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EXHIBIT 10.8
AMENDMENT TO SUBLEASE FOR SUBLEASE EXPANSION
THIS AMENDMENT TO SUBLEASE FOR SUBLEASE EXPANSION (the "Amendment") is
made this 17th day of July, 2000, by and between RITE AIDE OF MICHIGAN, INC., a
Michigan corporation ("Landlord"), having an address of X.X. Xxx 0000,
Xxxxxxxxxx, Xxxxxxxxxxxx 00000 and MICHIGAN COMMUNITY BANCORP LIMITED, a
Michigan corporation ("Tenant"), having an address of 00000 Xxxxxxxxxx Xxxx,
Xxxxxxxx Xxxxxxx, Xxxxxxxx 00000, Attention: Xxxxx X. XxXxxxxx,
President/CEO/Chairman and amends the Sublease by and between Landlord and
Tenant dated August 7, 1998 covering the premises situated in a shopping center
known as Lakeview Square Shopping Center located at 00000 Xxxxxxxxxx Xxxx,
Xxxxxxxx Xxxxxxx, Xxxxxxxx (the "Sublease").
WITNESSETH:
WHEREAS, Landlord and Tenant desire to amend and modify said Sublease
as set forth herein.
NOW THEREFORE, in consideration of One ($1.00) Dollar and other mutual
covenants herein contained, Landlord and Tenant do hereby amend the Sublease as
follows:
1. New Space. Commencing on the date of the execution of this Sublease
by both parties (the "New Space Commencement Date") the size of the subleased
premises shall be increased from the present approximate size of 5,980 square
feet (the "Original Premises") to approximately 11,180 square feet (the "New
Space"), by expanding into the vacant adjacent space containing approximately
5,200 square feet. The New Space does not include and the Landlord shall retain
exclusive possession of a 10' storage area (the "Storage Area") located adjacent
to the New Space, as depicted on the site plan attached hereto as Exhibit A and
made a part hereof. Prior to the New Rent Commencement Date (hereinafter
defined), Tenant, at its expense, shall construct and deliver to the Storage
Area to Landlord in a manner reasonably satisfactory to Landlord, which
construction shall include a separate exterior entrance for the exclusive use by
Landlord.
2. New Rent Commencement Date. Tenant shall continue to pay annual rent
pursuant to Article IV of the Sublease until the date, which is one hundred
twenty (120) days after the New Space Commencement Date (the "New Rent
Commencement Date").
3. Rent. Effective as of the New Rent Commencement Date, Tenant shall
pay Landlord annual minimum rent for the New Space in the amount of One Hundred
Thirty Two Thousand Eighty ($11,080.00) Dollars on or before the first day of
each month, in advance. If the New Rent Commencement Date commences on a day
other than the first of day of a month, then the annual minimum rent for the New
Space shall be prorated for the balance of said month on a per diem basis.
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4. Condition of New Space.
(a) Tenant accepts possession of the New Space in an AS-IS
condition, without representation or warranty of any kind from Landlord as to
the condition of the New Space or its fitness for the particular use to which
Tenant expects to put the New Space.
(b) Tenant shall, at its expense, perform all work which is
necessary to prepare the New Space for the conduct of business by Tenant
including, without limitation, Tenant's New Improvements in the manner
contemplated by this Sublease and to bring the New Space into compliance with
all Governmental Requirements. Tenant shall begin construction of Tenant's New
Improvements within ten (10) days after the New Space Commencement Date and
complete construction prior to the New Rent Commencement Date.
All work performed by Tenant (including Tenant's New
Improvement) shall be performed in a good and workmanlike manner in accordance
with plans and specifications approved in advance by Landlord and otherwise in
compliance with all Governmental Requirements and Insurance Underwriters'
Requirements and subject to all requirements and conditions set forth in the
Prime Lease. All improvements incorporated by Tenant in the New Space (other
than trade fixtures) shall be considered permanent improvements to the New Space
and shall be the property of Landlord.
5. Taxes. Commencing on the New Space Commencement Date, in addition to
all other sums due from Tenant hereunder, Tenant shall increase the amount of
additional rent paid to Landlord for real estate taxes and assessments assessed
against the New Space and the Center from 53% to 00% of the amounts charted to
Landlord by Prime Landlord for such real estate taxes and assessments pursuant
to Article 9 of the Prime Lease, which amounts shall be paid within ten (10)
days of receiving a xxxx therefore from Landlord.
6. Common Area Maintenance Charges. Commencing on the New Space
Commencement Date, in addition to all other sums due from Tenant hereunder,
Tenant shall increase the amount of additional rent paid to Landlord for Common
Area Services (as described in the Prime Lease) from 53% to 100% of the amounts
charged to Landlord by Prime Landlord for such Common Area Services pursuant to
Article 6 of the Prime Lease, which amounts shall be paid within ten (10) days
of receiving an invoice for such charges from Landlord.
7. Definitions. All capitalized terms not otherwise defined herein
shall have the meanings assigned to them in the Sublease.
8. No Defaults. Tenant acknowledges and affirms that as of the date of
this Amendment, Landlord is not in default under any of the terms, covenants,
conditions, or provisions of the Sublease and Tenant has no offsets, claims or
defenses against Landlord with respect to any obligation or duty of Landlord
arising pursuant to the Sublease.
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9. Landlord's Work. Tenant acknowledges and affirms that Landlord has
completed all repairs to the complete satisfaction of Tenant.
10. Continuing Validity. Except as herein modified, all other terms,
covenants and conditions of the Sublease shall remain in full force and effect
and are hereby ratified and confirmed.
11. Conflicting Terms. In the event of a conflict between the terms of
the Sublease and this Amendment, the language of this Amendment shall control.
12. Consent to Amendment. Lakeside Community Bank, a Michigan
corporation and Guarantor of the Sublease, hereby consents to this Amendment.
WITNESS: LANDLORD:
RITE AIDE OF MICHIGAN, INC.,
A MICHIGAN CORPORATION
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Xxxxxx X. Xxxxxx
Authorized Representative
TENANT:
MICHIGAN COMMUNITY BANCORP LIMITED,
A MICHIGAN CORPORATION
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Xxxxx X. XxXxxxxx
President/CEO/Chairman
GUARANTOR:
LAKESIDE COMMUNITY BANK,
A MICHIGAN CORPORATION
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Name: Xxxxx X. XxXxxxxx
Title: Chairman
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