SECOND LEASE MODIFICATION
Exhibit
10.55
THE
LEASE AGREEMENT
dated
January 28, 2003 and modified thereafter, by and between AMERICAN
CENTER LLC,
a
Michigan Limited Liability Company f/k/a
AMERICAN CENTER ACQUISITION, LLC, a
Michigan Limited Liability Company (the “Landlord”), and
LDMI TELECOMMUNICATIONS INC., a
Michigan corporation (the “Tenant”) for Xxxxxx
#000, #000 and #1660 consisting
of 39,594 rentable square feet (the “Premises” or “demised premises”) in the
AMERICAN
CENTER (the
“Building”) 00000 Xxxxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxxx 00000 (the “Project”) is
hereby modified as follows:
1.
|
Tenant
shall lease Storage Space #7 and Storage Space #8 (the “Storage Space”)
consisting of 250 square feet (as marked on Exhibit “A”) for a term of ten
years, six months to become effective June 1, 2003 and expire November
30,
2013.
|
2. DELETION
OF CERTAIN TERMS AND CONDITIONS - Section
1.01 (g), BASE RENT, of the Lease dated January 28 2003 and modified thereafter,
is deleted in its entirety and replaced with the following:
The
Base
Monthly Rent shall be:
Date
|
Existing
|
Storage
Space
|
Total
Monthly Base Rent
|
Period
Base Rent
|
6/1/03
- 5/31/04
|
$68,464.62
|
$229.17
|
$68,693.80
|
$824,325.60
|
6/1/04
- 5/31/05
|
$70,114.38
|
$239.58
|
$70,353.96
|
$844,247.52
|
6/1/05
- 5/31/06
|
$71,764.13
|
$250.00
|
$72,014.13
|
$864,169.56
|
6/1/06
- 5/31/07
|
$75,063.63
|
$260.42
|
$75,324.05
|
$903,888.60
|
6/1/07
- 5/31/08
|
$76,713.38
|
$270.83
|
$76,984.21
|
$923,810.52
|
6/1/08
- 5/31/09
|
$78,363.12
|
$281.25
|
$78,644.38
|
$943,732.56
|
6/1/09
- 5/31/10
|
$80,012.88
|
$291.67
|
$80,304.55
|
$963,654.60
|
6/1/10
- 5/31/11
|
$81,662.63
|
$302.08
|
$81,964.71
|
$983,576.52
|
6/1/11
- 5/31/12
|
$83,312.37
|
$312.50
|
$83,624.88
|
$1,003,498.56
|
6/1/12
- 5/31/13
|
$84,962.13
|
$322.92
|
$85,285.05
|
$1,023,420.60
|
6/1/13
- 11/30/13
|
$84,962.13
|
$322.92
|
$85,285.05
|
$511,710.30*
|
|
|
|
Aggregate
|
$9,790,034.94
|
*
total
is for six months
3. Effective
upon the date of this Second Lease Modification, the Existing Office Space
consisting of 37,398 usable / 39,594 rentable square feet of Office Space
together with the Storage Space consisting of 250 usable square feet shall
be
called the Premises.
4. The
Base
Year shall remain 2004. The Tenant’s Proportionate Share shall
remain:
Tenant’s
Proportionate Share of Operating
Expenses, Utilities and Taxes:
39,594
Rentable
square feet in the Premises divided by
488,465
Rentable
square feet in the Building = 8.1058%
Tenant’s
Proportionate Share of Office
Tower Space Cleaning:
39,594
Rentable
square feet in the Premises divided by
442,370
Rentable
square feet in the Building 8.9504%
6.
DELETION OF CERTAIN TERMS AND CONDITIONS - Section
D4.02, Deferral of Base Rent, of the Lease dated January 28, 2003 and modified
thereafter, is deleted in its entirety and replaced with the
following:
Deferral of
Base Rent - The
amounts defined in the table below the “Deferred Rent”, of the Base Rent due for
each Deferral Period will be paid according to Paragraph D4.03 of the Lease,
and
the balance of the Base Rent will be paid according to the Lease.
