EXHIBIT 10.34
LEASE EXTENSION AGREEMENT
This Lease Extension Agreement {"Agreement") is entered into by and between
St. Xxxx Knits, Inc., a California corporation as Tenant and The Alhambra
Partners, a California limited partnership as Landlord under that certain
Industrial Real Estate Lease dated November 13, 1985 ("Lease") between Landlord
and Tenant.
RECITALS
A. Pursuant to the terms of the Lease Tenant's initial lease term expires on
August 31, 1996.
B. Tenant has the right to extend the Term of the Lease for two extended terms
of five years each.
C. Tenant has exercised its initial option to extend the Lease Term to August
31, 2001 and Landlord and Tenant now desire to extend the term of and modify
the provisions of the Lease to provide Tenant the right to occupy the Property
for an additional five (5) year term on the terms and conditions of the Lease
as modified in the manner set forth below.
In consideration of the foregoing recitals and the covenants and
conditions hereinafter contained, the parties agree as follows:
1. LEASE TERM. The term of this Agreement shall be a period of five (5) years,
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commencing September 1, 1996 and ending August 31, 2001. Tenant shall have
the right to extend the Term for one additional five (5) year period in
accordance with the provisions of the Lease.
2. BASE RENT. Base Rent during the extension Term shall be $260,760.00 per year
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for the first extension term ($0.53 per square foot per month). Base Rent
shall be increased annually on the 1st day of September of each year
thereafter by an amount equal to 4% of the Base Rent due in August of each
year.
3. OPTION TO RENEW. Pursuant to the terms of the Lease Tenant has one
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additional option to extend the Lease Term for an additional five year term.
4. FULL FORCE AND EFFECT. Except as modified in the manner set forth in this
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Agreement, the Lease shall remain in full force and effect during the
extension Term provided herein.
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5. FURTHER ASSURANCES. Each party agrees to perform any further acts and to
execute and deliver any further documents which may be reasonably necessary
to carry out the provisions of this Agreement.
Executed this 30th day of July, 1996 to be effective September 1, 1996.
TENANT:
St. Xxxx Knits, Inc., a California corporation
By: /s/ XXXXX X. XXXXXXX
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Xxxxx X. Xxxxxxx, Xx. Vice President/Chief Financial Officer
LANDLORD:
The Alhambra Partners, a California limited partnership
By: /s/ XXXXXX X. XXXX, Trustee of Xxxx Family Trust
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Xxxxxx X. Xxxx, Trustee of The Xxxx Family Trust, General Partner
