STATE OF NORTH CAROLINA
FIRST AMENDMENT TO LEASE AGREEMENT
COUNTY OF MECKLENBURG
THIS FIRST AMENDMENT TO LEASE AGREEMENT is executed effective as of
October 29, 1997 by and between THE XXXXXXXX LLC, a North Carolina limited
liability company ("Lessor") and XXXXXXXX INDUSTRIES, INC., a North Carolina
corporation ("Lessee").
W I T N E S S E T H:
WHEREAS, the parties have heretofore entered into that certain Lease
Agreement dated October 29, 1997 ("Lease") whereby Lessor did lease to Lessee
certain premises as described in the Lease located at 000 Xxxxxxxx Xxxx,
Xxxxxxxxx, Xxxxx Xxxxxxxx; and,
WHEREAS, the parties have since determined that the assumptions regarding
responsibilities under the Lease in setting the rental rate were in fact
inaccurate as to (1) square footage; (2) responsibility for insurance; (3)
responsibility for taxes; and,
WHEREAS, the parties are desirous of amending said Lease to accurately
reflect the contemplation of the parties in the setting of the rate and to
accurately assess rental based upon the true square footage of the facility;
NOW, THEREFORE, for good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties do hereby agree to
amend the Lease as follows:
(1) The first sentence of paragraph 3. RENT, which presently reads "Lessee
shall pay to Lessor as rental for the Premises the sum of Fifty-One Thousand
Nine Hundred Fifty-Three and 40/100's Dollars ($51,953.40) per month, payable on
or before the fifth (5th) day of each calendar month during the term thereof."
shall be deleted and replaced with the following:
"Lessee shall pay to Lessor as rental for the Premises the sum of
Fifty-Four Thousand Nine Hundred Twenty-Three and 40/100's Dollars
($54,923.40) per month, payable on or before the fifth (5th) day of each
calendar month during the term thereof."
(2) Paragraph 9. INSURANCE, (a) Casualty Insurance. shall be deleted and
replaced with the following:
"(a) Casualty Insurance. During the term of this Lease, Lessor
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shall maintain and keep in full force and effect, at its
cost, a standard comprehensive fire and extended coverage
policy of insurance with respect to the Premises naming
Lessor and Lessee as insured as their interests appear, in
such amounts as Lessor's lender, if any, shall require.
Lessee
shall have the responsibility to determine whether to maintain
casualty insurance with respect to Lessee's personalty and business
interruption insurance for Lessee's own benefit."
3. Paragraph 10. TAXES shall be deleted and replaced with the following:
"Lessor shall pay all ad valorem real property taxes and special
assessments applicable (and any penalties for late payment associated
therewith) to the Premises during the term of this Lease not later than
the due date shown on the xxxx therefor. Lessee shall be solely
responsible for paying any taxes or governmental assessments levied upon
Lessee's personal or business property."
4. Except as modified herein, the Lease remains enforceable according to
its tenor as originally set forth.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
pursuant to authority duly given, this the 22 day of July, 1998.
LESSOR:
THE XXXXXXXX LLC
/s/ XXXXXX X. XXXXXXXX
By: ----------------------------- (SEAL)
Xxxxxx X. Xxxxxxxx, Manager
LESSEE:
XXXXXXXX INDUSTRIES, INC.
/s/ XXXXXX X. XXXXXXXX
By: ------------------------------
Xxxxxx X. Xxxxxxxx, President
ATTEST:
/s/ Xxxxx Xxxxx, Secretary
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Xxxxx Xxxxx, Secretary
[Corporate Seal]
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STATE OF NORTH CAROLINA
COUNTY OF MECKLENBURG
I, a Notary Public, do hereby certify that Xxxxxx X. Xxxxxxxx personally
appeared before me this day and acknowledged that he is the manager of The
Xxxxxxxx LLC, a North Carolina limited liability company, and further
acknowledged the due execution of this instrument on behalf of and as the
authorized act and deed of such limited liability company.
Witness my hand and official stamp or seal, this the 22 day of July, 1998.
/s/ L. Xxxx Xxxxxx
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Notary Public
My commission expires:
(NOTARY SEAL APPEARS HERE)
11-11-2000
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[Notarial Seal]
STATE OF NORTH CAROLINA
COUNTY OF MECKLENBURG
I, a Notary Public of the County and State aforesaid, certify that Xxxxxx
X. Xxxxxxxx personally came before me this day and acknowledged that he is the
President of Xxxxxxxx Industries, Inc. and that by authority duly given and as
the act of the corporation, the foregoing instrument was signed in its name,
sealed with its corporate seal and attested by its Secretary.
Witness my hand and official stamp or seal, this the 22 day of July, 1998.
L. Xxxx Xxxxxx
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Notary Public
My commission expires:
(NOTARY SEAL APPEARS HERE)
11-11-2000
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[Notarial Seal]
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