Exhibit 10.31
AMENDMENT NO. 7 TO
LEASE
THIS AGREEMENT made this 28th day of
January, 2009, by and between EWE WAREHOUSE INVESTMENTS V, LTD., as
Lessor and MERRIMACK SERVICES CORPORATION dba PC CONNECTION
SERVICES, as Lessee located at 2780-2880 Old State Route 73,
Wilmington, Ohio 45177.
W I T N E S S E T H:
WHEREAS, Lessor and Lessee entered
into a Lease dated September 27, 1990, as amended
June 28, 1996, July 31, 1998, June 26,
2000, July 31, 2002, February 28, 2005 and
October 26, 2006, and
WHEREAS, the Lessor and Lessee
desire to amend the Lease of approximately 102,400 square feet to
extend the term, revise the Rent and revise Option to
Renew.
NOW THEREFORE, the Lease is amended
as follows.
1. Article 1. TERM . shall be
revised as follows.
Effective March 1, 2009, the
term of this Lease shall be extended for an additional one
(1) year for a total term of nineteen (19) years, two
(2) months commencing January 1, 1991 and ending
February 28, 2010, both dates inclusive.
2. Lessee warrants that Lessee has
accepted and is now in possession of the Premises and that the
Lease is valid and presently in full force and effect. Lessee
accepts the Premises in it present “as is”
condition.
3. Article 4. RENT . shall be
revised as follows.
For the one (1) year period
commencing March 1, 2009 and ending February 28, 2010,
the Lessee shall pay to the Lessor as Basic Annual Rent for the
Leased Premises the sum of FOUR HUNDRED EIGHTY-SIX THOUSAND FOUR
HUNDRED AND 00/100 DOLLARS ($486,400.00) which shall be paid in
equal monthly installments of FORTY THOUSAND FIVE HUNDRED
THIRTY-THREE AND 33/100 DOLLARS ($40,533.33), due and payable on
the first day of each month, in advance, without demand.
Checks should be
made payable to Easton & Associates Management Account c/o
The Easton Group, 10165 N. W. 19 th St., Miami, FL 33172.
1
4. The Option to Renew .
shall be revised as follows.
Lessee is hereby granted an option
to renew this Lease for an additional term of one (1) year on
the same terms and conditions contained herein except for the
rental and the length of the term, upon the conditions
that:
a. written notice of the exercise of
such option shall be given by Lessee to Lessor not less than one
hundred eighty (180) days prior to the end of the term of this
Lease (by August 31, 2009); and
b. at the time of the giving of such
notice and at the expiration of the term of this Lease, there are
no defaults in the covenants, agreements, terms and conditions on
the part of Lessee to be kept and performed, and all rents are and
have been fully paid. Provided also, that the rent to be paid
during each year of the said renewal period shall be as determined
in accordance with the following:
For the period commencing
March 1, 2010 and ending February 28, 2011, Lessee shall
pay to the Lessor as Annual Rent for the Leased Premises the sum of
FIVE HUNDRED THOUSAND SEVEN HUNDRED THIRTY-SIX AND 00/100 DOLLARS
($500,736.00) which shall be paid in equal monthly installments of
FORTY-ONE THOUSAND SEVEN HUNDRED TWENTY-EIGHT AND 00/100 DOLLARS
($41,728.00),due and payable on the first day of each month, in
advance, without demand.
5. Except as expressly amended
herein, all other terms and conditions of the Lease remain in full
force and effect.
IN WITNESS WHEREOF, the Lessor and
Lessee have affixed their signatures to duplicates of this
Amendment, this 28th day of January 2009, as to Lessee
an
