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EXHIBIT 10(k)
STATE OF NORTH CAROLINA
AMENDMENT NO. 3 TO LEASE AGREEMENT
COUNTY OF NEW HANOVER
THIS AMENDMENT NO. 3 TO LEASE AGREEMENT is made and entered into this
16th day of February, 1999, by and between Xxxxxx Brothers, A Partnership, of
Wilmington, New Hanover County, North Carolina (hereinafter referred to as
"Lessor"), and Reeds Financial Services, Inc., a duly organized and existing
North Carolina corporation with its place of business located in Wilmington,
New Hanover County, North Carolina (hereinafter referred to as "Lessee").
W I T N E S S E T H :
WHEREAS, the Lessor and Lessee have heretofore entered into a Lease
Agreement dated January 22, 1991; and
WHEREAS, the Lessor and Lessee have heretofore entered into an
Amendment No. 1 to Lease Agreement dated March 1, 1996; and
WHEREAS, the Lessor and Lessee have heretofore entered into an
Amendment No. 2 to Lease Agreement dated January 14, 1999; and
WHEREAS, the Lessor and Lessee desire to amend the said Lease
Agreement in certain aspects.
NOW, THEREFORE, for and in consideration of the sum of Ten and No/100
Dollars ($10.00) and other good and valuable consideration, each to the other
paid, the receipt of the same which is hereby respectfully acknowledged, the
parties do hereby agree as follows:
1. That certain Lease Agreement dated January 22, 1991, by and between
Xxxxxx Brothers, A Partnership, as Lessor, and Reeds Financial Services, Inc.,
as Lessee, as amended, is hereby further amended effective September 1, 1999 as
follows:
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A. Article 1.1 D is hereby deleted, and in lieu thereof the
following is inserted therein:
"D. LEASED PREMISES: A portion of the shopping center premises
identified and/or outlined in red on Exhibit "B", and containing approximately
10,880 square feet, known as spaces X, X, X, X, X, X, X, X, X and L, Banberry
Plaza, 2515 South 17th Street, Wilmington, New Hanover County, North Carolina."
B. Article 1.1 G is hereby deleted, and in lieu thereof the
following is inserted therein:
"G. FIXED MINIMUM RENT: Lessee shall pay rentals to Lessor as
follows:
September 1, 1999 to December 31, 2002: $11,384.15 per month
January 1, 2003 to December 31, 2006: $11,825.60 per month
All such rental installments shall be due and payable in advance on
the first day of each and every calendar month for and during the term of the
herein Lease."
2. In all other aspects, the said Lease Agreement dated January 22,
1991, as amended, by and between Xxxxxx Brothers, A Partnership, as Lessor, and
Reeds Financial Services, Inc., as Lessee, shall remain in full force and
effect.
IN WITNESS WHEREOF, the Lessor and Lessee have signed and sealed this
Amendment No. 3 to Lease Agreement the day and year first above written.
LESSOR:
XXXXXX BROTHERS, A PARTNERSHIP
BY: /s/ Xxxxxxx X. Xxxxxx (SEAL)
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XXXXXXX X. XXXXXX, General Partner
BY: /s/ Xxxxxxx X. Xxxxxx (SEAL)
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XXXXXXX X. XXXXXX, General Partner
BY: /s/ Xxxx X. Xxxxxx (SEAL)
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XXXX X. XXXXXX, General Partner
[Signatures continued on following page]
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LESSEE:
REEDS FINANCIAL SERVICES, INC.
BY: /s/ Xxxx X. Xxxxxx (SEAL)
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XXXX X. XXXXXX, President
ATTEST:
/s/ Xxxxxxx X. Xxxxxx
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XXXXXXX X. XXXXXX, Secretary
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EXHIBIT B
[BANBERRY PLAZA BUILDING PLANS]
