EXHIBIT 10.6
SECOND ADDENDUM TO LEASE BY AND BETWEEN
ADVENT REALTY LIMITED PARTNERSHIP AND
HOMELIFE REALTY SERVICES DATED JULY 8, 1993
FOR THE PROPERTY LOCATED AT
0000 XXXXXXX XXXXX, XXXXX 000, XXXXXXX XXXXX, XXXXXXXXXX 00000
SECOND ADDENDUM TO LEASE
THIS SECOND ADDENDUM TO LEASE (this "Second Addendum") is entered into
this 8th day of JULY 1993 by and between ADVENT REALTY LIMITED PARTNERSHIP
II, a Delaware limited partnership, ("Landlord") and HomeLife Realty
Services, Inc., a Delaware corporation, ("Tenant").
RECITALS
A. Landlord and Tenant have entered into that certain Office Lease (the
"Lease") dated as of April 12, 1990 as amended by that certain First Addendum
To Lease of even date, therewith (the "First Addendum"), with respect to
space in the building known as 0000 Xxxxxxx Xxxxx, Xxxxxxx Xxxxx, Xxxxxxxxxx.
B. Landlord and Tenant now desire to renew and extend the terms of the
Lease and First Addendum and amend by this writing those terms and conditions
as herein provided.
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged and agreed, Landlord and Tenant agree as follows:
1. DEFINED TERMS. All capitalized terms used but not defined in this
Second Addendum shall have the meanings ascribed to such terms in the Lease
and First Addendum. All references in the Lease, the First Addendum and this
Second Addendum shall mean the Lease and First Addendum as amended by this
Second Addendum.
2. TERM. The term of the Lease is hereby renewed and extended to cover
the period commencing July 8, 1993 and terminating June 30th, 1996.
3. PREMISES (Section II, Article 1), Suite 730, encompassing
approximately 2,630 rentable square feet on the seventh floor in the Building.
4. BASE ANNUAL RENTAL. Commencing July 1, 1993 and thereafter during the
Term, as extended by this Second Addendum, the Annual Base Rent shall be the
amount of Forty-Nine Thousand Nine Hundred Twenty Two Dollars and Sixteen
Cents ($49,922.16), payable by Tenant in equal consecutive Monthly
Installments commencing July 1, 1993 and thereafter during the Term, in the
amount of Four-Thousand One Hundred Sixty Dollars and Eighteen Cents
($4,160.18).
5. ABATEMENT OF RENT. Landlord hereby agrees to conditionally waive
Fifty Percent (50%) of the Base Rent due under this Second Addendum for the
months of July, August, September, October, November and December, 1993. The
Fifty Percent (50%) abatement equals Two Thousand Eighty Dollars and Nine
Cents ($2,080.09) for each of the aforementioned six months. In the event
Tenant commits a default, as defined in section 18 of the Lease, Base Rent
coming due thereafter shall not be waived, and all Base Rent that Landlord
conditionally waived in the past shall be immediately due and payable by
Tenant to Landlord without notice or demand from Landlord. If the Lease
expires, as modified by this Second Addendum, in accordance with its terms,
and does not terminate as a result of a default by Tenant, Landlord agrees to
permanently waive the Base Rent has conditionally waived.
6. TERMINATION OF LEASE. Subject to the faithful performance of the
Lease, Landlord hereby grants to Tenant the option to terminate this Lease
upon all of the following conditions:
(a) Tenant shall give to Landlord written notice of its election to
terminate this Lease at least one hundred eighty (180) days prior to the
termination date, time being of the essence, however, said notification to
Landlord shall be no sooner than the expiration of the eighteenth (18th)
month of the Lease, as modified by this Second Addendum.
(b) As a condition to the effectiveness of this option, Tenant
shall pay to Landlord on or before the termination date an amount (the
"Termination Payment") equal to the portion of the unamortized Broker's
commission and Tenant Improvement construction costs paid by Landlord as a
part of this renewal. The Broker's commission on
this Second Addendum is Two-Thousand Seven Hundred Forty Five Dollars and
Seventy-Two Cents ($2,745.72). The Tenant Improvement construction costs will
be determined and delineated once all costs have been compiled.
