Exhibit 10.40
AMENDMENT TO LEASE
Amendment No. 1
THIS AMENDMENT TO LEASE AGREEMENT, made this 22nd day of June 1999, by and
between Xxxxx Xxx Limited Partnership (hereinafter referred to as "Landlord"),
and Xxxxxxxxx & Xxxx, Inc. (hereinafter referred to as the "Tenant").
WITNESSETH THAT:
WHEREAS, Landlord and Tenant entered into a Lease Agreement dated
August 31, 1994 (hereinafter the "Lease"), and;
WHEREAS, Landlord and Tenant desire to modify the Lease as set forth
herein.
NOW THEREFORE, in consideration of ten dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the parties hereto, the parties hereto agree as follows:
1. Terms: All terms used and not defined herein shall have the same
meaning as set forth in the Lease.
2. Extension of Terms: As of the date hereof the Term of the Lease shall
be extended until October 31, 2002 (hereinafter the "Termination Date"), except
that if the date of such termination is hereafter advanced or postponed by
written agreement of the parties hereto, the date of which it is advanced or
postponed shall thereafter be the Termination Date for all purposes of the
provisions of this Lease as applicable thereafter.
3. Adjustment of Base Rent: As of November 1, 1999, the annual Base Rent
as described in Exhibit D of the Lease shall be amended to Thirty-One Thousand
Two Hundred Ninety-Seven Dollars and 50/100 ($31,297.50) per annum, payable in
equal monthly installments of Two Thousand Six Hundred Eight Dollars and 13/100
($2,608.13). Tenant shall pay to the Landlord the monthly installments on or
before the first day of each calendar month. Tenant shall continue to pay its
pro rata share of Annual Operating Costs as set forth in the Lease. Rent
schedule is set forth below:
Lease Year Base Rent PSF Monthly Base Rent Annual Base Rent
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11/01/99-10/31/00 $6.50 $2,608.13 $31,297.50
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11/01/00-10/31/01 $6.70 $2,686.37 $32,236.43
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11/01/01-10/31/02 $6.90 $2,766.96 $33,203.52
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4. No Further Renewal Options: Tenant hereby agrees that it has no
further Renewal Options to extend the Lease upon the expiration of this
Amendment No. 1.
5. Improvements: Tenant shall renew the Premises in its absolute "as is"
condition with no further improvements to be made by the Landlord.
6. Ratification: Except as specifically modified herein, all terms and
conditions of the Lease are hereby ratified by the parties hereto and shall
remain in full force and effect.
WITNESS: LANDLORD:
Xxxxx Xxx Limited Partnership
/s/ Name: /s/ T. Xxxxxxx Xxxxx
----------------------------- ---------------------------------
Title: Second Vice President
Date: 6/22/99
WITNESS: TENANT:
Xxxxxxxxx & Xxxx, Inc.
/s/ Xxxxx Xxxxx Name: /s/ Xxxxx X. Xxxxxx
----------------------------- ---------------------------------
Title: Vice President
Date: 6/22/99
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