LEASE AMENDMENT #3 WINDSOR PERMIAN LLC
Exhibit 10.10
LEASE AMENDMENT #3
FASKEN MIDLAND, LLC., (hereinafter called “Lessor”) and WINDSOR PERMIAN, LLC, (hereinafter called “Lessee”), for good and valuable consideration the receipt of which is hereby acknowledged, do hereby amend that certain Lease Agreement dated April 19, 2011 and Lease Amendment #1 dated June 6, 2011 and Amendment #2 dated August 5, 2011 covering approximately 5,070 square feet of Net Rentable Area located on Levels Twelve (12) and Basement of One Fasken Center at 000 Xxxx Xxxxx Xxxxxx, Xxxxxxx, Xxxxx 00000, also known as Suite 1210, under the following terms and conditions:
| 1. | LEASED PREMISES. Effective December 1, 2011, the provisions of paragraph 1.5 are hereby deleted and the following substituted in lieu thereof: |
Approximately 7,067 square feet of Net Rentable Area located on Levels Twelve (12) and Basement in the Building as more fully diagrammed on the floor plans of such premises attached hereto and made a part hereof as “Exhibit B—l” and “Exhibit B—2”, on the floors indicated thereon, together with a common area percentage factor determined by Lessor (the “Leased Premises”). Said Leased Premises is comprised of approximately 1,586 square feet of Net Rentable Area in the Original Leased Premises together with approximately 1,995 square feet of Net Rentable Area (the “Basement Expansion Space”), approximately 1,489 square feet of Net Rentable Area (the “Suite 1220 Expansion Space”) and approximately 1,997 square feet of Net Rentable Area (the “Suite 1225 Expansion Space”). Said demised space represents approximately 1.676% of the Total Net Rentable Area, such Total Net Rentable Area of the Building being approximately 421,546 square feet.
| 2. | TERM. The Lease term for the Suite 1225 Expansion Space added by this amendment shall be for four (4) years and six (6) months, commencing December 1, 2011 and terminating May 31, 2016. |
| 3. | RENT. Effective December 1, 2011, the Base Rent table set forth on Exhibit C of the Lease, Section 2 (Rent) of Amendment #1 and Exhibit C—1 of Amendment #2 are hereby deleted and the attached Exhibit C—2 shall be substituted in lieu thereof. |
| 4. | PARKING. Effective December 1, 2011, the provisions of paragraph 1.14 are hereby deleted and the following substituted in lieu thereof: |
Lessor agrees to provide up to five (5) additional parking spaces in the attached parking garage, at the following rates per space per month plus applicable sales tax at Lessee’s election herein:
@ $95.00 per space per month for Officer Reserved (Basement & Level One) – space may be limited, if available
@ $75.00 per space per month for Preferred Reserved (Level Two and above) – space may be limited, if available
@ $55.00 per space per month for General Unreserved
The parking spaces set forth in this section shall be for Lessee and/or Lessee’s employees and Lessor shall have the right to assign parking space as conditions permit. However, Lessor shall not be required to police the use of these spaces. Lessor may make, modify and enforce rules and regulations relating to the parking of automobiles in the parking area(s), and Lessee shall abide thereby. Lessor shall not be liable to Lessee or Lessee’s agents, servants, employees, customers, or invitees for damage to person or property caused by any act of omission or neglect of Lessee, and Lessee agrees to hold Lessor harmless from all claims for any such damage.
| 5. | SUBJECT TO VACATING. Lessor’s duty to tender possession of the Suite 1225 Expansion Space added to the Leased Premises hereunder is subject to the current tenant vacating the Suite 1225 Expansion Space. Provided, however, that if the current tenant does not vacate the Suite 1225 Expansion Space within six (6) months from the proposed effective date hereof, Lessee shall have the right to terminate its obligation to lease the Suite 1225 Expansion Space by delivery of written notification to Lessor. |
| 6. | FINISH OUT. Lessee accepts the Leased Premises in “as is” condition and no other finish out shall be required of Lessor. Any alterations to the Leased Premises shall be at Lessee’s sole expense and responsibility. |
| 7. | RATIFICATION. Lessor and Lessee do hereby ratify and affirm all of the terms, conditions and covenants of the Lease Agreement, as amended herein. |
Witness the execution hereby this the 28th day of September, 2011 but to be effective December 1, 2011.
