THIRD AMENDMENT TO SUBLEASE AGREEMENT
Exhibit 10.132
THIRD AMENDMENT TO SUBLEASE AGREEMENT
THIS THIRD AMENDMENT TO SUBLEASE AGREEMENT (the “Amendment”) is made and entered into as of this 9th day of September, 2015, (the “Execution Date”) but effective upon the Effective Date (as hereinafter defined), by and between ADK GEORGIA, LLC, a Georgia limited liability company (“Sublessor”) and C.R. OF THOMASVILLE, LLC, a Georgia limited liability company (hereinafter referred to as “Sublessee”).
W I T N E S S E T H:
WHEREAS, pursuant to that certain lease dated August 1, 2010, as amended (the “Master Lease”), Sublessor leased from Xxxxxxx X. Xxxxxx (“Landlord”) the premises described in the master Lease;
WHEREAS, Sublessor and Sublessee are parties to that certain Sublease Agreement dated as of July 1, 2014, as amended (as amended, the “Sublease”); and
WHEREAS, Sublessor and Sublessee desire to further amend and modify certain terms and conditions of the Sublease.
NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, paid by each party to the other, the receipt and sufficiency of which are hereby acknowledged, and the mutual covenants and benefits flowing between the parties, Sublessor and Sublessee, intending to be legally bound, do hereby covenant and agree as follows:
1.Capitalized Terms. Unless otherwise defined herein, all capitalized words and phrases used herein shall have the same meanings ascribed to them in the Sublease.
2.Effective Date. This Amendment shall become effective upon Landlord’s written approval (such date is referred to herein as the “Effective Date”).
3.Term. Section 2 of the Sublease is hereby deleted in its entirety and the following is substituted in lieu thereof:
2. Term. A “Lease Year” is the twelve (12) month period commencing on July 1 and each anniversary thereof during the Term. The “Term” commenced on July 1, 2014 and ends on August 31, 2027, unless sooner terminated as provided herein. This Sublease is subject to the Master Lease and all of the terms, covenants and conditions in the Master Lease are applicable to this Sublease with the same force and effect as if Sublessor were the lessor under the Master Lease and Sublessee were the lessee thereunder.
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4.Rent. Section 3 of the Sublease is hereby deleted in its entirety and the following is inserted in lieu thereof:
3. Rent. During the Term, Tenant shall pay in advance to Landlord on or before the first day of each month the following amounts as Rent:
3.1 First Lease Year. Commencing with the Rent due on July 1, 2015, Rent shall be equal to Twenty-seven Thousand Five Hundred and 00/100 Dollars ($27,500.00) per month through June 30, 2016 (the first “Lease Year”).
3.2 Subsequent Lease Years. Commencing on July 1, 2016 and continuing during the Lease Years two (2) through five (5), Rent shall increase each Lease Year by two percent (2%) over Rent paid during the immediately preceding Lease Year. Commencing with the sixth (6th) Lease Year and during each subsequent Lease Year through the end of the Term, Rent shall increase each Lease Year by two and one-half percent (2.5%) over Rent paid during the immediately preceding Lease Year.
5.Security Deposit. Section 7 of the Sublease is hereby deleted in its entirety and the following is inserted in lieu thereof:
7. Security Deposit. Sublessee has deposited with Sublessor and shall maintain during the Term the sum of Twenty-five Thousand and 00/100 Dollars ($25,000.00) as a security deposit (the “Security Deposit”) against the faithful performance by (i) Sublessee of its obligations under this Sublease and (ii) any affiliate of Sublessee under any lease or sublease with Sublessor or any affiliate of Sublessor.
6.Agreement in Effect. Except as herein specifically provided, all other terms and provisions of the Sublease shall remain in full force and effect, and are hereby ratified and reaffirmed by the parties.
[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]
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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.
SUBLESSOR:
ADK GEORGIA, LLC,
a Georgia limited liability company
By: /s/ Xxxxxxx XxXxxxx
Name: Xxxxxxx XxXxxxx
Title: Manager
SUBLESSEE:
C.R. OF THOMASVILLE, LLC,
a Georgia limited liability company
By: /s/ Xxxxxxx X. Xxxxxx, Xx.
Name: Xxxxxxx X. Xxxxxx, Xx.
Title: Manager
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