FIFTH AMENDMENT TO LEASE AGREEMENT JORDAN VALLEY TECHNOLOGY CENTER OFFICE BUILDING TWO
Exhibit 10
FIFTH AMENDMENT TO
JORDAN VALLEY TECHNOLOGY CENTER
OFFICE BUILDING TWO
THIS FIFTH AMENDMENT TO LEASE AGREEMENT (the “Amendment”) is made and entered into as of this 29th day of June, 2007, by and between XXXXX FREEWAY PARK, L.C., a Utah Limited Liability Company, (the “Landlord”), and TENFOLD CORPORATION, a Delaware Corporation (the “Tenant”), (collectively the “Parties”).
RECITALS:
WHEREAS, Xxxxx Xxxxxx Valley 1, L.C. (the predecessor in interest to Landlord) and Tenant entered into a certain Lease Agreement – Tenfold Office Building Phase I, dated April 28, 2000 and amended by the First Amendment to Lease Agreement dated November 30, 2000, and the Second Amendment to Lease Agreement dated April 3, 2002, and Third Amendment to Lease Agreement dated September 30, 2002, and Fourth Amendment to Lease Agreement dated December 12, 2002 (the “Lease”) providing for the lease by Landlord to Tenant of the office building located at 698 West 10000 South in South Jordan, Utah. Capitalized terms which are used but not defined in this Amendment shall have the same meaning as is set forth in the Lease; and
WHEREAS, Xxxxx Xxxxxx Xxxxxx 0, X.X. assigned its entire right, title and interest in the Lease and conveyed its entire right, title and interest in and to the Leased Premises to Landlord; and
WHEREAS, Landlord and Tenant desire to modify the Lease strictly upon the terms and conditions set forth in this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
| 1. | ARTICLE 1.1(D), NON-EXCLUSIVE PARKING: The number of non-exclusive parking stalls shall be changed from 89 to 90 parking stalls. |
| 2. | ARTICLE 2.1, LENGTH OF TERM: The length of this Fifth Lease Amendment shall be for a period of Five (5) years. |
| 3. | ARTICLE 2.2, COMMENCEMENT DATE; OBLIGATION TO PAY RENT: The Commencement Date of this Fifth Amendment to Lease Agreement shall be September 1, 2007. Tenant’s obligation to pay rent herein shall commence on the Commencement Date. The Expiration Date of this Amendment shall be August 31, 2012. |
1
| 4. | ARTICLE 3.1, BASIC ANNUAL RENT: The Basic Annual Rent for the term of this Fifth Amendment to Lease Agreement shall be as follows: |
| Lease Year |
Dates | Rentable Square Ft |
NNN Rent Per RSF |
Annual Rent | Monthly Rent | ||||||||
| 1 |
9/1/07 - 8/31/08 | 22,310 | $ | 14.00 | $ | 312,340.00 | $ | 26,028.33 | |||||
| 2 |
9/1/08 - 8/31/09 | 22,310 | $ | 14.50 | $ | 323,495.00 | $ | 26,957.92 | |||||
| 3 |
9/1/09 - 8/31/10 | 22,310 | $ | 15.00 | $ | 334,650.00 | $ | 27,887.50 | |||||
| 4 |
9/1/10 - 8/31/11 | 22,310 | $ | 15.50 | $ | 345,805.00 | $ | 28,817.08 | |||||
| 5 |
9/1/11 - 8/31/12 | 22,310 | $ | 16.00 | $ | 356,960.00 | $ | 29,746.67 | |||||
| 5. | ARTICLE 21.3 EXTERIOR SIGNAGE RIGHTS: Tenant shall have the right to install Tenant signage on the south face of the building. Specifically, Tenant signage will be located on the west end of the horizontal structure between the 1st and 2nd floors of the Building. Tenant shall also have the right to Tenant signage on a monument sign for the Building. Landlord will pay the cost of both the building and monument signs. |
| 6. | LANDLORD OPTIONS: The Option to Terminate as specified in the 4th Amendment is deleted in its entirety and replaced with the following: |
Option to Terminate: Landlord shall have the option to terminate the Lease. In the event that Landlord elects to exercise this Option to Terminate, Landlord shall provide eleven (11) months advance written notice to Tenant. Tenant shall vacate the Leased Premises on or before the end of the eleven (11) month period. Tenant shall be responsible for leaving the Leased Premises in good order, condition and repair subject to normal wear and tear; but shall not be responsible for preparing the Leased Premises for subsequent tenants use such as recarpeting or repainting of the Leased Premises. The lease shall terminate as of the date Tenant vacates the Leased Premises.
In the event that Landlord exercises this Option to Terminate, Landlord will grant to Tenant a rental abatement of the Basic Annual Rent for the last two (2) months of the term of the Lease.
2
IN WITNESS WHEREOF, the Landlord and Tenant have executed this Fifth Amendment on the date first set forth above.
| LANDLORD: | XXXXX FREEWAY PARK, L.C., by its Managing Partner, The Xxxxx Company, L.C. | |||||
| By: |
| |||||
| H. Xxxxx Xxxxx | ||||||
| Its: | Chairman and Manager | |||||
| TENANT: | TENFOLD CORPORATION | |||||
| By: |
| |||||
| Xxxxxx X. Xxxxxx | ||||||
| Its: | Chief Financial Officer | |||||
3
NOTARY
| STATE OF UTAH | ) | |
| ) ss | ||
| COUNTY OF SALT LAKE | ) |
On this day of June, 2007, personally appeared before me H. XXXXX XXXXX, who duly acknowledged to me that he executed the foregoing Lease Amendment as the CHAIRMAN AND MANAGER of THE XXXXX COMPANY, L. C., A UTAH LIMITED LIABILITY COMPANY the managing partner of XXXXX FREEWAY PARK, L.C.
| My Commission Expires: |
|
|||||
| Notary Public | ||||||
|
|
Residing at SALT LAKE COUNTY |
| STATE OF UTAH | ) | |
| ) ss | ||
| COUNTY OF SALT LAKE | ) |
On this day of June, 2007, personally appeared before me XXXXXX X. XXXXXX, who being duly sworn, did say that he is the CHIEF FINANCIAL OFFICER AND CHIEF OF STAFF of TenFold Corporation, a Delaware Corporation, and that said instrument was signed in behalf of said corporation by authority of its by-laws or a resolution of its Board of Directors, and said XXXXXX X. XXXXXX acknowledged to me that said corporation executed the same.
| My Commission Expires: | ||||||
|
|
||||||
|
|
Notary Public |
4
