SECOND AMENDMENT TO LEASE
This Second Amendment to Lease, dated for reference purposes only, October
1, 1996, between Maricopa Enterprises, Ltd., (Lessor), and Motorcar Parts &
Accessories, Inc., (Lessee), who agree as follows:
1. RECITALS: This Second Amendment to Lease is made with reference to the
following facts and objectives:
a. Lessor and Lessee entered into a written Lease dated March 8,
1993, whereby Lessor leased to Lessee the Premises commonly known
as 0000 Xxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxx 00000;
b. The parties desire to amend the Term of the Lease on the terms
and conditions hereinafter set forth.
2. AMENDMENT OF TERM: The Term of the Lease shall be amended so that the
Term of the Lease shall extend to and including March 31, 2002.
3. RENT: Base Rent for the period from April 1, 1997 through September 30,
1999 shall be $44,280.00 per month. From October 1, 1999 through March 31, 2002,
Base Rent shall be $47,601.00 per month.
4. EFFECTIVENESS OF LEASE: Except as set forth in this Second Amendment to
Lease, all of the provisions of the Lease shall remain in full force and effect
and unchanged.
5. OPTIONS TO EXTEND TERM: If this Lease has not been cancelled or
terminated prior to March 31, 2002, and if the Lessee is at the time of exercise
and through March 31, 2002, in possession of the Premises and is not at the time
of exercise and through March 31, 2002 in default of any of the terms, covenants
or conditions of this Lease, Lessee is hereby granted two (2) options to extend
the Term of this Lease for two (2) additional terms of five (5) years each from
and after March 31, 2002; provided that Lessee gives written notice to Lessor of
the exercise of each option of extension at least one hundred twenty (120) days
prior to the expiration of the preceding Term. The terms and conditions of the
Lease during the extended five (5) year option periods shall be the same as
herein contained, except that the monthly Base Rent shall be increased to
ninety-five percent (95%) of the then prevailing fair rental value as of the
commencement date of each option period, which shall be mutually agreed upon by
Lessor and Lessee, if possible. However, no reevaluation shall result in a
rental rate less than that established for the prior rental period. In the event
that Lessor and Lessee cannot mutually agree upon the then prevailing fair
rental value of the Premises, the determination of the fair rental value as of
the commencement date of each option period shall be based upon an appraisal by
an S.I.R. broker or an M.A.I. appraiser acceptable to both Lessor and Lessee to
the Los Angeles Chapter of the American Arbitration Association. All costs and
fees of said broker or of the American
Arbitration Association shall be borne equally by Lessor and Lessee. The fair
rental value shall be increased during the second thirty (30) months of each
five (5) year extended term, the amount of such increases to be agreed upon at
the time the fair rental value is established.
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment
to Lease.
MARICOPA ENTERPRISES, LTD.
Dated: 11/14/96 /s/ Xxxxx X. Xxxxxx
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XXXXX X. XXXXXX, General Partner
MOTORCAR PARTS & ACCESSORIES, INC.
Dated: 11/14/96 /s/ Xxxxxxx Xxxxx
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