Exhibit 10.46
LEASE SUPPLEMENT
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DATE:
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May 28, 2003
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PARTIES:
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CITINATIONAL BUCKEYE BUILDING CO.
(“Landlord”)
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CITY NATIONAL BANK
(“Tenant”)
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BACKGROUND:
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Landlord has heretofore leased to Tenant, the
Ground Floor and floors 2, 3, 4, 5, 6, 9, 10, 11, 20 and 21 in the
building commonly known as 606 South Olive Street, Los Angeles,
California (the “Building”) pursuant to leases
described on Exhibit “A” annexed hereto (the
“Leases”).
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Landlord has entered into an agreement to sell
the Building to Moses Hanasab, Yehouda Hanasab and Haroon Hanasab
(collectively, the “Buyer”) pursuant to a Real Property
Purchase Agreement dated March 19, 2003, as supplemented by a
Supplemental Agreement and Escrow Instructions dated May 14,
2003 (collectively, the “Purchase
Agreement”).
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One of the conditions to closing the Purchase
Agreement is that the Leases be modified in certain
particulars. Landlord has requested Tenant, and Tenant, for
good and valuable consideration has agreed, to modify the Leases in
those particulars.
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Accordingly, Landlord and Tenant
hereby agree to modify the Leases as follows:
1.
The foregoing background information is hereby incorporated herein
as if herein set forth verbatim.
2.
Landlord and Tenant hereby modify the Leases as follows:
A.
Tenant’s rights to cancel the Leases prior to their
respective expiration dates are hereby terminated and waived, and,
except as extended below, the Leases shall remain in full force and
effect for their full terms as set forth on
Exhibit “A”.
B.
The Lease dated as of September 30, 1996, as amended, for the
ground floor portion of the Building now occupied by Tenant
commonly known as Suite 100 is extended to December 31,
2011. That Lease shall expire pursuant to its terms on
December 31, 2006 with respect to floors 2, 3, 4, 6, 9, 10, 20
and 21 of the Building.
1
From and after January 1, 2007,
the rent for the ground floor portion of the Building under the
extended lease shall be $16,628.00 per month, and Tenant’s
share of any increase in Property Taxes and Operating Costs under
Paragraph 20 of the extended ground floor lease shall be
3.10%.
C.
The Lease dated as of August 1, 2000, as amended, for the
entire fifth floor
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