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Exhibit 10.63
FOURTH AMENDMENT TO LEASE
This FOURTH AMENDMENT TO LEASE ("Fourth Amendment") is made as of September
11, 1997 by and between the TRUSTEES OF 00 XXXXX XXXXXX TRUST under Declaration
of Trust dated September 10, 1970, recorded with Suffolk Deeds, Book 8389, Page
286, as amended, with an address of c/x Xxxx Management Services, 00 Xxxxx
Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000 ("Landlord"), and THE PIONEER GROUP, INC.,
having a mailing address of 00 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000
("Tenant").
RECITALS
WHEREAS, Landlord and Tenant entered into a lease dated as of July 3, 1991,
as amended by a certain First Amendment to Lease dated as of January 31, 1994,
as further amended by a certain Second Amendment to Lease dated September 30,
1996, and as further amended by a certain Third Amendment to Lease dated
November 15, 1996 (collectively, the "Lease"), for certain space ("Premises")
on the 3rd, 4th, 5th, 6th, 17th, 18th and 19th floors of the building commonly
known as 00 Xxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx (the "Building");
WHEREAS, by Memorandum of Understanding dated as of August 28, 1997,
Landlord and Tenant have agreed that Tenant shall lease certain additional space
consisting of approximately 11,850 rentable square feet of space on the 14th
Floor of the Building, shown as the "Floor 14 Premises" on the floor plan
attached hereto as Fourth Amendment Exhibit A and incorporated herein; and
WHEREAS, Landlord and Tenant desire to amend the Lease to include the Floor
14 Premises within the Premises and to amend certain terms and conditions of the
Lease as described below.
AGREEMENT
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which are acknowledged
and agreed, Landlord and Tenant hereby agree that Landlord shall lease to
Tenant, and Tenant shall lease from Landlord, the Floor 14 Premises on the
following terms and conditions:
1. TERM: The Term for the Floor 14 Premises shall commence on January 1,
1998 and shall expire on December 30, 2003, unless earlier terminated
as set forth in the Lease. Tenant shall have no option to renew the
Lease with respect to the Floor 14 Premises.
2. ANNUAL FIXED RENT FOR INITIAL TERM AND ADDITIONAL RENT. Annual Fixed
Rent for the Floor 14 Premises shall be $22.65 per rentable square
foot. Tenant shall pay additional rent for the Floor 14 Premises on
the same terms and conditions as provided in the Lease for the initial
Premises, which additional rent is currently estimated at $12.35 per
rentable square foot.
3. LANDLORD'S WORK ON THE FLOOR 14 PREMISES. Notwithstanding any
provisions of the Lease to the contrary, without limitation, Sections
3.1 and 3.6, the Floor 14 Premises shall be delivered to Tenant
broom-clean and in their then "AS IS" condition.
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4. TENANT'S WORK ON THE FLOOR 14 PREMISES. Commencing on January 1, 1998,
Tenant shall have the right to construct improvements to the Floor 14
Premises, either on its behalf or on behalf of a subtenant as set
forth below, subject to Landlord's approval of Tenant's plans and
specifications, which approval shall not be unreasonably withheld or
delayed, and subject to the other terms and conditions of the Lease
including Section 3.5. All Tenant improvements to the Floor 14
Premises shall be performed at Tenant's sole cost and expense, and
Landlord shall not be obligated to reimburse or othrewise compensate
Tenant for such improvements.
5. ADDITIONAL PARKING SPACES. Commencing on January 1, 1998, Tenant shall
be entitled to occupy three (3) additional non-reserved parking spaces
in the Building garage at the then current market rates charged by the
garage operator. Tenant shall enter into a separate parking agreement
with the garage operator with respect to the foregoing three
additional parking spaces.
