FIRST AMENDMENT TO INDUSTRIAL BUILDING
LEASE
THIS
FIRST AMENDMENT TO INDUSTRIAL BUILDING LEASE (this “
Amendment ”) is made and entered into as of this
25th day of April, 2007, by and between WEST 55TH STREET
INVESTORS LLC, a Delaware limited liability company (“
Landlord ”) and WELLS GARDNER ELECTRONICS
CORPORATION, an Illinois corporation (“ Tenant
”).
W I T N E S S E T H:
WHEREAS,
Landlord's predecessor-in-interest, Centerpoint Realty
Services Corporation, and Tenant entered into that certain
Industrial Building Lease dated February 7, 2001 (the “
Current Lease ”), pursuant to which Tenant leases
certain premises (the “ Premises ”)
consisting of 104,110 square feet in the building located at
9500 West 55th Street, Suite A, McCook, Illinois (the “
Building ”), as more particularly set forth in
the Current Lease; and
WHEREAS,
Landlord and Tenant desire to amend the Current Lease
according to the terms hereof to, among other things, extend
the Term of the Lease.
NOW
THEREFORE, for and in consideration of the covenants and
agreements hereinafter set forth, and also in consideration of
the sum of Ten Dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, Landlord and Tenant hereby mutually agree as
follows:
1.
Controlling Language; Definitions; Deletions
. Insofar as the specific terms and provisions of this
Amendment purport to amend or modify or are in conflict with the
specific terms, provisions and exhibits of the Current Lease, the
terms and provisions of this Amendment shall govern and control; in
all other respects, the terms, provisions and exhibits of the
Current Lease shall remain unmodified in full force and
effect. Capitalized terms used herein without definition
shall have the meaning ascribed to such terms in the Current
Lease.
2.
Term of the Lease . The Term of the Lease is hereby
extended for a period of five (5) years beginning on May 1, 2008
and ending on April 30, 2013, inclusive (the “ Renewal
Term ”), on all the terms, covenants and conditions of
the Current Lease, except as hereinafter set forth, and any
reference in the Current Lease to the Term of the Lease shall be
deemed to include the Renewal Term and apply thereto unless it is
expressly provided otherwise. Likewise, any reference in
the Current Lease to the Termination Date of the Lease shall be
deemed to mean April 30, 2013.
3.
Rent. Tenant
agrees to pay as rent to Landlord, the aggregate of the following,
all of which are rent reserved under the Lease:
A.
Monthly Base Rent . Commencing on the date
this Amendment is fully-executed, Tenant shall pay Landlord
Base Rent for the Premises pursuant to the following
schedule:
|
Period
|
Annual
Base Rent Per R.S.F.
|
Total Annual
Base Rent
|
Monthly Installment
|
|
Date
this Amendment is fully-executed through April 30, 2008
(subject to Base Rent abatement provided below)
|
$4.50
|
$468,495.00
|
$39,041.25
|
|
May
1, 2008 through April 30, 2009
|
$4.61
|
$479,947.10
|
$39,995.59
|
|
May
1, 2009 through April 30, 2010
|
$4.73
|
$492,440.30
|
$41,036.69
|
|
May
1, 2010 through April 30, 2011
|
$4.85
|
$504,933.50
|
$42,077.79
|
|
May
1, 2011 through April 30, 2012
|
$4.97
|
$517,426.70
|
$43,118.89
|
|
May
1, 2012 through April 30, 2013
|
$5.09
|
$529,919.90
|
$44,159.99
|
B.
Rent Adjustments . Commencing on the date
this Amendment is fully-executed and continuing during the
Renewal Term, Tenant shall continue to pay Rent Adjustments in
accordance with the terms of the Current Lease.
C.
Base Rent Abatement . So long as no event of
default is continuing under the Lease, Base Rent shall abate
for the first three (3) months after the date this Amendment
is fully-executed.
4.
Security
Deposit . As of the date this Amendment if
fully-executed, the security deposit (which may be in the form of a
letter of credit as specified in Section 31.2 of the Current Lease)
shall be reduced to $150,000.00.
5.
Condition
of Premises . Other than as provided below,
Landlord is leasing t
|
