SIXTH AMENDMENT TO AGREEMENT
OF LEASE
THIS SIXTH AMENDMENT TO AGREEMENT OF LEASE is made this 31st day of
March, 1997, by and between TCW Realty Fund IV Pennsylvania Trust (the
"Landlord") and American Business Financial Services, Inc. ("Tenant").
WHEREAS, Tenant and Landlord entered into that certain Agreement of
Lease (the "Lease") dated January 7, 1994, wherein Tenant leased from Landlord
suite 215 containing approximately 7,555 rentable square feet located on the
second floor of the office building located at 000 Xxxxxxxxxxxx Xxxxxxxxx, Xxxx
Xxxxxx, XX (the "Building"); and
WHEREAS, Tenant and Landlord entered into that certain First Amendment
to Agreement of Lease dated October 24, 1994, wherein Tenant expanded its
Premises to include Suite 252A comprising an additional area of 780 rentable
square feet; and
WHEREAS, Tenant and Landlord entered into that certain Second Amendment
to Agreement of Lease dated December 23, 1994, wherein Tenant further expanded
its Premises to include Suite 253 comprising approximately 1,650 rentable square
feet; and
WHEREAS, Tenant and Landlord entered into that certain Third Amendment
to Agreement of Lease dated July 25, 1995, wherein Tenant further expanded its
Premises to include Suites 256, 142, 252, 253, and 249; and
WHEREAS, Tenant and Landlord entered into that certain Fourth Amendment
to Agreement of Lease dated April 9, 1996, wherein Tenant further expanded its
Premises to include Suite 146 comprising approximately 3,091 rentable square
feet; and
WHEREAS, Tenant and Landlord entered into that certain Fifth Amendment
to Agreement of Lease dated October 8, 1996, wherein Tenant extended the
respective lease terms and modified the Base Rent schedules for Suites 142, 146,
151, 215, 252, 252A, 253, 256 comprising approximately 20,459 rentable square
feet; and wherein Tenant further expanded its Premises to include Suites 102,
107, 115 comprising approximately 8,079 rentable square feet; and
WHEREAS, Tenant and Landlord wish to further amend said Agreement of
Lease upon the terms and conditions hereinafter set forth; and
WHEREAS, all undefined terms used herein shall have the same meaning as
in the Lease.
NOW THEREFORE, in consideration of the foregoing and the terms,
covenants and agreements hereinafter set forth, Landlord and Tenant hereby agree
as follows:
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1. Effective May 1, 1997, Tenant's Leased Premises shall include Suites
247 and 248 containing approximately 2,676 rentable square feet for a period of
five (5) years, nine (9) months commencing May 1, 1997 (the "Commencement Date")
and expiring at 12:00 p.m. midnight, local time, on January 31, 2003 (the
"Expiration Date")
2. Effective May 1, 1997, the Base Rent schedule for Suites 247 and 248
will be as follows:
Period PSF Monthly Annually
------ --- ------- --------
1 5/l/97 - 4/30/98 $24.00 $5,352.00 $64,224.00
2 5/1/98 - 4/30/99 $24.72 $5,512.56 $66,150.72
3 5/l/99 - 4/30/00 $25.46 $5,677.58 $68,130.96
4 5/1/00 - 4/30/01 $26.22 $5,847.06 $70,164.72
5 5/1/01 - 4/30/02 $27.00 $6,021.00 $72,252.00
6 5/l/02 - 1/31/03 $27.82 $6,203.86 $74,446.32
3. Effective May 1, 1997, Tenant's Base Year with respect to Suites 247
and 248, only, shall be the calendar year 1997.
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4. Effective May 1, 1997, "Tenant's Proportionate Share" as the term is
defined in Paragraph (4) of the Lease, shall increase by .0155 (1.55%) such that
Tenant's Proportionate Share shall then be .1810 (18.10%). Tenant's Total
Leased Premises shall thereafter comprise approximately 31,214 rentable square
feet.
5. Suites 247 and 248 shall be delivered to Tenant in broom clean
condition.
6. Landlord shall provide Tenant with an improvement allowance of up to
but not to exceed Thirteen Thousand Three Hundred Eighty Dollars ($13,380.00) to
be utilized for the purposes of performing renovations to the Premises.
7. All other terms and conditions contained in the Lease, as previously
modified, not specially modified or amended herein, shall remain unchanged and
continue in full force and effect.
8. Exculpation. This Sixth Amendment to Agreement of Lease is executed
and delivered by the undersigned trustees (the "Trustees") not personally but
solely as Trustees under and pursuant to that certain Declaration of Trust of
TCW Realty Fund IV Pennsylvania Trust dated as of May 10, 1991. Notwithstanding
anything to the contrary set forth herein, it is expressly understood and agreed
by and between the parties hereto (I) that each of the covenants, undertakings,
obligations, representations, warranties and agreements herein made on the part
of Trustees, while in form purporting to be covenants, undertakings,
obligations, representations, warranties and agreements of Trustees, are
nevertheless each and every one of them made and
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intended not a personal covenants, undertakings, obligations, representations,
warranties and agreements of Trustees for the purpose or with the intent of
binding Trustees personally, but are instead made and intended for the purpose
of binding only the assets of TCW Realty Fund IV Pennsylvania Trust; (ii) that
no personal liability or personal responsibility is or on account of any
covenants, undertakings, obligations, representations, warranties and agreements
contained in this Agreement of Lease, either express or implied, all such
liability or personal responsibility (if any) being expressly waived and
released; and (iii) Tenant agrees to look solely to the assets of TCW Realty
Fund IV Pennsylvania Trust for the enforcement of any claims against Trustees
arising pursuant to this Sixth Amendment to Agreement of Lease.
9. This Amendment supersedes all prior or contemporaneous agreements and/or
negotiations, written or oral, regarding the subject matter, terms and
conditions of this Sixth Amendment to Agreement of Lease.
IN WITNESS WHEREOF, Landlord and Tenant have caused this Sixth Amendment to
Agreement of Lease to be executed by their duly authorized representatives on
the date first set forth above.
LANDLORD: TCW REALTY FUND IV PENNSYLVANIA TRUST,
A Pennsylvania Business Trust
BY: /s/ Xxxxxx Xxxxxxxx BY: /s/ Xxxx Xxxx Xxxxxx
------------------------------- --------------------------------
Xxxxxx Xxxxxxxx* Xxxx Xxxx Xxxxxx*
*not individually but solely as trustee under Declaration of Trust dated
May 10, 1991.
TENANT: AMERICAN BUSINESS FINANCIAL SERVICES, INC.
a Delaware Corporation
BY: /s/ Xxxxxxx X. Xxxxxxxx, Xx. BY: /s/ Xxxxxxx X. Xxxxxxxxx
-------------------------------- --------------------------------
Xxxxxxx X. Xxxxxxxx, Xx. Xxxxxxx X. Xxxxxxxxx
President Senior Vice President
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(Seal)
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(Seal)
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