6. SUBLETTING THE FLOOR 14 PREMISES. Subject to the terms and conditions
herein set forth and set forth in the Lease, Tenant shall have the
right to sublet all or a portion of the Floor 14 Premises, provided
(i) the proposed subtenant and the proposed use of the Floor 14
Premises is not inconsistent with the first-class character and
quality of the Building, and (ii) Tenant gives Landlord written notice
of the name of the proposed subtenant, the term of the proposed
subletting and any leasehold improvements to be made in connection
therewith. Notwithstanding any such subletting, Tenant shall remain
primarily liable under the Lease with respect to the Floor 14
Premises.
7. NO EFFECT ON PRIORITY OF TENANT'S RIGHTS. It is hereby understood and
agreed that the leasing of the Floor 14 Premises by Tenant shall in no
way affect the priority of Tenant's rights with respect to any other
space in the Building set forth in the Lease.
8. CAPITALIZED TERMS. Capitalized terms used herein but not defined shall
have the meanings ascribed to them in the Lease.
9. RATIFICATION. Except as amended hereby, the terms and conditions of
the Lease shall remain unaffected and the Lease shall remain in full
force and effect.
10. CONTINGENCIES. This Fourth Amendment to Lease is specifically
contingent upon (i) the receipt by Landlord of a written waiver by
Xxxx and Xxxx of its superior rights to the Floor 14 Premises, and
(ii) the delivery of the Floor 14 Premises from ITT/Sheraton
Corporation to Landlord on or before January 1, 1998.
[SIGNATURES ON FOLLOWING PAGE]
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EXECUTED under seal as of the date first set forth above.
LANDLORD: TRUSTEES OF 00 XXXXX XXXXXX TRUST
By: /s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx, as Trustee of 00 Xxxxx
Xxxxxx Trust, for self and co-Trustees
but not individually
TENANT: THE PIONEER GROUP, INC.
By: /s/
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its VICE PRESIDENT
hereunto duly authorized
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FOURTH AMENDMENT EXHIBIT A
Plan of Floor 14 Premises
[FLOOR LAYOUT]
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CONSENT OF LENDERS
The undersigned hereby acknowledge notice of the Fourth Amendment to Lease
between the Trustees of 00 Xxxxx Xxxxxx Trust and The Pioneer Group, Inc. dated
as of September __, 1997 and consent thereto.
TRUST COMPANY OF THE WEST, a
California corporation, as trustee for
TCW REALTY FUND VA, as tenant in common
By /s/
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Authorized Signatory
By: /s/
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Authorized Signatory
TCW REALTY FUND VB, a California
limited partnership, as tenant in common
By: TCW ASSET MANAGEMENT COMPANY,
a California corporation, as General
Partner
BY: /s/
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Authorized Signatory
BY: /s/
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Authorized Signatory
By: WESTMARK REALTY ADVISORS L.L.C.,
a Delaware limited liability company,
as General Partner
BY: /s/
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Authorized Signatory
BY: /s/
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Authorized Signatory
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TEACHERS INSURANCE AND ANNUITY ASSOCIATION XXXX XXXXXX
COLLEGE RETIREMENT EQUITIES FUND Sr. Investment Analyst
000 Xxxxx Xxxxxx Telephone: (000) 000-0000
Xxx Xxxx, XX 00000 Fax: (000) 000-0000
December 4, 1997
Xxxxxx X. Xxxxxxxx
Xxxx Real Estate Service
00 Xxxxx Xxxxxx
Xxxxx 0000
Xxxxxx, Xxxxxxxxxxxxx 00000
Re: TIAA Appl. #MA-438
Mortgage #000386700,01
Xxxxx Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx
Dear Xxxxxx:
Please be advised that TIAA hereby approves the following lease amendment
for the captioned property:
FOURTH AMENDMENT TO LEASE, DATED SEPTEMBER 11, 1997, BETWEEN THE
TRUSTEES OF 60 STATE STREET TRUST AND THE PIONEER GROUP.
Please feel free to call if you have any questions.
Sincerely,
/s/ Xxxx Xxxxxx
Xxxx Xxxxxx
