EXHIBIT 10.5
FIRST AMENDMENT TO LEASE
The parties hereto agree to amend the lease by and between XXXXX
DEVELOPMENT COMPANY (Landlord) and CHATTEM, INC. (Tenant), for the following
described space commonly known as approximately 9,6000 square feet located in
Phase I, XXXXX XXXXX XXXXXX XXXXXX, XXXXXXXXXXX, XX as follows:
1. ARTICLE 1, SECTION 1. -PREMISES The square footage of the premises is
hereby increased to 35,200 square feet.
2. ARTICLE 2, SECTION 1. -MINIMUM RENT The minimum rent during the remaining
term of the Lease is hereby modified as follows:
(i) Commencing DECEMBER 1, 1996 and terminating JANUARY 31, 1998, an
annual rent of ONE HUNDRED THIRTEEN THOUSAND ONE HUNDRED TWENTY
AND 00/100 ($113,120.00) DOLLARS, payable in equal monthly
installments of NINE THOUSAND FOUR HUNDRED TWENTY-SIX AND 67/100
($9,426.67) DOLLARS.
(ii) Commencing on FEBRUARY 1, 1998 and terminating NOVEMBER 30, 1999,
an annual rent of ONE HUNDRED FOURTEEN THOUSAND FIVE HUNDRED SIXTY
AND 00/100 ($114,560.00) DOLLARS, payable in equal monthly
installments of NINE THOUSAND FIVE HUNDRED FORTY-SIX AND 67/100
($9,546.67) DOLLARS.
(iii) Commencing DECEMBER 1, 1999 and terminating JANUARY 31, 2001,
an annual rent of ONE HUNDRED EIGHTEEN THOUSAND FOUR HUNDRED
AND 00/100 ($118,400.00) DOLLARS, payable in equal monthly
installments of NINE THOUSAND EIGHT HUNDRED SIXTY-SIX AND 67/100
($9,866.67) DOLLARS.
3. ARTICLE 3, SECTION 1. -REAL ESTATE TAXES AND INSURANCE PREMIUMS The
Tenant's proportionate share of base year Real Estate Taxes and Insurance
Premiums will be increased to amounts equal to 70.96 percent (%) of the 1995
Taxes & Premiums paid by the Landlord for the whole building.
4. ARTICLE 3, SECTION 2. -PROPORTIONATE SHARE Tenant's proportionate share
of any increases under Section 1 above shall be deemed to be 70.96 percent (%).
All other terms and conditions contained in the current lease shall remain
the same.
Date: 12-2-96 Date: 11/26/96
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LANDLORD: TENANT:
XXXXX DEVELOPMENT CO. CHATTEM, INC.
By: Xxx Xxxxxx By: Xxxxxx X. Xxxxxxxx
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Title: Partner Title: EVP - CFO
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