THIRD LEASE MODIFICATION
Exhibit
10.56
THIRD
LEASE MODIFICATION
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, #0000 consisting
of 39,594 rentable square feet and
Storage Space #7 and #8 consisting
of 250 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 Suite #1680 (the “Expansion Space”) consisting of 3,779 square
feet (as marked on Exhibit “A”) to become effective February 1, 2004 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 is deleted in its
entirety and replaced with the following:
The
Base
Monthly Rent shall be:
|
Date
|
Existing
|
Storage
Space
|
Expansion
Space
|
Total
Monthly Base Rent
|
Total
Base Rent for Period
|
|
6/1/03
- 1/31/04
|
$68,464.63
|
$229.17
|
$0.00
|
$68,693.80
|
$549,550.40
|
|
2/1/04
- 5/31/04
|
$68,464.63
|
$229.17
|
$6,534.52
|
$75,228.32
|
$300,913.28
|
|
6/1/04
- 5/31/05
|
$70,114.38
|
$239.58
|
$6,691.98
|
$77,045.94
|
$924,551.28
|
|
6/1/05
- 5/31/06
|
$71,764.13
|
$250.00
|
$6,849.44
|
$78,863.57
|
$946,362.84
|
|
6/1/06
- 5/31/07
|
$75,063.63
|
$260.42
|
$7,164.35
|
$82,488.40
|
$989,860.80
|
|
6/1/07
- 5/31/08
|
$76,713.38
|
$270.83
|
$7,321.81
|
$84,306.02
|
$1,011,672.24
|
|
6/1/08
- 5/31/09
|
$78,363.13
|
$281.25
|
$7,479.27
|
$86,123.65
|
$1,033,483.80
|
|
6/1/09
- 5/31/10
|
$80,012.88
|
$291.67
|
$7,636.73
|
$87,941.28
|
$1,055,295.36
|
|
6/1/10
- 5/31/11
|
$81,662.63
|
$302.08
|
$7,794.19
|
$89,758.90
|
$1,077,106.80
|
|
6/1/11
- 5/31/12
|
$83,312.38
|
$312.50
|
$7,951.65
|
$91,576.53
|
$1,098,918.36
|
|
6/1/12
- 5/31/13
|
$84,962.13
|
$322.92
|
$8,109.10
|
$93,394.15
|
$1,120,729.80
|
|
6/1/13
- 11/30/13
|
$84,962.13
|
$322.92
|
$8,109.10
|
$93,394.15
|
$560,364.90
|
|
|
|
|
|
Aggregate
|
$10,668,809.86
|
3. Effective
February 1, 2004, the Existing Office Space and the Expansion Space totaling
40,958 usable / 43,373 rentable square feet of Office Space together with the
Storage Space consisting of 250 usable square feet shall be called the Premises
(as marked on Exhibit “A-1”).
4. The
Base
Year shall remain 2004. Effective February 1, 2004 the Tenant’s Proportionate
Share shall be changed to:
Tenant’s
Proportionate Share of Operating
Expenses, Utilities and Taxes:
43,373
Rentable
square feet in the Premises divided by
488,465
Rentable
square feet in the Building = 8.879%
Tenant’s
Proportionate Share of Office
Tower Space Cleaning:
43,373
Rentable
square feet in the Premises divided by
442,370
Rentable
square feet in the Building 9.805%
5.
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
|
$75,228.32,
the "Ninth Deferred Rent"
|
|
Tenth
Deferral Period
|
$75,228.32,
the "Tenth Deferred Rent"
|
|
Eleventh
Deferral Period
|
$75,228.32,
the “Eleventh Deferred Rent”
|
|
Twelfth
Deferral Period
|
$75,228.32,
the “Twelfth Deferred Rent”
|
|
Thirteenth
Deferral Period
|
$38,522.97,
the " Thirteenth Deferral Rent"
|
|
Fourteenth
Deferral Period
|
$38,522.97,
the "Fourteenth Deferral Rent"
|
|
Fifteenth
Deferral Period
|
$77,045.94,
the "Fifteenth Deferral Rent"
|
|
Sixteenth
Deferral Period
|
$38,522.97,
the "Sixteenth Deferral Rent"
|
|
Seventeenth
Deferral Period
|
$38,522.97,
the "Seventeenth Deferral Rent"
|
|
Eighteenth
Deferral Period
|
$77,045.94,
the "Eighteenth Deferral Rent"
|
|
Nineteenth
Deferral Period
|
$38,522.97,
the "Nineteenth Deferral Rent"
|
|
Twentieth
Deferral Period
|
$38,522.97,
the "Twentieth Deferral Rent"
|
|
Twenty-First
Deferral Period
|
$77,045.94,
the "Twenty-First Deferral Rent"
|
|
Twenty-Second
Deferral Period
|
$38,522.97,
the "Twenty-Second Deferral Rent"
|
|
Twenty-Third
Deferral Period
|
$38,522.97,
the “Twenty-Third Deferral Rent”
|
|
Twenty-Fourth
Deferral Period
|
$38,522.97,
the “Twenty-Fourth Deferral Rent”
|
|
6.
|
In
addition to Section D1, EXCESS TENANT IMPROVEMENT COSTS, of the Lease
dated January 28, 2003, Landlord agrees to provide the following
Allowance
toward Tenant Improvements of the Expansion
Space:
|
EXCESS
TENANT IMPROVEMENT COSTS
-
Landlord shall provide up to Ninety-three
Thousand, Five Hundred Thirty and 25/100 Dollars
($93,530.25)
(the
"Tenant Improvement Allowance")
for the tenant improvements. Tenant shall be responsible for all costs in excess
of the Tenant Improvement Allowance to construct the Tenant Improvements in
accordance with the Plans. In the event the cost of completing the Tenant
Improvements is less than the Tenant Improvement Allowance, Landlord shall
retain the difference.
In
the event the estimated cost of completing the Tenant Improvements in accordance
with the Plans as a result of Tenant changes shall exceed the Tenant Improvement
Allowance, the Landlord shall provide Tenant with a Change
Order
(as defined below), documenting such increased cost and Tenant shall reimburse
Landlord for such increased costs
pursuant
to the payment terms set forth in such Change
Order.
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 A/ Xxxxxxxxx
Printed:
Xxxxxxx Xxxxxxx
Printed:
Xxxx
X. Xxxxxxxxx
Its:
CFO
Its:
Treasure
Date:
11-10-03
Date:
11-14-03
EXHIBIT
A
EXPANSION
SPACE
Approved
by Tenant:
LDMI
TELECOMMUNICATIONS, INC., a
Michigan corporation
By:
/s/ Xxxxxxx Xxxxxxx
Printed:
Xxxxxxx Xxxxxxx
Its:
CFO
Date:
11/10/03
EXHIBIT
A-1
PREMISES
SPACE PLAN
Approved
by Tenant:
LDMI
TELECOMMUNICATIONS, INC., a
Michigan corporation
By:
/s/
Xxxxxxx Xxxxxxx
Printed:
Xxxxxxx Xxxxxxx
Its:
CFO
Date:
11/10/03