For
Deferral Periods
(defined
above)
|
DEFERRED
RENT
|
First
Deferral Period
|
$68,693.80,
the "First Deferred Rent"
|
Second
Deferral Period
|
$68,693.80,
the "Second Deferred Rent"
|
Third
Deferral Period
|
$68,693.80,
the "Third Deferred Rent"
|
Fourth
Deferral Period
|
$68,693.80,
the "Fourth Deferred Rent"
|
Fifth
Deferral Period
|
$68,693.80,
the "Fifth Deferred Rent"
|
Sixth
Deferral Period
|
$68,693.80,
the "Sixth Deferred Rent"
|
Seventh
Deferral Period
|
$68,693.80,
the "Seventh Deferred Rent"
|
Eighth
Deferral Period
|
$68,693.80,
the "Eighth Deferred Rent"
|
Ninth
Deferral Period
|
$68,693.80,
the "Ninth Deferred Rent"
|
Tenth
Deferral Period
|
$68,693.80,
the "Tenth Deferred Rent"
|
Eleventh
Deferral Period
|
$68,693.80.
the “Eleventh Deferred Rent”
|
Twelfth
Deferral Period
|
$68,693.80,
the “Twelfth Deferred Rent”
|
Thirteenth
Deferral Period
|
$35,176.98,
the " Thirteenth Deferral Rent"
|
Fourteenth
Deferral Period
|
$35,176.98,
the "Fourteenth Deferral Rent"
|
Fifteenth
Deferral Period
|
$70,353.96,
the "Fifteenth Deferral Rent"
|
Sixteenth
Deferral Period
|
$35,176.98,
the "Sixteenth Deferral Rent"
|
Seventeenth
Deferral Period
|
$35,176.98,
the "Seventeenth Deferral Rent"
|
Eighteenth
Deferral Period
|
$70,353.96,
the "Eighteenth Deferral Rent"
|
Nineteenth
Deferral Period
|
$35,176.98,
the "Nineteenth Deferral Rent"
|
Twentieth
Deferral Period
|
$35,176.98,
the "Twentieth Deferral Rent"
|
Twenty-First
Deferral Period
|
$70,353.96,
the "Twenty-First Deferral Rent"
|
Twenty-Second
Deferral Period
|
$35,176.98,
the "Twenty-Second Deferral Rent"
|
Twenty-Third
Deferral Period
|
$35,176.98,
the “Twenty-Third Deferral Rent”
|
Twenty-Fourth
Deferral Period
|
$35,176.98,
the “Twenty-Fourth Deferral Rent”
|
8.
|
MINOR
WORK
-
The cost of performing or providing the Minor Work in accordance
with the
Plans attached as Exhibit “A”, shall be born by the
Landlord.
|
9. NON-DISCLOSURE
- Tenant
will not record this Lease or a memorandum hereof, and will not otherwise
disclose the terms of this Lease to anyone other than its attorneys, accountants
or employees who need to know of its contents in order to perform their duties
for Tenant. Any other disclosure will be an event of Default under the Lease.
Tenant agrees that Landlord shall have the right to publish a "tombstone"
or
other promotional description of this Lease.
Except
as
hereinabove specifically provided to the contrary, all of the remaining terms,
covenants, and agreements contained in said Lease, and all modifications
thereafter, shall remain in full force and effect and shall be applicable
to the
Premises as described in said Lease is hereby acknowledged, ratified, and
confirmed by the parties hereto.
TENANT: LANDLORD:
LDMI
TELECOMMUNICATIONS, INC., a
Michigan corporation
|
AMERICAN
CENTER LLC,
a
Michigan Limited Liability Company
|
By:
Southfield Office Manager,
Inc.
|
By: /s/
Xxxxxxx Xxxxxxx
By:
/s/
Xxxx X.
Xxxxxxxxx
Printed:
Xxxxxxx Xxxxxxx
Printed:
Xxxx X. Xxxxxxxxx - Secretary
DATED: 5/20/03
DATED: 5/23/03
EXHIBIT
A
STORAGE
SPAC
Minor
Work: Landlord shall tear down dividing wall and eliminate door in Storage
Space
#8 as marked and finish to match.
Approved
by Tenant:
LDMI
TELECOMMUNICATIONS, INC., a
Michigan corporation
By:
/s/ Xxxxxxx Xxxxxxx
Printed:
Xxxxxxx Xxxxxxx
Its:
CFO