ADDENDUM TO LEASE
WESTINGHOUSE ROAD VENTURES, LTD., a Texas Limited Partnership, as
successor-in-interest to Xxxxxxx X. Xxxxx d/b/a Westinghouse Road Ventures, a
sole proprietorship, as successor-in-interest to Westinghouse Road Joint
Venture, a Texas Joint Venture ("Lessor") and TRIPLE S PLASTICS, INC., a
Michigan Corporation ("Lessee") entered into a commercial Real Estate Lease on
May 22, 1995, for the lease of certain premises situated on seven acres of land,
more or less, located on County Road 116 at the Northeast corner of Westinghouse
Road, Xxxxxxxxxx County, Texas, and which is more particularly described in the
Lease as Building One. A true and correct copy of the lease and all of its
subsequent amendments are attached hereto as Exhibit 1 and are hereinafter
collectively referred to as the "Lease".
This is an amendment to the terms of the Lease. If not identified in this
amendment, the terms and conditions of the original shall remain in full force
and effect and shall govern the rights and obligations of the parties.
Leased Premises:
The Lease originally covered only the property identified as Building One
located on the tract. In consideration of the mutual covenants and agreements
set forth in the Lease and in this Addendum, Lessee does hereby further lease
a commercial building known as Building Two, its parking, outside storage, and
common areas, which is adjacent to Building One (more specifically located at
000 Xxxx Xxxxxxx Xxxxxxxxx, being the most northerly building situated on Lot 1,
Block 1 of Park Central Subdivision, Section 1, in Xxxxxxxxxx County, Texas).
Term:
The lease of building Two shall commence on January 1, 2000 and shall
terminate on July 31, 2003.
Rental Payments for Building Two:
In addition to the current rental payments for Building One, Lessee shall
pay to Lessor for the lease of Building Two $8,000.00 per month (hereinafter
the "basic rent") beginning on January 1, 2000 and continuing on the first day
of every month thereafter through July 31, 2002, afterwhich the basic rent shall
increase to $8,400 per month through the end of the lease term.
As additional obligation Lessee shall pay to Lessor an amount of money
equal to the amount Lessor is required to pay for all casualty (fire and
extended coverage) and general liability insurance on the Building Two. Such
payments shall be made to Lessor within fifteen (15) days of Xxxxxx's receipt
of a statement of the amount due, supported by documents detailing the amounts
to be paid. Lessee is only responsible for future reasonable coverage increases
as a result of Xxxxxx's use or improvements to the premises. In lieu of such
payment, Lessee shall have the option to obtain and maintain its own insurance
coverage pursuant to Article 11 of the Lease and shall provide proof of such
coverage to Lessor on or before January 1, 2000.
As additional obligation Lessee shall pay to Lessor an amount of money
equal to the amount Lessor is required to pay for ad valorem taxes and ad
valorem tax related expenses on the Building Two, including but not limited to
ad valorem taxes, state equalization factors, if any, assessments, and the
expense of contesting the amount and validity of any such taxes. Lessee shall
not be responsible for any penalties and/or late charges associated with such
taxes. Such additional rent shall not include income, estate or inheritance
taxes which may accrue to Lessor as a result of its ownership of the Premises.
Lessor shall retain the sole right to participate in any proceedings to
establish or contest the amount of taxes assessed against the Building Two.
However, Xxxxxx agrees to work together with Xxxxxx in good faith to evaluate
whether or not particular tax assessments should be challenged.
All sums that Xxxxxx assumes or agrees to pay to Lessor pursuant to this
Lease shall be deemed rental and, in the event of nonpayment thereof, Lessor
shall have all of the rights and remedies herein provided for in case of
nonpayment of base rent.
Building Condition:
Xxxxxx accepts the property "as is" in its current condition, subject to
Lessor's responsibility for ensuring the prior tenant's completion of certain
maintenance items as set forth in Exhibit 2.
EXECUTED on this 20th day of December, 1999 to be effective January 1, 2000.
Lessee: Lessor:
TRIPLE S PLASTICS, INC. WESTINGHOUSE ROAD VENTURES, LTD.
By BOOTH MANAGEMENT COMPANY, L.L.C.
Its General Partner
By: _/s/_MARLAN_R._SMITH____ By: _/s/_WILLIAM_M._BOOTH_______
XXXXXX X. XXXXX XXXXXXX X. XXXXX
Chief Financial Officer Manager
