Exhibit 10.2
FIRST AMENDMENT TO LEASE
THIS
FIRST AMENDMENT TO LEASE (this “ Amendment ”) is
made as of this 15 th day of January, 2008, by and
between HILL MANAGEMENT SERVICES, INC., a Maryland corporation,
agent for the owner (“ Landlord ”), and PRACTICE
MANAGEMENT PARTNERS, INC., a Maryland corporation (“
Tenant ”).
Recitals
A.
Landlord and Tenant entered into a Lease dated April 12, 2007 (the
“ Lease ”), for Suite LL4, 500 and 600 deemed to
consist of 29,935 square feet (the “ Initial Leased
Premises ”), which has an address of 11350 McCormick
Road, Hunt Valley, Maryland 21031 in Executive Plaza IV in
Baltimore County, Maryland (the “ Property
”).
B.
Landlord and Tenant now desire to amend certain provisions of the
Lease to provide Tenant with additional office space in the
Property.
Agreements
NOW,
THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant
agree as follows:
Section
1. Amendment of Lease . The provisions of the Lease are
amended as follows:
1.1.
Leased Premises . Commencing June 1, 2010, the Leased
Premises shall be deemed to consist of 33,482 square feet, and
shall be comprised of the Initial Leased Premises and an additional
3,547 square feet known as Suite 702 of the Property (the “
Additional Leased Premises ”). The Additional Leased
Premises are more particularly depicted as outlined in red on
Exhibit A , attached hereto and made a part
hereof.
1.2.
Rent . Commencing on June 1, 2010, Tenant shall pay to
Landlord annual basic rent of Six Hundred Eighty-Six Thousand Three
Hundred Eighty-One and 00/100 Dollars ($686,381.00), payable in
equal monthly installments of Fifty-Seven Thousand One Hundred
Ninety-Eight and 42/100 Dollars ($57,198.42). Commencing June 1,
2011, and for each succeeding lease year thereafter, the annual
basic rent shall be increased to an amount equal to 103% of the
annual basic rent for the immediately preceding lease year as set
forth in Section 2.C. of the Lease. The Expiration Date of the
Initial Lease Term as detailed in Section 1.A. of the Lease shall
remain unchanged.
1.3.
Tenant’s Proportionate Share . Commencing June 10,
2010, Tenant’s Proportionate Share, as defined in Section
2.E. of the Lease, shall be amended to delete 23.98% and
substitute, in lieu thereof, 26.82%. Tenant’s Proportionate
Share is based upon the relationship between the square footage of
the Leased Premises (approximately 33,482 square feet) and the
total square footage in the Property (approximately 124,838 square
feet) or 26.82% (“ Tenant’s Proportionate Share
”).
1.4.
Right Of First Refusal . Commencing June 1, 2010, the term
First Refusal Space as defined in Section 28. of the Lease,
shall be amended to delete “all contiguous office space to
the Leased Premises” and substitute, in lieu thereof,
“all office space on Floors 1 through 7”. All other
terms and conditions of Section 28. of the Lease shall remain in
full force and effect.
Section
2. Titles of Sections . The section titles used in this
Amendment are for convenience of reference only, and shall not
constitute a part of this Amendment nor shall they affect the
meaning, construction or effect of this Amendment or the
Lease.
Section
3. Definitions . Unless otherwise set forth in this
Amendment, all capitalized terms shall have the same meaning
ascribed to them in the Lease.
1
Section
4. Interpretation . All other terms, covenants and
conditions of the Lease shall remain unchanged and continue in full
force and effect except as such terms, covenants and conditions
have been amended or modified by this Amendment, and this Amendment
shall, by this reference, constitute a part of the
Lease.
Section
5. Representations . Tenant hereby represents and warrants
to Landlord that, as of the date hereof, it (i) is the sole legal
and beneficial owner of all of the right, title and interest
granted to it by the provisions of the Lease, (ii) has not sold,
transferred or encumbered any or all of such right, title or
interest, and (iii) has the full and sufficient right at law and in
equity to execute and deliver this Amendment as the owner of such
right, title, and interest, without the necessity of having any
other person’s consent thereto or joinder therein.
Section
6. Successors and Assigns . This Amendment and the terms,
covenants and conditions herein contained shall inure to the
benefit of and be binding upon Landlord and its successors and
assigns, and Tenant and its permitted successors and
assigns.
IN
WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to
be duly executed under seal on their behalf by their duly
authorized representative, as of the date first above
written.
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WITNESS/ATTEST:
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Landlord
:
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HILL MANAGEMENT SERVICES,
INC.
agent for the owner
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