EXHIBIT 10.3
AMENDMENT TO
DEVELOPMENT AGREEMENT
The terms and conditions of this
amendment (the “Amendment”) are hereby incorporated in
and made a part of the Development Agreement dated October 22nd,
2002 between Donald A. Dunham, Jr., (“Developer”),
Dunham Capital Management, L.L.C. (“Assignee”)and
Granite City Food & Brewery, Ltd. (“Granite
City”).
For valuable consideration, receipt
of which is hereby acknowledged, it is agreed that the Development
Agreement shall be amended as follows:
1.
Addition of the following language
to:
SECTION VII. LEASE
AGREEMENT A.
3. Lease Payments .
Effective with leases entered into
from and after September 1, 2006, the Lease Rate (excluding the
land lease portion of the rent) commencing on the fifth (5
th ) anniversary of each lease, and on each five
year anniversary of such date thereafter, shall increase by ten
percent (10%) (each a “Quintennial Increase”). In
addition, Granite City consents to an amendment to its leases, in
Omaha, Nebraska, Madison, Wisconsin and Roseville, Minnesota, to
provide for such Quintennial Increases in each of such
leases. Each lease providing for an option to extend the
lease following its initial term shall provide that rent during an
option term shall be at such adjusted Lease Rate, and such rent
during an option period shall not be further increased during its
term by the Consumer Price Index or any other factor.
Developer and Assignee agree that
Granite City may lease any site t