(c) This option, granted to Tenant is personal to the original
Tenant and may be exercised only by the original Tenant while occupying the
entire premises and may not be exercised or be assigned, voluntarily or
involuntarily, by or to any person or entity other than Tenant, including,
without limitation, any permitted transferee as defined in section 3 of the
Lease. The option herein granted to Tenant is not assignable separate or
apart from this Lease, nor may this option be separated from the Lease in any
manner, either by reservation or otherwise. If at any time this option is
exercisable by Tenant, the Lease has been assigned, or a sublease exists as
to any portion of the Premises, this option shall be deemed null and void and
neither Tenant nor any assignee or subtenant shall have the right to exercise
the option.
7. BASE YEAR. The Base Year for computing the Base Amount for Operating
Expenses and Taxes shall equal the amount of operating Expenses and Taxes
actually incurred in calendar year 1993, as appropriately adjusted to reflect
a completed Building with ninety-five percent (95%) occupancy.
8. TENANT IMPROVEMENTS/AS-IS CONDITION. Landlord and Tenant agree that
Tenant is accepting the Premises in an "as-is" condition, based upon the
attached space plan. However, Landlord at its sole cost and expense will
remove an existing wall contiguous to the existing conference room and to
patch the carpeting where the wall once existed, as shown on the attached
space plan, to allow for an enlargement of the conference room.
9. PARKING. During the Term of this extension and renewal, Tenant shall
have the right to use four (4) unreserved parking spaces at no charge to
Tenant. Until such time as Landlord installs parking equipment and controls,
including parking gates in the parking structure adjacent to the Building,
Tenant's visitors shall be entitled to use the visitor parking areas free of
charge. Once Landlord has installed parking equipment in the parking
structure, Tenant and/or Tenant's visitors shall pay Landlord's prevailing
rates for visitor parking.
10. SECURITY DEPOSIT. Landlord hereby acknowledges that Tenant has a
Security Deposit held by Landlord in the amount of Five-Thousand Eight
Hundred Sixty Dollars ($5,860.00).
11. SHARING OF BROKER'S COMMISSION. Landlord hereby agrees to share the
Broker's commission in the amount of Two-Thousand Seven Hundred Forty Five
Dollars and Seventy-Two Cents based on the following split: Fifty-Percent
(50%) payable to Tenant and Fifty-Percent (50%) payable to Xxxxx Partners
Incorporated, subject to Tenant holding a current and valid California Real
Estate Broker's License and providing Landlord with evidence of the same.
12. NOTICES AND ADDITIONAL NOTICES.
(a) The Address for Notice to Landlord referred to in Section II,
Article 27 of the Lease is hereby replaced with the following:
Advent Realty Limited Partnership II
c/o Davis Partners Incorporated
0000 Xxxxxxx Xxxxx Xxxxx 000
Xxxxxxx Xxxxx, XX 00000
(b) This section is hereby further amended to provide that a copy
of each notice sent to Landlord under the Lease shall also be delivered, in
the same manner and at the same time as it is delivered to Landlord, to Xxxxx
Partners Incorporated, 0000 Xxxxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxx Xxxxx,
Xxxxxxxxxx, 00000, Attention: Xx. Xxxxx 0. Buckingham.
13. FULL FORCE AND EFFECT. Except as amended hereby, Landlord and Tenant
hereby acknowledge and agree that the Lease is in full force and effect in
accordance with its terms, and that neither Landlord or Tenant are in default
thereunder.
IN WITNESS WHEREOF, the parties hereto have respectively executed this
Second Addendum as of the date first written above.
LANDLORD:
Advent Realty Limited Partnership HomeLife Realty Services, Inc., II, a Delaware
limited partnership a Delaware corporation
By: Advent Realty XX XX Limited
Partnership, a Delaware Limited Partnership
Its General Partner
By: Advent Realty, Inc.
A Delaware Corporation
Its: General Partner
By: /s/ Xxxxxxx X. Xxxxx
---------------------------------------------
Xxxxxxx X. Xxxxx, Chairman
Tenant:
HomeLife Realty Services, Inc.,
a Delaware Corporation
By: /s/ Xxxxxx Xxxxxxxx
---------------------------------------------
Xxxxxx Xxxxxxxx
Its: President
---------------------------------
*It is the intention of the parties hereto that this agreement will be executed
on behalf of Landlord by either Xxxxxxx X. Xxxxxx X. Xxxxx and that the
signatures of both Xxxxxxx X. Xxxxx and Xxxxxx X. Xxxxx will not be required.
