xxxxxx Xxxxxxx, President |
ATTEST: |
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/s/ Xxxxxxx X. Xxxxxx | ||||
Xxxxxxx X. Xxxxxx, Secretary | ||||
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COMMONWEALTH OF KENTUCKY
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) | SS | |||||
COUNTY OF XXXXXX
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) |
The foregoing instrument was acknowledged before me this 20 day of June, 1991, by Xxxxxx Xxxxxxx
and Xxxxxxx X. Xxxxxx to me personally known, are the President and Secretary of Bowling
Xxxxx-Xxxxxx County Industrial Park Authority, Inc., a corporation, and that said instrument was
signed on behalf of said corporation by proper authority and the instrument was the act of the
corporation for the purposes stated above.
/s/ [ILLEGIBLE] | ||||
Notary Public | ||||
My Commission expires: 9-1-92 | ||||
STOODY XXXXXX XXXXXXXX, INC. |
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By: | /s/ XX Xxxx | |||
XX Xxxx, Vice President |
ATTEST: |
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/s/ W. Xxxxxx XxXxxx | ||||
W. Xxxxxx XxXxxx, Assistant Secretary | ||||
STATE OF MISSOURI
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) | SS | |||||
COUNTY OF ST. LOUIS
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) |
The foregoing instrument was acknowledged before me this 19th day of June, 1991, by XX Xxxx and W.
Xxxxxx XxXxxx to me personally known, are the Vice President and Assistant Secretary of Stoody
Xxxxxx Xxxxxxxx, Inc., a Delaware corporation, and that said instrument was signed on behalf of
said corporation by proper authority and the instrument was the act
of the corporation for the
purposes stated above.
/s/ XXXX X. XXXXXX | ||||
Notary Public | ||||
My Commission Expires: 5-10-95 | ||||
XXXX X. XXXXXX
NOTARY PUBLIC, STATE OF MISSOURI
MY COMMISSION EXPIRES 5/10/95
ST. LOUIS COUNTY
NOTARY PUBLIC, STATE OF MISSOURI
MY COMMISSION EXPIRES 5/10/95
ST. LOUIS COUNTY
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THERMADYNE INDUSTRIES, INC. |
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By: | /s/ XX Xxxx | |||
XX Xxxx, Vice President |
ATTEST: |
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/s/ W. Xxxxxx XxXxxx | ||||
W. Xxxxxx XxXxxx, Assistant Secretary | ||||
STATE OF MISSOURI
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) | |||||
) | SS | |||||
COUNTY OF ST. LOUIS
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) |
The
foregoing instrument was acknowledged before me this
19th day of June, 1991, by XX Xxxx and W.
Xxxxxx XxXxxx to me personally Known, are the Vice President and Assistant Secretary of Thermadyne
Industries, Inc., a Delaware corporation, and that said instrument was signed on behalf of said
corporation by proper authority and the instrument was the act of the corporation for the purposes
stated above.
XXXX X. XXXXXX
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/s/ XXXX X. XXXXXX | |||
NOTARY PUBLIC, STATE OF MlSSOURI
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Notary Public | |||
MY COMMISSION EXPIRES 5/10/95
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My Commission Expires: 5-10-95 | |||
ST. LOUIS COUNTY |
THERMADYNE HOLDINGS CORPORATION |
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By: | /s/ XX Xxxx | |||
XX Xxxx, Vice President | ||||
ATTEST: |
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/s/ W. Xxxxxx XxXxxx | ||||
W. Xxxxxx XxXxxx, Assistant Secretary | ||||
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STATE OF MISSOURI
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) | |||||
) | SS | |||||
COUNTY OF ST. LOUIS
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) |
The
forgoing instrument was acknowledged before me this
19th day
of June, 1991, by XX Xxxx and W.
Xxxxxx XxXxxx to me personally known, are the Vice President and Assistant Secretary of Thermadyne
Holdings Corporation, a Delaware corporation, and that said instrument was signed on behalf of said
corporation by proper authority and the instrument was the act of the corporation for the purposes
stated above.
XXXX X. XXXXXX
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/s/ XXXX X. XXXXXX | |||
NOTARY PUBLIC, STATE OF MlSSOURI
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Notary Public | |||
MY COMMISSION EXPIRES 5/10/95
|
My Commission Expires: 5-10-95 | |||
ST. LOUIS COUNTY |
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