LEASE AMENDMENT NO. 1
EXHIBIT
10.1
LEASE
AMENDMENT NO. 1
| Landlord | Promenade of Coral Springs LLC, a Delaware limited liability company, successor by merger to Promenade of Coral Springs, Inc., a Florida corporation | |
| Tenant | Commercial Bank of Florida (the Tenant is sometimes referred to in this instrument in the pronoun form of "you”) | |
| Building | 0000 Xxxxxxxxxx Xxxxx, Xxxxx Xxxxxxx, Xxxxxxx 00000 | |
| Premises | Suite 100 comprised of approximately 4,940 rentable square feet of space on the first floor of the northwest side of the Building | |
| Lease | Lease between Promenade of Coral Springs, Inc. as landlord and Tenant as tenant, dated December 10, 1996 | |
| Transaction | Extension of Term pursuant to exercise of option to extend |
WITNESSETH:
WHEREAS,
you currently have possession of and occupy the Premises under the Lease for
a
primary term which commenced on April 15, 1997 and which ends on April 30,
2007;
and WHEREAS, the Lease grants to you the right to extend the term for two
successive five year option periods subject to the terms and conditions therein;
and WHEREAS, you have timely exercised the first of the five year options to
extend. NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties, each intending to
be
legally bound hereby, covenant and agree as follows:
1.
The
above recitals are true and correct and are incorporated into the terms of
this
Lease Amendment.
2.
The
term of the Lease is extended to include the sixty month period beginning on
May
1, 2007 and ending on April 30, 2012 (the "Extended
Term").
Except
as is otherwise expressly provided for herein, all of the terms and conditions
of the Lease shall apply to the Extended Term. Pursuant to the provisions of
Section 2.01 of the Lease, you have one additional five year option to extend
for the period beginning on May 1, 2012 and ending on April 30, 2017.
3.
The
monthly base rent amount which you are currently paying for the fiscal year
beginning on May 1, 2006 and ending on April 30, 2007 is $11,472.10 a month.
On
May 1, 2007 and thereafter on each succeeding May 1 falling within the Extended
Term, your monthly base rent amount will increase in accordance with the
provisions of Section 3.2 of the Lease (annual CPI increase with floor of 3%
minimum annual increase and ceiling of 5% maximum annual increase) and monthly
base rent, as adjusted, will continue to be payable in advance, without demand,
deduction or set off.
4.
You
shall continue to pay, during the Extended Term and during any subsequent
extended term, your proportionate share of Operating Costs.
5.
No
promises have been made by Landlord or by Landlord's agents or representatives
to improve the Premises or otherwise or to pay to you a refurbishment or
improvement allowance as an inducement to your entering in to this Lease
Amendment and in all respects you are taking the Premises in its as is
condition.
6.
You
hereby affirm that as of the date hereof the Lease is in full force and effect,
that the Lease has not been modified or amended (except as provided in this
Amendment) and that all of the Landlord's obligations accrued to date have
been
performed. You hereby ratify the provisions of the Lease and agree to attorn
to
and be bound to Landlord and its successors and assigns as to all the terms,
covenants and conditions of the Lease as amended hereby. You further agree
to
fulfill all of your obligations under the Lease as amended hereby to Landlord
throughout the remainder of the term.
7.
This
Lease Amendment constitutes the entire understanding and agreement between
you
and the Landlord with respect to the extension of the term of the Lease, and
contains all of the covenants and agreements of Landlord and you with respect
thereto.
8.
You
represent and warrant that you have dealt with no broker, agent or other person
in connection with this transaction, and that no broker, agent or other person
brought about this transaction, and you agree to indemnify and hold Landlord
harmless from and against any and all claims to pay any other broker, agent
or
other person claiming a commission or other form of compensation by virtue
of
having dealt with you with regard to this leasing transaction.
9.
All of
the terms of the Lease not otherwise in conflict with this Lease Amendment
shall
remain in full force and effect as if fully set forth herein, and any
capitalized terms not defined herein shall have the meanings set forth in the
Lease.
10.
You
acknowledge that you have read this Lease Amendment, have had the time and
ability, if you so choose, to consult with an attorney regarding its terms,
and
you agree with the terms of this Lease Amendment as if you had drafted this
Lease Amendment yourself. Accordingly, even though this Lease Amendment was,
by
necessity, printed and assembled by Landlord and drafted by Landlord's attorney,
this Lease Amendment reflects the terms as agreed to by the parties and if
a
term or provision of this Lease Amendment is considered ambiguous, neither
party
shall be considered the draft person for the purpose of causing the terms of
this Lease Amendment to be construed against that party.
11.
This
Lease Amendment may be executed in multiple counterparts, each of which shall
be
deemed an original, but all of which together shall constitute one and the
same
Lease Amendment.
EXECUTED to be effective as of June 21, 2006.
| TENANT: | |||
| (Witnesses) | Commercial Bank of Florida | ||
| |
|
|
|
| By: | /s/ Xxxx X. Partagas | ||
| Xxxx X. Partagas, President | |||
| LANDLORD: | |||
| (Witnesses) |
Promenade
of Coral
Springs LLC, a Delaware limited liability
company
|
||
| |
|
|
|
| By: | /s/ Xxxx Xxxxx | ||
| Xxxx Xxxxx, Manager | |||
