LEASE
SUPPLEMENT NO. 1
THIS LEASE SUPPLEMENT NO. 1 (this
“ Lease Supplement ”) dated as of September 19,
2007, by and between OLD NATIONAL BANK, a national banking
association, and ONB INSURANCE GROUP, INC., an Indiana corporation
(jointly and severally, “ Tenant ”), and ONB CTL
PORTFOLIO LANDLORD #1, LLC, a Delaware limited liability company
(the “ Landlord ”).
WHEREAS Landlord is the owner of the
Land described on Exhibit A hereto and wishes to lease
the Land, together with any Improvements (as defined below) thereon
(the “ Subject Leased Property ”) to
Tenant;
NOW, THEREFORE, in consideration of
the premises and the mutual agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as
follows:
SECTION 1. Definitions;
Interpretation . For purposes of this Lease Supplement,
capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned thereto in the Master Lease
Agreement, dated as of September 19, 2007 (as amended, further
supplemented or otherwise modified from time to time, the “
Lease ”), between Tenant and Landlord.
SECTION 2. The Subject Leased
Property . Effective upon the execution and delivery of this
Lease Supplement by Landlord and Tenant, the Subject Leased
Property shall be subject to the terms and provisions of the Lease
and Landlord hereby grants, conveys, transfers and assigns to
Tenant, and Tenant hereby accepts, those interests, rights, titles,
estates, powers and privileges provided for in the Lease with
respect to the Subject Leased Property for the Term.
SECTION 3. Certain Terms with
Respect to Subject Leased Property . Landlord and Tenant hereby
agree that the following shall apply with respect to the Subject
Leased Property:
(a) Basic Rent during Renewal
Term . The Basic Rent for the Subject Leased Property for each
Basic Rent Payment Date during (i) the first Renewal Term
shall be 110% of the Basic Rent that was payable for such Subject
Leased Property as described in clause (i) of the first
sentence of Exhibit B to the Lease and (ii) for each
subsequent Renewal Term shall be 110% of the Basic Rent for such
Subject Leased Property for the immediately preceding Renewal
Term.
(b) Permitted Encumbrances .
The Permitted Encumbrances with respect to the Subject Leased
Property shall mean those encumbrances set forth on Schedule
A to this Lease Supplement.
(c) Threshold Amount . The
Threshold Amount for the Subject Leased Property shall be
$300,000.00.
(d) Property Percentage . The
Property Percentage for the Subject Leased Property shall be
100.00%.
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(e) Joint and Several . With
respect to the Subject Leased Property only, ONB Insurance Group,
Inc. and Old National Bank shall be jointly and severally
responsible for all of the obligations, agreements and liabilities
of Tenant under the Lease.
SECTION 4. Ratification;
Incorporation . Except as specifically modified hereby, the
terms and provisions of the Lease are hereby ratified and confirmed
and remain in full force and effect. The terms of the Lease (as
amended by this Lease Supplement) are by this reference
incorporated herein and made a part hereof.
SECTION 5. Miscellaneous .
This Lease Supplement shall be governed by, and construed in
accordance with, the laws of the State where the Subject Leased
Property is located. This Lease Supplement may be signed by the
parties hereto on separate counterparts, each of which shall
constitute an original, and together shall constitute one and the
same agreement.
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EXHIBIT A
Legal
Description
Site
65
1111
Chestnut Hills Parkway, Fort Wayne, IN
Parcel I :
Part of
the Southeast Quarter of Section Four (4), Township Thirty
(30) North, Range Eleven (11) East, Allen County,
Indiana, more particularly described as follows:
Commencing at the Northeast corner of the Southwest Quarter of
Section Three (3), Township Thirty (30) North, Range
Eleven (11) East; thence South 01 Degree 00 Minutes 30 Seconds
West (deed bearing and is used as the basis for the bearings in
this description), on and along the East line of said Southwest
Quarter, being within the right-of-way of Scott Road, a distance of
Two Thousand Five Hundred Seventy and Fifty-nine Hundredths
(2,570.59) feet to the point of intersection of said East line with
the North right-of-way line of Illinois Road (State Road #14) said
point of intersection being situated a distance of Sixty (60) feet
North 01 Degree 00 Minutes 30 Seconds East from the Southeast
corner of the Southwest Quarter of Section Three (3); thence
Westerly, on and along said North right-of-way line on the
following courses and distances: North 88 Degrees 59 Minutes 00
Seconds West, a distance of Twenty-five (25) feet; thence
South 46 Degrees 00 Minutes 45 Seconds West a distance of
Twenty-eight and Twenty-eight Hundredths (28.28) feet; thence North
88 Degrees 59 Minutes 00 Seconds West a distance of One Thousand
Five Hundred Eighty-nine and Seventeen Hundredths (1,589.17) feet;
thence North 89 Degrees 30 Minutes 00 Seconds West, a distance of
Seven Hundred Ninety-two and Forty-three Hundredths (792.43) feet
to the point of curvature of a circular curve to the left having a
radius of Two Thousand Nine Hundred Four and Seventy-nine
Hundredths (2,904.79) feet; thence Westerly, on and along the arc
of said curve, an arc distance of Four Hundred Thirty-two and
Sixty-two Hundredths (432.62) feet, being subtended by a long chord
having a length of Four Hundred Thirty-two and Twenty-two
Hundredths (432.22) feet and a bearing of South 86 Degrees 14
Minutes 00 Seconds West to the point of tangency; thence South 81
Degrees 58 Minutes 00 Seconds West and tangent to said curve, a
distance of Eighty-five and Fifty Hundredths (85.50) feet to the
point of curvature of a circular curve to the right having a radius
of Two Thousand Eight Hundred Twenty-four and Seventy-nine
Hundredths (2,824.79) feet; t
