EXHIBIT 10.18
NORTH CAROLINA
FIRST AMENDMENT TO LEASE AGREEMENT
MECKLENBURG COUNTY
THIS FIRST AMENDMENT TO LEASE AGREEMENT made this day of June, 2000,
effective as of June 1, 2000, by and between THE XXXXXXXX LLC, a North Carolina
limited liability company, ("Lessor") and XXXXXXXX INDUSTRIES, INC., a North
Carolina Corporation ("Lessee").
WHEREAS, Lessor and Lessee have heretofore entered into that certain
Lease Agreement dated effective as of December 1, 1999 ("Lease"); and,
WHEREAS, Lessor and Lessee are desirous of amending the Lease.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties do hereby agree to
amend the Lease as follows:
(1) Paragraph 2 of the Lease is deleted and replaced with the following:
"2. TERM. The term of this Lease shall end on May 31, 2015; provided,
however, that if Lessee remains in possession of the Premises after expiration
of the term hereof, with Lessor's acquiescence and without any express agreement
of the parties, Lessee shall be a tenant at will at the rental rate then in
effect at the end of the term. Provided, further, that if Lessee remains in
possession of the Premises after expiration of the terms hereof without Lessor's
acquiescence, Lessee shall be a tenant at sufferance and commencing on the date
following the date of expiration of the term, the monthly rental payable under
paragraph 3 hereof shall be, for each month or fraction thereof during which
Lessee remains in possession of the Premises, 200% of the monthly rental
otherwise payable under paragraph 3 hereof. Provided, finally, that in any event
of holding over after the end of the term of the Lease, there shall be no
renewal or extension of the Lease by operation of law or otherwise."
(2) Paragraph 3 of the Lease is deleted and replaced with the following:
3. RENT. Lessee shall pay to Lessor as rental for the Premises the sum
of Eighty-Seven Thousand Nine Hundred Thirty One and 29/100's Dollars
($87,931.29) per month, payable on or before the fifth (5th) day of each
calendar month during the term thereof. To the extent the first or last month of
the term of this Lease is less than a full calendar month, rental for such month
shall be prorated on a daily basis. Provided, however, that the monthly rental
payable hereunder shall be increased (but not decreased) each May 1 by any
change in the Consumer Price Index, Urban Wage Earners and Clerical Workers
(CPI-W, 1982-84=100) ("Index") by multiplying the then in effective monthly
rental by the value of said Index for the month two months prior to the then
present May 1 (or nearest available month) and dividing the product by the value
of said Index for the month two months prior to the then previous November 1 (or
nearest available month). Provided, further, however, that in no event shall any
single increase in monthly rental hereunder be greater than 2.5%. In the event
that the Index
ceases to be published, there shall be substituted for the Index
the measure published by the U.S Department of Labor which most nearly
approximates the Index."
(3) Paragraph 8 of the Lease is deleted and replaced with the following:
"8. MAINTENANCE AND REPAIRS. Lessee shall be responsible for
maintaining the exterior walls, roof (including roof leak repairs) and other
structural components of the building situated on the Premises, along with basic
systems for electricity, air conditioning, heat, water and plumbing, in a
normal, reasonable and habitable condition and state of repair, consistent in
all respects with the condition and state of repair existing at the commencement
of this Lease, ordinary wear and tear excepted. Lessee also shall pay normal
operating expenses with respect to the Premises, including costs for ordinary
maintenance of the electrical, heat, air conditioning, and water and plumbing
systems which are necessary for the normal and customary operation thereof.
Lessee shall maintain the exterior grounds of the Premises in a neat and orderly
condition, and shall furnish all light bulbs for use on or in respect of the
Premises."
(4) Paragraph 10 of the Lease is deleted and replaced with the following:
"10. TAXES. Lessee shall pay all ad valorem real property taxes and
special assessments applicable (and any penalties for late payment associated
therewith) to the Premises during the term of this Lease not later than the due
date shown on the xxxx therefor. Lessee shall be solely responsible for paying
any taxes or governmental assessments levied upon Lessee's personal or business
property. Provided, however, the parties shall prorate taxes on a calendar year
basis for the year 2000 only; Lessor shall be responsible for January 1, 2000 to
May 31, 2000 and Lessee to be responsible for June 1, 2000 to December 31, 2000.
Lessor shall provide Lessee with a copy of the 2000 tax xxxx upon receipt.
Lessee shall pay its share of 2000 taxes to Lessor on or before December 31,
2000. Failure of Lessee to make such payment shall constitute a default
hereunder."
(5) Except as modified herein, the Lease remains enforceable according to
its tenor as originally set forth.
IN WITNESS WHEREOF, the parties have executed this agreement pursuant
to authority duly given.
LESSOR:
THE XXXXXXXX LLC
[SEAL]
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Xxxxxx X. Xxxxxxxx, Manager
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LESSEE:
XXXXXXXX INDUSTRIES, INC.
/s/ Xxxxxx X. Xxxxxxxx
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By: Xxxxxx X. Xxxxxxxx
Title: President
Attest:
/s/ Xxxx X. Xxxxxxxxx
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Secretary
[Corporate Seal]
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STATE OF NORTH CAROLINA
COUNTY OF MECKLENBURG
I, a Notary Public, do hereby certify that Xxxxxx X. Xxxxxxxx
personally appeared before me this day and acknowledged that he is the manager
of The Xxxxxxxx LLC, a North Carolina limited liability company, and further
acknowledged the due execution of this instrument on behalf of and as the
authorized act and deed of such limited liability company.
Witness my hand and official stamp or seal, this the 16th day of June,
2000.
/s/ L. Xxxx Xxxxxx
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Notary Public
My commission expires:
11-11-2000
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STATE OF NORTH CAROLINA
COUNTY OF MECKLENBURG
I, a Notary Public of the County and State aforesaid, certify that
Xxxxxx X. Xxxxxxxx personally came before me this day and acknowledged that he
is the President of Xxxxxxxx Industries, Inc. and that by authority duly given
and as the act of the corporation, the foregoing instrument was signed in its
name, sealed with its corporate seal and attested by its ___________ Secretary.
Witness my hand and official stamp or seal, this the 16th day of
June, 2000.
/s/ L. Xxxx Xxxxxx
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Notary Public
My commission expires:
11-11-2000
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