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| LESSOR | LESSEE | |||||||
| FASKEN MIDLAND, LLC | WINDSOR PERMIAN, LLC | |||||||
| By: | JB Fund 1, LLC, Manager | By: | /s/ Xxxxxx X. Xxxxx | |||||
| By: | Its Managers | Name: | Xxxxxx X. Xxxxx | |||||
| North Waterfront Corporation | Title: | President & COO | ||||||
| By: | /s/ Xxxxxx X. Xxxxxx | |||||||
| Xxxxxx X. Xxxxxx | ||||||||
| Vice President | ||||||||
| JB Financials, Inc. | ||||||||
| By: | /s/ Xxxxxx X. Xxxxxx | |||||||
| Xxxxxx X. Xxxxxx | ||||||||
| Vice President | ||||||||
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LEASE AMENDMENT #2
EXHIBIT C – 2
| Sq. Ft. |
Original Leased Premises - Suite 1210 - 1,586 Sq. Ft. |
Suite 1220 Expansion Space - 1,489 Sq. Ft. |
Suite 1225 Expansion Space - 1,997 Sq. Ft. |
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| Months |
Annual Rate Per SF for Original Leased Premises |
Annual Rent for Original Leased Premises |
Monthly Rent for Original Leased Premises |
Annual Rate Per SF for Suite 1220 Expansion Space |
Annual Rent for Suite 1220 Expansion Space |
Monthly Rent for Suite 1220 Expansion Space |
Annual Rate Per SF for Suite 1225 Expansion Space |
Annual Rent for Suite 1225 Expansion Space |
Monthly Rent for Suite 1225 Expansion Space |
Total Annual Rent for Suite 1210, 1220 and 1225 |
Total Monthly Rent for Suite 1210, 1220 and 1225 |
Additional Monthly Rent for Basement Expansion Space |
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| 8/1/11 until Termination of Amendment #2 for Basement Expansion Space |
|
$ | 2,826.25 | |||||||||||||||||||||||||||||||||||||||||||||
| 08/01/11—10/31/11 |
$ | 16.00 | $ | 25,376.00 | $ | 2,114.67 | $ | 25,376.00 | $ | 2,114.67 | ||||||||||||||||||||||||||||||||||||||
| 11/1/11—11/30/11 |
$ | 16.00 | $ | 25,376.00 | $ | 2,114.67 | $ | 16.00 | $ | 23,824.00 | $ | 1,985.33 | $ | 49,200.00 | $ | 4,100.00 | ||||||||||||||||||||||||||||||||
| 12/1/11—5/31/12 |
$ | 16.00 | $ | 25,376.00 | $ | 2,114.67 | $ | 16.00 | $ | 23,824.00 | $ | 1,985.33 | $ | 18.00 | $ | 35,946.00 | $ | 2,995.50 | $ | 85,146.00 | $ | 7,095.50 | ||||||||||||||||||||||||||
| 6/1/12—5/31/13 |
$ | 16.75 | $ | 26,565.50 | $ | 2,213.79 | $ | 16.75 | $ | 24,940.75 | $ | 2,078.40 | $ | 18.50 | $ | 36,944.50 | $ | 3,078.71 | $ | 88,450.75 | $ | 7,370.90 | ||||||||||||||||||||||||||
| 6/1/13—5/31/14 |
$ | 17.50 | $ | 27,755.00 | $ | 2,312.92 | $ | 17.50 | $ | 26,057.50 | $ | 2,171.46 | $ | 19.00 | $ | 37,943.00 | $ | 3,161.92 | $ | 91,755.50 | $ | 7,646.29 | ||||||||||||||||||||||||||
| 06/10/14—05/31/15 |
$ | 18.25 | $ | 28,944.50 | $ | 2,412.04 | $ | 18.25 | $ | 27,174.25 | $ | 2,264.52 | $ | 20.00 | $ | 39,940.00 | $ | 3,328.33 | $ | 96,058.75 | $ | 8,004.90 | ||||||||||||||||||||||||||
| 06/01/15—05/31/16 |
$ | 19.00 | $ | 30,134.00 | $ | 2,511.27 | $ | 19.00 | $ | 28,291.00 | $ | 2,357.58 | $ | 21.00 | $ | 41,937.00 | $ | 3,494.75 | $ | 100,362.00 | $ | 8,363.50 | ||||||||||||||||||||||||||
