EXHIBIT 10.50
THIRD AMENDMENT TO LEASE AGREEMENT
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THIS THIRD AMENDMENT TO LEASE AGREEMENT (the "Third Amendment"), is made
this 17th day of June, 1994, by and between CONCOURSE VI ASSOCIATES (as
"Landlord") and AMERICA'S FAVORITE CHICKEN COMPANY (as "Tenant").
W I T N E S S E T H:
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WHEREAS, Landlord and Tenant did enter into that certain Lease Agreement
(the "Original Lease"), dated as of December 31, 1992, for certain space more
particularly described in the Original Lease (the "Premises") in a building
known as Concourse Corporate Center VI (the "Building").
WHEREAS, Landlord and Tenant did enter into that certain First Amendment to
Lease Agreement (the "First Amendment"), dated as of January ___, 1993.
WHEREAS, Landlord and Tenant did enter into that certain Second Amendment
to Lease Agreement (the "Second Amendment"), dated as of June ____, 1993.
WHEREAS, the Original Lease, as modified by the First Amendment and the
Second Amendment, is herein sometimes collectively referred to as the "Lease."
WHEREAS, Landlord and Tenant desire to modify and amend the Lease, in the
manner and for the purposes herein set forth.
NOW, THEREFORE, for and in consideration of the mutual covenants contained
herein, and for Ten and No/100 Dollars ($10.00) and other good and valuable
consideration, paid by the parties hereto to one another, the receipt and
sufficiency of which are acknowledged by the parties hereto, the parties hereto
hereby covenant and agree as follows:
1. 15th Floor Option Space. Tenant hereby leases and rents from
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Landlord, and Landlord hereby leases and rents to Tenant, that certain area on
the fifteenth (15th) floor of the Building, in the area shown on Exhibit "A",
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attached hereto and by this reference incorporated herein (the "15th Floor
Option Space"), containing 10,561 rentable square feet, more or less, in full
compliance with the terms and conditions of the
Lease. This 15th Floor Option Space is leased by Tenant on and subject to the
following terms and conditions:
(a) The base rent for the 15th Floor Option Space shall be at the same
rate of Monthly Rental (on a per square foot per annum basis) then being paid by
Tenant for the Premises, which rate of Monthly Rental shall increase as provided
in the Lease.
(b) The Rent for the 15th Floor Option Space shall commence and be due
and payable from Tenant on and from and after the later date to occur of (i)
October 1, 1994, or (ii) the date the tenant fit-up and finish work in the 15th
Floor Option Space is Substantially Complete; provided, however, that the
following provisions and dates shall apply to the Substantial Completion of the
tenant fit-up and finish work in the 15th Floor Option Space:
(i) Xxxxxx Interior Services shall be Contractor with respect to
the 15th Floor Option Space;
(ii) Tenant and Landlord shall comply with the following schedule
with respect to the 15th Floor Option Space:
1. Tenant has received a draft of the plans and
specifications for the tenant fit-up and finish work in the 15th
Floor Option Space on or before June 24, 1994;
2. Tenant shall have made all comments to and approved the
plans and specifications for the 15th Floor Option Space within
ten (10) days after the delivery of said plans and
specifications;
3. Tenant shall diligently pursue the completion and
acceptance of the pricing drawings for the tenant fit-up and
finish work with respect to the 15th Floor Option Space, and
shall have executed a construction contract with Contractor for
the tenant fit-up and finish work for the 15th Floor Option Space
on or before July 30, 1994;
4. Such construction contract shall provide for a
completion date of on or before October 1, 1994;
(iii) Landlord, or its managing agent, shall supervise all such
work, and shall be paid a fee by Tenant for supervising such tenant
fit-up and finish work of two percent (2%) of the costs to complete
the tenant fit-up and finish work in the 15th Floor Option Space
(including funding for the furniture, fixtures and equipment for the
15th Floor Option Space), to the extent those costs exceed Twenty and
NO/100 Dollars ($20.00) per usable square foot in the 15th Floor
Option Space. Such fee shall be payable upon the Substantial
Completion of the tenant fit-up and finish work for said 15th Floor
Option Space.
(c) (i) Tenant shall cause the tenant fit-up and finish work in the
15th Floor Option Space to be completed in accordance with plans and
specifications to be agreed upon by Landlord and Tenant, in their respective
reasonable judgment, and shall provide an allowance for the tenant fit-up and
finish work in the 15th Floor Option Space equal to $35.97 per usable square
foot within the 15th Floor Option Space (this figure is determined by
multiplying the original tenant improvement allowance of $41.50 by a fraction,
the numerator of which shall be one hundred four (104), and the denominator of
which shall be one hundred twenty (120)) (the "15th Floor Option Space
Allowance"). Tenant may use such allowance to purchase furniture, fixtures and
equipment for the 15th Floor Option Space.
(ii) To the extent the costs to complete the tenant fit-up and
finish work in the 15th Floor Option Space are greater than the 15th Floor
Option Space Allowance, then the amount of such excess shall be paid by Tenant
to Landlord within ten (10) days after the demand therefor. If the costs to
complete the tenant fit-up and finish work in the 15th Floor Option Space are
less than the 15th Floor Option Space Allowance, then, after all work is
completed and all appropriate or necessary back-up data and lien waivers for
such work are received by Landlord, the difference shall be paid to Tenant in
cash.
(d) Except as expressly set forth to the contrary herein, all other
terms and conditions of this Lease shall apply to the 15th Floor Option Space,
and from and after the date Tenant elects to lease the 15th Floor Option Space,
the 15th Floor Option Space shall be and shall be deemed to be a part of the
Premises.
2. No Other Modifications. Except as expressly modified by this Third
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Amendment, the Lease remains unmodified and in full force and effect, including
all rights of first refusal and rights to option space as set forth in Special
Stipulation 11 of the Original Lease and the Second Amendment.
3. Transfers, Successors and Assigns. This Third Amendment shall inure
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to the benefit of and shall be binding upon Landlord, Tenant, and their
respective transfers, successors and assigns.
IN WITNESS WHEREOF, the undersigned have caused this Third Amendment to be
executed under seal and delivered, on the day and year first above written.
"LANDLORD"
CONCOURSE VI ASSOCIATES, a Georgia general partnership
By: Landmark Forty-Two, L.P., a Georgia limited
partnership, as the managing general partner of
Concourse VI Associates
By: The Landmarks Group Properties Corporation, a
Georgia corporation, as the sole general
partner of Landmark Forty-Two, L.P.
By: /s/
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Its:__________________________________
By: /s/
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Its:__________________________________
(CORPORATE SEAL)
[Signatures continued on next page]
[Signatures continued from previous page]
"TENANT"
AMERICA'S FAVORITE CHICKEN COMPANY, a Minnesota
corporation
By: /s/
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Its: ______________________________________
By: /s/
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Its: /s/
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(CORPORATE SEAL)
6/17/94