EXHIBIT 10.18
FIFTH AMENDMENT TO LEASE AGREEMENT
The Fifth Amendment (the "Amendment") is entered into as of March 1, 1997
(the "Effective Date"), between UTAH STATE RETIREMENT INVESTMENT FUND, an
independent agency of the State of Utah, as successor in interest to Madison
Office Building, Inc., a Texas corporation ("Landlord") and. COLUMBUS REALTY
TRUST ("Tenant"), for the purpose of amending the Lease Agreement between
Landlord and Tenant, dated January 1, 1994 (the "Original Lease") and amended
February 1, 1994, May 16, 1994, August 25, 1994 and October 14, 1995. The
Original Lease, as amended, is herein called the "Lease". Unless otherwise
specified, all capitalized terms used herein shall have the meanings assigned to
them in the Original Lease.
RECITALS
Tenant is currently leasing 11,363 rentable square feet (RSF) of space in
the Building under the Lease. Tenant desires to expand the Premises and to
extend the term of the Lease. Tenant and Landlord have agreed to such expansion
and extension on the terms and conditions contained herein.
AGREEMENTS
For valuable consideration, whose receipt and sufficiency are acknowledged,
Landlord and Tenant agree as follows:
1. Term. The Term as defined in Article I of the Fourth Amendment to Lease
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Agreement is extended from December 31, 1996, until 5:00 p.m. Dallas, Texas time
on December 31, 1998, on the terms and conditions of the Lease, as modified
hereby.
2. Premises. Landlord and Tenant agree that effective April 1, 1997, the
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Premises shall consist of the Suites totalling 13,603 rentable square feet
outlined in Exhibit "A" attached hereto.
3. Base Rental. Effective January 1, 1997, the monthly Base Rental shall
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be as follows:
January 1, 1997 - March 31, 1997 $l5,150.67/month
April 1, 1997 - December 31, 1998 $23,878.96/month
The Base Rent set forth in this Section 3 is a negotiated figure and shall
govern whether or not the actual gross rentable square footage of the Premises
is the same as set forth in Section 2 hereof or changes pursuant to the
standards set in the definition of Net Rentable Area. Tenant shall have no right
to withhold, deduct or offset any amount of the monthly Base Rent or any other
sum due hereunder even if the actual gross rentable square footage of the
premises is less than that set forth in Section 2 hereof or changes pursuant to
the standards set forth in the definition of Net Rentable Area.
4. Expense Stop. Landlord and Tenant agree that effective April 1, 1997
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the Base Operating Expense Rate set forth in Paragraph 1.T of the Primary Lease
shall change from the actual operating expenses for calendar year 1994 to $6.55
per rentable square foot.
5. Parking. Effective April 1,1997, Landlord agrees to provide Tenant
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with free parking in the attached garage on a first come, first served basis at
a ratio of 1:333 RSF leased. Tenant may lease eleven (11) reserved parking
spaces for a monthly fee of $75.00 per space.
6. Notice to Landlord. Tenant acknowledges that the address of Landlord
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is as follows:
Utah State Retirement Investment Fund
c/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇., ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
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Rental payments should be made to the following:
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Madison Office Building
c/o Cottonwood Management Services
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
7. Ratification. Tenant hereby ratifies and confirms its obligations
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under the Lease, and represents and warrants to Landlord that it has no defenses
thereto.
8. Binding Effect: Governing Law. Except as modified hereby, the Lease
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shall remain in full force and effect and this Amendment shall be binding upon
Landlord and Tenant and their respective successors and assigns. This Amendment
shall be governed by Texas law.
Executed as of the date first written above.
LANDLORD: UTAH STATE RETIREMENT INVESTMENT FUND,
an independent agency of the State of Utah
By: ▇▇▇▇▇▇▇ Realty Advisors, Ltd.,
a Texas limited partnership
By: ▇▇▇▇▇▇▇ Realty Advisors I, Inc.,
a Texas corporation, its general partner
By:
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Chairman
By:
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▇▇▇▇ ▇. ▇▇▇▇
President
TENANT: COLUMBUS REALTY TRUST,
a Texas corporation
By:
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Name:
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Title:
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SIXTH AMENDMENT TO LEASE AGREEMENT
The Sixth Amendment (the "Amendment") is entered into as of April 1, 1997
(the "Effective Date"), between UTAH STATE RETIREMENT INVESTMENT FUND, an
independent agency of the State of Utah, ("Landlord") and. COLUMBUS REALTY TRUST
("Tenant"), for the purpose of amending the Lease Agreement between Landlord and
Tenant, dated January 1, 1994 (the "Original Lease") and amended February 1,
1994, May 16, 1994, August 25, 1994, October 14, 1995 and March 1, 1997. The
Original Lease, as amended, is herein called the "Lease". Unless otherwise
specified, all capitalized terms used herein shall have the meanings assigned to
them in the Original Lease.
RECITALS
Tenant is currently leasing 13,604 rentable square feet (RSF) of space in
the Building under the Lease. Tenant desires to expand the Premises. Tenant and
Landlord have agreed to such expansion on the terms and conditions contained
herein.
AGREEMENTS
For valuable consideration, whose receipt and sufficiency are acknowledged,
Landlord and Tenant agree as follows:
1. Premises. Landlord and Tenant agree that effective April 1, 1997, the
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Premises shall be expanded from 13,604 rentable square feet by 2,884 rentable
square feet in Suite 765 for a new total of 16.488 rentable square feet.
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2. Base Rental. Landlord and Tenant agree effective April 1, 1997 the
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Base Rental shall increase from $23,878.96 per month by $5,047 per month for a
new total of $28,925.96 per month.
The Base Rent set forth in this Section 2 is a negotiated figure and shall
govern whether or not the actual gross rentable square footage of the Premises
is the same as set forth in Section 1 hereof or changes pursuant to the
standards set in the definition of Net Rentable Area. Tenant shall have no right
to withhold, deduct or offset any amount of the monthly Base Rent or any other
sum due hereunder even if the actual gross rentable square footage of the
premises is less than that set forth in Section 1 hereof or changes pursuant to
the standards set forth in the definition of Net Rentable Area.
3. Landlord agrees to reimburse Tenant for Leasehold Improvements made
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within the Premises not to exceed $5.000.00. Landlord will reimburse Tenant
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within thirty (30) days following Landlord's receipt of paid invoices.
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4. Ratification. Tenant hereby ratifies and confirms its obligations
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under the Lease, and represents and warrants to Landlord that it has no defenses
thereto.
5. Binding Effect: Governing Law. Except as modified hereby, the Lease
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shall remain in full force and effect and this Amendment shall be binding upon
Landlord and Tenant and their respective successors and assigns. This Amendment
shall be governed by Texas law.
Executed as of the date first written above.
LANDLORD: UTAH STATE RETIREMENT INVESTMENT FUND,
an independent agency of the State of Utah
By: ▇▇▇▇▇▇▇ Realty Advisors, Ltd., a Texas limited
partnership
By: ▇▇▇▇▇▇▇ Realty Advisors I, Inc.,
a Texas corporation, its general partner
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Chairman
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Chairman
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇
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▇▇▇▇ ▇. ▇▇▇▇, President
TENANT: COLUMBUS REALTY TRUST, A Texas corporation
By: /s/ Will ▇▇▇▇▇▇▇
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Name:
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Title: C.O.O.
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