EXHIBIT 10.7
AMENDMENT
TO
LEASE AGREEMENT
THIS AMENDMENT is made and entered into this 27th day of March, 2000, by
and between Eyde Brothers Development Company ("Landlord") and Big Buck Brewery
& Steakhouse, Inc. ("Tenant").
R E C I T A L S:
WHEREAS, the Landlord and the Tenant entered into a Real Estate Purchase
and Leaseback Agreement, dated April 11, 1997, relating to the premises, legally
described therein, at 0000 00xx Xx. XX, Xxxxx Xxxxxx, Xxxxxxxx (the "Grand
Rapids Site");
WHEREAS, the Landlord and the Tenant entered into a Lease Agreement (the
"Lease Agreement"), dated April 11, 1997, pursuant to which the Landlord leases
to the Tenant and the Tenant rents from the Landlord the Grand Rapids Site;
WHEREAS, the Landlord and the Tenant desire to enter into an agreement
pursuant to which the Landlord will waive its right to require the Tenant to
repurchase the Grand Rapids Site based upon Gross Sales (as defined in the Lease
Agreement) during any of the first three Lease Years (as defined in the Lease
Agreement) in consideration of the Tenant's agreement (i) to lower the amount of
Gross Sales upon which the percentage rent depends and (ii) to shorten the
period of time during which Gross Sales may trigger the repurchase obligation in
the future.
NOW, THEREFORE, in consideration of the premises and agreement set forth
herein, the parties hereto agree as follows:
1. WAIVER. The Landlord waives its right to require the Tenant to
repurchase the Grand Rapids Site based upon Gross Sales during any
of the first three Lease Years.
2. PERCENTAGE RENT. Paragraph F of the Data Sheet contained within the
Lease Agreement is restated as follows: "PERCENTAGE RENT: Five
percent (5%) of Gross Sales on Gross Sales in excess of $1,500,000."
2. REPURCHASE OBLIGATION. The first sentence of Section 3.3(b) of the
Lease Agreement is restated as follows: "Commencing April 11, 2000,
in the event that Gross Sales shall not exceed $1,500,000 annually
for any full Lease Year during the remaining term of the Lease, then
Tenant shall be obligated to repurchase the Premises from Landlord,
upon Landlord's written request, within one hundred eighty (180)
days after receipt of such request from Landlord."
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the
date first above written.
LANDLORD: TENANT:
EYDE BROTHERS DEVELOPMENT COMPANY BIG BUCK BREWERY & STEAKHOUSE, INC.
By /s/ Xxxxxxx X. Xxxx By /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxx Xxxxxxx X. Xxxxxxxx
Owner President and Chief Executive Officer
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